Archive for the 'Collapse' Category
BLOATED U.S. DEBT BURDEN DRIVES BOND ROUT
May 28th, 2009A lot of stories show up on Cryptogon. They look pretty much alike. There’s a title and some text, or maybe a video. They slide on down the page and disappear into the archives. Please understand that this situation with the U.S. government bonds is different than all the rest of the stories. This is […]
IRS Tax Revenue Plunged 34%
May 27th, 2009Via: USA Today: Federal tax revenue plunged $138 billion, or 34%, in April vs. a year ago — the biggest April drop since 1981, a study released Tuesday by the American Institute for Economic Research says. When the economy slumps, so does tax revenue, and this recession has been no different, says Kerry Lynch, senior […]
Schwarzenegger Plans to Completely Eliminate Welfare for Families in California
May 23rd, 2009Via: Los Angeles Times: Gov. Arnold Schwarzenegger is proposing to completely eliminate the state’s welfare program for families, medical insurance for low-income children and Cal Grants cash assistance to college and university students. The proposals to sharply scale back the assistance that California provides to its neediest residents came in testimony by the administration this […]
Japan’s Economy Shrank Record 15.2% Last Quarter
May 22nd, 2009Via: Bloomberg: Japan’s economy shrank at a record 15.2 percent annual pace last quarter as exports collapsed and consumers and businesses cut spending. The contraction followed a revised fourth-quarter drop of 14.4 percent, the Cabinet Office said today in Tokyo. Gross domestic product fell 3.5 percent in the year ended March 31, the most since […]
Guards Let Mexico Inmates Escape
May 22nd, 2009Via: BBC: Guards stood by as more than 50 prisoners, including some listed as dangerous by Interpol, walked out of a Mexican jail, officials say. It was initially thought that guards at the prison in the northern state of Zacatecas had been overpowered. The jail break, which occurred on Saturday, was captured on closed circuit […]
Chart of the Day: S&P 500 Earnings Plunge
May 18th, 2009Via: Chart of the Day: While the stock market is up sharply since early March, the economy as well as corporate earnings continue to suffer. Today’s chart helps provide some perspective as to the magnitude of the current economic decline. Today’s chart illustrates that 12-month, as-reported S&P 500 earnings have declined over 90% over the […]
4 U.S. Citizens Murdered in Tijuana
May 15th, 2009Via: AP: The bodies of four U.S. citizens were found strangled, beaten and stabbed in a van in this border city, two days after they reportedly left their Southern California homes for a night at the Mexican clubs, U.S. officials said Thursday. The victims, ages 19 to 23 years old, were found tied up on […]
Partially Completed Southern California Housing Tract Demolished
May 6th, 2009Breathtaking madness. Via: AP: A foreclosed tract of partially completed homes was demolished after the bank that owns the project deemed it a hazard and calculated that finishing and selling the dwellings would be a money-losing proposition, a bank official said Tuesday. The planned 16-unit tract on the fringes of a suburb about 65 miles […]
Almost a Quarter of U.S. Homeowners Are Underwater
May 6th, 2009Via: Bloomberg: A growing number of U.S. homeowners owe more than their properties are worth after prices extended their two-year decline in the first quarter, Zillow.com said. About 21.8 percent of all owners were underwater as of March 31, the Seattle-based real estate data service said in a report today. At the end of the […]
GM Plans 1-for-100 Reverse Stock Split
May 6th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Shorts drool and autoflagellate with anticipation. Via: AP: General Motors Corp. notified shareholders Tuesday it is planning a reverse stock split that would give them one share of new stock for every 100 shares they currently own. The automaker said in […]
