Road to Depression

HSBC's loss alert on U.S. foreclosures!

NEW YORK - March 6, 2011 - It emerged last week that the Federal Reserve and the Office of the Comptroller of the Currency had stopped HSBC repossessing homes in December after identifying deficiencies in its procedures. Britain's biggest bank is the latest target of regulators after concerns that procedures, such as documentation, were not being followed correctly during repossession.

Road to Depression

Bank of England chief under fire after warning of another financial crisis!

LONDON, England - March 5, 2011 - Mervyn King, the Governor of the Bank of England, has come under fire from leading economists after warning that Britain risks suffering another financial crisis without reform of the country’s banks.

Road to Depression

New jobless claims at lowest levels in nearly three years!

WASHINGTON - March 3, 2011 - New applications for U.S. jobless benefits fell by 20,000 to 368,000 in the week of February 26, the lowest level in nearly three years, the Labor Department reported Thursday.

Road to Depression

Surging oil prices could trigger double-dip Depression!

PARIS, France - March 3, 2011 - World renowned economist Nouriel Roubini has warned a further rise in oil prices could trigger a double-dip Depression in parts of the world.

Road to Depression

Currency bill backers want alternative to paper dollar!

SALT LAKE CITY, Utah - March 2, 2011 - A bill that recognizes U.S. gold and silver coins as legal tender and exempts their sale from the state capital gains tax passed the Utah House Government Operations Committee Wednesday.

Supporters say HB317, introduced by Rep. Brad Galvez (R-West Haven), is a first step to creating an “inflation-proof” alternative to the “paper dollar.”

Road to Depression

Depression unemployment continues due to substantial reduction in job openings!

NEW YORK - March 2, 2011 - Years into the worst Depression in decades, job creation remains anemic, weighing on economic growth and making it even harder for the long-term jobless to find work.

Road to Depression

U.S. Postal Service will run out of cash by October!

WASHINGTON - March 2, 2011 - The Republican-controlled House opened the envelope of postal finances on Wednesday and what it pulled out wasn’t pretty.

Unless things change, the post office will run out of money by the end of the fiscal year in October, Postmaster General Patrick R. Donahoe told the House Oversight subcommittee on the Postal Service.