Archive for the 'Collapse' Category
GENERAL MOTORS CLOSING 1,700 DEALERSHIPS
April 16th, 2009Via: Reuters: General Motors Corp has told U.S. dealers it is accelerating its timetable for closing about 1,700 dealerships as it rushes to meet a June 1 deadline to restructure under U.S. government oversight, people with knowledge of the discussions said. In a series of meetings with key dealers including representatives of the National Automobile […]
Decade of Losses Forces Investors in Their 30s to Start All Over
April 16th, 2009Via: Bloomberg: Jason Woodward has barely broken even after dutifully pumping money into his 401(k) retirement account for about 10 years. “I may be a little bit ahead, but not much,” said Woodward, 39, an employee of United Construction & Engineering Inc. in Torrington, Connecticut. He’s better off than many 401(k) investors in their 30s […]
Second-Largest Mall Operator Filed for Chapter 11 Bankruptcy
April 16th, 2009Bargains. Via: AP: General Growth Properties Inc., the nation’s second-largest mall operator, filed for Chapter 11 bankruptcy protection early Thursday after it failed to persuade a majority of its debt holders to give it more time to refinance billions of dollars in debt racked up during the housing boom. The news sent the real estate […]
Surge in First-Time Delinquent Income Taxpayers
April 14th, 2009Via: Reuters: As a deep recession strips Americans of their jobs, homes and investments, the 2009 U.S. tax season promises to see a large uptick in first-time delinquent income taxpayers. “Our calls are up 280 percent,” said Richard Boggs, founder and chief executive of Los Angeles-based Nationwide Tax Relief, a firm that helps delinquent taxpayers […]
Thailand Announces State of Emergency in Capital
April 12th, 2009Via: AP: Thailand’s prime minister narrowly escaped a savage attack and rioting erupted in Bangkok as protesters commandeered public buses and swarmed triumphantly over military vehicles in unchecked defiance after the government declared a state of emergency. Bands of red-shirted anti-government protesters roamed areas of the Thai capital, with some smashing a car carrying Prime […]
FDIC Friday: Two More Banks Fail
April 11th, 2009Via: Bloomberg: Banks in Colorado and North Carolina were shut as rising unemployment and a loss of jobs shrinks household wealth in the deepest recession in a quarter century, pushing the toll of U.S. bank failures to 23 this year. New Frontier Bank in Greeley, Colorado, with $2 billion in assets and $1.5 billion in […]
U.S. BUDGET DEFICIT TRIPLES TO $957 BILLION SO FAR THIS FISCAL YEAR
April 11th, 2009Via: MarketWatch: The U.S. federal budget deficit rose to a record $956.8 billion in the first six months of the fiscal year after the government stepped up spending to cope with a recession that has depressed tax receipts, the Treasury Department reported Friday. The deficit is well on its way to the $1.75 trillion — […]
Help, My Degree Is Underwater
April 11th, 2009This is another story about people who spent a lot of time and money getting graduate/professional degrees and are now screwed. Lawyers! Woops: I also heard from law school graduates with $200,000 in debt who wonder what they were thinking as firms downsize and implode. “It is a nightmare,” writes Benjamin, who got laid off […]
Fed Said to Order Banks to Keep Quiet on ‘Stress Test’ Results
April 11th, 2009Via: Bloomberg: The U.S. Federal Reserve has told Goldman Sachs Group Inc., Citigroup Inc. and other banks to keep mum on the results of “stress tests” that will gauge their ability to weather the recession, people familiar with the matter said. The Fed wants to ensure that the report cards don’t leak during earnings conference […]
More Squatters Are Calling Foreclosures Home
April 10th, 2009Via: New York Times: When the woman who calls herself Queen Omega moved into a three-bedroom house here last December, she introduced herself to the neighbors, signed contracts for electricity and water and ordered an Internet connection. What she did not tell anyone was that she had no legal right to be in the home. […]
