British economic collapse rivals Great Depression!
LONDON, England - July 24, 2009 - Economic output shrank by 5.6% in the 12 months to the middle of the year, according to official figures, which shattered hopes that the recovery has already begun.
The Office for National Statistics said that Britain's gross domestic product (GDP) contracted by 0.8% in the second quarter, following the unprecedented 2.4% fall in the first three months of the year. Economists had expected GDP - the broadest measure of the country's economic performance - to shrink by 0.3%.
The Office for National Statistics said that Britain's gross domestic product (GDP) contracted by 0.8% in the second quarter, following the unprecedented 2.4% fall in the first three months of the year. Economists had expected GDP - the broadest measure of the country's economic performance - to shrink by 0.3%.
Commercial mortgage delinquency up 585 percent!
SAN JOSE, Kalifornia - July 24, 2009 - Delinquencies on commercial mortgage-backed securities soared $10 billion in June, hitting a 12-month high of almost $29 billion, according to Realpoint Research.
CIT bankruptcy filing may follow August debt swap!
NEW YORK - July 23, 2009 - Advisers to bondholders that rescued CIT Group Inc. with a $3 billion loan said creditors may push the company into Chapter 11 bankruptcy after a debt swap next month, according to people familiar with the matter.
New U.S. weekly jobless claims jump!
NEW YORK - July 23, 2009 - New claims for U.S. unemployment benefits jumped last week, in line with market expectations, as employers cut payrolls to cope with the severe Depression, government data showed Thursday.
Profits fall at eBay as Depression hits online businesses!
NEW YORK - July 23, 2009 - Online retailer eBay saw profits slide by 29% in the second quarter as its traditional online auction and other retailing businesses suffered as a result of the wider economic Depression.
Continental Airlines cuts 1,700 jobs!
HOUSTON, Texas - July 21, 2009 - Continental Airlines announced on Tuesday it would cut 1700 jobs amid a slump in revenue and passenger numbers.
Economist predicts Depression will continue!
NEW YORK - July 20, 2009 - Nouriel Roubini, the economist whose dire forecasts earned him the nickname "Doctor Doom", told CNBC Monday that the economic recovery is going to be "very ugly."
More Articles ...
- White House delays report to avoid admission of bleak economic outlook!
- Commercial mortgage failure rate at 20-year high!
- Retailers predict years of economic gloom!
- Two more Kalifornia banks closed by FDIC!
- CIT group closer to bankruptcy as U.S. denies aid!
- Foreclosure rate continues to rise!
- Big broadcaster Sinclair in dire straits!
- Obama says unemployment rate will keep rising!
- Options dwindle for cashing Kalifornia IOUs!
- Budget deficit tops $1 trillion for first time ever!
- French workers threaten to blow up car parts factory!
- Number of factory jobs continues to shrink!
- Major lender considering bankruptcy!
- Unemployment continues at record pace!
- FDIC gearing up for large number of bank closures!
- Actual unemployment rate is already at 20 percent!
- Subprime default rate as high as 49 percent!
- U.S. lurching towards debt explosion with long-term interest rates on course to double!
- Kalifornia credit rating cut to near junk status!
- Seven more banks fail, pushing current year tally to 52!
- Kalifornia default is imminent!
- Unemployment rate rises more than expected!
- States brace for shutdowns!
- U.S. consumer confidence sinks!
- Kalifornia preparing to issue IOUs!
- Detroit Public Schools considering bankruptcy!
- U.S. dollar falls most in month as China urges new reserve currency!
- Rise in number of commercial defaults projected!
- Substantial downgrade in Kalifornia credit rating is imminent!
- Number of people on welfare increases sharply!
- Unemployment expected to remain in double digits for many years while Depression continues to get worse!
- Employers cutting back on 401(k) plans!
- U.S. home prices drop 6.8 percent in April as foreclosures rise!
- Red Roof Inn financial collapse!
- Kalifornia officials warn financial doom is near!
- U.S. initial jobless claims jump for second week in a row!
- Five more U.S. banks are seized!
- China sells U.S. bonds to express its concern over Amerikan economic policies!
- Refinance applications off by nearly 25 percent in one week!
- 22 banks downgraded by S&P!
- The recession tracks the Great Depression!
- British Airways asks staff to work for free!
- Bankers say cash will become extinct within a decade!
- Credit card default rate hits record high!
- IMF chief warns worst of downturn not yet over!
- U.S. theme park firm Six Flags files for bankruptcy!
- Amerikans net worth shrinks $1.33 trillion in first quarter!
- May foreclosures third highest on record!
- Unemployment continues at record levels!
- Kalifornia nears financial collapse!
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Eulogy for an Angel
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Freedom
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My Father
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Patrick McGoohan
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CARL MILLER
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STAN LEE
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JOHN STADTMILLER
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