Archive for the 'Collapse' Category
Tax Refunds Now on Hold in California
January 28th, 2009Via: ABC News: ABC News has learned that tax refunds are now on hold in California for the first time in state history, according to the state controller’s office. “Unfortunately, we have asked the California Franchise Tax Board not to send over tax refund claims beginning today because we will not be able to process […]
Man Freezes to Death After City Limits Electricity
January 27th, 2009Via: AP: A 93-year-old man froze to death inside his home just days after the municipal power company restricted his use of electricity because of unpaid bills, officials said. Marvin E. Schur died “a slow, painful death,” said Kanu Virani, Oakland County’s deputy chief medical examiner, who performed the autopsy. Neighbors discovered Schur’s body on […]
‘Credit Losses Could Balloon Unpredictably’ As Unemployment Nears 10%
January 27th, 2009Via: Wall Street Journal: Despite all the pain in the financial sector, bank executives’ biggest fear has yet to materialize. Now, it is rearing its ugly head. Bankers’ worst nightmare is the unemployment rate climbing toward 10%, a level at which credit losses could balloon unpredictably because of high defaults among people with previously strong […]
Dividends Being Cut at Fastest Pace in 50 Years
January 27th, 2009Via: AP: Dividends are being cut at the fastest pace in at least 50 years, and many of the reductions are coming from U.S. companies investors have been relying on to provide income during the recession. Already this year, seven companies in the Standard & Poor’s 500 index have decreased their dividends, removing some $12 […]
CATERPILLAR MOVES TO CUT 20,000 JOBS
January 26th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. DISCLOSURE: I’m long DBA. There are so many layoff stories that I decided to only mention the real shockers. There are just too many stories in the 1000 to 5000 magnitude to mention. Perhaps you guys know of some good sites […]
U.S. Economy in Free Fall in Fourth Quarter
January 26th, 2009Via: MarketWatch: The U.S. economy contracted violently in the fourth quarter, with gross domestic product falling at its fastest pace in more than 25 years, economists said ahead of what promises to be a grim week of economic news. “Real economic activity fell off a cliff during the fourth quarter, producing a sharp drop in […]
Britain a ‘Bigger National Ponzi Scheme Than the U.S.’; on the Brink of an Economic Depression
January 26th, 2009Via: Telegraph: Britain is heading for economic depression for the first time since the 1930s, economists have warned. Families must brace themselves for a slump of far greater severity and longevity than the recessions of the 1980s and 1990s, they warned. They said the current crisis will be of a scale to rival the biggest […]
California One Week Away from Issuing IOUs… Which May Not Be Accepted by Many Banks
January 26th, 2009Via: SacBee: The controller says California is down to Plan D on its checklist of paying bills. Its cash reserves are piddling; the special funds it borrows from are tapped out, and no one in the private sector is going to lend it any cash at a reasonable interest rate. That leaves what in state […]
EMERGENCY: BRITISH ECONOMIC CRISIS; STERLING COULD MOVE SHARPLY LOWER
January 26th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. We’re looking at a strategic downside breach on the British Pound vs the Dollar. If the pound doesn’t bounce now, the next good support is GBP/USD 1. The Bank of England is going to get bloody trying to touch off a […]
UK FACES RETURN OF THREE-DAY WORK WEEK
January 25th, 2009Well, more time to get those gardens going this Spring! Via: Independent: The prospect of the three-day week returned to haunt Britain yesterday as it emerged that ministers are considering paying firms to cut hours in order to survive the recession. Tens of thousands of businesses are already planning to scale back working hours this […]
