Road to Depression

Job losses and early retirements hit Social Security!

WASHINGTON - September 28, 2009 - Big job losses and a spike in early retirement claims from laid-off seniors will force Social Security to pay out more in benefits than it collects in taxes the next two years, the first time that's happened since the 1980s.

Road to Depression

AMBROSE EVANS-PRITCHARD: Money figures show there's trouble ahead!

Private credit is contracting on both sides of the Atlantic. The M3 money data is flashing early warning signals of a deflation crisis next year in nearly half the world economy. Emergency schemes that have propped up spending are being withdrawn, gently or otherwise.

By Ambrose Evans-Pritchard

LONDON, England -

Road to Depression

Simmons plans to file for bankruptcy protection!

ATLANTA, Georgia - September 25, 2009 - Simmons Co., the maker of Beautyrest mattresses, said Friday that it plans to file for Chapter 11 bankruptcy protection in a move that will put new owners in charge of the bedding unit and significantly lower the company's debt.

Road to Depression

Luxury hotels risk loan defaults!

NEW YORK - September 24, 2009 - Luxury hotel owners risk defaulting on their debt as the Depression cuts occupancies and the credit crunch constrains refinancing.

Road to Depression

Citigroup considers shrinking branch network!

NEW YORK - September 24, 2009 – Citigroup, Inc. may sell or shut some of its 1,001 branches in the U.S. and Canada as the bank shrinks following last year’s $45 billion federal bailout, a person familiar with the matter said.

Road to Depression

AMBROSE EVANS-PRITCHARD: Spain tips into Depression!

Spain is sliding into a full-blown economic Depression with unemployment approaching levels not seen since the Second Republic of the 1930s and little chance of recovery until well into the next decade, according to a clutch of reports over recent days.

By Ambrose Evans-Pritchard

LONDON, England - September 24, 2

Road to Depression

Teens lack jobs despite federal stimulus money!

FRESNO, Kalifornia - September 23, 2009 - More than $1.2 billion in federal stimulus money was supposed to help teenagers find jobs this summer, but the effort barely made a dent in one of the bleakest job markets young workers have faced in more than 60 years.