Archive for the 'Collapse' Category
The Cash “Magically Appeared on Their Electronic Benefit Cards”
August 12th, 2009What’ll it be? A $100 bonus to get the chip implanted early? Via: New York Daily News: A $200 back-to-school giveaway for needy kids sparked a mad rush for money on the streets of New York on Tuesday. “It’s free money!” said Alecia Rumph, 26, who waited in a Morris Park, Bronx, line 300 people […]
Shut Out at Home, Americans Seek Opportunity in China
August 11th, 2009Via: New York Times: Shanghai and Beijing are becoming new lands of opportunity for recent American college graduates who face unemployment nearing double digits at home. Even those with limited or no knowledge of Chinese are heeding the call. They are lured by China’s surging economy, the lower cost of living and a chance to […]
Parents Paying Thousands of Dollars to Firms That Help Their Kids Get Unpaid Internships
August 10th, 2009Via: New York Times: With paying jobs so hard to get in this weak market, a lot of college graduates would gladly settle for a nonpaying internship. But even then, they are competing with laid-off employees with far more experience. So growing numbers of new graduates — or, more often, their parents — are paying […]
California Won’t Accept Its Own IOUs
August 7th, 2009Via: Courthouse News: Small businesses that received $682 million in IOUs from the state say California expects them to pay taxes on the worthless scraps of paper, but refuses to accept its own IOUs to pay debts or taxes. The vendors’ federal class action claims the state is trying to balance its budget on their […]
Photos: Dark Stores, Empty Malls
August 7th, 2009Brian Ulrich: Not If But When
BUSTED: FED SECRETLY MONETIZING DEBT; COLLUDING WITH DEALERS
August 7th, 2009Via: Chris Martenson: Just last week, when the auction results were announced it was trumpeted to great fanfare that there was “more than sufficient” bid-to-cover, “strong demand” and all the rest. And now it turns out that 47% (!) of the bonds that were taken by the primary dealers in that auction have been quietly […]
Green Shoots: About Half of U.S. Mortgages Seen Underwater by 2011
August 6th, 2009Via: Reuters: The percentage of U.S. homeowners who owe more than their house is worth will nearly double to 48 percent in 2011 from 26 percent at the end of March, portending another blow to the housing market, Deutsche Bank said on Wednesday. Home price declines will have their biggest impact on prime “conforming” loans […]
National Guard Troops May be Needed in Troubled Alabama County
August 5th, 2009Via: AP: The sheriff in Alabama’s most populous county may call for the National Guard to help maintain order, a spokesman said Tuesday, after a judge cleared the way for cuts in the sheriff’s budget and hopes dimmed for a quick end to a budget crisis. Circuit Judge Joseph L. Boohaker ruled that leaders in […]
Federal Tax Revenues Plummeting
August 4th, 2009Via: AP: The recession is starving the government of tax revenue, just as the president and Congress are piling a major expansion of health care and other programs on the nation’s plate and struggling to find money to pay the tab. The numbers could hardly be more stark: Tax receipts are on pace to drop […]
DOLLAR: USDX INTRADAY DOWNSIDE BREACH 77.688
August 3rd, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Buckle up. A lot of stuff could break on the way down to 71-72. While I’m expecting it to wreck hard, a part of me is sitting here, looking at it and thinking, “They’re not really going to let this happen, […]
