Road to Depression

Private pay shrinks to historic lows as government payouts rise!

WASHINGTON - May 25, 2010 - Paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of this year, a USA TODAY analysis of government data finds.

At the same time, government-provided benefits - from Social Security, unemployment insurance, food stamps and other programs - rose to a record high during the first three

Road to Depression

EU warns that Europe needs major economic reforms!

BRUSSELS, Belgium - May 24, 2010 - Europe's economy will stagnate unless governments make major reforms to boost growth - just as they rein in spending to curb soaring debt levels, the European Union's economy chief warned Tuesday.

Low growth prospects and rocketing debt in many of the EU's 27 nations have alarmed financial markets in recent months, causing stocks to slide and the

Road to Depression

Falling home prices raise fears of new bottom!

NEW YORK - May 24, 2010 - The housing slump isn't over. Tax credits and historically low mortgage rates have failed to lift home prices so far this year. Prices fell 0.5% in March from February, according to the Standard & Poor's/Case-Shiller 20-city index released Tuesday.

The co-creator of the Case-Shiller index, who predicted in 2005 that the housing bubble would burst, is r

Road to Depression

Romanians protest wage and pension cuts!

BUCHAREST, Romania - May 20, 2010 - In one of the largest mass protests since the fall of communism, around 50,000 Romanians took to the streets of Bucharest on Wednesday.

They are furious at drastic cuts to state wages and pensions proposed by the government to reduce the country’s ballooning budget deficit.

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Road to Depression

Stocks tumble as euro drops while jobless claims rise!

NEW YORK - May 20, 2010 - The stock market tumbled again Thursday after another drop in the euro and disappointing U.S. employment news darkened investors' already bleak view of the world economy. Interest rates fell sharply in the Treasury market as investors once again sought the safety of U.S. government debt.

Road to Depression

Germans trigger panic over future of euro!

LONDON, England - May 20, 2010 - Shocked European ministers are preparing for emergency talks to shore up the euro after markets fell in reaction to panic measures in Germany.

Road to Depression