Economy Shrinks At Staggering Rate
Saturday, February 28th, 2009 | One comment
Challenges Loom Larger Than Feared With Sharpest Contraction Since 1982
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U.N. crime chief says drug money flowed into banks
Saturday, February 28th, 2009 | One comment
VIENNA: The United Nations’ crime and drug watchdog has indications that money made in illicit drug trade has been used to keep banks afloat in the global financial crisis, its head was quoted as saying on Sunday.
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Posted by John under: Sorcery
Worst Since 1932
Saturday, February 28th, 2009 | Post a comment
Brutal February for Blue Chips
A late burst of selling sealed a dismal finish for the stock market, which hit a fresh 12-year low on Friday as Citigroup sold a bigger chunk of itself to the government and General Electric slashed its dividend, spooking investors who were already jittery.
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Posted by John under: Perplexity,Root of All Evil
1933 Is Coming Again
Saturday, February 28th, 2009 | Post a comment
FDR in 1933, signing the Emergency Banking Act to deal with the impending collapse of U.S. banks.
The financial crisis is reaching a climax. Either Washington will let the banking system go into cardiac arrest, or it will take measures to bring it back to life so it can vigorously function again. The frightening severity of the crisis and the political imperative not to let banks collapse the way they almost did in 1933 will force the Obama Administration to take the necessary actions.
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Posted by John under: Perplexity,Root of All Evil
Economy moving in reverse faster than predicted
Saturday, February 28th, 2009 | Post a comment
Latest figures show economy is moving in reverse faster than government can predict
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Posted by John under: Perplexity
Consumers around the world no longer want to buy Japanese cars
Saturday, February 28th, 2009 | Post a comment
Consumers around the world no longer want to buy Japanese cars
Japan’s industrial production fell by 10% in January – the biggest monthly drop since records began more than half a century ago, the government says.
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Posted by John under: Perplexity,Root of All Evil
Calif. declares drought emergency, mulls rationing
Saturday, February 28th, 2009 | One comment
California Governor Arnold Schwarzenegger on Friday declared a state emergency due to drought and said he would consider mandatory water rationing in the face of nearly $3 billion in economic losses from below-normal rainfall this year.
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Posted by John under: Famines and Troubles
Get Ready for Mass Retail Closings
Saturday, February 28th, 2009 | 2 comments
About 220,000 stores may close this year in America, says our guest, retail consultant Howard Davidowitz of Davidowitz & Associates. As more Americans save and spend less, it’s clear there’s too much retail space. Just visit Web site deadmalls.com and track retail’s growing body count. And luxury retailers? They’re on “life support,” Davidowitz says.
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Posted by John under: Perplexity,Root of All Evil
52,000 Had Secret UBS Accounts
Friday, February 27th, 2009 | Post a comment
U.S. says Swiss government is no help.
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Posted by John under: Perplexity,Root of All Evil
Citigroup’s Latest Bailout Gives the US More Control
Friday, February 27th, 2009 | One comment
The US government agreed to boost its stake in Citigroup to as much as 36%, shoring up the bank’s capital and taking on far more control of the ailing banking giant. Continue reading »