Road to Depression

Post Office suspends retirement contributions!

WASHINGTON (PNN) - June 22, 2011 - The financially troubled U.S. Postal Service is suspending its employer contribution to the Federal Employee Retirement System.

Road to Depression

Distressed property sales drop despite push to sell!

NEW YORK - June 21, 2011 - The share of distressed sales in May, that is, foreclosed properties and short sales (when the property is sold for less than the value of the loan), fell to 31% of all sales from 37% in April. Investors, who purchase a large share of these distressed properties, also represented a smaller share in May. So what's happening?

Road to Depression

Man robs bank so he can go to jail and get health care!

GASTONIA, North Carolina - June 20, 2011 - Often, crimes are commited out of desperation. However, most robberies aren't motivated by a desperate need for health care.

James Richard Verone, of Georgia, attempted to steal one dollar from a bank so that he would be arrested, taken to jail, and - most importantly - provided with health care, the Gaston Gazette reported.

Road to Depression

Greek debt unravels European markets!

NEW YORK - June 16, 2011 - The European Union’s failure to contain the Greek debt crisis is sending fresh shockwaves through currencies, money markets, equities and derivatives.

Road to Depression

Greek protesters surround Parliament!

ATHENS, Greece - June 15, 2011 - Thousands of Greek protesters surrounded the Parliament building in Athens on Wednesday as a general strike paralyzed the country and the prime minister held emergency talks on a controversial reform package.

Riot police and barricades blocked approaches to Parliament as 20,000 people gathered in the capital, summoned by a popular protest group that h

Road to Depression

U.S. housing crisis worse than Great Depression!

NEW YORK (PNN) - June 14, 2011 - It's official: The housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression.

Prices have fallen some 33% since the market began its collapse, greater than the 31% fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data.

Road to Depression

U.S. retail sales show first drop in 11 months!

NEW YORK - June 14, 2011 – U.S. retail sales fell in May for the first time in nearly a year as supply constraints curtailed sales of new cars and consumers remained generally cautious.