Archive for the 'Collapse' Category
Fed Launches New $200 Billion Consumer Credit Program
March 3rd, 2009And now the U.S. Dollar is going to be backed with credit card debt, auto debt, student loan debt and small business loan debt. The Chinese will love this. Via: AP: The Federal Reserve on Tuesday rolled out a much-awaited program aimed at boosting the availability of credit to consumers and small businesses. The Fed […]
TOYOTA LOOKING TO JAPANESE GOVERNMENT FOR FINANCING
March 3rd, 2009Via: AP: Toyota’s financing unit is in talks with a Japanese government-backed bank on possible lending, the automaker said Tuesday, underlining the serious woes facing the car industry amid plunging global sales. Toyota Motor Corp. said no details had been decided. Kyodo News and NHK TV reported earlier in the day, without identifying sources, that […]
BANK OF ENGLAND MAY USE QUANTITATIVE EASING THIS WEEK
March 3rd, 2009Via: Reuters: The Bank of England could this week start buying assets with newly created money to boost the money supply and the economy, Chancellor Alistair Darling said in an interview on Tuesday. Darling told the Daily Telegraph newspaper he also expected more banks to take advantage of the government’s Asset Protection Scheme, which insures […]
Dow Wreck Continues: Below 7000
March 2nd, 2009Via: AP: The Dow Jones industrial average plunged below 7,000 Monday for the first time in more than 11 years as investors grow even more pessimistic about the health of banks, and in turn the economy.
Laid-Off Professionals Turn to ‘Survival Jobs’
March 2nd, 2009This reads like Cryptogon circa 2004-2005. During the final days at the last corporate job that I would ever have, I tried to tell those guys that I worked with… “Don’t blindly sell yourself to another criminal organization. They’ll just screw you again and again. Play the next one to win. Get out of debt. […]
AIG Enters Record Books with $61.7 Billion Quarterly Loss
March 2nd, 2009Via: Reuters: American International Group Inc posted a $61.7 billion fourth-quarter loss — the biggest quarterly loss in corporate history — after reaching a revised rescue deal with the U.S. government that wards off for now the prospect of crippling credit rating downgrades. The massive quarterly loss, equal to $22.95 a share, was AIG’s fifth […]
UK: Contingency Plan for Deployment of British Army in Case of Bank Riots
March 2nd, 2009Let me know if there’s a better source on this. Via: Daily Express: TOP secret contingency plans have been drawn up to counter the threat posed by a “summer of discontent” in Britain. The “double-whammy” of the worst economic crisis in living memory and a motley crew of political extremists determined to stir up civil […]
Delphi Allowed to Cancel Benefits for 15,000 Workers
March 1st, 2009Via: Bloomberg: Delphi Corp., the bankrupt auto- parts maker, won permission to cancel health-care benefits for 15,000 current and former salaried workers, saving $1.1 billion as it tries to emerge from court protection amid falling vehicle sales. U.S. Bankruptcy Judge Robert Drain in New York issued the ruling today after witnesses for Troy, Michigan-based Delphi […]
Arsonists Torch Berlin Porsches, BMWs on Economic Woe
February 28th, 2009Via: Bloomberg: When Berlin resident Simone Klostermann returned from vacation and couldn’t find her Mercedes SLK, she thought it had been towed. Police told her the 35,000- euro ($45,000) car had been torched. “They’d squirted something flammable into the car’s engine block in the gap between the windshield and the hood,” said Klostermann. “The engine […]
New York: Apartment Buyers Abandoning 6-Figure Deposits
February 28th, 2009Via: New York Times: At 304 Spring Street, a sleek condominium building in SoHo with stunning Hudson River views, the buyer for the duplex penthouse recently decided he would not go through with the deal and walked away from a $780,000 deposit. At 1120 Park Avenue, a classic prewar co-op filled with multimillion-dollar apartments, it […]
