Treasury Secretary Henry Paulson called the financial crisis now plaguing the world economy a "once or twice" in a 100 years event, even as he warned Thursday against imposing too-strict regulations to prevent a…
No one knows what a Great Depression would look like in 2009. It would not necessarily have to match the 25% or so unemployment rate which was the high-water mark of joblessness in the…
Weekly jobless claims just hit a new current recession high with a reading of 542,000 filing for unemployment. This is the highest reading since 1992. Last week’s numbers were revised down by 1,000 jobs…
A quick look at bank stocks would indicate that Wall St. is not terribly impressed with the Paulson $700 billion bailout plan. Citigroup (C), the whipping boy of the group, may be at a…
The FOMC Minutes from the late October 2008 meeting are out, and as you can imagine it is far more somber than any minutes in recent years. The worse thing is that the projections…
Eliot Spitzer has a few choice words for Obama about what to expect when the new president begins his repair and reclamation work on the financial markets. The Washington Post ran the piece as…
The latest poll from The National Association of Business Economists is remarkable in both its optimism and its lack of any grasp of the serious problems the economy faces. According to Reuters, the group…
The IMF will need more money. That should come as no surprise given the number of countries likely to come to it for bailout cash. According to Reuters, "International Monetary Fund (IMF) Managing Director…
A little less conversation a little more action pleaseAll this aggravation ain’t satisfactioning meA little more bite and a little less barkA little less fight and a little more spark…Elvis Presley The G20 financial…
US consumers have taken on $14 trillion in debt, which may not seem like a lot, but it is up 137% in a decade. That is what rising housing prices and easy credit will…
In news which should surprise no one, all of Europe has moved into a recession. According to The Wall Street Journal, "The European Union said the 15-country euro zone is in recession as figures…
George Soros, billionaire money manager, had his turn to join fellow hedge fund managers testifying before Congress. Soros made a point of scaring the hell out of them.
Weekly jobless claims came out this morning above the critical and psychological level of 500,000 filing for unemployment. This was a gain of 32,000 to 516,000, and to little surprise there was a slight…
Hank Paulson almost completely changed the goals of the Treasury’s $700 billion bailout plan. He did so without checking with Congress which appropriated the funds and wanted to check in on Paulson from time-to-time.…
At the beginning of every alarming recession the questiongets raised whether this one is the next "Great Depression". The answer is "yes" for the millions of people who have lostjobs and homes. Their collective…