Road to Depression

Durable goods orders fall 2.1 percent in June!

WASHINGTON - July 27, 2011 - U.S. businesses cut back on orders for aircraft, autos, heavy machinery and computers in June, sending demand for long-lasting manufactured goods lower for the second month in the past three.

Orders for durable goods fell 2.1% last month, with the weakness led by a big drop in orders for commercial aircraft, the Commerce Department reported Wednesday. A n

Road to Depression

U.S. at the start of 500 days of economic pain!

NEW YORK - July 26, 2011 - As a sign that the U.S. economic Depression is continuing relentlessly, Amerikans remain apprehensive, especially about their jobs, and that fear is likely to weigh on consumer spending in the months ahead, according to one retail industry consultant.

Burt Flickinger, managing director of retail consultantcy Strategic Resource Group, said the U.S. has just

Road to Depression

Rhode Island city asks retirees to cut pensions in half or lose them all!

PROVIDENCE, Rhode Island - July 26, 2011 - As cities across the United States struggle to keep their finances afloat, Central Falls, Rhode Island is taking a novel approach to try to avoid bankruptcy.

Road to Depression

Moody’s downgrades Greek debt rating!

NEW YORK - July 25, 2011 - Moody's credit rating agency downgraded Greek debt by three notches on Monday and warned that the eurozone rescue was almost certain to trigger another two-notch cut to default status.

Moody's, taking a similar line to the Fitch agency on Friday, said that once old debt had been replaced with new bonds on easier terms under the rescue scheme, it would asses

Road to Depression

Thefts of produce and copper on the rise!

SACRAMENTO, Kalifornia - July 25, 2011 - Kalifornia's Central Valley, which has long been considered the nation's breadbasket, has also become a new hotbed for property crime, except instead of stealing things like cars and high-dollar electronics, thieves are stealing fruits and vegetables from farms, as well as farm equipment, and even the copper used to power water systems.

Road to Depression

U.S. Postal Service aims to shut down 3,600 offices!

NEW YORK - July 25, 2011 - The U.S. Postal Service on Tuesday will release a list of 3,653 post offices that could be closed.

These locations will be studied for possible closure, according to U.S. Postal Service spokeswoman Sue Brennan. Most of the post offices that are on the chopping block have "lower foot traffic and revenue," she said, and the majority of them are in smaller com

Road to Depression

Return of mass layoffs grim sign for U.S. workers!

NEW YORK - July 21, 2011 - Putting pressure on an already lousy job market, the mass layoff is making a comeback. In the past week, Cisco, Lockheed Martin and Borders announced a combined 23,000 in job cuts.

Those announcements follow 41,432 in planned cuts in June, up 11.6% from May and 5.3% vs. a year earlier, according to Challenger, Gray & Christmas.