Archive for the 'Economy' Category
U.S. Treasuries May Represent “The Biggest Bubble of All,” Yields Near Zero
December 8th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. This is why the dollar has been rallying recently. Via: AFP: The panic in global financial markets has sparked an unprecedented rush into safe US Treasury securities, driving yields on short-term government notes down to almost zero. Due to stampeding demand […]
Three SUVs on Altar in Chicago Church as People Pray for Bailouts
December 8th, 2008Wide swaths of the U.S. have been taken over by open air mental institutions. No fences to keep people in. No padded rooms. Just lots of crazy people milling around. Via: Reuters: With sport-utility vehicles at the altar and auto workers in the pews, one of Detroit’s largest churches on Sunday offered up prayers for […]
Gold Backwardation Stories
December 8th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. If I buy a wheat contract, I should have to take delivery of the physical wheat on the specified date. If I sell a wheat contract, I should have to deliver the physical wheat on the specified date. I should not […]
Angry Laid-Off Workers Occupy Factory in Chicago
December 7th, 2008Via: AP: Workers who got three days’ notice their factory was shutting its doors have occupied the building and say they won’t go home without assurances they’ll get severance and vacation pay they say they are owed. About 200 union workers occupied the Republic Windows and Doors plant in shifts Saturday while union leaders outside […]
The Milwaukee Community Currency Story
December 7th, 2008Sometimes, I read a story, grit my teeth and pray that people don’t submit it to me by the dozens. Oh well. People are SO HAPPY about this. * Holding my head in my hands * My problem with this article is this sentence: And it’s completely legal. Oh sure. And what currency will the […]
New Record: 10 Percent of U.S. Home Loans At Least One Month Late in Payments or in Foreclosure
December 5th, 2008Via: AP: A record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September as the source of housing market pressure shifted to the crumbling U.S. economy. The Mortgage Bankers Association said Friday the percentage of loans at least […]
Employers Cut 533K Jobs in November, Most in 34 Years
December 5th, 2008Via: AP: Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession. The new figures, released by the Labor Department Friday, showed the crucial employment market deteriorating at an alarmingly rapid clip, and handed Americans some more […]
UK: House Prices Fall at Fastest Pace in 25 Years
December 5th, 2008Via: Times: British house prices tumbled at a record 16.1 per cent in November, marking the sharpest drop in property values for a quarter of a century. Figures released this morning by Halifax revealed that prices fell 2.6 per cent in November compared with October, and are 16.1 per cent lower than in November 2007. […]
California May Pay With IOUs for Second Time Since Depression
December 5th, 2008Via: Bloomberg: California, the world’s eighth largest economy, may pay vendors with IOUs for only the second time since the Great Depression, State Finance Director Mike Genest said. In a letter to legislative leaders Dec. 2, Genest said the state “will begin delaying payments or paying in registered warrants in March” unless an $11.2 billion […]
FBI: Copper Thieves Jeopardize U.S. Infrastructure
December 5th, 2008I wonder if this will continue after the copper price crash??? Via: Network World: The FBI today ratcheted up the clamor to do something more substantive about the monumental growth of copper theft in the US. In a report issued today the FBI said the rising theft of the metal is threatening the critical infrastructure […]
