Archive for the 'Economy' Category
California May Issue IOUs
January 9th, 2009Via: Los Angeles Times: State officials on Tuesday braced for the possibility of delaying tax refunds to millions of Californians, along with student grants and payments to vendors, as the latest round of budget negotiations between Gov. Arnold Schwarzenegger and Democratic legislators collapsed. With little more than a month’s worth of cash left in the […]
OIL WHACKED LOWER AGAIN
January 9th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. That oil trade I did is solidly in the red now, but I am taking the long term view on this one. IT’S OIL. Unlike trying to pick bottoms on companies (which have the potential to go bankrupt), oil is not […]
U.S. Unemployment Highest in Sixteen Years
January 9th, 2009The real unemployment rate is now somewhere between 14% to 21%. Via: Reuters: The U.S. unemployment rate surged to its highest level in nearly 16 years in December as a deepening year-long recession forced companies to slash payrolls by more than half a million jobs. An accelerating pace of job losses towards the end of […]
European Economies Collapsing
January 9th, 2009Via: Telegraph: German exports and industrial orders have both plunged at the steepest rate since modern records began and Spain’s unemployment has surged above three million, capping one of the most disastrous days for Europe’s economy since the Second World War. … Spain is now in company at last with Germany, where exports plummeted 10.6pc […]
BOEING ORDERS PLUMMET BY 53%
January 9th, 2009Via: Financial Times: Boeing said yesterday its net new commercial aircraft orders had fallen by 53 per cent last year to 662, from the record 1,413 achieved in 2007. Boeing had previously achieved three record years with net new orders of 1,044 in 2006 and 1,002 in 2005. It said yesterday the 2008 orders total […]
Merrill Lynch Says Rich Turning to Gold Bars
January 9th, 2009The rich aren’t the only ones. * snort * Via: Telegraph: Merrill Lynch has revealed that some of its richest clients are so alarmed by the state of the financial system and signs of political instability around the world that they are now insisting on the purchase of gold bars, shunning derivatives or “paper” proxies. […]
Japan: Tent Village Established in Tokyo for Unemployed People
January 9th, 2009Japan is a show stopper. Keep a close eye on the situation there. Via: ABC: A tent village housing more than 250 homeless people has been set up in Tokyo’s Hibiya Park, opposite one of the country’s most luxurious hotels. The organisers say many of the people in the park are victims of the recent […]
Auto Bailout Federal Loan Deals Bar Strikes
January 9th, 2009Oh sure, bankers buy new palaces with their bailout money, but if autoworkers get any funny ideas… Via: AP: Provisions of General Motors’ and Chrysler’s $17.4 billion in federal loans automatically places them in default if union workers go on strike. A General Motors Corp. filing this week with the Securities and Exchange Commission detailed […]
And Now… Swindling Via Loan Modification
January 9th, 2009Via: Mr. Mortgage: It is obvious that these loan modification plans have been born as a result of panic and the need to protect the bank’s balance sheets rather than doing what is beneficial for the home owner and broader housing market. Research Credit: Lagavulin
The Amish and Small Businesses
January 9th, 2009* gasp * People without high school “educations” can run successful businesses?! HAHA. The New York Times. HAHA. Via: New York Times: The Amish, the religious sect that has determinedly kept the modern world at bay, have been leaving a quiet life of farming for jobs in small businesses — all the while trying to […]
