WASHINGTON (AP) — Sales of new homes plunged to a record low in January, underscoring the formidable challenges facing the housing industry as it tries to recover from the worst slump in decades. The Commerce Department reported Wednesday that new home sales dropped 11.2 percent last month to a seasonally adjusted annual sales ...
Greenspan just said that the current credit crunch is “by far the greatest financial crisis, globally, ever” — including the 1930s Great Depression. Bloomberg notes: Greenspan said that while the economy was in worse shape in the Great Depression, the recent financial crisis was potentially more harmful than that in the ...
By SEBASTIAN MOFFETT And COSTAS PARIS ATHENS—Tens of thousands of Greeks took to the streets Wednesday as much of the country went on a 24-hour strike against government austerity measures. A small group of youths threw Molotov cocktails at police, who responded with tear gas. However, the 20,000 people who filed through downtown ...
Adrian Lowery, This is Money The British economy will never be the same again and boardrooms are refusing to accept the reality: that is the stark warning that came from a panel of experts today. The environment for business will ‘never return to pre-recession normality’ argues the hard-hitting report from a panel of academics ...
By Richard Teitelbaum Feb. 23 (Bloomberg) — When a congressional panel convened a hearing on the government rescue of American International Group Inc. in January, the public scolding of Treasury Secretary Timothy F. Geithner got the most attention. Lawmakers said the former head of the New York Federal Reserve Bank had presided over ...
Is the United States economy headed for another Great Depression? Well, according to Barack Obama, that is no longer possible. According to Obama, the United States has avoided an economic collapse and is headed for another wonderful era of growth and prosperity. But is Obama right? Do the economic signs indicate ...
Most Americans seem to be under the impression that the millions of Americans who have lost their jobs over the last few years will soon be going back to work as the U.S. economy recovers. But that is not going to happen. In fact, even Barack Obama, the Federal Reserve and the New ...
Submitted by Cognitive Dissonance on 02/17/2010 06:00 -0500 To be fair, this article could just as easily have been called “Waking a Zombie World”. While various people and governments point to the USA as the bad actor in this mess, in fact it has taken dozens of nations to form ...
The baby boomers were a golden generation. Rich people have always had opportunities, but for the ordinary man and woman there had never been a time of hope and opportunity like the one we baby boomers inherited. We were the Beveridge generation. The 1942 Beveridge report called for the abolition of ...
f you’re reading this, you’re no doubt asking yourself, “Why did this have to happen?” The simple truth is that it is complicated and has been coming for a long time. The writing process, started many months ago, was intended to be therapy in the face of the looming realization that there isn’t ...