Road to Depression

Number of poor in U.S. climbs to 39.8 million!

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WASHINGTON - September 10, 2009 - Nearly 40 million people lived in poverty in the United States last year as the Depression forced the first significant rise in the poverty rate in five years, according to the U.S. Census Bureau in a report released Thursday.

Another wave of foreclosures looms!

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WASHINGTON - September 9, 2009 - The housing market faces the prospect of a new round of foreclosures as hundreds of thousands of risky home loans known as option adjustable-rate mortgages (ARMs) reset to significantly higher payments that could force borrowers to fall behind, according to a report released Tuesday by Fitch Ratings.

Gold jumps to 18-month high on weaker dollar!

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NEW YORK - September 8, 2009 - Gold rose to the highest price since March 2008, topping $1,000 an ounce, while silver climbed to a 13-month high as a weaker dollar and concern that inflation may accelerate boosted the appeal of precious metals.

Post Office threat adds to U.S. property woes!

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NEW YORK - September 8, 2009 - The possible closing of more than 400 post offices across the U.S. in an effort to cut costs could further dent the struggling commercial property market as rising retail vacancies continue to weigh on prices.

Swiss topple U.S. as most competitive economy!

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GENEVA, Switzerland - September 8, 2009 - Switzerland knocked the United States off the position as the world's most competitive economy as the crash of the U.S. banking system left it more exposed to some long-standing weaknesses, a report said on Tuesday.

China signals move away from U.S. dollar!

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BEIJING, China - September 7, 2009 - The Chinese are becoming increasingly wary of the growing supply of U.S. dollars, leading the head of the nation’s green energy initiatives to signal a move away from dollar reserves and toward gold, euros and yen, according to a published report.

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