Road to Depression

Capital One could lose up to 1.1 billion dollars more in mortgage buyback claims!

NEW YORK - March 2, 2011 - Capital One Financial could lose an additional $1.1 billion on future mortgage buyback claims, the bank said in its annual filing with regulators Tuesday.

Road to Depression

Bernanke says rising gas prices don't pose threat to economy!

LONDON, England - March 1, 2011 - The rise in gasoline prices in the U.S. is "a problem for a lot of people," but doesn't yet pose a threat to either economic recovery or inflation, Federal Reserve chairman Ben Bernanke has said.

Bernanke made the comment in the first of two days of testimony in front of Congress, as economists try to gauge whether higher prices at the pump will furt

Road to Depression

U.S. dollar no longer a safe haven!

LONDON, England - March 1, 2011 - While rising tension in the Middle East and North Africa have sent crude prices skyrocketing and hurt developed market equities, the U.S. dollar has failed to benefit from this rise in risk aversion. This has many questioning the greenback’s status as a safe haven.

Road to Depression

Gold hits record $1,432.57 an ounce!

NEW YORK - March 1, 2011 - Gold struck a new record at $1,432.57 an ounce Tuesday as worries spread that the surging price of oil could fuel inflation and dampen economic growth.

Road to Depression

U.S. will be the world's third largest economy!

NEW YORK - February 25, 2011 - The world is going to become richer and richer as developing economies play catch up over the coming years, according to Willem Buiter, chief economist at Citigroup.

Road to Depression

Freddie Mac posts 1.7 billion dollar Q4 loss!

NEW YORK - February 25, 2011 - Government-controlled mortgage buyer Freedie Mac managed a narrower loss of $1.7 billion for the October-December quarter of last year. But it has asked for an additional $500 million in federal aid - up from the $100 million it sought in the previous quarter.

Road to Depression

State spending cuts maintain ongoing U.S. Depression in Q4!

WASHINGTON (PNN) - February 25, 2011 - Deeper spending cuts by state and local governments weighed down U.S. economic growth in the final three months of last year.

The government's new estimate for the October-December quarter illustrates how growing state budget crises reflect the ongoing Second Great Depression in which the United States is currently embroiled.