Road to Depression

Senate proposal would suspend federal gas tax!

WASHINGTON - May 21, 2011 - The average price of regular unleaded gasoline was $3.96 this week, an increase of 38% over the same time last year. U.S. Senator Rand Paul (R-Kent.) has proposed to temporarily reduce that cost by 18.4 cents by suspending the federal gas tax. Under the freshman lawmaker's plan, the highway trust fund would be replenished by reducing payments made to foreign governme

Road to Depression

Soros dumps most gold in quarter while Paulson holds his ground!

NEW YORK - May 18, 2011 - Billionaire financier George Soros, who called gold "the ultimate bubble," dumped almost his entire $800 million (Dh2.9 billion) stake in bullion in the first quarter, well before a commodities slump blamed partly on reports he was liquidating his holdings.

Famed gold bull John Paulson held his ground, but Soros was joined in the retreat by several other big

Road to Depression

U.S. housing starts nosedive!

NEW YORK - May 17, 2011 - U.S. housing starts and permits for future home construction fell in April as an overhang of homes on the market discourages builders from taking on new projects, pointing to prolonged weakness in the housing sector.

Road to Depression

U.S. hits debt limit and starts dipping into pensions!

WASHINGTON - May 16, 2011 - U.S. Treasury Secretary Timothy Geithner told Congress he would start tapping into federal pension funds on Monday to free up borrowing capacity as the nation hits the $14.294 trillion legal limit on its debt.

The U.S. Treasury will issue $72 billion in bonds and notes on Monday, pushing the nation right up against its borrowing cap at some point during th

Road to Depression

Falling home prices mean more hardships for owners!

WASHINGTON - May 14, 2011 - Nancy Logan and her daughter may have difficulty keeping their home next year.

Road to Depression

Greece launches massive fire sale to solve debt crisis!

ATHENS, Greece - May 11, 2011 - Marinas, casinos and former Olympic venues could be up for grabs after Greece announced a massive fire sale to help service its debt.

The Greek government said it was putting vast areas of state-owned land on the market to raise £44 billion in the next four years.

Road to Depression

Gold and silver coins being proposed as legal tender!

COLUMBIA, South Carolina - May 11, 2011 - South Carolina lawmakers are proposing a bill that would give the state another form of legal tender.

Senator David Thomas, a Republican from Greenville, wants to make gold and silver coins another option in the Palmetto State. Lawmakers are calling it the Sound Money Legislation.