Archive for the 'Economy' Category
Deutsche Bank: U.S. Economy Could Contract by 10% in the First Quarter
April 20th, 2009Via: Reuters: Deutsche Bank predicted there are risks that the U.S. economy could contract by as much as 10 percent in the first quarter, given the relentless wave of dismal economic data being reported in early 2009. Deutsche Bank U.S. economists Joseph LaVorgna and Carl Riccadonna expect first-quarter Gross Domestic Products to shrink by 8 […]
1,500 Farmers Commit Mass Suicide in India
April 17th, 2009Via: Independent: Over 1,500 farmers in an Indian state committed suicide after being driven to debt by crop failure, it was reported today. The agricultural state of Chattisgarh was hit by falling water levels. “The water level has gone down below 250 feet here. It used to be at 40 feet a few years ago,” […]
California Asks Feds to Back its IOUs
April 16th, 2009Add it to the list. Via: Sacramento Bee: Facing what could be the largest cash flow problem in state history, California officials are asking the federal government to back billions of dollars in short-term loans the state must seek in July. “We’re going to need cash-flow borrowing the likes of which California has never seen, […]
GENERAL MOTORS CLOSING 1,700 DEALERSHIPS
April 16th, 2009Via: Reuters: General Motors Corp has told U.S. dealers it is accelerating its timetable for closing about 1,700 dealerships as it rushes to meet a June 1 deadline to restructure under U.S. government oversight, people with knowledge of the discussions said. In a series of meetings with key dealers including representatives of the National Automobile […]
Decade of Losses Forces Investors in Their 30s to Start All Over
April 16th, 2009Via: Bloomberg: Jason Woodward has barely broken even after dutifully pumping money into his 401(k) retirement account for about 10 years. “I may be a little bit ahead, but not much,” said Woodward, 39, an employee of United Construction & Engineering Inc. in Torrington, Connecticut. He’s better off than many 401(k) investors in their 30s […]
Second-Largest Mall Operator Filed for Chapter 11 Bankruptcy
April 16th, 2009Bargains. Via: AP: General Growth Properties Inc., the nation’s second-largest mall operator, filed for Chapter 11 bankruptcy protection early Thursday after it failed to persuade a majority of its debt holders to give it more time to refinance billions of dollars in debt racked up during the housing boom. The news sent the real estate […]
And the Black World Said: Let There Be Light and PG&E Agreed to Buy Orbit-Generated Electricity from Solaren in 2016
April 14th, 2009Ah yes, large satellites will beam vast amounts of clean energy from the sun to earth, 24/7, base load style. Let’s try to look past the headlines… First of all, this idea isn’t quite as old as the hills, but it’s at least several decades old, depending on what you consider to be the origin […]
Surge in First-Time Delinquent Income Taxpayers
April 14th, 2009Via: Reuters: As a deep recession strips Americans of their jobs, homes and investments, the 2009 U.S. tax season promises to see a large uptick in first-time delinquent income taxpayers. “Our calls are up 280 percent,” said Richard Boggs, founder and chief executive of Los Angeles-based Nationwide Tax Relief, a firm that helps delinquent taxpayers […]
China Slows Purchases of U.S. and Other Bonds
April 13th, 2009Via: New York Times: Reversing its role as the world’s fastest-growing buyer of United States Treasuries and other foreign bonds, the Chinese government actually sold bonds heavily in January and February before resuming purchases in March, according to data released during the weekend by China’s central bank. China’s foreign reserves grew in the first quarter […]
How to Get a No-Bid Contract for Russian Choppers
April 13th, 2009Via: Wired: How did a company best known for its communications gear manage to get a $322 million, no-bid contract to supply the Iraqi military with Russian helicopters? Not even the Pentagon can come up with a convincing explanation. Yesterday, I spent an hour on the phone with two Defense Department officials who tried to […]
