Road to Depression

Bank earnings hit highest level in 4 years!

WASHINGTON - November 22, 2011 - Bank earnings rose over the summer to their highest level in more than four years, while the number of troubled banks fell for the second straight quarter, federal regulators reported Tuesday.

The Federal Deposit Insurance Corp. said the banking industry earned $35.3 billion in the third quarter. That's up from $23.8 billion in the same period last ye

Road to Depression

Risks of global Depression mount!

WASHINGTON - November 20, 2011 - Financial contagion from Europe is pushing global economies towards the brink, and the risks of slipping into worldwide Depression are rising significantly.

China's exports have plunged to half their year-ago levels. Factory orders in Germany, Europe's economic powerhouse, are slumping as China weakens. Australia and Indonesia have cut interest rates

Road to Depression

Middle-class areas shrinking!

WASHINGTON (PNN) - November 17, 2011 - The number of middle-income neighborhoods in the United States has dwindled significantly over the past 40 years, as the rich-poor divide deepens across the country, a study released Wednesday showed.

In 2007, nearly a third of Amerikan families – 31% - lived in either an affluent neighborhood or a mainly low-income one, up from just 15% in 19

Road to Depression

Moody's downgrades 10 German public banks!

PARIS, France - November 16, 2011 - On Wednesday, Moody's downgraded its ratings of 10 German public-sector banks, including BayernLB and Deutsche Hypo, saying they were now less likely to receive state support if needed.

Road to Depression

Federal Reserve is now the largest owner of U.S. debt!

WASHINGTON - November 16, 2011 - At the close of business on Tuesday, the debt of the federal government exceeded $15 trillion for the first time - with the largest single owner of the publicly held portion of that debt being the Federal Reserve.

Road to Depression

Mass bond selloff takes Europe from bad to worse!

ROME, Italy - November 16, 2011 - The European debt crisis is rolling across the continent at alarming speed, proving that almost no country is immune to the contagion unleashed by Greece and Italy as confidence in the region’s ability to reduce its debt loads evaporates.

Road to Depression

U.S. pension insurer's deficit hits record $26 billion!

WASHINGTON - November 15, 2011 - The federal agency that insures pensions for 1 in 7 Amerikans ran the largest deficit last year in its 37-year history.