America's Fiscal Collapse - By Michel Chossudovsky
• globalresearch.caTo hell with reading my two articles...Read this instead. Documents the most drastic curtailment in public spending in American history.
Contents Pages by Subject
Economy - Economics USA
Financial Rescue Turns to Toxic Assets
• Washington PostThe Obama administration is aiming to solve one of the toughest riddles at the heart of the financial crisis -- how to value the toxic assets weighing down the books of banks -- by setting up several funds to vie for these securities, sources familia
Ex-Countrywide Manager's never saw a government program they couldn't milk
• NY TimesFairly or not, Countrywide Financial and its top executives would be on most lists of those who share blame for the nation’s economic crisis. So it may come as a surprise that a dozen former top Countrywide executives now stand to make millions from
Debt Collector's Rob Graves
• NY TimesThe people on the other end of the line often have no legal obligation to assume the debt of a spouse, sibling or parent. But they take responsibility for it anyway.
A "Reckoning" Amid the Wreckage<br>by Will Grigg
• Pro LiberateIf the secret to prosperity is simply to permit the government to spend money it doesn't have in any quantity our rulers can name on any project that pollutes their evil imaginations, why shouldn't they commission the construction of a huge f
American Economy and William the Conqueror's Conquest of Britain
• YouTube.comIn this short interview Michael Hudson draws comparisons between William the Conqueror and the Doomsday book with the conquest of the American economy. He states that we are being sold into a 100 years of debt slavery by Obama. Pre Magna Carta...
The Economic Crisis and Why it's Happening Part II
Jet LaceyIn the very near future, off-the-grid self-sufficiency will undoubtedly equal freedom.
Here It Comes GE: Betting on a General Electric Bankruptcy by June 19th
• MarketWatch.comGeneral Electric is a stalwart of our financial and industrial system. A bankruptcy by GE would be catastrophic for our economy and capital markets. The follow-on damage with suppliers and customers would be even worse.
Ford’s February U.S. Auto Sales Declined 48% as Economy Slumped
• Bloomberg.com“Until we get the housing market corrected, confidence back on Wall Street and the credit flowing once again I’m afraid we’re going to be stuck”...
'Housewives of Orange County' See Coto de Caza Housing Crash
• DoctorHousingBubble.comIt was in fact, ground zero for the deepest housing delusion I have ever seen. It will make for interesting case studies for future consumer behavior research.
Market Meltdown Amplifies Baby Boomer Worries
• CNBC.comThe damage will be evident later this month when the Federal Reserve reports on household wealth in the fourth quarter, which will pick up where the third quarter left off. At $56 trillion, it was some 12 percent below what it was during its peak in
Death Watch: Casinos, Media join Autos on way to Bankruptcy
• MarketWatch.comThe bond market is doing the equivalent of a death watch on several well-known companies, signaling the U.S. economy could be in for more pain as struggling firms renege on loan payments and possibly file for bankruptcy.
Jim Rogers: Let AIG Go Bankrupt, Not America
• CNBC.com"The idea that you have too much debt, too much borrowing and too much consumption and you're going to solve that problem with more debt, more consumption and more borrowing? These people are nuts."
Cult of the Victim
Brock LorberIn the cult of the victim, honest dealers who fulfill contracts are criminals, and the defaulting party is the victim.
The D-word: Will recession become something worse?
• APA Depression doesn't have to be Great — bread lines, rampant unemployment, a wipeout in the stock market. The economy can sink into a milder depression, the kind spelled with a lowercase "d." And it may be happening now.
Is Spending the Answer?<br>by Ron Paul
Powell GammillThis week, Congress and the administration once again showed their lack of economic understanding, as they ramped up spending to record levels. If spending was the solution, we never would have had a problem. During the last 8 years, we’ve
Stocks Drop Worldwide, Treasuries Gain on Concern About Economy
• Bloomberg.comThe Dow decreased 299.64 points, or 4.2 percent, to 6,763.29. The Standard & Poor’s 500 Index dropped 4.7 percent to 700.82, the lowest close since October 1996. Europe’s Dow Jones Stoxx 600 Index tumbled 5 percent
Dow finishes below 7,000 for first time since '97
• Tim Paradis, AP Business Writer via YahooNEW YORK (AP) -- A relentless sell-off in the stock market Monday blew through barriers that would have been unthinkable just weeks ago, and investors warned there was no reason to believe buyers will return anytime soon.
S&P back to 1996 Level and Four Bad Bear Markets
• CalculatedRiskblog.comThe Dow is down more than 55% since it's all time high of over 14,000 in October of 2007, this is the largest correction since the Great Depression.
'Dr. Doom' Is Scared: Economy Much Worse Than Roubini Predicted
• finance.yahoo.com/"I was one of most bearish people [but] the economy has surprised the bears on the downside," says Roubini of NYU's Stern School and RGE Monitor. "What's happening in the world now is scary."
DOW below 7,000; worldwide stock drop
• Bloomberg[change] Stocks fell worldwide, sending Dow Jones below 7,000 for the first time since 1997, and Treasuries rose after Warren Buffett said the economy is in “shambles” and American International Group reported a $61.7 billion loss. Berkshire Hathaway
GM Needs 'Global Aid' in Worst Auto Market Since 1945, Lutz Says
• Bloomberg.comGeneral Motors Corp., surviving with U.S. federal loans, needs government help worldwide to get through the worst automotive market since the end of World War II, Vice Chairman Robert Lutz said.
Denninger: The Challenge Before America
• Market-Ticker.Denninger.net/We either act now or suffer the consequences - the utter destruction of our middle class, a collapsed stock market with the DOW headed to 3,000 or worse and the S&P 500 headed into the 400 or lower range, unemployment topping 20% and GDP falling by 3
Citigroup may need another bailout
• ReutersCitigroup may need to raise additional capital despite the U.S. government's move to bolster its capital base, said an analyst at Deutsche Bank, who sees a 2009 loss of about $4.5 billion for the company excluding any preferred share dividend pay
Should AIG Get More Federal Bailout Bucks?<br>by Sam Friedman
• UnderwritersAt least one insurer organization has raised the bigger question of whether the bailout is giving AIG an unfair advantage in the insurance market, and what impact that will have on healthier competitors in the long term. The point may be moot,
Systemic Failure: Capitalism "Lays an Egg"
Stephen LendmanReckless corporatism has plunged world economies toward another great depression
Mish: Commercial Real Estate Mutiny In Downtown LA
• Michael Shedlock / MishThe mass mutiny at Grand Central Market provides a strong hint at what's coming.
Nouriel Roubini: The L Curve
• NYtimes.comAnd things could get worse. We now face a 1 in 3 chance that, if appropriate policies are not put in place, this ugly U-shaped recession may turn into a more virulent L-shaped near-depression or stag-deflation
Is the California True Unemployment Rate at 18.47 Percent?
• mybudget360.com/California is a microcosm of the entire United States. The most populace state with a GDP of $1.8 trillion, much of what happens in California does spread throughout the country. California’s employment situation is deteriorating at a breathtaking
Worst job losses in 60 years expected
• marketwatch.com/The recession tightened its grip on U.S. businesses and consumers in February, according to economists, who are predicting the largest one-month job loss in almost 60 years.
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