Archive for the 'Collapse' Category
The Fall of Lehman Brothers
September 7th, 2009Via: Independent: It is time to “spray foam on the runway”, Tim Geithner told his sleep-deprived officials on Sunday afternoon. Lehman was going to crash. … The best defence of the decision to let Lehman fail is that it shocked Congress into providing funds to recapitalise the banking system – something it might not have […]
FDIC Friday: Five More Banks Go Down
September 5th, 2009Via: Bloomberg: Lenders in Illinois, Iowa, Missouri and Arizona collapsed, pushing the number of bank failures to 89 this year amid continuing fallout from the worst economic slump since the Great Depression. Illinois lenders InBank of Oak Forest and Platinum Community Bank of Rolling Meadows; Vantus Bank of Sioux City, Iowa; First Bank of Kansas […]
One in Nine Americans Receiving Food Stamps
September 4th, 2009Via: Reuters: More than 35 million Americans received food stamps in June, up 22 percent from June 2008 and a new record as the country continued to grapple with the worst recession since the Great Depression of the 1930s. The food stamp program, which helps cover the cost of groceries for one in nine Americans, […]
Hitmen Kill 17 in Mexico Clinic on U.S. Border, Deputy Police Chief
September 4th, 2009Via: Reuters: About a dozen hooded gunmen burst into a Mexican rehabilitation clinic near the U.S. border on Wednesday, lining up patients before killing 17 of them. Drug gangs have targeted rehab clinics in the manufacturing city of Ciudad Juarez across from El Paso, Texas, accusing them of protecting dealers from rival gangs. The attack […]
‘Pacific Garbage Patch’ Expedition Finds Plastic, Plastic Everywhere
September 2nd, 2009Via: San Jose Mercury News: Scientists who returned to the Bay Area this week after an expedition to the “Great Pacific Garbage Patch” brought piles of plastic debris they pulled out of the ocean — soda bottles, cracked patio chairs, Styrofoam chunks, old toys, discarded fishing floats and tangled nets. But what alarmed them most, […]
Cities’ Budget Problems Getting Worse
September 2nd, 2009Via: Bloomberg: U.S. city officials say they expect to face further financial strains because tax collections won’t recover until after the economy emerges from the deepest recession since the Great Depression, a national survey found. Eighty-eight percent of city finance officers said they are less able to cover the cost of running their governments than […]
Camp Grounds and Tent Cities Become Permanent Addresses
September 2nd, 2009Via: Christian Science Monitor: A gravelly campground off Interstate 40 in central Tennessee is a last refuge for a hodgepodge of Americans: Here you can get a $275-a-month camping spot with a 30-amp electric outlet and a scratchy Wi-Fi signal emanating from “the bathhouse” down the lane. “It’s my permanent home – for now,” says […]
FDIC Friday: Regulators Shutter Three U.S. Banks, Bringing 2009 Toll to 84
August 29th, 2009Via: Bloomberg: Regulators closed banks in California, Maryland and Minnesota yesterday, pushing U.S. bank failures to 84 this year amid continuing fallout from the worst economic crisis since the Great Depression. The Federal Deposit Insurance Corp. was named receiver for Affinity Bank of Ventura, California, Bradford Bank of Baltimore and Mainstreet Bank of Lake Forest, […]
Fed Must Release Reports on Emergency Bank Loans, Judge Says
August 25th, 2009In other news, Obama to Nominate Bernanke for Second Term as Fed Chief. Via: Bloomberg: The Federal Reserve must make records about emergency lending to financial institutions public within five days because it failed to convince a judge the documents should be exempt from the Freedom of Information Act. Manhattan Chief U.S. District Judge Loretta […]
Real Estate Short Sales in Las Vegas
August 24th, 2009Via: Time: The real estate mistakes on the Strip were made in miniature by thousands of Vegas homeowners. To see the real devastation, I have to leave the line of casinos along the Strip and drive to where people in Las Vegas actually live. I head out to spend the day with real estate agent […]
