Road to Depression

Analyst predicts 150-200 more bank failures!

NEW YORK - August 24, 2009 - A prominent banking analyst said Sunday that 150 to 200 more U.S. banks will fail in the current banking crisis, and the industry's payments to keep the Federal Deposit Insurance Corporation afloat could eat up 25 percent of pretax income in 2010.

Road to Depression

Noted economist warns of double-dip Depression!

NEW YORK - August 23, 2009 - Nouriel Roubini, one of the few economists who accurately predicted the magnitude of the world's recent financial troubles, sees a "big risk" of a double-dip Depression, according to an opinion piece posted on the Financial Times website on Sunday.

Road to Depression

Seized Texas bank sold to Spanish firm!

WASHINGTON - August 22, 2009 - The federal government is casting more broadly as it seeks buyers for a growing number of failed banks, including entertaining bids from foreign firms and seeking to attract new investors to the industry by easing restrictions.

Road to Depression

Arizona's credit rating downgraded to negative!

PHOENIX, Arizona - August 19, 2009 - A credit watch placed on Arizona because of its budget mess is going to cost taxpayers more money.

Standard and Poor's Rating Service on Wednesday revised its outlook of the state's credit from stable to negative. Company analysts said that was based on a variety of factors, ranging from lower than anticip

Road to Depression

Frailty lingers in housing and producer price reports!

NEW YORK - August 18, 2009 - New figures showing a decline in wholesale prices and a drop in new-home construction highlighted how weak the economy remains, even as propagandists and optimists declare the Depression to be at an end.

Road to Depression

Reader's Digest set to file for bankruptcy!

WASHINGTON - August 18, 2009 - Reader's Digest, an Amerikan media icon of the 20th century, thanks to its inspiring, safe-for-family-reading articles and folksy, cornpone humor, is planning to file for Chapter 11 bankruptcy reorganization.

Road to Depression

Unemployment spike compounds foreclosure crisis!

WASHINGTON - August 18, 2009 - The country's growing unemployment is overtaking subprime mortgages as the main driver of foreclosures, according to bankers and economists, threatening to send even higher the number of borrowers who will lose their homes and making the foreclosure crisis far more complicated to unwind.