Road to Depression

Initial jobless claims rise unexpectedly!

WASHINGTON - January 21, 2010 - The number of newly-laid off workers seeking jobless benefits unexpectedly rose last week, as the Depression continues to deepen despite assurances by government economists that we are in economic recovery.

Road to Depression

Home construction falls while wholesale prices edge up!

WASHINGTON - January 20, 2010 - The housing market remains a significant risk to the economy, data Wednesday showed, as bad weather across much of the country hammered the construction industry.

Also on Wednesday, the government said buyers will face higher fees and tougher standards for home loans backed by the Federal Housing Administration

Road to Depression

Russia diversifies into Canadian dollars!

MOSCOW, Russia - January 20, 2010 - Russia’s central bank announced on Wednesday that it had started buying Canadian dollars and securities in a bid to diversify its foreign exchange reserves.

Road to Depression

Citigroup loss signals more trouble for commercial banks!

NEW YORK - January 20, 2010 - Wall Street may be drawing attention for its rebounding profits, but not all big banks are rolling in dough.

On Tuesday, Citigroup posted a $7.6-billion loss for the last three months of 2009, the banking giant's first unprofitable quarter since 2008. Similar bad news is expected today when Bank of America, Inc., Wells Fargo & Co. and U.S. Bancorp

Road to Depression

Report anticipates new wave of mortgage defaults!

WASHINGTON - January 20, 2010 - The high level of foreclosures plaguing the country will get worse before it gets better, according to a report issued Wednesday by state regulators that found that mortgage relief being offered to distressed borrowers is not keeping up with the need.

Road to Depression

The United States of debt!

Amerikan cities and states have piled on the debt in recent years. Who is headed for trouble?

NEW YORK - January 20, 2010 - Bankruptcy fears in Dubai and Greece roiled world credit markets in recent months as investors braced for the possibility of default. But United States governments have their own share of woes.

Road to Depression

Citigroup loses $7.6 billion in fourth quarter as it repays TARP!

NEW YORK - January 19, 2010 - Citigroup says it lost $7.58 billion during the final three months of 2009 as consumers still struggled to repay loans and the bank repaid its government bailout money.