Archive for the 'Economy' Category
Population of Sarcramento Tent City Now Over 1,200
March 8th, 2009Via: Telegraph: Sacramento has one of the highest foreclosure rates in the United States. As many as 50 people a week arrive at the tent city and the authorities estimate it is now home to more than 1,200 people. Now its homeless population hope an Oprah TV show about recession, foreclosures and homelessness will help […]
Worried Wealthy People Buying 100 Ounce Gold Bars (Worth Nearly $100,000 Each Right Now)
March 8th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Yes, keep some physical metal close by, but also keep some far away. Consider liquidity when you want to sell. Is someone going to be making an efficient market for random 100 ounce gold bars where you are when you decide […]
‘Run on UK’ Sees Foreign Investors Pull $1 Trillion Out of the City
March 8th, 2009Via: Independent: A silent $1 trillion “Run on Britain” by foreign investors was revealed yesterday in the latest statistical releases from the Bank of England. The external liabilities of banks operating in the UK – that is monies held in the UK on behalf of foreign investors – fell by $1 trillion (£700bn) between the […]
World’s Biggest Banks to Meet in London
March 8th, 2009Via: Reuters: Chief executives of leading Japanese, European and U.S. banks will meet in London to discuss the future of the financial system, the Nikkei newspaper reported, as the global financial crisis prompts a barrage of new regulatory proposals for the sector. The Japanese business daily said the British government would host the meeting on […]
Obama Urges Americans Not to “Stuff Money in Their Mattresses”
March 8th, 2009No, Mr. President. They’re buying gold and guns instead. Via New York Times: In a 35-minute conversation with The New York Times aboard Air Force One on Friday, Mr. Obama reviewed the challenges to his young administration. The president said he could not assure Americans the economy would begin growing again this year. But he […]
Maryland: 84,000 at Risk of Electricity Shut-Off
March 7th, 2009Via: Baltimore Sun: Nearly 84,000 households with delinquent utility bills could see their power shut off by Baltimore Gas and Electric Co. starting next month, when restrictions meant to protect customers during cold winter months end, the state’s top energy regulator warned. Douglas Nazarian, chairman of the state’s Public Service Commission called the situation facing […]
Ohio: 700 People Have Applied for a Single Job as a Janitor
March 7th, 2009I hope that people are not mentioning their graduate degrees when they’re applying for these jobs. Via: CantonRep: Plant closed. Laid off. Lack of work. How hungry are people for work in today’s sinking economy? Nearly 700 people have applied for a single job as a school custodian. Perry Local Schools have an open position […]
Former SAS Commander: Afghan Operation is ‘Worthless’
March 7th, 2009This guy didn’t get the memo on the opium stockpile, which is definitely not worthless. Via: BBC: The UK’s operation in Afghanistan is “worthless” and akin to the start of the Vietnam war, former SAS commander Maj Sebastian Morley has said. Speaking to the Daily Telegraph, he said the government had “blood on its hands” […]
Brother, Can You Spare a Trillion?
March 7th, 2009Via: Solari: The full page ad in Ruppert Murdoch’s Wall Street Journal for its “Future of Finance Initiative” starts off by saying that the financial system has stopped working. I completely disagree. The financial system is working for the first time since Bob Rubin and his colleagues created the “strong dollar policy” complete with gold […]
‘America’s Workers Being Clobbered by a Relentless Wave of Layoffs Unlikely to Ease Anytime Soon’
March 6th, 2009Via: AP: The nation’s unemployment rate bolted to 8.1 percent in February, the highest since late 1983, as cost-cutting employers slashed 651,000 jobs amid a deepening recession. Both figures were worse than analysts expected and the Labor Department’s report shows America’s workers being clobbered by a relentless wave of layoffs unlikely to ease anytime soon. […]
