Archive for the 'Collapse' Category
Schwarzenegger Declares California Drought Emergency
February 28th, 2009Via: AP: Gov. Arnold Schwarzenegger declared a state of emergency Friday because of three years of below-average rain and snowfall in California, a step that urges urban water agencies to reduce water use by 20 percent. “This drought is having a devastating impact on our people, our communities, our economy and our environment, making today’s […]
FDIC Raising Fees on Banks, Adds Emergency Fee
February 27th, 2009Via: AP: Facing a cascade of bank failures depleting the deposit insurance fund, federal regulators on Friday raised the fees paid by U.S. financial institutions and levied an emergency premium in a bid to collect $27 billion this year. The Federal Deposit Insurance Corp. now expects that bank failures will cost the insurance fund around […]
U.S. Economy Suffers Sharp Nosedive
February 27th, 2009Via: BBC: The US economy shrank by 6.2% in the last three months of 2008, official figures have shown, a far sharper fall than had previously been reported. Plunging exports and the biggest fall in consumer spending in 28 years dragged the figure down from the 3.8% estimate the government gave earlier. The decline was […]
Dear Mr. President, With All Due Respect
February 27th, 2009Via: Mish: Dear Mr. President, I read your New Era $3.6 Trillion Budget Proposal. I also listened to your speech Tuesday night. You made a great campaign speech. However, the campaign is over. You won. And the reason you won is you offered hope as well as a promise of change. With all due respect […]
California’s Newly Poor Push Social Services to Brink
February 27th, 2009Via: Bloomberg: In California’s Contra Costa County, 40,000 families are applying for just 350 affordable-housing vouchers. Church-operated pantries are running out of food. Crisis calls have more than doubled in the city of Antioch, where the Family Stress Center occupies the site of a former bank. The worst financial crisis in seven decades is forcing […]
Ex-Stanford Employee Warned Regulators About Fraud
February 27th, 2009Via: Reuters: A former Stanford Group Company employee told broker-dealer watchdogs in 2003 that the financial services firm was engaged in fraud, about five years before U.S. securities regulators charged the firm’s chairman, Allen Stanford, with an $8 billion fraud. Leyla Basagoitia, who was fired from Stanford Group Company in 2002, told a broker-dealer arbitration […]
U.S. Treasuries Fall for Third Day on Spending, Supply Concern
February 27th, 2009Via: Bloomberg: Treasuries fell for a third day as the government sold $22 billion of seven-year notes in the last of three auctions this week as it issues an unprecedented amount of debt to spur the U.S. economy. Declines were led by 10- and 30-year securities. President Barack Obama’s administration forecast a budget deficit of […]
We’re on the Brink of Disaster
February 27th, 2009Via: Salon: Violent protests and riots are breaking out everywhere as economies collapse and governments fail. War is bound to follow. The global economic meltdown has already caused bank failures, bankruptcies, plant closings and foreclosures and will, in the coming year, leave many tens of millions unemployed across the planet. But another perilous consequence of […]
Mexico Sending 5,000 Troops to Juarez
February 26th, 2009Via: Reuters: Mexico is sending up to 5,000 new troops and federal police to the country’s most violent city, where law and order is on the brink of collapse in a brutal war between drug gangs aided by corrupt police. The army said on Thursday the new deployment could take the number of soldiers and […]
Job Losses Still Increasing
February 26th, 2009Via: AP: New jobless claims rose more than expected last week and the number of laid-off Americans continuing to receive unemployment benefits topped 5.1 million, fresh evidence the recession is increasingly forcing employers to shed jobs. The Labor Department said Thursday that first-time requests for unemployment benefits jumped to 667,000 from the previous week’s figure […]
