Road to Depression

Ford closes Mercury line!

DETROIT, Michigan - June 2, 2010 - Edsel Ford conceived the Mercury brand in the 1930s as a way to fill the gap between basic Fords and luxury Lincolns. Now, that gap will again go unfilled.

Ford Motor announced Wednesday that it would discontinue selling Mercury models this fall, ending a 71-year-old brand that once stood for innovation and speed but that became a “me, too&r

Road to Depression

Buffett warns municipal debt next ratings minefield!

NEW YORK - June 1, 2010 - After being blasted for months by critics for exacerbating the financial crisis by putting overly rosy views on bundles of mortgage securities, credit-rating agencies now have an unlikely defender: Warren Buffett.

The famed billionaire investor said on Wednesday that ratings agencies such as Moody’s Investors Services and McGraw Hill Cos.’ Stan

Road to Depression

Spanish bank asks for 3 billion dollars from rescue fund!

MADRID, Spain - June 1, 2010 - Spain's second-biggest savings bank, Caja Madrid, has asked for up to 3 billion euros ($3.7 billion) from a government rescue fund set up to promote mergers among the country's network of unlisted savings banks, a source close to the company said on Tuesday.

The government has set a June 30 deadline to tap money from the Fund for Orderly Bank Restruct

Road to Depression

Governor plans mass layoff of government workers!

NEW YORK - June 1, 2010 - A member of New York Governor David Paterson's regime said the governor is putting together a plan that would lay off thousands of government workers at the beginning of next year to help balance the state budget.

The regime official confirmed a report Tuesday in The New York Times that Paterson will direct state agencies to begin picking position

Road to Depression

Global growth likely to remain sluggish for years!

NEW YORK - June 1, 2010 - Advanced economies face years of anemic growth and the risk of a double-dip Depression as their citizens cope with sluggish employment and highly indebted governments, economist Nouriel Roubini said on Monday.

A sovereign debt crisis in the euro zone has rattled financial markets in recent weeks as investors worry that fiscal austerity measures dictated by

Road to Depression

Euro slides and stock markets fall!

LONDON, England - June 1, 2010 - The FTSE 100 joined a fresh global market sell-off and the euro hit new four-year lows on jitters for the world economy after a fall in Chinese factory production and worries over the ability of European banks to weather an escalating eurozone crisis.

Road to Depression

Soaring costs force Canada to reassess health care model!

TORONTO, Ontario, Canada - May 31, 2010 - Pressured by an aging population and the need to rein in budget deficits, Canada's provinces are taking tough measures to curb healthcare costs, a trend that could erode the principles of the popular state-funded system.

Ontario, Canada's most populous province, kicked off a fierce battle with drug companies and pharmacies when it said earl