Archive for the 'Economy' Category
U.S. Federal Obligations: $546,668 Per Household
May 29th, 2009Via: USA Today: Taxpayers are on the hook for an extra $55,000 a household to cover rising federal commitments made just in the past year for retirement benefits, the national debt and other government promises, a USA TODAY analysis shows. The 12% rise in red ink in 2008 stems from an explosion of federal borrowing […]
DOLLAR NEXT LEG DOWN: GOLD AND OIL SHARPLY HIGHER
May 29th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Disclosure: I own USO and gold. WEE! USDX 79.80 taken out hard. Gold 975.60 +15.60. Nymex Crude $66.05 +.97. Shorter term USO longs, consider moving your stops up. Oscillators are pegged overbought. While that doesn’t necessarily mean anything, keep in mind […]
Economic Crisis Spurs Spike in ‘Suburban Survivalists’
May 28th, 2009I thought that they were going to bring in the shrink to say how these “suburban survivalists” should be paying him $100 per hour instead of Rawles, but look what he said: Art Markman, a cognitive psychologist, said he’s not surprised by the reaction of some to the nation’s financial woes, even though it may […]
GM Said to Plan for June 1 Bankruptcy, Sale of Assets
May 28th, 2009Via: Bloomberg: General Motors Corp., the world’s largest automaker until its 77-year reign ended in 2008, plans to file for bankruptcy protection on June 1 and sell most of its assets to a new company, people familiar with the matter said. The U.S. Treasury will provide financing for GM while the asset sale is arranged […]
Two U.S. Auto Parts Manufactures File for Bankruptcy
May 28th, 2009Via: Reuters: U.S. auto parts makers Visteon Corp and Metaldyne Corp filed for bankruptcy on Thursday, becoming the latest casualties of the global auto industry crisis and adding to the pressure on cash-strapped automakers. Visteon, the former parts unit of Ford Motor Co , said the No. 2 U.S. automaker had made a commitment to […]
Crude Rallies on Large Oil Inventory Decline
May 28th, 2009Via: Reuters: U.S. crude oil futures rallied toward $65 a barrel on Thursday after government data showed that domestic crude inventories dropped much more than expected last week as refineries ramped up operations and imports fell. Data for gasoline, which showed a smaller-than-expected stock drawdown, and a lower-than-forecast supply increase for distillate stocks were deemed […]
1 IN 8 U.S. HOMEOWNERS LATE PAYING OR IN FORECLOSURE
May 28th, 2009Via: Reuters: One of eight U.S. households with a mortgage ended the first quarter late on loan payments or in the foreclosure process in a crisis that will persist for at least another year until unemployment peaks, the Mortgage Bankers Association said on Thursday. U.S. unemployment in April reached its highest rate in more than […]
How to Spend Like a Frugal Millionaire
May 28th, 2009Becky and I have this down. I guess we’re Frugal Thousandaires. *snort* I wonder, though, if being frugal can become somewhat… unhealthy? We spend freely on high quality food supplies and condiments, and high quality wooden toys for Owen. There’s no other choice but to use an expensive satellite Internet connection, and I flashblock and […]
Once Considered Unthinkable, U.S. Sales Tax Gets Fresh Look
May 28th, 2009Via: Washington Post: With budget deficits soaring and President Obama pushing a trillion-dollar-plus expansion of health coverage, some Washington policymakers are taking a fresh look at a money-making idea long considered politically taboo: a national sales tax. Common around the world, including in Europe, such a tax — called a value-added tax, or VAT — […]
BLOATED U.S. DEBT BURDEN DRIVES BOND ROUT
May 28th, 2009A lot of stories show up on Cryptogon. They look pretty much alike. There’s a title and some text, or maybe a video. They slide on down the page and disappear into the archives. Please understand that this situation with the U.S. government bonds is different than all the rest of the stories. This is […]
