Archive for the 'Economy' Category
U.S. TREASURY BANK REGULATORS HELPED INDYMAC (AND PROBABLY OTHERS) COMMIT FRAUD
January 18th, 2009Via: ABC News: A brewing fraud scandal at the Treasury Department may be worse than officials originally thought. Investigators probing how Treasury regulators allowed a bank to falsify financial records hiding its ill health have found at least three other instances of similar apparent fraud, sources tell ABC News. In at least one instance, investigators […]
California to Delay Tax Refunds; Cut Off Aid to Elderly, Blind and Disabled People
January 18th, 2009Via: Mercury News: California’s budget meltdown is about to hit home for millions of taxpayers awaiting their refunds and people who depend on the social safety net to survive, a top state finance official warned Friday. Controller John Chiang, who is responsible for managing the state’s cash flow, plans to delay $3.7 billion in payments […]
The Bank of England Will Be Able to Print Extra Money Without Having Legally to Declare It
January 15th, 2009This is the most insane thing that I’ve read on the economic front in a long time. Is the goal to destroy what remains of the pound to bring in the euro, ordo ab chao style? Can anyone out there think of a better explanation? Via: Telegraph: The Bank of England will be able to […]
U.S. Foreclosure Filings Up 81 Percent in 2008
January 15th, 2009Via: AP: More than 2.3 million American homeowners faced foreclosure proceedings last year, an 81 percent increase from 2007, with the worst yet to come as consumers grapple with layoffs, shrinking investment portfolios and falling home prices. Nationwide, more than 860,000 properties were actually repossessed by lenders, more than double the 2007 level, according to […]
Bank of America On the Brink Again
January 15th, 2009Via: Reuters / IHT: Banking giants in Europe and the United States faced fresh questions about their ability to ride out a global financial crisis which is set to prompt a European Central Bank interest rate cut later on Thursday. Shares in Bank of America and Citigroup, two of America’s biggest banks, tumbled as they […]
U.S. Military Report Warns “Sudden Collapse” of Mexico Is Possible
January 15th, 2009Cryptogon subreddit participants are discussing this in relation to the North American Union. Via: El Paso Times: Mexico is one of two countries that “bear consideration for a rapid and sudden collapse,” according to a report by the U.S. Joint Forces Command on worldwide security threats. The command’s “Joint Operating Environment (JOE 2008)” report, which […]
UK Economy Downturn: “Frightening”
January 14th, 2009Via: BBC: Business leaders have painted a bleak picture of the UK economy, with a survey suggesting the end of 2008 saw a “frightening deterioration”. The British Chambers of Commerce (BCC) said its survey results were “awful” and the worst since it began in 1989. Elsewhere, a separate report suggested it had been the worst […]
NORTEL FILES FOR BANKRUPTCY
January 14th, 2009Via: Bloomberg: Nortel Networks Corp., North America’s biggest maker of telephone equipment, filed for bankruptcy protection in the U.S., a victim of the global credit crunch and declining sales. Nortel, based in Toronto, had more than $1 billion in assets and debt, according to a Chapter 11 filing of its U.S. subsidiary today in Wilmington, […]
SALES AT U.S. RETAILERS FELL MORE THAN TWICE AS MUCH AS FORECAST IN DECEMBER
January 14th, 2009Via: Bloomberg: Sales at U.S. retailers fell more than twice as much as forecast in December as job losses and the lack of credit led Americans to cut back on everything from car purchases to eating out. The 2.7 percent slump marked the sixth straight month of declines, the longest string since comparable records began […]
Freight Rates for Containers Shipped from Asia to Europe Have Fallen to Zero for the First Time Since Records Began
January 14th, 2009Via: Telegraph: Freight rates for containers shipped from Asia to Europe have fallen to zero for the first time since records began, underscoring the dramatic collapse in trade since the world economy buckled in October. “They have already hit zero,” said Charles de Trenck, a broker at Transport Trackers in Hong Kong. “We have seen […]
