Road to Depression

S&P cuts Greece rating to selective default!

ATHENS, Greece - February 27, 2012 - Standard & Poor’s on Monday cut Greece long-term ratings to “selective default,” the second ratings agency to proceed with a widely expected downgrade after the country announced a bond swap plan to lighten its debt burden.

Road to Depression

Doomsaying experts foresee economic devastation!

NEW YORK - February 27, 2012 - Behind mainstream Wall Street happy talk about more stable financial markets and an improving economy are grim warnings of tough times ahead from a small cadre of doomsayers who warn that the worst of the financial crisis is still to come.

Road to Depression

Oil price increase raises specter of global Depression!

NEW YORK (PNN) - February 26, 2012 - A jump in energy prices is the latest obstacle toward any kind of economic recovery in the West, but that may be nothing compared to the economic shock an Israeli attack on Iran would cause.

Road to Depression

Credit card debt nears toxic levels!

NEW YORK - February 26, 2012 - More Amerikan households are falling back into the debt hole, this time without the safety net of home values to help bail them out, the New York Post reported Sunday.

Last year, total Fascist Police States of Amerika (FPSA) consumer debt reached its highest point in a decade, according to a credit card industry observer.

Road to Depression

Euro zone headed for recession!

BERLIN, Germany (PNN) - February 24, 2012 - Countries that use the euro are headed for a recession, if not a Depression this year, the European Commission said Thursday, the region’s second economic contraction since 2008, despite years of attempts to solidify the euro zone’s economic standing.

Road to Depression

Bank of America breaks with Fannie Mae!

CHARLOTTE, North Carolina (PNN) - February 23, 2012 - Bank of America said Thursday that it would no longer sell new mortgages to Fannie Mae, underscoring tensions in a fight between giants of the home loan market over billions in losses in the housing bubble.

The latest move represents a major escalation in a protracted legal battle over how many defaulted mortgages Bank of America

Road to Depression

Massive bank CEO resignations happening around the world!

Major upheaval and reorganization appears in the works.

LONDON, England (PNN) - February 19, 2012 - If one didn’t know better, one would almost certainly think that something huge was about to happen in the world of banking and finance.

Over the past few weeks, a slew of high-level resignations have occurred around the world.