Patriot News Network

The following collection of articles by various authors are their opinions, inspiration and humor for your reading enjoyment.

Road to Depression

U.S. economic growth slows to a crawl!

NEW YORK (PNN) - August 26, 2011 - The U.S. economy grew much slower than previously thought in the second quarter, as business inventories and exports were less robust, a government report showed on Friday, although consumer spending was revised up.

The Department of Commerce said gross domestic product growth rose at annual rate of 1.0%, a downward revision of its prior estimate of

Road to Depression

Weekly jobless claims rise as Depression continues!

NEW YORK (PNN) - August 25, 2011 - New U.S. claims for jobless benefits rose last week, lifted by striking workers at Verizon Communications, according to government data that showed little sign of layoffs in response to plunging share prices.

Initial claims for state unemployment benefits rose 5,000 to a seasonally adjusted 417,000, the Department of Labor said on Thursday. The leve

Road to Depression

Payless and Stride Rite to close 475 stores!

NEW YORK - August 24, 2011 - The parent company of Payless and Stride Rite shoe stores, Collective Brands, Inc., said Wednesday that it plans to close 475 stores and has engaged a firm to help it explore its options.

The company posted a second-quarter loss of $35 million Wednesday, including $83.6 million in one-time charges that mainly reflect the declining value of its stores

Road to Depression

Gold falls hard ahead of Bernanke speech!

NEW YORK - August 24, 2011 - Gold futures prices in New York tumbled more than $100 an ounce on Wednesday, the worst one-day loss in three years, as investors engaged in profit-taking ahead of a critical speech by U.S. Federal Reserve Chairman Ben Bernanke on Friday.

Road to Depression

Moody’s cuts Japan debt rating!

NEW YORK - August 24, 2011 - Major ratings agency Moody's Investors Service downgraded Japan's sovereign debt rating by one notch Wednesday, putting fresh pressure on the country's political leaders to repair its finances.

Moody's said it was cutting Japan's government bond rating to Aa3 from Aa2, citing the "large budget deficits and the build-up in Japanese government debt since th

Road to Depression

European bank job cuts hit 67,000!

LONDON, England - August 24, 2011 - UBS’s decision to cut 5% of its workforce brings to more than 40,000 the number of jobs cut by European banks in the past month and to 67,000 this year, as the region’s worsening sovereign debt crisis crimps trading revenue.

Road to Depression

2011 could be worst year ever for home sales!

WASHINGTON - August 23, 2011 - The number of Amerikans who bought new homes fell for the third straight month in July, putting sales on track to finish this year as the worst on records dating back half a century.

Sales of new homes fell nearly 1% in July to a seasonally adjusted annual rate of 298,000, the Commerce Department said Tuesday. That's less than half the 700,000 that econ