Road to Depression

OECD warns of long term increase in U.S. unemployment!

LONDON, England - September 20, 2010 - Millions of Amerikans risk falling out of the job market forever, the Organization for Economic Cooperation and Development (OECD) has warned, as it cautioned a full recovery from Depression will take years.

The Depression has left the U.S. with a long-term unemployment rate - a measure of those without work for more than six months - of 4.5%,

Road to Depression

GMAC halts foreclosures in 23 states!

NEW YORK - September 20, 2010 - GMAC Mortgage, one of the country’s largest and most troubled home lenders, said on Monday that it was imposing a moratorium on many of its foreclosures as it tried to ensure they were done correctly.

The lender, which specialized in subprime loans during the boom, when it was owned by General Motors, declined in an e-mail to specify how many l

Road to Depression

Nevada unemployment rises to all-time high!

LAS VEGAS, Nevada - September 20, 2010 - Neither a boost in private-sector hiring nor a shrinking labor force could rescue Nevada from yet another unemployment record in August.

The construction sector, restaurants and professional firms all added jobs in the month, but declines in Census jobs and other public-sector cuts offset that hiring to push statewide unemployment to an all-

Road to Depression

Amerikans' wealth drops as stock portfolios erode!

NEW YORK - September 20, 2010 - Amerikans' wealth shrank in the spring for the first time since early 2009 as financial turmoil eroded stock portfolios.

The Federal Reserve says household net worth fell 2.7% - or $1.5 trillion - in the April-to-June quarter. The decline left Amerikans' net worth at $53.5 trillion.

Road to Depression

Government could seek foreign investors for GM!

WASHINGTON - September 19, 2010 - Investment bankers handling the upcoming General Motors Co. stock sale are expected to court foreign investors as well as those in North America, according to a U.S. Treasury Department statement.

GM and the Treasury Department would not comment Sunday on reports that the automaker is in talks with its current partner in China, SAIC, about buying a

Road to Depression

Poverty rate at highest level in half-century!

WASHINGTON - September 16, 2010 - One in seven Amerikans is living in poverty, the highest number in the half-century that the government has kept such statistics, the Census Bureau announced Thursday.

Last year was the third consecutive year that the poverty rate climbed, in part because of the Depression, rising from 13.2% in 2008 to 14.3%, or 43.6 million people, last year.

Road to Depression

Foreclosures rise while repossessions set record!

NEW YORK - September 16, 2010 - U.S. foreclosure activity rose in August from the previous month, and banks and lenders took ownership from homeowners at a record pace, according to a new report released Thursday.