FDIC gearing up for large number of bank closures!
WASHINGTON - July 8, 2009 – The Federal Deposit Insurance Corporation is gearing up to handle a large number of bank failures expected as a result of bad mortgages, both in residential and commercial real estate, an economist said Tuesday.
Actual unemployment rate is already at 20 percent!
NEW YORK - July 6, 2009 - Really, how hard is it to find a job? Was June’s horrid numbers, in which 467,000 people lost their jobs compared to 345,000 in May, a one-time fluke? Or does it mean that all those Wall Street economists who believe the economic recovery is starting are dead wrong?
Not to scare you, but the situation is actually worse than it seems. Over the years, the government has changed the way it counts the unemployed. An example of this is the criticized Birth-Death Model, which was added in 2000. The model is designed to account for the birth and death of businesses and the resultant lag in survey data. Unfortunately, the model doesn't work that well during economic contractions (like we have now) and consistently overstates the number of jobs being created each month.
Not to scare you, but the situation is actually worse than it seems. Over the years, the government has changed the way it counts the unemployed. An example of this is the criticized Birth-Death Model, which was added in 2000. The model is designed to account for the birth and death of businesses and the resultant lag in survey data. Unfortunately, the model doesn't work that well during economic contractions (like we have now) and consistently overstates the number of jobs being created each month.
Subprime default rate as high as 49 percent!
NEW YORK - July 6, 2009 - It seems as if things keep going from bad to worse with respect to home loan default rates.
Furthermore, if previous downgrades are any indication, things will probably continue to deteriorate as time goes by.
Furthermore, if previous downgrades are any indication, things will probably continue to deteriorate as time goes by.
U.S. lurching towards debt explosion with long-term interest rates on course to double!
NEW YORK - July 6, 2009 - The U.S. economy is lurching towards crisis with long-term interest rates on course to double, crippling the country’s ability to pay its debts and potentially plunging it into another Depression, according to a study by the U.S.’s own central bank.
Kalifornia credit rating cut to near junk status!
NEW YORK - July 6, 2009 - Kalifornia’s credit rating was cut for the second time in as many weeks by Fitch Ratings after a stalemate over how to close a $26 billion budget deficit forced the most-populous U.S. state to pay some bills with IOUs.
Fitch lowered its rating of Kalifornia’s general obligation bonds by two steps to BBB from A-, placing the debt two ranks about so-called high-yield, high-risk junk ratings, and said the state may be cut further. The credit-rating company last lowered its assessment of Kalifornia on June 25.
Fitch lowered its rating of Kalifornia’s general obligation bonds by two steps to BBB from A-, placing the debt two ranks about so-called high-yield, high-risk junk ratings, and said the state may be cut further. The credit-rating company last lowered its assessment of Kalifornia on June 25.
Seven more banks fail, pushing current year tally to 52!
NEW YORK - July 3, 2009 - Seven banks were shut down by authorities Thursday, pushing the tally of failed banks for 2009 to 52, more than doubling the failures in 2008.
Six regional banks in Illinois and one in Texas closed their doors, according to the Federal Deposit Insurance Corporation.
Six regional banks in Illinois and one in Texas closed their doors, according to the Federal Deposit Insurance Corporation.
Kalifornia default is imminent!
Analyst Martin Weiss says Kalifornia is going to default.
NEW YORK - July 2, 2009 - Known for his early warnings on Bear Stearns and Lehman Brothers, analyst Martin Weiss of Weiss Research is now sounding the alarm about State of Kalifornia municipal bonds.
NEW YORK - July 2, 2009 - Known for his early warnings on Bear Stearns and Lehman Brothers, analyst Martin Weiss of Weiss Research is now sounding the alarm about State of Kalifornia municipal bonds.
More Articles ...
- 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!
- Airlines say economic downturn is worse than the aftermath of 9/11!
- U.S. unemployment rate at highest level in 25 years!
- University professor says home price decline will continue indefinitely!
- F.D.I.C. closes Atlanta bank!
- Nobel economist compares current financial crisis with the Great Depression!
- Bankruptcy filings rise to more than 6,000 a day as job losses take their toll!
- Nation’s top retailers report sales declines!
- As the Dollar Falls off the Cliff...
- Rising interest on debts of nations may sap world growth!
- Airlines face worst year in aviation history!
- Economic outlook gloomy despite positive spin by government officials!
- General Motors goes bankrupt!
- To ensure a rising market, General Motors and Citigroup are removed from the Dow Jones Industrials!
- Food stamp participation at record levels!
- U.S. inflation predicted to approach Zimbabwe level!
- Analysts predict gold may hit $1,250 in near future!
- Home prices fall at record pace!
- Depression spurs spike in suburban survivalists!
- Job losses push safer mortgages to foreclosure!
- Professor warns that Britain may suffer a double Depression!
- Two Illinois banks closed by feds!
Eulogies
Eulogy for an Angel
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Freedom
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My Father
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Dr. Stan Dale
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MICHAEL BADNARIK
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A. Solzhenitsyn
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Patrick McGoohan
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Joseph A. Stack
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Bill Walsh
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Walter Cronkite
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Eustace Mullins
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Paul Harvey
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Don Harkins
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Joan Veon
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David Nolan
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Derry Brownfield
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Leroy Schweitzer
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Vaclav Havel
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Andrew Breitbart
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Dick Clark
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Bob Chapman
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Ray Bradbury
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Tommy Cryer
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Andy Griffith
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Phyllis Diller
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Larry Dever
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Brian J. Chapman
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Annette Funnicello
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Margaret Thatcher
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Richie Havens
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Jack McLamb
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James Traficant
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Dr. Stan Monteith
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Leonard Nimoy
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Stan Solomon
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B. B. King
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Irwin Schiff
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DAVID BOWIE
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Muhammad Ali
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GENE WILDER
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phyllis schlafly
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John Glenn
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Charles Weisman
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Carrie Fisher
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Debbie Reynolds
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Roger Moore
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Adam West
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JERRY LEWIS
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HUGH HEFNER
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PROF. STEPHEN HAWKING
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ART BELL
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DWIGHT CLARK
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CARL MILLER
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HARLAN ELLISON
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STAN LEE
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CARL REINER
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SEAN CONNERY
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L. NEIL SMITH
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JOHN STADTMILLER
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