Archive for the 'Collapse' Category
Detroit to Use Federal Money to Demolish Thousands of Abandoned Homes
May 14th, 2010Via: Wall Street Journal: Detroit is finally chipping away at a glut of abandoned homes that has been piling up for decades, and intends to take advantage of warm weather and new federal funding to demolish some 3,000 buildings by the end of September. Mayor Dave Bing has pledged to knock down 10,000 structures in […]
GULF OIL LEAK MAY BE 14X WORSE THAN OFFICIAL ESTIMATE
May 14th, 2010Via: Bloomberg: U.S. Representative Edward Markey said he is concerned BP Plc’s well in the Gulf of Mexico may be leaking as much as 70,000 barrels of oil a day, compared with previous estimates of 5,000 barrels. Underestimating the spill may hinder efforts to control it, the Massachusetts Democrat said in a statement yesterday. Markey […]
Recovery: U.S. Posts Longest String of Consecutive Monthly Budget Deficits in History
May 13th, 2010In other Green Shoots news: Food-Stamp Tally Nears 40 Million, Sets Record. Via: Reuters: The United States posted an $82.69 billion deficit in April, nearly four times the $20.91 billion shortfall registered in April 2009 and the largest on record for that month, the Treasury Department said on Wednesday. It was more than twice the […]
Food-Stamp Tally Nears 40 Million, Sets Record
May 11th, 2010Via: Reuters: Nearly 40 million Americans received food stamps — the latest in an ever-higher string of record enrollment that dates from December 2008 and the U.S. recession, according to a government update. Food stamps are the primary federal anti-hunger program, helping poor people buy food. Enrollment is highest during times of economic distress. The […]
EU Crafts $928 Billion Loan Package in Attempt to Halt Euro Decline
May 10th, 2010Via: Bloomberg: European finance ministers put together an unprecedented loan package that may be worth 720 billion euros ($928 billion) for debt-swamped governments in a bid to restore faith in the euro and prevent Greece’s fiscal woes from unleashing a global crisis. Jolted into action by last week’s slide in the currency to a 14-month […]
BP Oil-Collection Chamber Clogs, Removed From Leaking Gulf Well
May 9th, 2010Via: Bloomberg: BP Plc’s latest effort to prevent oil leaks from damaging wildlife and tourism on the U.S. coast are being stymied as cold and pressure a mile below the surface of the Gulf of Mexico formed ice that clogged a containment device. The device, a 40-foot-tall steel chamber BP hoped would capture the gushing […]
MUST HEAR: Panic And Loathing From The S&P 500 Pits
May 7th, 2010Mirror for audio file. A “car” is one futures contract. A “handle” is a full point. Via: ZeroHedge: “Guys this is probably the craziest I have seen it down here ever.” Here it is, memorialized for the generations and away from the now openly ridiculous disinformation propaganda of the mainstream media, just what a full […]
Huge National Debts Could Push Euro Zone Into Bankruptcy
May 7th, 2010Via: Der Spiegel: Greece is only the beginning. The world’s leading economies have long lived beyond their means, and the financial crisis caused government debt to swell dramatically. Now the bill is coming due, but not all countries will be able to pay it. … Robolis versus Thomsen. For the moment, this is the last […]
Market Emergency
May 6th, 2010Update: NASDAQ to Cancel U.S. Trades That Moved More Than 60% Via: Bloomberg: Nasdaq OMX Group Inc. said it will cancel trades of 286 securities that fell or rose more than 60 percent from their prices at 2:40 p.m. New York time, just before U.S. equities plummeted. The Dow Jones Industrial Average plunged almost 1,000 […]
Many Possible Triggers for Wider Euro Debt Crisis
May 5th, 2010Why can’t the ECB just eat the debt, like the Federal Reserve has been eating it? Does anyone know why not? It doesn’t seem fair that Uncle Sugar can rally its silly confetti by feeding it into a shredder. The ECB should be able to do the same with its confetti, right? Via: Reuters: Europe […]
