Archive for the 'Economy' Category
FDIC Friday: Seven More Banks Fail
March 20th, 2010Via: AP: Regulators on Friday shut down seven banks in five states, bringing to 37 the number of bank failures in the U.S. so far this year. The closings follow the 140 that succumbed in 2009 to mounting loan defaults and the recession. The Federal Deposit Insurance Corp. took over First Lowndes Bank, in Fort […]
Australia: Electricity Prices to Rise by Up to 64%
March 19th, 2010Via: 9MSN: A NSW government rebate will be expanded to more than one million electricity consumers, to allay fears some families will be left in the dark by the state’s largest-ever electricity price increases. Electricity bills in NSW will soar by up to a total of 64 per cent over the next three years, with […]
South America to Create New EU-Type Bloc to Defy U.S.
March 19th, 2010Via: Deutsche Welle: The 24-strong bloc of Latin American states known as the Rio Group is to join the Caribbean Community to form a new trade body intended to present opposition to US dominance. What can it really hope to achieve? The Rio Group assertively announced the birth of its successor earlier this week, at […]
Bernanke Wants to Eliminate Reserve Requirements Completely
March 19th, 2010Via: The Economic Collapse Blog: Up until now, the United States has operated under a “fractional reserve” banking system. Banks have always been required to keep a small fraction of the money deposited with them for a reserve, but were allowed to loan out the rest. But now it turns out that Federal Reserve Chairman […]
Deutsche Bank, JPMorgan, UBS Charged With Derivatives Fraud
March 18th, 2010Via: Bloomberg: Deutsche Bank AG, JPMorgan Chase & Co., UBS AG and Hypo Real Estate Holding AG’s Depfa Bank Plc unit were charged with fraud linked to the sale of derivatives to the City of Milan. Judge Simone Luerti scheduled the trial of the four firms, 11 bankers and two former city officials for May […]
NEW YORK STATE TAX REFUNDS PUT ON HOLD
March 18th, 2010Via: CBS: For hundreds of thousands of New Yorkers, the check won’t be in the mail — at least not on time. New York State has stopped paying tax refunds and won’t start again until next month. The tax refund delay is part of a bigger cash crunch. Message to New Yorkers: don’t start spending […]
Russia Criticizes U.S., NATO Over Afghan Drugs *wink* *wink*
March 18th, 2010If the squeals out of Russia about drug trafficking are real, and I have serious doubts about that, why not mention this bridge? In August 2007, the presidents of Afghanistan and Tajikistan walked side by side with the U.S. commerce secretary across a new $37 million concrete bridge that the Army Corps of Engineers designed […]
China PLA Officer Urges Challenging U.S. Dominance
March 18th, 2010Related: Trinitite: Trinitite, also known as Atomite or Alamogordo Glass, is the name given to the glassy residue left on the desert floor after the plutonium-based Trinity nuclear bomb test on July 16, 1945, near Alamogordo, New Mexico. The glass is primarily composed of arkosic sand composed of quartz grains and feldspar (both microcline and […]
Bank of England Warns Families to Expect Fall in Living Standards
March 18th, 2010More Recovery news. Via: Telegraph: Families have been warned by the Bank of England to expect an effective pay cut in the coming months because of the economic climate. In a blunt warning issued in a key report, the Bank also said that it is too early to conclude that unemployment has peaked. It said […]
Junk Bond Avalanche Looms for Credit Markets
March 16th, 2010Via: New York Times: When the Mayans envisioned the world coming to an end in 2012 — at least in the Hollywood telling — they didn’t count junk bonds among the perils that would lead to worldwide disaster. Maybe they should have, because 2012 also is the beginning of a three-year period in which more […]
