Tuesday, March 31, 2009

Global Slump Seen Deepening
New Forecasts of Contraction, Trade Drop Cause Worry on the Eve of G-20 Summit
U.S. Economy: Consumer Confidence Hovers Near a Record Low
U.S. business activity contracted in March for a sixth consecutive month, reaching the lowest level in almost three decades
With bailouts, the budget deficit is exploding.
OECD predicts 10% jobless rate for 2010
Home Prices in 20 U.S. Cities Fell by a Record 19% in January
Banks Walking Away on Foreclosures
The OECD said it expects the U.S. economy to shrink by 4% this year, the euro-zone economy by 4.1%, and the Japanese economy by 6.6%.
U.S. Threatens Bankruptcy for GM, Chrysler
Marketers offer relief to consumers hit by job loss
Government says air travel will fall 7.8% this year as the weak economy clips the industry's wings.
Brawls Break Out Among Laid-Off Workers as Michigan Car Dealership Closes

Wednesday, March 25, 2009

Commercial Property Faces Crisis
Delinquency Rate at 1.8%, Near Peak of Last Recession; Parallels to S&L Debacle
lackluster demand for US debt stirs worries about economic recovery plans
California home prices dropped 41 percent last month from a year earlier, more than double the U.S. decline
he first time the Treasury failed to attract enough bids at a sale of nominal debt in 14 years.
Miami "condo king" hit by boom-to-bust downturn
We Need Honest Accounting
Struggling restaurant chains try cheap eats to lure diners
California's jobless rate will hit 11.9% by mid-2010
European Union politician on Wednesday slammed U.S. plans to spend its way out of recession as "a way to hell."

Thursday, March 19, 2009

Dollar Rally Crumbles as Fed Ramps Up Printing Press
Another Bubble?
Hedge fund makes headlong rush into gold

U.S. Dollar Has Third Biggest One-Day Decline Ever
U.S. House Set to Vote on 90% Tax Targeted at Executive Bonuses
The U. S. economy continues to falter as companies cut back, countless Americans lose their jobs and the markets continue to be erratic, but somehow, consumer prices are rising.
U.S. Migration Falls Sharply
Muvico sells leases to 4 complexes
More car owners behind on auto loans
Fewer leaving urban centers, moving to sunnier places
Families that cut a little last year are cutting more now
Obama housing fix
Long Beach and Los Angeles port traffic slows in February
Fed to pump another $1 trillion into U.S. economy

Friday, March 13, 2009

Fed Program to Spur Loans May Start With Few Deals
Bankers Rush to the Exits
Berkshire loses top credit rating
The jobs crisis
A downturn that began in the rich world is hurting those who can least afford it
GE loses its top credit rating
Americans' net worth sinks 17.9%; spending pullback likely
China "worried" about U.S. Treasury holdings
Sour U.S. economy has put 40% of Americans on edge
GM says it won't need $2-billion government loan
Asian markets soar on upbeat signals
U.S. retail sales drop not as bad as feared

Monday, March 9, 2009

An L of a recession
The 'Bottom Rung' -- Companies at Greatest Risk of Defaulting
Manchurian Candidate’ Starts War on Business:
Global Financial Assets Lost $50 Trillion Last Year, ADB Says
Depression Dynamic Takes Hold as Markets, Banks Revisit 1930s
Dow 5000? A Bearish Possibility
Home Depot at standoff with laborers who swarm customers in bid for work
llegal immigrants might get stimulus jobs, experts say
Stock market recovery likely will be years in the making
One layoff leads to another
Recession on track to be longest in postwar period
World Bank offers dire forecast for world economy

Friday, March 6, 2009

The Dow Jones Industrial Average has fallen 20 percent since Inauguration Day, the fastest drop under a newly elected president in at least 90 years
Economists say the job market may not get back to normal -- meaning a 5 percent unemployment rate -- until 2013.
Recession Job Losses Top Four Million
U.S. Economy: Unemployment in U.S. Surged to 8.1% in February
BofA, Wells Fargo: No Equity After Accounting for Bad Loans 38 comments
Highest And Lowest Earners Both Hit By Recession
‘Obama Bear Market’ Punishes Investors as Dow Slumps (Update1)
Landlords seek to evict some Muvico Theaters Palm Beach Post
More hotels are facing foreclosure, bankruptcy USA Today
Most foreclosures pack into a few counties USA Today
Bill Seeks to Let FDIC Borrow up to $500 Billion WSJ

Thursday, March 5, 2009

Dow Industrials, S&P 500 Skid More Than 4% WSJ
The Three Ways GE Can Survive The Business Insider
Retail Sales Top Projections on Springtime Inventory Bloomberg
Mortgage Delinquencies Rise to Record on Job Losses Bloomberg
U.S. Jobless Claims Exceed 600,000 for a Fifth Week Bloomberg
Citigroup, Once World’s Biggest Bank, Sees Stock Drop Below $1 Bloomberg
GM Cuts Wagoner’s Pay, Says Company Has ‘Going Concern’ Risk Bloomberg
Factory Orders in the U.S. Fall in January, Ex-Transport Down Bloomberg
The U.S. Financial System Is Effectively Insolvent Forbes
Empty Ships Flock to Subic Bay as Lines Battle Plunging Rates Bloomberg
Bank of England Cuts Rates, Starts Asset Purchases Bloomberg

Wednesday, March 4, 2009

More Than 8.3 Million U.S. Mortgages Are Under Water Bloomberg
Economy deteriorated as '09 began, Fed says; outlook 'poor' USA Today
Retail's 'two tales' remain even as shoppers cut back
Marketwatch
U.S. Economy Weakened in January, February, Fed Says Bloomberg
Federal Deposit Insurance Corp. Chairman Sheila Bair said the fund it uses to protect customer deposits at U.S. banks could dry up amid a surge in bank failures, Bloomberg
Job Losses Show Breadth of Recession NY Times
The Second Great Depression The Nation
Private-sector cut 697,000 jobs in February, ADP says Marketwatch
GE Shares Drop Below $6 for First Time Since 1991 Bloomberg
What Are the Odds of a Depression? WSJ
Obama Budget "Greatest Wealth Destruction By a President" Mediabistro
MGM Mirage warns of debt default risk Financial Times
The struggle to make meaningful forecasts in a downturn The Economist
Fed Moves to Free Up Credit for Consumers WSJ
U.S. car sales tank to troubling depths USA Today
First Bank of Beverly Hills rescued Los Angeles Times

Friday, February 27, 2009

U.S. Economy: Bad To Worse Forbes
Dire growth data fuel Asian fears Financial Times
The New Unwind Seeking Alpha
Citi Gets Third Rescue as U.S. Plans to Raise Stake Bloomberg
GE Cuts Dividend as Immelt Seeks to Safeguard AAA Rating Bloomberg
Gross domestic product shrank at a 6.2 percent annual pace from October through December, the most since 1982, Bloomberg
House of Cards: The Faces Behind Foreclosures Time
The Budget Numbers Whitehouse.gov
$25,573.48 - What Obama budget will cost each taxpayer Telegraph.co.uk
Personal Bankruptcies Soar Housingwire
Euro-zone unemployment rises to 8.2% in January Marketwatch
Japan's industrial output tumbles 10% in January Marketwatch
Mortgage Deduction Looks Less Sacred WSJ
Business Braces for a Big Hit WSJ
Palm Beach Mall to cut hours next month Palm Beach Post
About 5,000 flock to South Florida job fair in Davie Sun-Sentinel
Frugal Families say cutting costs long term is hard USA Today

Thursday, February 26, 2009

Home Sales Down 48% US Census
New orders for manufactured durable goods in January decreased $9.0 billion or 5.2 percent Census.gov
After sharp loss, GM says auditors are considering its survival USA Today
Malls Race to Stay Relevant in Downturn WSJ
Take everything they earn, and it still won't be enough. WSJ
Groping for the Economy's Bottom Yahoo Finance
Outlook grim for budget's costly initiatives Washington Times
Official: Budget projects $1.75 trillion deficit My Way
U.K. Takes RBS to Brink of NationalizationWSJ
GM posts $9.6B 4Q loss, burns through $6.2B cash AP
New jobless claims jump unexpectedly to 667,000, continuing claims top 5.1 million AP
Royal Bank of Scotland posts huge loss for 2008, unveils restructuring program AP
Recession is already longer-lasting than thought Telegraph.co.uk
Main Street America has its own set of economic indicators. Los Angeles Times
Restaurants and others tempt shoppers with 2-for-1 coupons USA Today
Bartering booms during economic tough times USA Today

Wednesday, February 25, 2009

Many of those nearing retirement will have very little to live on thanks to an erosion of home equity. CNN
Existing home sales sink 5.3 percent in January in weakest month since July 1997 AP
Small biz loan failure rate hits 12% CNN Money
Employers took 2,227 mass layoff actions in January that resulted in the separation of 237,902 workers Bureau of Labor Statistics
U.S. Existing Home Sales, Prices Slumped in January Bloomberg
Three Words to Save Your Home ABC News Video
Thousands queue at New York job fair Financial Times
GM Bankruptcy Advisers’ Fees Might Be ‘Bonanza’ $1.2 Billion Bloomberg
Extending the Great Depression Analogy Marketwatch
Twin Crises Feed the Spiral WSJ
The housing market is still crucial to the recovery of other markets, yet it still hasn't found a bottom. WSJ

Tuesday, February 24, 2009

Bank charge-offs jump 42% to record $34.5 billion Marketwatch
San Francisco Chronicle to be sold or closed if owner can't lower expenses dramatically AP
Jailed Billionaires Show New Face of China as Markets Unravel Bloomberg
Japan Exports Plummet 45.7%, Deficit Widens to Record Bloomberg
The Next Economic Bubble to Burst CNBC
Americans reach for small luxuries amid sour economy USA Today
Public to feds: Help regular folk first USA Today
U.S. Consumer Confidence Collapsed to Record Low Bloomberg
Home Prices Fell 8.2 Percent in 2008 on Foreclosures Bloomberg
Bernanke: economy suffering 'severe contraction' AP
Across Atlantic, Echoes in R.B.S.’s Lifeline NY Times
The Japanese government is considering ways to prop up the ailing stock market, Financial Times
The Coming Depression: See It Clearly Through Historical Eyes 57 comments Seeking Alpha
Next Crisis: Commercial Real Estate Forbes
The wave of foreclosures in Florida continues to batter condo and homeowner associations, which have been forced to cut expenses and raise fees. Palm Beach Post

Monday, February 23, 2009

U.S. Stocks Fall, Sending Market to Its Lowest Close Since 1997 Bloomberg
Stock-Market Pullback Isn't Just 'Financial' Now Yahoo
Banking on the Brink NY Times (Paul Krugman)
Regulators pledge to shore up financial system Yahoo Finance
Philadelphia Inquirer Files For Bankruptcy Protection Financial Times
The American Car Industry In Pieces The Economist
Greenspan’s Libor Barometer Shows Markets Stay Frozen (Update2) Bloomberg
Bankruptcy Funding Solicited for Car Makers WSJ
Cash Strapped Consumers Eat At Home USA Today
Clinton Urges China to Keep Buying US Debt Breitbart
Fed Eyes Large Stake in City WSJ

Sunday, February 22, 2009

The Spiral of Ignorance Lack of understanding of the credit crunch is magnifying its damage The Economist
U.S. Lawmakers Clash Over Nationalizing Banks to Stem Declines Bloomberg
Non-recourse Loans Positively Counterproductive Seeking Alpha
Human Nature and the Financial Crisis Forbes
In a Recession the Consumer is Queen Time
States Cut Spending as U.S. Stimulus Fails to Fix Budget Woes Bloomberg
Journal Register Co., the debt-strapped owner of the New Haven Register and 19 other daily papers, filed for Chapter 11 bankruptcy protection Saturday, WSJ
Joblessness takes a toll on the soul Los Angeles Times
20% in Los Angeles County receive public aid Los Angeles Times

Friday, February 20, 2009

Soros Sees No Bottom to World Financial Collapse Yahoo
GM shares hit a 74-year low as automaker's future uncertain USA Today
Credit crunch may only have just begun, S&P warns Marketwatch
Its Muscle Car Glory Faded, Pontiac Shrivels Up NY Times
Smoot-Hawley’s Ghost Appears as Economy Tanks: Michael R. Sesit Bloomberg
Saab files for creditor protection Financial Times
The collapse of manufacturing Economist
Euro-zone PMI sees surprise plunge in February
Marketwatch
What Will We Do With All That Debt? Seeking Alpha
Europe's Economic Contraction Intensifies in February Seeking Alpha
Fix-It Nation: In Tough Times, Tailors and Cobblers Thrive Time
Home repossessions rise 54pc to 40,000 Telegraph.co.UK
Jumbo Loan Defaults Rise at Fast Pace as Rich Suffer Bloomberg
Trouble in paradise: Cash-strapped tourists avoid Hawaii USA Today
Misery Has a Long Reach in California USA Today
John Laing Homes, One of the Nations Largest, Files Bankruptcy Los Angeles Times

Wednesday, February 18, 2009

Fed downgrades economic forecast; Bernanke vows to do 'everything possible' USA Today
Homeowner Affordability and Stability Plan Executive Summary US Treasury
Obama Pledges $275 Billion to Stem U.S. Foreclosures Bloomberg
Cheering for Obama Stimulus Buys Into 1930s Myth: Bloomberg
Japan’s lessons for a world of balance-sheet deflation Financial Times
U.S. chain store sales rose 0.9% in the first two weeks of February compared with the previous month, Forex
The recession is throwing millions out of work. What the new jobless class can tell you about what it's like out there. Fortune
Unless demand for cars can be revived, it may not matter how much fat GM and Chrysler cut. Forbes
Britain's AAA credit rating threatened by scale of bank bail-out Telegraph.Co.UK
Gold hits record against euro on fear of Zimbabwean-style response to bank crisis Telegraph.Co.UK
General Motors Corp. and Chrysler LLC, both drowning in debt as car sales continue to spiral downward Marketwatch
Housing starts plunge nearly 17% to record-low 466,000 rate
Marketwatch
South Florida at forefront of foreclosure crisis Sun-Sentinel
Thousands Seek Census Jobs in Downturn USA Today
The Worst is Yet to Come Yahoo Finance

Monday, February 16, 2009

Governor prepares to send out 20,000 pink slips Los Angeles Times
Decade at Bernie’s Paul Krugman - NY Times
Across Region, Economy Pulls Rug From Under More and More 2-Parent Households Washington Post
GM and Chrysler hasten restructuring Financial Times
Recession worse than first feared, Bank of England's deputy Governor warns Telegraph.co.uk
A survival guide for the looming threat of deflation. Marketwatch
Retailers' loss of revenue hammers city and state budgets USA Today
Government pension agency braces for recession Yahoo Finance
Bad Sign - Few CEO's Buying Their Company's StockUSA Today
Japan's GDP plunges 12.7% Los Angeles Times