Archive for the 'Economy' Category
Gordon Brown Suggests World Heading for a ‘Depression’
February 4th, 2009Via: Times: Gordon Brown appeared to acknowledge for the first time today that the world economy was heading for a 1930s-style “depression”. Mr Brown stumbled slightly over his words at Commons question time, just a week after admitting that Britain was facing a “deep” recession. As the financial gloom deepens, he told the Tory leader […]
“Fishy” Supernotes from Taiwan
February 4th, 2009Via: Taipei Times: When a customs agent at San Francisco International Airport examined a package from Taiwan that was supposed to contain a birthday gift of candy and books, he thought it smelled “fishy.” Thinking it might contain food that had been imported illegally, the agent opened the parcel. Inside, he found US$380,000 in counterfeit […]
PANASONIC TO CUT 15,000 JOBS, SHUT 27 FACTORIES
February 4th, 2009Via: AP: Panasonic Corp. said Wednesday it will slash as many as 15,000 jobs and shut 27 plants worldwide, joining a slew of major Japanese companies announcing deep cuts as the global slowdown batters the world’s second-largest economy. The world’s largest maker of plasma display TVs also announced a net loss for the October-December quarter […]
Financial Collapse Put to Music
February 4th, 2009Via: kreidler-net.de: Research Credit: GT
Trading Note: USO
February 4th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. My limit buy order got taken out on USO today for another small lot. The chart doesn’t look good for bulls (descending triangle), and USO could easily take another leg down. That’s fine. If it goes under 25, I’ll consider buying […]
Obama Requested $40 Billion in Additional “Defense” Spending for 2010
February 3rd, 2009Making the world safe for Hopenosis? Via: Salon: Obama’s 2010 fiscal year budget calls for $527 billion in defense spending (not including the costs of Iraq and Afghanistan). That is more than the U.S. allocated for defense in 2009 and equals what the Bush administration budgeted for 2010: The Obama administration has given the Pentagon […]
U.S. Unemployment Statistics Hiding the Dismal Truth
February 3rd, 2009Via: Market Oracle: All told, 2.6 million people lost their jobs in 2008. And, to underscore the accelerating nature of the problem, more than half of those job losses occurred in the final four months of the year. In December, a total of 11.1 million were unemployed. An additional 8 million people were working part […]
JAPAN: “THERE HAS NEVER BEEN DATA THIS BAD FOR ANY MAJOR ECONOMY — EVEN IN THE GREAT DEPRESSION”; “WE ARE LITERALLY LOOKING AT THE UNIMAGINABLE”
February 3rd, 2009Via: Naked Capitalism: I have been writing about an Asian black hole for almost two months now. I have been crying from the rooftops about an emerging depression in Japan. It has been as though a neutron bomb had gone off in the world. There was no one who seemed to notice, no one who […]
State Budget Troubles Worsen: At Least 46 States Faced or Are Facing Budget Shortfalls for This and/or Next Year
February 3rd, 2009Via: Center on Budget and Policy Priorities: States are facing a great fiscal crisis. At least 46 states faced or are facing shortfalls in their budgets for this and/or next year, and severe fiscal problems are highly likely to continue into the following year as well. Combined budget gaps for the remainder of this fiscal […]
Australia: Rate Cut to Record Low Amid “Unfolding National and International Economic Emergency”
February 3rd, 2009Via: AFP: Australia launched a 42 billion dollar (26 billion US) stimulus package Tuesday and slashed interest rates to a 45-year low in a bid to battle the global economic crisis, which has choked growth. Prime Minister Kevin Rudd said the massive stimulus package was aimed at nation building and supporting up to 90,000 jobs […]
