Patriot News Network

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

Road to Depression

New report warns of unprecedented decline in home values!

NEW YORK - November 10, 2010 - Online real estate marketplace Zillow.com just released a devastating third quarter housing report. Basically every major indicator is crashing:

Road to Depression

Ireland's fate tied to doomed banks!

DUBLIN, Ireland - November 10, 2010 - With doubts swirling about the solvency of the Irish state in early September, Finance Minister Brian Lenihan summoned a dozen senior government and bank officials to a conference room nicknamed the "torture chamber," a nod to its history as a venue for painful meetings.

Road to Depression

Mortgage delinquencies edge up in third quarter!

NEW YORK - November 9, 2010 - The number of new foreclosure notices fell 5.5% but a slightly larger proportion of mortgages became delinquent in the third quarter of 2010, according to a New York Federal Reserve Bank survey released Monday.

About 2.7% of current mortgage balances fell into delinquency between June and September, compared to 2.6% in the second quarter, marking the first r

Road to Depression

Job openings drop for second straight month!

WASHINGTON - November 9, 2010 - Job openings dropped sharply in September, a sign that hiring is likely to remain weak over the next several months.

Road to Depression

Ambac files for bankruptcy under Chapter 11!

DES MOINES, Iowa - November 8, 2010 - Bond insurer Ambac Financial Group Inc. said Monday that it has filed for Chapter 11 bankruptcy protection after it failed to raise additional capital.

Road to Depression

China newspaper warns of disaster over Fed move!

BEIJING, China - November 8, 2010 - Washington's latest move to print more money is a form of indirect currency manipulation that could lead to a new round of currency wars and even global economic collapse, a leading Chinese newspaper warned on Monday.

The United States last week announced it would inject an extra $600 billion into its banking syatem in its latest effort to correct a co

Road to Depression

Small banks failing as larger firms regain health!

WASHINGTON - November 8, 2010 - U.S. banks are failing at the fastest rate in two decades.

In communities around the U.S., 143 banks have collapsed so far this year - more than all of last year. This time, the failed banks are smaller, on average, than in 2008 and 2009. The damage to the industry has thus been milder this time. Still, the wave of closings points to the persisten