Road to Depression

Wholesale stockpiles rose 0.8% in July!

on . Posted in Road to Depression

WASHINGTON (PNN) - September 9, 2011 - Wholesale businesses boosted their stockpiles for a 19th consecutive month but sales were flat. Faltering demand could force businesses to cut back on orders while the U.S. economy continues to be mired in the Second Great Depression.

World's biggest economies grinding to a halt!

on . Posted in Road to Depression

LONDON, England - September 8, 2011 - Chancellor George Osborne today blamed negative international factors for the slowdown in the British economy, as a respected global think-tank predicted UK growth will stutter to a near-halt over the coming months.

The Organization for Economic Cooperation and Development (OECD) forecast annualized growth of just 0.3% for the UK in the final quarter of 2011, in a report that painted a gloomy picture of prospects for most of the world's biggest economies.

Italy grinds to a halt as three million strike austerity package!

on . Posted in Road to Depression

ROME, Italy - September 7, 2011 - Italy ground to a halt today as a general strike brought thousands - if not millions - on to the street in protest at a belt-tightening 45 billion euro austerity package.

The strike was organized by the Italian General Confederation of Labor (CGIL), the country's biggest trade union, and saw disruption to flights, buses, trains, hospitals, schools, post offices, and other government services.

Obama-backed energy firm goes bankrupt, even with stimulus!

on . Posted in Road to Depression

WASHINGTON - September 6, 2011 - When Energy Secretary Stephen Chu announced a half-billion dollars in federal stimulus loans to solar panel maker Solyndra, he called the move part of an aggressive effort to put more Amerikans to work and end U.S. dependence on foreign oil.

But nearly two years later to the day, the bankrupt Solyndra needs help just to keep its own electricity service from being shut off.

Illinois governor to lay off thousands!

on . Posted in Road to Depression

CHICAGO, Illinois - September 6, 2011 - A decision made by Governor Pat Quinn may leave thousands of state workers without a job by the end of the week.

The cuts are coming in the face of a budget deficit that doesn't leave enough money to pay the workers, the governor says. Quinn also plans to close a prison, juvenile detention center and homes for the mentally ill.

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