Archive for the 'Collapse' Category
CBO Sees Accelerating U.S. Budget Deficit
February 7th, 2009$1 trillion or more. Via: Reuters: The U.S. government’s budget deficit soared to $563 billion during the first four months of the fiscal year that began on Oct. 1, the Congressional Budget Office said on Thursday, in an estimate that includes money spent to bail out the ailing financial sector. In a monthly budget update, […]
California: More than 200,000 State Employees Begin Furlough Fridays, Without Pay
February 7th, 2009Via: AP: California’s first-ever furloughs began Friday with more than 200,000 state workers expected to stay home without pay amid the state’s fiscal crisis. Among the offices forced to close Friday were the Department of Motor Vehicles and the Department of Consumer Affairs. The governor’s Office of Emergency Services also was dark as part of […]
FDIC Friday: Three More Banks Go Down
February 7th, 2009Via: CNN: FirstBank Financial Services of Georgia and Alliance Bank and County Bank of California become latest victims of banking crisis; nine banks have failed in 2009.
Employers Slash 598K Jobs in January, Most Since 1974
February 6th, 2009Yes, yes, we all know it’s easily twice as bad as the government number. Via: AP: Recession-battered employers eliminated 598,000 jobs in January, the most since the end of 1974, and catapulted the unemployment rate to 7.6 percent. The grim figures were further proof that the nation’s job climate is deteriorating at an alarming clip […]
Peter Schiff: Increased Government Intervention Will Lead to “Unmitigated Disaster”
February 6th, 2009Would someone please give Peter the memo on Hope? Via: Yahoo Finance: The fiscal stimulus bill being debate in Congress not only won’t help the economy, it will make the recession much worse, says Peter Schiff, president of Euro Pacific Capital. Schiff scoffs at the notion the economic decline is starting to level off and […]
CALIFORNIA COUNTIES THREATEN TO KEEP TAXES FROM STATE
February 6th, 2009Via: AP: California counties are considering forms of tax revolt after the state imposed a 30-day payment delay that could potentially become much longer under Gov. Arnold Schwarzenegger’s proposal to preserve cash. The Riverside County Board of Supervisors has authorized staff to file a lawsuit, while elected officials in Colusa County decided to impose a […]
TOYOTA TRIPLES YEAR LOSS FORECAST
February 6th, 2009Via: BBC: The world’s biggest carmaker, Toyota, has widened its predicted loss for 2008 after demand for its cars slumped. In December, Toyota predicted it would make a full year operating loss of 150bn yen ($1.65bn; £1.13bn). The Japanese car giant has now tripled that figure and expects to make a 450bn yen operating loss, […]
CHINA DECLARES DROUGHT EMERGENCY
February 6th, 2009Via: BBC: China has declared an emergency in eight northern and central drought-hit regions, where nearly four million people are suffering water shortages. Nearly half of China’s winter crop – some 10m hectares (24m acres) of wheat and rape seed – are also under threat. President Hu Jintao and Premier Wen Jiabao ordered all-out efforts […]
Gordon Brown Suggests World Heading for a ‘Depression’
February 4th, 2009Via: Times: Gordon Brown appeared to acknowledge for the first time today that the world economy was heading for a 1930s-style “depression”. Mr Brown stumbled slightly over his words at Commons question time, just a week after admitting that Britain was facing a “deep” recession. As the financial gloom deepens, he told the Tory leader […]
PANASONIC TO CUT 15,000 JOBS, SHUT 27 FACTORIES
February 4th, 2009Via: AP: Panasonic Corp. said Wednesday it will slash as many as 15,000 jobs and shut 27 plants worldwide, joining a slew of major Japanese companies announcing deep cuts as the global slowdown batters the world’s second-largest economy. The world’s largest maker of plasma display TVs also announced a net loss for the October-December quarter […]
