Oh hell No! - U.S. Gov't owes record $63.8 Trillion

Taxpayers are on the hook for an extra $55,000 a household to cover rising federal commitments made just in the past year for retirement benefits..

WWIII: 'No one will dare attack Iranian nation'...

Iranian President Mahmoud Ahmadinejad told his nation on Saturday that "no country in the region threatens Iran," just hours after The London Times published a report claiming that Israel was preparing to attack targets in Iran within hours of receiving a green light from the government in Jerusalem..

Source: www.jpost.com

21,000 Jobs Erased in 1 Day

At least 21,000 jobs were targeted for elimination yesterday(Jan 16) as employers from Hertz Global Holdings Inc. to Advanced Micro Devices Inc. grappled with recession-choked demand...

Read more 21,000 Jobs ERASED..

Source: bloomberg.com/oshrat carmiel

Just $27b remains in US bailout fund

The department said US$335 billion has been allocated from the first half of the US$700 billion programme, which was enacted on October 3. The information was contained in a report to Congress...

Read more Just $27b remains


Source: nzherald.co.nz

Bush uses final 50 days in office to tout legacy

"I would hope that when it's all said and done, people say, 'This is a guy who showed up to solve problems,'" Bush said at a global health forum. "And when you have somebody say there's a pandemic that you can help, and you do nothing about it, then you have frankly disgraced the office." ..

Read more Bush touts' legacy


Source: guardian.co.uk

The Rise And Fall of Citigroup

If the bank were to collapse, it could have caused financial havoc around the globe, seizing up fragile lending markets and causing untold losses among institutions holding debt and financial products backed by the company....

Read more The rise and fall of Citigroup


Source: bbc news

Americans: $14 Trillion In Debt

Free-spending U.S. consumers who bought everything from homes to groceries on borrowed money are running out of credit, and paying the bills will cost the world's biggest economy and its trading partners dearly.

The housing bust has exposed just how much Americans were relying on rising home values to pad spending and replace traditional savings. During the five-year real estate boom that ended in late 2006, household wealth expanded, retail sales grew faster than income, and savings dwindled....

Read more Americans teetering on $14 trillion debt pile


Source: reuters

Off The Hook: Washington's $5 Trillion Tab

Well, fighting the financial crisis has put the U.S. on the hook for some $5 trillion a report says. So far.

The Treasury, in addition to the $700 billion raised in the Emergency Economic Stabilization Act, agreed to guarantee money market funds against losses up to $50 billion, will inject $40 billion....

Read more Washington's $5 Trillion Tab


Source: forbes

US Banks Owe $40 Billion In Pay, Pensions To Executives

Troubled financial giants getting cash infusions from the U.S. Federal Reserve owe their executives more than $40 billion for past year's pay and pensions as of the end of 2007, the Wall Street Journal said in an analysis.

The sums owed are mostly for special executive pensions and deferred compensation, including bonuses, for prior years, said the paper....

Read more US banks owe billions in pay


Source: economic times

$1 billion In Sales By Company Insiders Dumping Stock

When executives own big stakes in the companies they run, investors can rest a little more easily at night, knowing those managers have the shareholders’ best interests at heart.

Except when maybe they don’t....

Read more Insiders Dumping Stock


Source: naked capitalism

Meltdown U.S.A - Cities Slash Health, Cops, Fire.

Around the country, the mortgage crisis and the slumping economy are causing tax revenue and investment returns to plummet, forcing cities big and small to cut expenses.

Read more Meltdown Cuts City Workforce

UPDATE: Recession Looms Despite Global Interventions

U.S. financial institutions borrowed record amounts of cash from the Federal Reserve in the latest week, according to Fed data released on Thursday, indicating that credit conditions in the United States remain constrained.....

Read more Recession looms despite global interventions



Source: reuters

New Data Points To Recession

The market's despair propelled the Dow Jones industrials down 733 points to their second-largest point loss ever, and the major indexes all lost at least 7 percent.

Read more Stocks plunge anew as data points to recession

Taxpayer You Ready? Another $300 Billion Stimulus Package

House Speaker Nancy Pelosi is mulling recommendations from several economists that Congress act on an economic-recovery package that would cost taxpayers $300 billion...

Read more Democrats Mull $300 Billion Stimulus


Source: Greg Hitt/ wallstreet journal

The Bad News: Dow plunges a Staggering 733 Points

The loss of 733 points is the second-worst ever...

the Dow ended the day down nearly 8 percent — its steepest drop since one week after Black Monday in 1987.


Read more And its not over Yet

More Americans, and Foodstamps, On The Way

Since 1964 the food stamp program has helped feed millions during tough economic times. It appears that isn't about to change.

Layoffs, high gas prices, and a sluggish economy is why experts say more and more americans are turning to food stamps to feed their families.


Read more More Americans on Food Stamps

The U.S. Will Continue To Sink Into A Rut

Vanishing jobs, shrinking paychecks, dwindling nest eggs and falling home values...

The country has sunk deeper into an economic rut, the Federal Reserve reported Wednesday, reflecting mounting damage from the financial and credit crises..

Read more Fed sees economy sinking deeper into rut

Government To Unclog Credit Lines

We regret having to take these actions. Today's actions are not what we ever wanted to do -- but today's actions are what we must do to restore confidence to our financial system."....

Read more Government moves again to unclog credit lines

U.S. Debt Clock Runs Out Of Numbers

Welcome to American.
Debt Capital of the World....

The current clock had enough digits to measure the amount of money owed by the U.S. government until debt recently hit $10 trillion....

(also see: "Americans are broke because of their 'Casino' Mentality)

Read more National Debt Clock runs out of numbers

Across The U.S: FEAR

Across the country, Americans are tallying their many losses from the relentless rout in the markets.

Financial message boards on the Internet are filled with confessions of fear — about hits to savings, job security and scuttled retirement plans....

Read more: Across the U.S., fear about savings, the job market and retirement