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The Economic Meltdown



A once-in-a-generation financial meltdown has gripped the planet and incinerated the net worth of many. Economic giants are faltering and emerging economies are getting destroyed. Recession or depression? The Economic Meltdown section contains all of the latest news that could affect your bottom line.

Spain's Unemployment Rate Hits 27.2%

If you have been following the situation in Europe, you know that a number of countries are currently facing some very dire economic problems. Case in point - Spain. Earlier this week, Spain r...


US Debt Up Over $10 Trillion Since Start of Iraq War

March 20th, 2013 is the 10 year anniversary of the start of the Iraq War. This war, which was led by the United States and the United Kingdom, resulted in the overthrow of the Ba'ath Party and the...


Report: Treasury May Exhaust Borrowing Authority By as Early as February 15th

According to a recently released report from the Bipartisan Policy Center, the US Treasury may exhaust its borrowing authority by as early as February 15th. The nation's debt ceiling currently sit...


Sign of the Times: 22,000 People Apply for 300 Flight Attendant Jobs in One Week

In another indication of just how bad the job market continues to be, 22,000 people applied for 300 flight attendant positions in just one week, according to a recent Bloomberg.com article. Delta ...


Food Stamp Use Continues To Grow

According to the Food and Nutrition Service ("FNS") of the United States Department of Agriculture ("USDA"), a total of 47,710,324 Americans used the Supplemental Nutrition Assistance Program ("SNAP")...


National Unemployment Rate Ticks Up To 7.9% in October

The BLS ("Bureau of Labor Statistics") released the October employment numbers earlier today. Total nonfarm payroll employment increased by 171,000 in October, while the national unemployment rate...


Eurozone Unemployment Hits All-Time High

European statistics office Eurostat released some pretty somber data earlier today regarding the current employment situation in the Eurozone. According to Eurostat, Eurozone unemployment hit a ne...


Median Household Income Falls For Fourth Straight Year

Earlier this week, the Census Bureau released their "Income, Poverty, and Health Insurance Coverage in the United States" report for 2011. The report revealed that median household income in the U...


Report: Median Household Income Has Fallen Since Economic "Recovery" Started

Do you feel as though you have less money now compared to June of 2009, despite the fact that the economy has been in "recovery mode" since that date? According to a new report from Sentier Researc...


CBO: "Fiscal Cliff" Would Tip United States Into Recession

According to the CBO (Congressional Budget Office), the coming "fiscal cliff" would tip the United States into a recession and increase the national unemployment rate to 9%. With everybody focused...


Jobless Rates Up in 44 States in July

According to the BLS (Bureau of Labor Statistics), 44 states reported an increase in their jobless rates in July. Two states (plus the District of Columbia) posted jobless rate decreases, while fo...


8.3% or 8.254%?

According to the BLS (Bureau of Labor Statistics), the national unemployment rate ticked higher to 8.3% in July. Mitt Romney pounced on the data, saying that the "increase in the unemployment rate...


41 Straight Months of 8%+ Unemployment - And Counting

On January 20th, 2009, Barack Obama was sworn in as the 44th President of the United States. When President Obama took office, the US economy was in shambles. The housing market was collapsing, th...


What Is The "Fiscal Cliff"?

One of the terms that you are going to hear over and over again as the end of the year approaches is "fiscal cliff". What exactly is the "fiscal cliff"? As it stands right now, there are numero...


Economists: Don't Expect "Normal" Unemployment Rates Anytime Soon

In the second half of 2011 and first few months of 2012, the national unemployment rate in the United States dropped from 9.1% to 8.1%. Was this the start of a return to more "normal" unemployment...


Federal Reserve: Median American Family Lost Nearly $50k in Net Worth From 2007 to 2010

According to the US Federal Reserve, the median American family saw their net worth drop by nearly $50,000 in just three years. In 2007, the median American family had a total net worth of $126,40...


Unemployment Rate Rises For First Time In Nearly a Year

Job growth in the United States was surprisingly weak last month as the economy was able to add just 69,000 jobs. This number was far below what economists had been expecting. In addition, the nat...


Double-Dip Recession Hits The United Kingdom

It's official - the United Kingdom is currently mired in a "double-dip recession". Earlier this week, the Office for National Statistics revealed that the UK economy had shrunk by 0.2% in the firs...


The "Mancession" Has Now Become a "Mancovery"

One cringeworthy term has spawned another - the "Mancession" has turned into a "Mancovery". When the economy crashed in 2008-09 and the national unemployment rate skyrocketed, men felt the pain mo...


Gallup: Average American Would Make Major Life Changes If Gas Hit $5.30/Gallon

According to a recent Gallup.com poll, the average American would need to make serious "life changes" if the price of a gallon of gasoline hit $5.30. Gallup asked the question - how high would the...


Food Stamp Usage Continues To Grow in the United States

According to the FNS (Food and Nutrition Service) of the USDA (United States Department of Agriculture), a total of 46,514,238 Americans used the Supplemental Nutrition Assistance Program (SNAP) in De...


CBO: Unemployment Rate Will "Gradually Decline" to Around 7% By 2015

The CBO (Congressional Budget Office) recently released their ten year outlook for the US economy and federal budget. The report, titled "The Budget and Economic Outlook: Fiscal Years 2012 to 2022", c...


What Economic Collapse? Dow Hits Highest Levels Since May of 2008

The DJIA (Dow Jones Industrial Average) closed at 12,862.23 on Friday, which was its highest close since May 19th, 2008. The markets were buoyed by another drop in the US national unemployment rate - ...


Black Friday: Nine Euro Zone Countries Downgraded

It was a "Black Friday" for nine members of the Euro Zone earlier today after they had their credit ratings downgraded by Standard & Poor's. Cyprus, Italy, Portugal and Spain were hit especially h...


Gallup: US Satisfaction Near 30 Year Low

According to a new poll from Gallup.com, an average of just 17% of Americans are happy with the way that things are currently going in the United States. Gallup has been asking this question since...


You Think That Youth Unemployment Is High in the United States?

Youth unemployment rates are certainly high in the United States, but they have nothing on some on the rates that are currently being posted in the once stable Eurozone. After the introduction of ...


SuperFail

Surprise! The "super committee" has failed to reach a deficit reduction deal, which means that an automatic $1.2 trillion in spending cuts will be triggered over the next 10 years. The "super comm...


Federal Reserve Downgrades the US Economy

Earlier today, the Federal Reserve released its projections for economic growth over the next couple of years. The numbers weren't very pretty at all - many economists and reporters used the word ...


Merrill Lynch: Another US Downgrade Likely By End of Year

Late last week, Bank of America Merrill Lynch released a report in which they predicted that the United States would likely have its pristine AAA credit rating downgraded by another major rating agenc...


Median Household Income Continues to Drop in the United States

According to the US Census Bureau (link below), inflation adjusted median household income continued its descent in 2010, dropping to under $50,000 ($49,445 to be exact) for the first time since 1996....


$1.299 Trillion

$1.299 trillion. The final deficit number from 2011 is now in, and it's not pretty. The United States posted a deficit of $1.299 trillion for fiscal 2011, which was the second largest deficit ...


The Slimming Effects of the Recession

Sure, the economy is absolutely horrible right now. The national unemployment rate seems to be permanently stuck above the 9% mark, Europe is on the verge of completely falling apart and the Unite...


Bloodbath in the Third Quarter

You probably know, just by looking at your portfolio, that the markets didn't fare very well during the third quarter. The DJIA, NASDAQ and S+P 500 all turned in their worst performances since 2008...


Majority of Americans Pessimistic on Economy

According to a recent Gallup poll, 80% of Americans believe that the United States is currently in a recession. The majority (61%) of those included in the poll also said they believe that the eco...


Cut Back: 40% of Americans Reduced Their Spending Over the Past 60 Days

According to the Bankrate.com "Financial Security Index", 40% of Americans have cut back on their spending over the past 60 days, thanks in large part to worries over the state of the economy and a vo...


Gallup: Unemployment is Most Important Problem in US Once Again

According to a Gallup poll that was released earlier this morning, unemployment/jobs is once again the nation's most pressing issue in the minds of average Americans. Gallup asked a number of Amer...


World's Richest Nation? 46 Million Americans Lived Below Poverty Line in 2010

According to the Census Bureau's annual report on income, poverty and health insurance coverage, a total of 46 million Americans lived below the poverty line in 2010. This means that a total of 15...


Jobs, Jobs, Jobs - Bank of America To Cut 30,000 of Them

On the same day that President Obama plans on sending his $447 billion jobs bill to Congress, Bank of America announced that they will be cutting "about 30,000" jobs over the next few years. The m...


Markets Drop After Weak August Employment Numbers

For the first time since 1945, the US government has reported a net monthly job change of zero. This number was lower than expectations and raises the very real possibility of: a) another recession an...


Consumer Confidence Index Plunged in August

In yet another sign that the United States may be fast slipping into another recession, the Consumer Confidence Index (CCI) plunged to just 44.5 in August. This is the lowest that the CCI has been sin...


Stall Confirmed: Q2 GDP Growth Revised Down to 1.0%

Earlier today, the Bureau of Economic Analysis (US Department of Commerce) released their "second estimate" for Q2 real gross domestic product growth. The BEA's first Q2 estimate had come in at 1....


Whose Fault? 51% of Americans Still Point Finger of Blame at George W. Bush for Poor Economy

According to a recent Associated Press-GfK poll, 51% of Americans believe that George W. Bush still deserves the bulk of the blame for the current state of the US economy. 31%, on the other hand, ...


45.8 Million Americans Used Food Stamps in May

Food stamp usage in the United States continues to go up. And up. And up. According to the Food and Nutrition Service (of the USDA), a total of 45,753,078 Americans (21,581,234 households) used th...


It's Official: Another Trillion Dollar Deficit

It's official - the US government has posted a trillion dollar deficit for the third straight year. According to the Treasury Department, the federal budget deficit through the first 10 months of ...


Historically Speaking, How Bad Was Today?

As expected, the markets were destroyed today after Standard and Poor's announced a downgrade of America's credit rating after the closing bell on Friday. There were a number of headfakes througho...


Credit Downgrade Imminent?

Is the United States about to have its AAA credit rating downgraded by Standard + Poor's? The news wires are currently blowing up with reports of an imminent downgrade. Here is a short blurb courte...


Is Another Major Market Crash on the Way?

On August 4th, 2008, the Dow Jones Industrial Average closed at 11,734.32. Over the course of the next seven months, global equities markets crashed. The Dow Jones Industrial Average was no differ...


Near-Recession in First Half of 2011

The Commerce Department released two sets of 2011 GDP numbers earlier today - their "advance" estimate for Q2/2011 and their revised figure for Q1/2011. Neither number was very pretty at all. ...


Nine Days Left

It's Sunday, July 24th. Before all of this insanity regarding the nation's debt ceiling really started to pick up steam, Treasury Secretary Timothy Geithner announced (multiple times) that the "dr...


Horrific June Jobs Report Adds to Doom and Gloom of Nation

Horrible. Terrible. Grim. What do these three words have in common? They were all used earlier today by the media to describe the June jobs report. According to a Bloomberg News survey of econ...


The Great Recession Ended Two Years Ago

A number of media outlets have been reminding us that the "Great Recession" (which got underway in December of 2007) officially "ended" two years ago (June 2009). There was a great deal of hope wh...


President Obama Enters Debt Limit/Deficit Reduction Talks

The ongoing talks between the Democrats and Republicans were escalated to the highest levels earlier today, as President Obama announced that he would be taking control of debt ceiling and deficit red...


Nearly Half of Americans Believe That a Depression is at Least "Somewhat Likely" Over the Next 12 Months

A new CNN Opinion Research poll (released on June 8th) asked this question: "As you may know, the U.S. went through a depression in the 1930s in which roughly one out of four workers were unemploye...


The Markets Continue to Wilt

Earlier this year, the markets seemed invincible. Unrest in Northern Africa? Rising energy prices? Earthquakes and tsunamis in Japan? No problem. The markets simply shrugged off whatever bad news ...


The McDonald's Effect

The US economy added a total of 54,000 new jobs in May as the national unemployment rate ticked higher to 9.1%. Many economists were expecting that the economy would add between 125k-150k new jobs...


National Unemployment Rate Ticks Up to 9.1% in May

In terms of US economic data, this last week was pretty lousy and the markets were walloped as a result. The cherry on the economic data sundae? The May job numbers, which were released by the BLS...


Double Dip?

The markets were killed today (Wednesday) after a number of economic reports were released. The reports were a stinging slap in the face for those who believed in a continued economic recovery for the...


Northeastern University: Only 1 in 4 US Teens Will Be Able to Find a Job This Summer

According to the Center for Labor Market Studies at Northeastern University, just 25.6% of US teens were able to find jobs last summer. Since the summer of 2006, US teens have had a progressively ...


Gallup: 47% of Americans Don't Want Debt Ceiling to be Raised

According to a recent Gallup.com poll (link below), 47% of Americans say that they want their member of Congress to vote against raising the debt ceiling. 19% said that they are in favor of raisin...


Inflation Alert: 91% of Americans Say That They are Spending More on Groceries Now Over Last Year

The wallets and purses of the average American household are being attacked by a two-headed monster right now - higher grocery prices and higher energy prices. According to a recent poll from Rasm...


44.2 Million Americans Received Food Stamp Assistance in February

According to the Food and Nutrition Service of the United States Department of Agriculture, a total of 44,199,391 Americans (20,791,320 households) received assistance from SNAP (Supplemental Nutritio...


McDonald's Turned Away More than 938,000 Applicants on "National Hiring Day"

On April 19th, McDonald's held a "national hiring day". McDonald's, which had a worldwide work force of over 400,000 people at the end of 2010, was looking to hire an additional 50,000 people in t...


Wal-Mart CEO: Our Customers Are Running out of Money Faster Every Month

Wal-Mart shoppers are "running out of money" at a faster clip every month, according to recent comments from the company's CEO, Mike Duke. In a "gathering of industry watchers" in New York on Wedne...


Do The Best Days Still Lie Ahead for the United States? Only 31% Think So

The main headline right now on the Drudge Report is: "IMF: Age of America Nears End" Drudge's headline is referencing a report from the International Monetary Fund in which the IMF contends that...


Economic Recovery? 67% of Americans Believe that the Country is Still in a Recession

The "Great Recession", which began in December of 2007, technically came to an end in June of 2009. As far as recessions go, the "Great Recession" was a long one. The recession during the early 19...


The Average Age of a Fast Food Worker in the United States Is..

If you had to guess, what would you say is the average age of a fast food employee in the United States? 18? 20? Older? Younger? The answer? 29.5. That's right - the average age of a fast fo...


Great News! 50,000 Jobs to be Added on April 19th

The good news? 50,000 people in the United States will find themselves with a new job on April 19th. The bad news? The company that will be doing the hiring is McDonald's, and these 50,000 new pos...


Gallup: Americans Losing Confidence in Economic Recovery

According to a recent Gallup poll, many Americans are losing confidence in the economy. Gallup’s Economic Confidence index, which measures both Americans’ expectations about the future direction o...


A Balanced Budget in 20 Years?

Here's a question that is sure to confound your brain and keep you awake at night - when will be the next year that the United States posts a balanced budget? The last time that the United States a...


CBO: February Deficit Was Likely a Record of $223 Billion

According to the latest edition of the "Monthly Budget Review" from the CBO (Congressional Budget Office), the United States likely posted a deficit of $223 billion in February. A $223 billion def...


Gas Price Panic Is Officially Setting In

According to Gasbuddy.com (link below), the average cost of a gallon of gas in the United States is currently $3.329. This is up from $3.169 over the past week, and $3.086 over the past month. The...


884 Banks Included on Q4/2010 "Problem Bank List"

According to the FDIC (Federal Deposit Insurance Corporation), a total of 884 banks found themselves on the "problem bank list" in the fourth quarter of 2010, up from 860 in Q3/2010. The 884 bank ...


Global Food Prices Hit Record Levels in January

According to the FAO (Food and Agriculture Organization of the United Nations), global food prices hit record levels in January on both a nominal and real dollar basis. The FAO publishes something...


CBO: $1.48 Trillion Deficit Expected For 2011

Earlier today, the CBO (Congressional Budget Office) released a report titled "The Budget and Economic Outlook: Fiscal Years 2011 to 2021". The Congressional Budget Office is a nonpartisan agency ...


Y2K To Today: $8.2 Trillion In New Debt For The United States

On December 31st, 1999, the United States had a total of $5.77 trillion in total outstanding public debt. On December 31st, 2010, the United States had a total of $14.025 trillion in total outstan...


2010 - Second Highest Average US Monthly Unemployment Rate Posted Since 1948

The average monthly national unemployment rate in the United States in 2010 was 9.64%, the second highest total posted since the BLS started tracking and releasing unemployment data back in 1948. ...


"The Recession Generation"

You may have come across the terms "Recession Generation" or "Generation R" while reading the newspaper or watching the evening news. There are several "generations" that you are probably familiar...


The White House Continues To Drop in Value

It's not just your house or condo that has plummeted in value of the past couple of years - the White House has also taken its lumps due to the plummeting US real estate market as well. According ...


$5 Gas In 2012?

You've probably been noticing that the cost of filling up your car has been steadily increasing over the past couple of years. You're not imagining things - at the end of 2008, the average cost of...


US Debt Clock Nears $14 Trillion

The infamous "US Debt Clock", which has never worked harder than it is right now, is now sitting within striking distance of the $14 trillion mark. As of December 6th, 2010, the United States debt...


It's Been 13 Months Since The National Unemployment Rate Hit 10.2%

In October of 2009, the US national unemployment rate hit a "Great Recession" peak of 10.2%. This is the highest that the unemployment rate has been since the start of the "Great Recession" back i...


It's Now Been Three Years Since The "Great Recession" Started..

Most economists seem to agree that the "Great Recession" started in December of 2007. This means that it has now been three full years since the United States tipped into its worst economic downtu...


CBO: Projected TARP Costs Down to $25 Billion

Earlier this week, the CBO (Congressional Budget Office) released a report titled "Report on the Troubled Asset Relief Program - November 2010". In October of 2008, during the height of the financ...


"The Greediest Generation"

"We had the greatest generation - I think this is the greediest generation." These words were recently uttered by none other than Alan Simpson, who is a former Republican senator and current co-cha...


Nearly 50 Million Americans "Food Insecure" In 2009

According to the U.S. Department of Agriculture (HT: ABC News), nearly 50 million Americans were "food insecure" in 2009. Food insecurity, according to the USDA, is defined as being uncertain as t...


Deficit Commission's Proposals Would Balance Budget By - 2037??

On February 10th, 2010, President Obama signed an executive order that created the National Commission on Fiscal Responsibility and Reform. The bipartisan "Deficit Commission" set out to "identify...


Sign of the Times: A New Debt Clock That Is Capable of Counting Into the Quadrillions?

As of the time that this article was written, the current outstanding public debt of the United States was $13,667,983,325,978.31. That's a little under $13.7 trillion, which means that every man,...


State Unemployment Rates Before The Recession And Now

The general consensus is that the "Great Recession" started in December of 2007. At the time, the national unemployment rate was just 4.9%. Fast forward three years, and this rate has nearly doubl...


Economic Turmoil Could Result in Work Stoppages in Two Major North American Sports Leagues Next Year

There is no doubt about it - Americans love their sports. Tailgating parties. Eating hot dogs and drinking beers while watching your favorite team at the ball park. Watching football on Thanksgivi...


85% of College Grads Are Moving Back Home After Graduation?

According to CNN.com (which cites a recent poll from Twentysomething Inc.), "85% of college seniors planned to move back home with their parents after graduation last May". This is up from 67% in ...


1.2% Annualized GDP Growth in the Third Quarter?

Another quarter of slowing GDP growth in the United States? According to the New York Times, "respected forecasting firm" Macroeconomic Advisers has downgraded its estimate for third quarter annual...


United States Military Spending Up 76% Over The Past Decade

According to the Stockholm International Peace Research Institute (SIPRI), US military spending is up 75.8% over the past 10 years (2000-2009). In 2009, the United States reportedly spent around $...


National Unemployment Rate Tops 9.5% For 14th Straight Month

For the 14th consecutive month, the US national unemployment rate has topped 9.5%. This is the longest such streak on record since the Bureau of Labor Statistics (BLS) started keeping monthly records ...


41.8 Million Americans Used Food Stamps in July

For the 20th month in a row, participation in the Supplemental Nutrition Assistance Program (SNAP) has increased. In July of 2010, 41,836,330 Americans received subsidies for food purchases, up 1....


Median Household Income Fell Once Again in 2009

The US Census Bureau announced earlier this week that real median household income in the United States dropped in 2009 to $49,777. This was down from $50,122 in 2008, and $50,233 in 2007. It's no...


82% of Americans Believe That The Country Is Still in a Recession

Bad news for the Democrats heading into the midterm elections in November - according to a new Gallup poll, 82% of Americans believe that the economy is still in a recession. This is a very small ...


Unlucky: Nevada Unemployment Rate Continues To March Higher

The state of Nevada just can't catch a break these days. Nevada's unemployment rate crept higher once again in August, touching an all-time high of 14.4%. This came despite the fact that the joble...


Gold Nearing $1,300 USD/oz

The equities markets may be lurching along, unsure in which direction to move, but the price of gold is continuing to move in one direction - up. It seems as though there is a good chance that gol...


Home Prices Fell in 36 States in July

CoreLogic, which bills itself as a "leading provider of information, analytics and business services", released its July Home Price Index (HPI) earlier today. The main takeaway from the report was...


Double-Dip Recession Coming To The US? Warren Buffett Says No Way

Is a double-dip recession coming to the United States? Warren Buffett, aka "The Oracle of Omaha", is one person that says "no way". According to Bloomberg.com, during comments to the Montana Ec...


92% of Americans Believe That Economy Is In "Bad Shape"

According to a recently released ABC News-Washington Post poll, a full 92% of Americans believe that the economy is in "bad shape". An even more worrying number - just 24% of those surveyed said t...


Who's To Blame For The Weak Economy?

According to a USA Today/Gallup Poll taken last weekend, 71% of those surveyed believed that George W. Bush should shoulder the majority of the blame for the current state of the economy. Of those...


More Than 10% of FDIC-Insured Institutions on Problem Bank List in Q2

The Federal Deposit Insurance Corporation revealed earlier today in their "Quarterly Banking Profile" that there were a total of 829 institutions on their "problem bank list" at the end of Q2, up from...


US Birth Rate Continues To Tumble Thanks to Recession

According to the National Center for Health Statistics, the US birth rate continued to tumble in 2009. The number of births in the country actually dropped 2.7% in 2009, despite the fact that the ...


July State Unemployment Breakdown - Nevada Continues To Lead

The July regional and state unemployment numbers were released by the BLS (Bureau of Labor Statistics) earlier today. The BLS reported that: -14 states registered increases in their unemploymen...


Will Q2 Economic Growth Be Revised Down to Just 1.2%?

In late July, the BEA (Bureau of Economic Analysis) at the US Department of Commerce released their initial GDP growth estimates for the second quarter of 2010. The Bureau initially projected that...


CBO Budget Outlooks: Then and Now

In January of 2000, the CBO (Congressional Budget Office) released "The Budget and Economic Outlook: Fiscal Years 2001-2010". At the time that this report was released, the country was on a "dot-c...


The "Great Recession" Was Worse Than Previously Thought

On July 30th, the Bureau of Economic Analysis at the US Department of Commerce released their advance estimate for Q2 real gross domestic product growth in the United States. In addition, the BEA ...


Goldman Sachs: 10.0% Unemployment in 2011

Early Friday morning, the Bureau of Labor Statistics (BLS) announced that the national unemployment rate had held steady at 9.5% for the month of July. Even though many analysts and economists wer...


13.3% of US Population Used Food Stamps in May

According to the Food and Nutrition Service of the United States Department of Agriculture (USDA), over 40.8 million Americans used food stamps in May of 2010. Seems really high, right? Well, acco...


Sign of the Times: June Consumer Spending, Income Flat; Personal Savings Up

According to the Bureau of Economic Analysis: National Economic Accounts (link below), personal income and consumer expenditures were both flat in June compared to the month before. In addition, t...


Recession Has Wreaked Havoc on the Credit Score of the Average American

According to the Wall Street Journal (link below), the "Great Recession" predictably lowered the credit score of the average American due to increased defaults. According to the WSJ, 25% of all Am...


US Economic Recovery Continues to Slow in Q2

As expected, the economic recovery in the United States continued to slow during the second quarter of 2010. Real gross domestic product increased at an annual rate of 2.4% in Q2, down from 3.7% the q...


Many Economists Turning More Pessimistic on US Economy

According to the latest quarterly "AP Economy Survey", a number of leading economists believe that the US economy will grow slower than previously expected. The AP survey compiles "forecasts of le...


Homeownership Rate in United States at Lowest Level Since 1999

On October 15th, 2002, President George W. Bush said: "We can put light where there's darkness, and hope where there's despondency in this country. And part of it is working together as a nation to...


103 Bank Failures This Year and Counting

Regulators closed 7 banks in 7 different states this week, bringing the total number of bank failures in 2010 up to 103. This marks the second straight year that the United States will have more t...


Another Trillion Dollar Plus Deficit Is Coming in 2011

The White House revealed today that contrary to previously released official projections, the federal budget deficit will be higher than $1.4 trillion in both 2010 and 2011. Now, everybody knew th...


Estimated $3.7 Trillion in Taxpayer Dollars Have Been Committed By US To Support Financial System

Special Inspector General of the Troubled Asset Relief Program (TARP) Neil Barofsky released a report earlier this week that claimed that the "outstanding balance of overall Federal support for the na...


Nevada's Unemployment Rate Continues to Tick Higher

According to various media reports, Nevada's unemployment rate ticked up to 14.2% in June, up from May's rate of 14.0%. Nevada now has the "distinction" of possessing the highest unemployment rate ...


Sign of the Times: Delta Air Lines Expecting 65,000 Applications for 1,000 Job Openings

According to a recent article on Bloomberg.com (link below), Delta Air Lines Inc. is expecting to receive 65,000 applications for its 1,000 airport job openings. Delta said that the new 1,000 hire...


Federal Reserve Officials: Waiting For the US Economy To Get Back to Normal? Don’t Hold Your Breath

Earlier this week, the already-jittery markets were rattled when the minutes of the June 22-23 FOMC (Federal Open Market Committee) were released. During these meetings, Federal Reserve officials ...


Britain: Surprise! We Have 4.95 Trillion Pounds of Debt, Not 903 Billion

According to the Office for National Statistics (ONS), Britain’s national debt currently stands at around 4.95 trillion pounds, which is about five times more than previously released official estimat...


President Obama’s Debt Commission: "This Debt Is Like a Cancer"

Earlier this year, President Obama signed an executive order that created a “debt and deficit commission” that would be charged with figuring out how to deal with sky-high deficits and a steadily incr...


Fears of a "Double Dip Recession" Are Rising

Practically every piece of economic data that has been released over the past month or so says the same thing - the tepid economic recovery is starting to slow. Factory orders are falling. Retail ...


June Unemployment Rate Expected To Tick Up to 9.8%

According to a group of economists that were polled by Reuters, the national unemployment rate is expected to tick up to 9.8% when the June job numbers are released later this week. Some economist...


WSJ Poll: Pessimism On The Rise

On November 4th, 2008, Barack Obama was elected President of the United States. Obama hammered opponent John McCain in the election, propelled to power by an election platform that promised change...


Don't Count on Junior Being Able to Find a Job This Summer

It's a tradition in many households across the United States every year. Junior finishes up their high school year and expects to live the life of luxury at home, sleeping in late and hanging out ...


The Problem With the Employment Numbers

The problem with the US employment (and unemployment) numbers? They are misleading. Sure, a person who knows what they are looking for can easily parse through the data provided by the Bureau of L...


US Debt Clock Ticks Past $13 Trillion For the First Time

Earlier today, the United States debt clock ticked past the $13 trillion mark for the first time. In case you were wondering, this staggering total means that every man, woman and child in the Uni...


Problem Bank List Continues to Increase in Size

The number of banks on the "problem bank list" climbed to 775 in Q1/2010, up from 702 the quarter before. The question - is this good news or bad news? The people in the "bad news" camp will po...


The Euro Continues to Plunge

On November 25th, 2009, the Euro traded at 1.514 against the US Dollar. Less than six months later and the Euro is in complete free fall mode, as the currency is now trading at $1.2301 against the...


California - 20% Chance of a Default?

Earlier this week, California Governor Arnold Schwarzenegger revealed that he will be seeking "terrible cuts" in order to eliminate the $18.6 billion budget deficit that the state is currently facing....


A Timeline For the Possible Downgrade of the USA's Pristine Credit Rating?

Moody's has been making noises about a possible downgrade of the USA's perfect AAA credit rating for a while now. Many people dismissed these grumblings from the company, certain the Moody's would...


National Unemployment Rate Jumps to 9.9% in April

The national unemployment rate clocked in at 9.9% in April, further adding to the doom and gloom that is currently permeating Wall Street. The general consensus was that April's unemployment rate ...


Europe In Crisis

With the markets steadily heading higher in the United States and the economy seemingly on the mend, it's easy to overlook the fact that there is a major crisis currently unfolding in Europe. Desp...


39,430,724 Americans Participated In Food Stamp Program in January

According to the Food and Nutrition Service (United States Department of Agriculture), a total of 39,430,724 people received SNAP/Food Stamps in January of 2010. This works out to about 12.5% of the E...


$500 Billion+ In New Public Debt For the United States Since December 31st

On December 31st, 2009, the United States had a total public debt outstanding of $12,311,349,677,512.03. Less than 3 1/2 months later, and this number has swelled to $12,826,379,456,286.85. By...


6,900 Personal Bankruptcy Filings Per Day in March

According to the New York Times, there were a total of 158,000 personal bankruptcy filings in the United States in March of 2010. This means that federal courts processed an average of 6,900 personal ...


Shocker: "U.S. Fiscal Policy is Unsustainable" According to CBO Director

CBO (Congressional Budget Office) Director Douglas Elmendorf recently told reporters at a "Christian Science Monitor" breakfast that "US fiscal policy is unsustainable" and that fundamental changes ar...


Workers Aged 16 to 29 Posting Highest Unemployment Rates Since 1948

According to the Bureau of Labor Statistics (BLS), the unemployment rate for workers ages 16 to 29 is a staggeringly high 15.2%, the highest rate since the BLS started tracking employment numbers in 1...


Long-Term Unemployment Numbers Continue to Trend Higher

There was a great deal of high-fiving and rejoicing on Friday when the March job numbers were released, as nonfarm payroll employment increased by 162,000 and the unemployment rate held steady at 9.7%...


The CBO's 10-Year Budget Outlook: +$247 Billion to -$7.4 Trillion in Just Two Years

I was reading an article on CNBC.com (link below) that helps to illustrate just how much damage has been done to the US economy over the past two years. According to the article, the CBO (Congress...


On Edge - Americans Continue to Worry About Economy

We are currently about a year and a half removed from the darkest days of the economic meltdown of 2008. In the fall of 2008, the unimaginable nearly took place - the US economy (and, by extension...


It's Official: 2009 Was a Really Bad Year

If you were feeling a bit lighter in the wallet at the end of 2009, you weren't alone. Recently released numbers revealed that income per capita in the United States was $39,138 in 2009, which wou...


Big Deficits Equal Big Market Gains

Since 1940, the United States has posted a total of 12 deficits that were larger than $400 billion (in inflation-adjusted dollars): 2009 - $1.4 trillion 2008 - $455 billion 2004 - $463 billion 2...


Not Enough Jobs in 2010 and Too Many Jobs in 2018?

Given the current state of the US economy (and national unemployment rate of nearly 10%), it's almost ludicrous to entertain the possibility that there will be TOO MANY job openings by the year 2018. ...


Shock: Berkshire Bonds Yielding Less Than US Treasuries

According to recently released data from Bloomberg, two-year notes sold by Berkshire Hathaway Inc. in February yielded less than US Treasuries of similar maturity. As a matter of fact, a number of...


The EBRI Posts Some Frightening Data Re: Retirement

The EBRI (Employee Benefit Research Institute) recently released their 2010 Retirement Confidence Survey, and the information contained in the report was alarming to say the least. Given the curre...


Moody's Fires Another Warning Shot at the United States

The United States has suffered a number of indignities over the past couple of years. Plunging real estate values. A financial sector that needed to be saved by a massive government intervention. Mass...


Unemployment Rate Up in 30 States in January

The January state unemployment numbers are in, and they aren't pretty. In January of 2010, the national unemployment rate fell from 10.0% (December 2009) to 9.7%. People naturally figured that...


CBO to President Obama: Your Numbers Are Off

In a recent letter to Senate Appropriations Committee Chairman Daniel K. Inouye, CBO Director Douglas W. Elmendorf provided the CBO's analysis of President Obama's budget submission for the 2011 fisca...


Debt Watch - US Public Debt Tops $12.5 Trillion For The First Time Ever

With the federal debt limit recently being raised to $14.3 trillion, the amount of US public debt has started to surge higher. On March 1st, 2010, the US public debt total surged past $12.5 trilli...


A History of Personal Savings Rates in the United States

The US Department of Commerce: Bureau of Economic Analysis has data on the personal savings rate of the average American from January 1st, 1959 until present day. Before we get into this article, ...


"Problem Bank List" Tops 700

The FDIC (Federal Deposit Insurance Corporation) announced on Tuesday that a total of 702 banking institutions had been included in the so-called "problem bank list" as of December 31st, 2009. Thi...


The CBO's Unemployment Rate Projections For The Next Ten Years

The CBO (Congressional Budget Office) is, according to Wikipedia, a "government agency that provides economic data to Congress". The CBO is an independent and non-partisan agency. The CBO releases...


The Last 13 Major Sovereign Bond Defaults..

If you have been watching the news at all over the past few weeks, then you have likely heard about the situation in Greece. Greece has become the center of a new chapter in the global financial c...


$383 Billion in Interest Expense for the United States in 2009

The cost of paying interest on trillions upon trillions of dollars of debt? Not cheap. According to TreasuryDirect.gov, the United States paid $383,071,060,815.42 (that's about $383 billion) on "i...


2009's Average National Unemployment Rate Third Highest Since 1948

2009 was a bad year in terms of the national unemployment rate. The rate, which started out at 7.6% in January of 2009, was at 10% by the time that the year was over. Averaged out from Jan-Dec...


A $1.6 Trillion Dollar Deficit?

According to published reports, the Obama Administration will release their budget proposal on Monday. The White House, according to reports, is apparently going to be forecasting a $1.6 TRILLION ...


15 Banks Have Already Failed in 2010

Those who were expecting a slowdown in bank failures this year are probably going to be disappointed, as a total of 15 banks have already failed so far in 2010. 140 banks collapsed in 2009, making...


CBO: Unemployment Rate Not Likely To Dip Below 9% Until 2012

The CBO (Congressional Budget Office) released a 179 page report on Tuesday that was filled with sobering information regarding the US economy. In case you don't know what the Congressional Budget...


Unemployment Rates Increase in 43 States in December

The BLS (Bureau of Labor Statistics) delivered a sobering report on Friday morning. According to the BLS, a total of 43 states reported an increase in their unemployment rate in December. Four...


A History of Debt Limit Increases In the United States

Eyebrows (and the blood pressure readings of many) were raised recently when the Democrats proposed raising the debt limit by $1.9 trillion dollars to $14.3 trillion dollars. By definition, a debt...


California Isn't the Only State Facing a Major Budget Gap

The financial troubles that are currently plaguing the state of California are well-known and well-publicized. California is currently facing a budget deficit of nearly $20 billion dollars. A defi...


Just How Bad is California's Credit Rating?

As we mentioned in our article yesterday titled "California's Continuing Economic Woes", California has a pretty poor credit rating. As a matter of fact, there is no state that has a WORSE credit ...


California's Continuing Economic Woes

Just a decade ago, many states were riding high due to a surge in the US economy. California was no different, as the state was bathing in the proceeds of a lucrative "dot-com boom". The state was...


Population of Michigan Drops Under 10 Million As Recession Ravages State

In July of 2001, The U.S. Census Bureau estimated that the state of Michigan had topped the 10 million person population level. To be exact, the U.S. Census Bureau estimated that Michigan had a po...


$6.36 Trillion Dollars in New Debt For the United States Over The Past 10 Years

At the end of 1999, the United States possessed a total public debt load of $5,776,091,314,225.33. Ten years later, the United States currently possesses a total public debt load of $12,144,893,01...


State Tax Revenues Fell 10.7% in Q3 '09 vs Q3 '08

The Nelson A. Rockefeller Institute of Government released a report last month that shed some light on the continuing troubles that states are having when it comes to the collection of much-needed tax...


Average Income in the United States Will Continue to Drop in 2009

The income of the average American household is expected to continue to plummet in 2009 as the country continues to slog through the stinging effects of the "Great Recession". While median househo...


The '00s - A Lost Decade For the US Equity Markets

With 2009 drawing to a close, it's time to take a look at how the major North American stock market indexes have performed over the past decade. It's hard to believe that it's been a decade since ...


US Economy Needs to Add 127,000 Jobs Per Month Just To Keep Up With Population Growth

Approximately 7.8 million jobs have been lost in the United States since the start of the "Great Recession" in December of 2007. That's some pretty sobering data. Even more sobering is the fact...


Largest Jobless Gender Gap In 60 Years (At Least)

A piece of data that isn't mentioned too often in the media is the fact that the unemployment rate for men is MUCH higher than the unemployment rate for women in the United States. How much higher...


Big Trouble in Dubai

As many people were busy eating their turkey dinners and watching football today, major events were unfolding halfway across the world that will likely have a dramatic impact on the markets over the n...


"Problem Bank List" Swells To 552

The FDIC (Federal Deposit Insurance Corp) issued their quarterly report on Tuesday. It's safe to say that the information that was contained in the report didn't do too much to calm the nerves of Amer...


From Zero to $12 Trillion In 173 Years

The U.S. national debt clock ticked over the $12 trillion dollar mark yesterday for the very first time. As of last night, the United States officially owes $12,031,299,186,290.07. This works out ...


United States National Debt Load About to Pass $12 Trillion Dollars

The United States is currently less than $9 billion dollars away from having a total national debt of over $12 trillion dollars. As of this second, the United States currently owes $11,991,219,535...


October Unemployment Rate Comes In at 10.2%

Wow - I'm not sure if anyone was expecting a 10.2% unemployment number for the month of October. Most economists that were surveyed were predicting a slight uptick in the national unemployment numb...


Could The Unemployment Rate Hit 10% Tomorrow?

In just a few short hours, the unemployment rate in the United States could officially be into the double digits. The Labor Department will be releasing employment data for October at 8:30 am EST on F...


Say Goodbye To $2.3 Billion Dollars

CIT Group Inc. is on the verge of filing for bankruptcy protection. The Wall Street Journal (link below) is reporting that the company is expected to file for bankruptcy "within days", with some e...


Bah Humbug! 65% of Americans Planning To Cut Back on Holiday Expenses This Year

Even though the United States (and the rest of the world) is finally emerging from a painful two year-long recession, nearly 2/3rds of Americans are planning on cutting back on holiday expenses, accor...


Americans Turning More Pessimistic on the Economy Once Again

September gave us a brief reprieve from the nearly two year-long black fog of pessimism that has been enveloping our country. After nearly 20 months of being bombarded with an endless march of neg...


More Bank Failures in 2009 Than The Last Fifteen Years Combined

Seven banks failed this week, bringing the total number of failed banks in 2009 up to a staggering 106. This is the highest number of bank failures in one year since 1992, when a total of 181 bank...


Moody's To the United States: Shape Up or You Might Lose Your AAA Rating

Moody's is putting the United States on notice - reduce your deficits over the next couple of years, or else you may lose your AAA credit rating. With the United States currently forecasting defic...


Government to Bank of America: Your Shares "Should Go Up" Following Completion of Merrill Lynch Deal

Emails have surfaced over the past couple of days that shed new light on the intense negotiations that took place in the weeks prior to the Bank of America / Merrill Lynch deal closing in early 2009. ...


State Tax Revenues Continue to Plunge

The economy of the United States may finally be surfacing from a nearly two-year long recession (at least from a purely technical basis), but individual states continue to suffer mightily due to rapid...


The US Dollar Continues To Plunge

The US dollar is, to put it bluntly, taking an absolute beating right now. Over the past 6-7 months, the greenback has slumped approximately 10% and 20% against the Japanese Yen and Euro respectiv...


Sign of the Times: 10,000 People Apply In Three Days for 90 Factory Jobs in Louisville

With the national unemployment rate ticking closer towards the 10% mark, jobs are obviously much harder to come by. According to recently released reports, there are supposedly over 2 million full...


The Accelerating Debt Burden of the United States

When did one trillion dollars become twelve? When will 12 trillion dollars turn into 20? As many people are painfully aware, the United States is increasing its total national debt at an alarmin...


U-6 Unemployment Rate Hits 17% in September

The "official" unemployment rate that is used by the federal government is the U-3 rate, which is defined as "total unemployed, as a percent of the civilian labor force". This number was 9.8% in Septe...


The FDIC Has No Money Left In its Deposit Insurance Fund

The FDIC (Federal Deposit Insurance Corporation), which is the US government corporation that is charged which guaranteeing the safety of deposits at member banks, is out of money. So why is the F...


Job Seekers Outnumber Job Openings 6-to-1 in the United States

Starting to feel better about the economy? If so, then there is a very good chance that the media has convinced you to feel this way. In the past month or so, the airwaves have been inundated with...


Julian Robertson: "We Could See Inflation Go To 15 to 20 Percent"

Julian Robertson has joined the list of prominent names who are expecting to see high inflation in the United States. Robertson, in case you didn't know, is a former hedge fund manager who founded...


Joseph Stiglitz: Recession Is Over.. in 2012 (If We're Lucky)

Over the past few weeks, there have been a growing number of voices that have been declaring that the recession is over. Ben Bernanke, who is the Fed Chairman, was recently quoted as saying that t...


The Lost Decade in the United States

The past ten years have been decidedly horrible in the United States when it comes to the equity markets. The DJIA (Dow Jones Industrial Average), NASDAQ and S&P 500 are all lower today (September...


Report: Andrew Cuomo Preparing Charges Against "High-Ranking" Bank of America Executives

According to multiple reports, the New York Attorney General's office is preparing to file civil charges against "several" high-ranking Bank of America executives. These charges relate to the Bank...


Median Household Income in the United States Falling Off a Cliff

We've had some pretty severe recessions in the United States since the end of WWII - the recession in the early 80s was a particularly nasty one, with the unemployment rate spiking over 10%. Howev...


Divorce Lawyers: Just More Victims of the Recession

Considering that money issues are the number one reason why people split up, you would think that the divorce rate would be through the roof right now due to the recession. Not so. According t...


Savings Bonds Instead of Tax Refund Checks?

In his regular Saturday radio address this week, President Obama outlined a list of "common-sense steps" that would make it easier for US workers to save for their retirements. President Obama dec...


"Official" August Unemployment Rate was 9.7%; U-6 Rate Was 16.8%

The unemployment numbers from August 2009 were released earlier today in the United States. As expected, the "official" unemployment rate continued its steady march higher after a temporary downtic...


Will 2009 End Up Being Similar to 1930?

The markets have rallied tremendously from the lows that were seen in early March. The DJIA (Dow Jones Industrial Average), which traded as low as 6,547 in early March, recently sailed past the 9,5...


Youth Unemployment Surging In the United States

The Bureau of Labor Statistics (BLS) is reporting that the youth unemployment rate in the United States was 18.5% for the month of July, which is the highest ever rate on record. The youth unemploy...


416 Banks on FDIC Problem Bank List

The number of banks and thrifts on the "problem bank list" rose to 416 in Q2 2009, a large (but not surprising) jump from 305 in Q1 2009. The "problem bank list" is a list of US banks and thrifts t...


How Will the United States Fund $9 Trillion Dollars in Deficit Spending Over the Next Decade?

Earlier today, White House officials said that they are expecting that the United States will have a cumulative deficit of $9 trillion dollars over the next decade (2010-2019). This is about $2 tri...


Surprise! 2009 Deficit Will "Only" Be $1.58 Trillion Dollars

According to a Bloomberg report (clip below), President Obama's budget office will announce next week that the 2009 deficit will come in about $260 billion dollars less than expected. The original ...


Recession Ends in Japan, Germany and France

Three of the world's largest economies (Japan, Germany and France) have seen a return to positive growth over the past couple of months, leading many to believe that the "Great Recession" will soon be...


Will the United States Break Its Consecutive Deficit Record?

Between 1970 and 1997, the United States managed to post 28 straight budget deficits. The largest deficit (in inflation adjusted dollars) came in 1983 ($442.6 billion dollars), while the smallest d...


Putting The July Deficit Into Perspective

In case you didn't hear, the US government announced earlier today that they had posted a budget deficit of $180.6 billion dollars for the month of July. Receipts were down sharply (mainly due to a...


Recession Leads to Lower Birth Rate in 2008

It makes sense. If people have less money, then they are less likely to welcome new additions to their family. This played out in 2008, as the birth rate in the United States actually dropped 2%...


Deutsche Bank: 48% of Mortgaged US Homeowners Likely to Be "Underwater" By 2011

To those who think that the US housing market is starting to recover - Deutsche Bank begs to differ. Karen Weaver and Ying Shen of Deutsche Bank released a report earlier today in which they predic...


Federal Tax Revenues Crashing - How Will the Government Cope?

We've written a number of articles on this site detailing the problems that many states have had when it comes to balancing their budgets. Most states are dealing with a drastic drop in tax revenue...


12 Bank Failures In the Past Two Weeks

Five more banks failed this week in the United States, bringing the grand total for 2009 up to 69. This comes just one week after US regulators closed a whopping seven banks in just one week. We...


Andrew Cuomo's Bank Bonus Report Prompts More Outrage

A long-awaited report from New York Attorney General Andrew Cuomo has finally been released to the public, and the information contained in the report is likely to stoke more rage against some of the ...


Is the "Great Recession" Nearly Over?

The DJIA (Dow Jones Industrial Average) has put in a near 1000 point gain in the past two weeks. The media, which has been beating an extremely pessimistic drum over the past 12-18 months, suddenly...


Has Ben Bernanke Earned Himself A Second Term as Fed Chairman?

It's hard to believe that it's been nearly 3 1/2 years since Ben Bernanke was named as the new Chairman of the Federal Reserve. Those were much simpler times back then.. The housing market was s...


FDIC Chairman Sheila Bair: "We Could Lose Up to 500 More Banks"

According to Sen. Jim Bunning (R-Ky.), FDIC Chairman Sheila Bair confided to him in a recent meeting that "unless something dramatic happens, we could lose up to 500 more banks." The comments were ...


State Tax Revenues Down 11.7% In Q1 2009

State tax revenues aren't just plunging - they are collapsing. According to the Nelson A. Rockefeller Institute of Government (link below), overall state tax collections fell 11.7% in Q1 2009 from ...


57 Banks Have Failed So Far in 2009

Four more banks failed this past week in the United States, bringing the overall total for 2009 up to 57. This is quite an increase from 2008 (25) and 2007 (3), but hardly surprising given the curr...


Should Google Search Data Be Used as an Economic Indicator?

Lawrence Summers, in a recent speech to a "Washington Think Tank", stated that he believed the US economy had moved "a substantial distance back from the abyss". One of the causes for optimism? The...


United States Deficit: $1 Trillion Dollars and Climbing

Everyone knew that the United States was going to have an eye-popping deficit this year. However, when the Treasury Department reveals that the US has racked up $1 trillion dollars in deficit spend...


4.38 Million Americans Have Been Unemployed for More Than 27 Weeks

According to the Bureau of Labor Statistics (BLS), nearly 4.4 million Americans (who are wanting full-time employment) have been unemployed for 27 weeks or more. This number has spiked dramatically...


30 Million Underutilized Workers in the United States

Most people know that the jobless rate in the United States is currently 9.5%, based on the most recently released numbers from June. What people may not realize is that the government massages the...


Which Two States Aren't Facing a Deficit This Fiscal Year?

It isn't just California that is trying to cope with a large budget deficit. Sure, California is getting the most press (and why not, California is a huge contributor to the GDP of the entire natio...


World Bank: Recession Will Be Worse Than Anticipated

Green shoots? More like ugly weeds, according to the World Bank. The World Bank threw a bucket of cold water on those hoping for a swift global recovery in 2009, warning that the economies of "d...


239 Million Unemployed People Worldwide By The End of 2009?

In our society, the American media dominates the airwaves. For that reason, we sometimes lose sight of the fact that the entire world is suffering through a massive recession, and not just the Unit...


Credit Card Defaults Hit Record Highs in May

In news that really shouldn't surprise anyone, many top credit card issuers in the United States reported that they witnessed a record number of defaults in May. Bank of America was especially hard...


Unemployment Rate Hits 9.4%, Highest Since July 1983

Did you ever think that the United States would be within reach of a 10% unemployment rate again? The unemployment rate in May rose to 9.4% from 8.9% in April, as U.S. employers continued to cut jo...


$63.8 Trillion Dollars in US Federal Government Debt and Unfunded Obligations? Ouch

USA Today recently published an article that has many people talking today. In the article, the USA Today laid out just how much money the US government owes in debt and unfunded federal commitment...


Will the Dollar Crash?

The battle to save the global economy from a complete implosion has been very similar to a war. Governments across the globe threw all of their resources into battling an enemy that was threatening...


Founder of Elliott Wave International Inc. Predicting Major Crash In US Equities

Robert Prechter, founder of Elliott Wave International Inc., recently sounded a note of caution to those who may think that the markets are in the beginning stages of a new bull market. Prechter, a...


The US Metropolitan Area With the Highest Unemployment Rate Is..

According to the U.S. Bureau of Labor Statistics, a full 109 metropolitan areas in the United States can now claim that they have unemployment rates of over 10%. This is more than eight times the n...


Credit Card Industry Buckling Under the Strain of a Struggling Economy

The current struggles of the credit card industry make perfect sense when you think about it. Many American consumers financed their large purchases (vacations, cars, renovations, etc) by tapping t...


What Effects Could a Swine Flu Pandemic Have on a Fragile US Economy?

Swine flu. People have been abuzz about a possible swine flu pandemic this weekend. News broadcasts have been leading with the story. Online message boards are ablaze with activity as netizens d...


11% of Housing Units Sitting Vacant in the United States

There are many things that are currently conspiring to drive down the US housing market. Tightening credit markets have made it harder to get approved for a mortgage. A weak labor market has peo...


Is the New York Times On The Verge of Bankruptcy?

The newspaper industry is, in no uncertain times, battling for its very survival right now. Some major newspapers are either choosing to shut down completely or move entirely to the Internet. Wo...


Jamie Dimon Dishes on Economic Collapse in JPMorgan Chase Annual Shareholder Letter

Jamie Dimon, in his 2008 letter to JPMorgan Chase shareholders, had some interesting thoughts as to what caused the economic collapse that we are currently suffering through. Dimon is the Chairman ...


California Sets Official Unemployment Rate Record in March

This is one record that California certainly won't be proud of. The state posted its highest ever unemployment rate on record in March. The official number was 11.2%, which is the highest ever unem...


If You Thought That The US Economy Was In Shambles, Wait Until You See Japan

Everyone knows that the United States is currently battling through a once-in-a-lifetime economic crisis right now. Bank bailouts. The very real possibility of a GM bankruptcy. Plummeting real esta...


The U-6 Unemployment Rate in March was 15.6%

The March unemployment numbers in the United States were released earlier today, with the "official" March number coming in at 8.5%. A total of 663,000 jobs were lost in March, bringing the unemplo...


California Unemployment Rate Continues to Spike

When it comes to this economic downturn, everything seems to be worse in California. California, along with Nevada and Florida, have been the three hardest hit states in the real estate downturn. ...


FBI: 2,000+ Open Investigations Into Mortgage Fraud, 566 Into Corporate Fraud

Are the "perp walks" finally coming to Wall Street? FBI Deputy Director John Pistole confirmed earlier today that the FBI currently has "more than" 2,000 open investigations into mortgage fraud, an...


Is Buy and Hold Investing Dead?

Over the past 20-30 years, the entire concept of "buy and hold" investing has really taken root. The concept of "buy and hold" investing is a simple one - you add assets (usually stocks or mutual f...


The Real Unemployment Rate Is Much Worse Than 8.1%

Let's "keep it real" for a minute. The "official" unemployment rate that is released by the US government every month is complete garbage. The "official" unemployment rate dramatically understat...


The Weak Economy is Wreaking Havoc on Major North American Sports Leagues

The major North American sports leagues, including the NFL, MLB and NBA, have been awash in cash for years now. TV deals put more and more money into the coffers of these leagues. Advertisers lined...


FDIC Chairman Sheila Bair: "Deposit Insurance Fund Could Become Insolvent This Year"

CEOs of banks, both big and small, are seething with anger over proposed capital-raising measures by the FDIC. The FDIC is being forced to replenish its insurance fund due to the anticipated surge ...


Is Blockbuster Filing For Bankruptcy Protection?

Blockbuster Inc., the movie rental chain that once had a valuation in the many billions of dollars, is rumored to be on the brink of filing for bankruptcy. The company denies the bankruptcy rumors,...


Recession or Depression?

Are we currently struggling through a REALLY bad recession, or is this something worse? I think more and more people are starting to come to the conclusion that we are currently in a depression. ...


Egan-Jones: Bank of America "Next In Line" For Government Equity Infusion

Egan-Jones, a prominent credit research firm, sounded a note of alarm today to anyone who still holds common shares in Bank of America. Just hours after the federal government announced that it wou...


Capital Assistance Program (CAP) Details Unveiled By Treasury Department

Details of the Capital Assistance Program (CAP) were released by the Treasury Department on Wednesday afternoon. The program includes a number of different components, including "stress tests" on 1...


Ben Bernanke: "Reasonable Prospect That The Current Recession Will End in 2009"

The markets, in desperate need of some good news, finally found some on Tuesday. The major market indexes roared higher on Tuesday due to some hopeful comments from the Federal Reserve Chairman, Be...


Berkshire Hathaway Down 47.6% In The Past Five Months

Many people are of the opinion that Warren Buffett is the greatest investor to have ever lived. Holding the title of "world's greatest investor" hasn't excluded Buffett and Berkshire Hathaway from ...


The Newspaper Industry Is Under Siege - Can It Recover?

There have been many different industries that have taken vicious beatings during this current recession/depression. However, the newspaper industry has hit particularly hard, and you have to wonde...


Are Citigroup and Bank of America Going To Be Nationalized?

Will the United States government end up nationalizing Bank of America and Citigroup? This idea, which would have seemed completely unbelievable just a few months ago, seems to be gaining some trac...


S&P 500 Within Striking Distance of Its November Lows

The markets continued to tumble on Tuesday, as the Nasdaq, Dow and S&P 500 all closed down over 3% After a brief bear market rally, the major North American market indexes are face-to-face with the...


Kansas Has Suspended Income Tax Refunds

The Associated Press is reporting that the state of Kansas has suspended income tax refunds for the time being, and may not have the money to pay state employees at the end of the week. Kansas is d...


The $787 Billion Dollar Stimulus Package Has Passed - Now What?

The $787 billion dollar stimulus package has now passed through both the House and the Senate, and is now awaiting Barack Obama's signature. This stimulus package is amongst the most expensive piec...


Fed: Average Net Worth Of An American Household Has Dropped 22.7% Since December 2007

The average American household has seen 22.7% of their net worth evaporate since the beginning of the recession, a Federal Reserve economist said earlier today. The Fed economist went on to say tha...


The Spiraling Cost of the Federal Bailout

$10 trillion dollars. Bloomberg.com (link below) recently tallied up the costs (so far) that the United States government (and by extension, the people of the United States) has earmarked for deplo...


There Is Plenty Of Depression Talk These Days

The CEO of Microsoft, Steve Ballmer, recently said that our current economy bears many similarities to those seen during the depressions of 1837, 1873 and 1929. Dominique Strauss-Kahn, managing dir...


19 Million American Homes Vacant At End of 2008

Everyone knows that we are in the midst of a historic real estate slump. Home values are plummeting in many states, foreclosures are spinning out of control and many people are "under water" on their ...


How Long Will This Recession Last?

According to the National Bureau of Economic Research, the current recession began in December of 2007. This would mean that the recession is nearly 14 months old at this point. A recession is defi...


The Icelandic Coalition Government Collapses

The global economic meltdown has claimed another victim - Geir Haarde, the former Prime Minister of Iceland. Haarde will be stepping down as Prime Minister after his Independence Party failed to ne...


Nouriel Roubini Predicts More Pain For Global Equities in 2009

If you don't know who Nouriel Roubini is - you should. Roubini made a name for himself by correctly predicting the housing bust and deep recession that we currently find ourselves in. Nouriel Ro...


Will We Retest November Lows?

Does the latest meltdown in financial stocks on Monday indicate that we are about to retest the November lows in the market? Will the Dow Jones Industrial Average, which closed at 7,949.09 on Monda...


Warren Buffett - The United States Is Engaged In An Economic Pearl Harbor

Warren Buffett, the world's richest man and an economic adviser to President-elect Barack Obama, said in an interview with "Dateline NBC" that the United States is engaged in an "economic Pearl Harbor...


1.84% of American Households Received a Foreclosure Notice in 2008

RealtyTrac recently published an eye-opening report titled the "2008 U.S. Foreclosure Market Report". I have included a link to this report at the end of the article. The report is absolutely burst...


Nortel Files for Bankruptcy

It's the end of an era today as Nortel Networks, previously one of the largest and most widely held companies in the world, has filed for bankruptcy. This news will perk up the ears of many investo...


The Dangers of Trillion Dollar Deficits

US President-elect Barack Obama raised some eyebrows earlier this week when he warned that there might be "trillion dollar deficits for years to come". Deficits have been soaring in recent years, a...


Instead Of A State Income-Tax Refund Check - An IOU?

How would you feel if you checked your mail, expecting to find your state income-tax refund, but instead found an IOU from the state? This is the situation that many Californians may find themselve...


Global Stock Markets Lost $30.1 Trillion Dollars of Value in 2008

$30.1 trillion dollars. According to a recent article on Bloomberg.com, this represents the total value that was shed from global stock markets in 2008. This doesn't include the plummeting housi...


The SEC Issues Statement re: Madoff Scandal - We Messed Up

The SEC issued a statement on Tuesday night, saying that it had missed repeated opportunities to discover the Madoff fraud that has resulted in the disappearance of many billions of dollars. The SE...


Are You A Bull Or A Bear for 2009?

After a historically disastrous 2008, I am finding that many people that I talk to are pretty divided on what 2009 has in store for the markets. The short-term direction of both the stock market and h...


General Motors, Chrysler Staring Bankruptcy in the Face After Bailout Falls Apart

Markets are plunging worldwide tonight after a proposed multi-billion dollar bailout for the "Big 3" automakers fell apart. The proposed $14 billion dollar bailout came unhinged late Thursday night...


Why Would Someone Buy a T-Bill With a Zero Percent Yield?

In case you missed it, earlier this week the annualized yields on three-month Treasury bills dropped to 0% (and actually hit -0.01%) before rising to 0.01%. The last time that short-term Treasury y...


Fortress Investment Group LLC Halts Redemptions From Its Drawbridge Global Macro Fund

Fortress Investment Group LLC, besieged by investor redemption requests, announced earlier this week that it had halted redemptions from its Drawbridge Global Macro fund. Fortress is a publicly tra...


Citadel Investment Group LLC Continues To Struggle in November

Can Citadel Investment Group LLC withstand a 47% YTD drop in its two biggest funds? Can any hedge fund recover from a near 50% drop, especially in this environment? We're about to find out. Bloo...


The Recession Explained: What Is a Recession?

Over the past few months, you have undoubtedly (unless you've been living under a rock or out in the wilderness somewhere) heard the term "recession" mentioned on television. You've probably heard tha...


BVI Global Fund Ltd (of Tudor Investment Corp) Temporarily Suspends Withdrawals

Tudor Investment Corp. will be temporarily be suspending investor withdrawals in its mammoth $10 billion dollar BVI Global Fund Ltd. as the company seeks investor approval to split the fund into two s...


Satellite Asset Management LP Halts Client Withdrawals

Not to sound like a broken record, but another major hedge fund has announced that they will be halting client withdrawals for the time being. Satellite Asset Management LP, which currently has abo...


Barton Biggs - "We Are In For the Mother of All Bear Market Rallies"

A little background on Barton Biggs before we start. He currently runs Traxis Partners, which is a hedge fund that is based in New York City. Before that, Biggs was the "chief global strategist" at Mo...


Citigroup Is Going To Have A Hard Time Finding a Buyer

In case you haven't heard - Citigroup is on the brink of collapsing. Citigroup, the massive financial conglomerate that employs hundreds of thousands of people, is currently discussing its "options...


Eight Major Stock Market Indexes Are Down At Least 60% in 2008

The "Great Crash of 2008" has spared no market in 2008. The US indexes are down. The Canadian indexes are down. The UK indexes are down. And on and on. Some markets have been hit harder than others...


What's Wrong with Berkshire Hathaway?

There are a few things that I'm used to. The Cubs not winning the World Series. Rain on my days off. Berkshire Hathaway being a steady ship in a sea of volatility. Something strange is happening...


101 of All S&P 500 Stocks Now Trading for Less than $10 Per Share

Want to know just how bad things are right now? I came across some interesting data earlier today that illustrates just how historically weak the major market indexes are right now. Most people ...


Citadel's Kensington Global Strategies Fund, Wellington LLC Fund Have Their Counterparty Credit Ratings Cut by S&P

More bad news for Citadel today. The hedge fund giant suffered a counterparty credit rating cut on its two biggest funds, Citadel Kensington Global Strategies Fund Ltd and the Citadel Wellington LL...


Philadelphia, Phoenix, San Jose and Atlanta Want To Be Bailed Out as Well

The mayors of four major cities in the United States - Philadelphia, Atlanta, Phoenix and San Jose - all made their voices heard earlier this week. We'd like to be bailed out as well. San Jose M...


$60 Billion Dollars in Hedge Fund Investor Redemptions in October

The hedge fund industry suffered on two fronts in October. Not only did the hedge fund industry turn in one of its worst one-month performances ever, but it also buckled under a wave of investor re...


Best Buy: "Most Difficult Climate We've Ever Seen"

Best Buy CEO Brad Anderson sounded a warning earlier this morning that sent the shares of Best Buy (and many other retailers) plummeting to the Earth - "this is the most difficult climate we've ever s...


Citadel Continues to Deny, Deny, Deny

The Wall Street Journal continues to publish stories about the Citadel Investment Group, and the company continues to assert that they are not true. A few weeks ago, the Wall Street Journal publish...


Deutsche Bank Drops the Hammer on General Motors: "Shares are Worthless"

Deutsche Bank analyst Rod Lache added to General Motor's misery on Monday morning by proclaiming that the common shares in the company are worthless. He reduced his rating to a sell and declared that ...


Icahn Enterprises GP Inc. Feeling the Pinch as Well

Carl Icahn, the legendary activist investor who has been a thorn in the sides of many CEOs, has been forced to pour more of his own money into Icahn Enterprises GP Inc. to deal with a flood of redempt...


Platinum Grove Asset Management LP, Another Myron Scholes Hedge Fund, Is Struggling As Well

Myron Scholes - if you follow the world of hedge funds, then that name should ring a bell. Scholes, who won a Nobel Prize in economics, was a founding partner in the now infamous LTCM fund. LTCM fa...


Jerry Yang to Microsoft: Buy Us. Please?

Is Jerry Yang the most unpopular CEO of a publicly traded technology company right now? Probably. Jerry Yang and company famously rebuffed Microsoft and Steve Ballmer earlier this year. Microsof...


Blue Mountain Capital Management LLC Halts Redemptions in Its Blue Mountain Credit Alternatives Fund

Investor redemptions in large hedge funds are certainly nothing new, especially in this crippling environment. The average hedge fund is down just over 20% on the year, and investors are pulling their...


Tight Credit, Low Consumer Confidence and High Gas Prices Conspiring to Destroy the US Auto Industry

General Motors and Ford just released their October sales numbers, and the data wasn't pretty. October sales for General Motors tanked 45% from October of last year, an incredibly violent drop that...


HFRX Global Hedge Fund Index Down 19.6% YTD

The HFRX (Hedge Fund Research, Inc) Global Hedge Fund Index was down 19.6% for the year as of October 30th, 2008 (link below), confirming fears that the losses sustained by the global hedge fund indus...


Can the Citadel Investment Group Survive?

This prolonged (and violent) market downturn has called into question the long-term viability of many hedge funds. Manny Roman, co-chief executive of GLG Partners, recently stated that he believes tha...


Emerging Markets in Trouble Due to Global Financial Crisis

Most people tend to focus on the rapidly deteriorating fortunes of the United States and Western Europe as a result of the global financial contagion. However, things are REALLY bad in emerging mar...


Major Stock Market Crash Coming on Friday?

Will October 24th, 2008 enter the history books as "Black Friday"? I always roll my eyes at people who proclaim that a certain day will end up being a "Black" anything, but today seems a bit dif...


Russian and Icelandic Stock Markets Continue to Take It on the Chin

Every major stock market index in the world is down this year. Some are down more than others, but you'd be very hard-pressed to find an index that isn't down at least 40% on the year. The global fina...


A Tale of Two Companies: McDonald's vs Starbucks

I remember reading about McDonald's and Starbucks "going to war" not that long ago. McDonald's was going to start serving gourmet coffee in an attempt to lure some of the Starbucks client base, while ...


Hedge Fund Industry Posts Worst Month Since At Least 2000

A recent article in Bloomberg (link below) pointed out that the hedge fund industry posted its worst month in September since at least 2000. The article pointed to the Eurekahedge Hedge Fund Index as ...


Millenium Global Investments Closes Their Emerging Credit Fund

Another hedge fund bit the dust on Tuesday, after Millenium Global Investments announced that they were shuttering their Millenium Global Emerging Credit Fund. The fund has a reported $800 million dol...


What Have Been the Worst Global Housing Markets of 2008?

The IMF (International Monetary Fund) recently published their "World Economic Outlook" for October 2008. The subtitle of the report was "Financial Stress, Downtowns and Recoveries." There is an i...


State And Federal Prosecutors Investigating Trading in Credit-Default Swaps

According to an article published this morning on the New York Times web site, New York state and federal prosecutors have now turned their attention to the shadowy and often misunderstood world of cr...


Lehman Brothers Is the Focus of Three U.S. Grand Jury Investigations

According to an article recently published on Bloomberg.com, Lehman Brothers Holdings Inc. is now the subject of three United States grand jury investigations. Lehman bankruptcy lawyer Harvey Miller a...


The Stock Market Crash of 1987 (Black Monday) Revisited

The North American stock exchanges have weathered a number of fierce storms during their lifetimes. You had the Great Depression. You had 9/11. You had the 1973 oil crisis and resulting dramatic spike...


Some Notable Hedge Fund Heavyweights, Including Steven Cohen of SAC Capital Advisors, Liquidated Many of Their Positions in Recent Days

Many people figured that last week's bloodbath was helped along by many hedge funds liquidating equity positions due to redemption demands. An article out on WSJ.com tonight (link below) explains that...


How Have The Major North American Stock Market Indexes Performed Short-Term After Very Bad Years?

The Dow Jones Industrial Average, Nasdaq Composite and S+P 500 have all performed very well since their inceptions. Of the three indexes, the Dow Jones Industrial Average was the only one that existed...


2008 Is On the Verge of Becoming the Worst Year Ever for the Nasdaq Composite

The Nasdaq was founded in 1971 by the National Association of Securities Dealers. Over the past 10-15 years, the Nasdaq has become arguably the most-watched stock exchange in the world, due to its inc...


When Will the Stock Market Hit Bottom?

I hear this question multiple times per day, especially on TV. Will the market plummeting on an almost daily basis, this question is on the forefront of many people's minds. You have to remember that ...


The Worst Years in the History of the Dow Jones Industrial Average

2008 is certainly shaping up to be a horrendous year for the Dow Jones Industrial Average (DJIA). The credit markets have seized up, banks aren't lending to each other and consumers are starting to dr...


Aggressive Interest Rate Cut by Australia's Central Bank Likely Start of Coordinated Global Rate Cuts

Wondering why Asian markets are rallying tonight after the DJIA and Nasdaq were slaughtered on Monday? Australia's Central Bank cut its benchmark interest rate by one full percentage point tonig...


Does the PPT (Plunge Protection Team) Actually Exist?

After trading down as much as 800 points earlier today, the Dow Jones Industrial Average made a dramatic turnaround late in the day, and "only" ended up closing down 350 points. Whenever the mar...


Neel Kashkari, 35 Year Old Advisor To Henry Paulson, To Oversee $700 Billion Dollar Bailout Program

According to an article in the Wall Street Journal, 35 year-old Neel Kashkari is being tapped by Henry Paulson to "oversee the $700 billion dollar program to buy distressed assets from financial insti...


What Now for the Financial Markets?

It's Friday evening. The $700 billion dollar bailout (actually, it's more than that, but whatever) has now been passed by both the Senate and the House of Representatives and signed into law by Presid...


United States National Debt Tops Ten Trillion Dollars for the First Time

According to Treasury Direct (a United States Government website, link below), the total public debt outstanding for the United States of America topped ten trillion dollars for the first time as of ...


The Stock Market Plunge on Monday Changed Many People's Minds About the Bailout

As Washington toiled to come together to create a workable $700 billion dollar bailout bill this past weekend, many Americans voiced their firm opposition to the plan. Many people questioned "why they...


John Paulson Forced to Reveal His Big Short Positions in UK Banks

John Paulson, the hedge fund manager who made a name for himself after betting heavily against the US housing market, was forced to reveal his company's short positions in certain UK financial stocks ...


Five of the Biggest One-Day Drops in the History of the Nasdaq

Like any other exchange in the world, the Nasdaq has seen its share of incredible highs and depressing lows. At this moment in time, investor confidence may be the lowest it has ever been for a very l...


The Church of England Attacks Short-Sellers and Debt Traders

It's just not a fun time to be a short-seller right now. Financial markets worldwide are imploding, and more and more people are pointing their fingers of blame at one source: short-sellers. In the ey...


Washington Mutual's New CEO Alan H. Fishman Received Twenty Million Dollars For Just 17 Days of Work

It's good work if you can get it. Alan H. Fishman, the recently hired CEO of the now J.P. Morgan-owned Washington Mutual Bank, will reportedly receive close to $20 million dollars IN CASH for his q...


FDIC Seizes Washington Mutual; JP Morgan Swoops In and Buy Assets On the Cheap

Thursday was another historic day as the largest ever U.S. bank failure took place. Washington Mutual, an enormous bank with approximately $310 billion dollars in assets, was officially seized by the ...


Why Is IBM On the Prohibited Short Sale List?

On September 24th, 2008, a number of companies (twelve in total) were added to the list of NYSE companies that are on the banned short sale list. These companies included H&R Block, Credicorp, Arbor R...


Home Equity Withdrawals Drop to $24 Billion From $700 Billion Dollars in 2005

The rapidly increasing housing market from 2001 to 2006 enabled many Americans to spend more than they were making.

Most Americans who purchased their home anytime before 2005 saw the valu...


Warren Buffett Scores Sweetheart Goldman Sachs Deal

Warren Buffett continued his buying rampage on Tuesday by securing himself and the rest of the Berkshire Hathaway shareholders a sweetheart deal with Goldman Sachs.

The deal will see Warre...


Proposed Federal Bailout Numbers: Nearly $2 Trillion Dollars and Counting

We are living in extraordinary times right now. College students will be studying the events from 2008 in economics classes 20-30 years from now. Some people don't understand the sheer magnitude of wh...


The Biggest One Day Gains (and Losses) For the Dow Jones Industrial Average

The Dow Jones Industrial Average was a rollercoaster this past week as the world dealt with a quickly escalating financial crisis. The daily swings seemed massive. However, on a historical scale, t...


British Ban on Short Selling Will Prove To Be Disastrous For Some Hedge Funds

The temporary ban on the short-selling of certain firms in the United Kingdom will prove to be disastrous for some hedge funds, as they were forced to cover their positions at inopportune times and po...


Warren Buffett Putting Berkshire Hathaway Money to Work In Face of Crumbling Market

Warren Buffett has long been lamenting the lack of attractive investment opportunities in the overheated US markets. Buffett was forced to travel overseas to look for places to invest Berkshire Hathaw...


Financial Sector Has Lost Well Over a Trillion Dollars In Market Capitalization Since October of 2007

I was scrolling through TechCrunch and noticed an article on their site titled "The Mess on Wall Street: Four Trillion Dollars Down the Drain." The article linked to a New York Times graphic that illu...


Government To Provide Secured Loan to AIG and Take an 80 Percent Stake in the Company

Another day, another government bailout. Reports are circulating that the Federal Reserve will be providing an $85 BILLION dollar bridge loan (that's billion) to AIG and will also be taking an 80% ...


The Stock Market Goes Into Complete Meltdown Mode on Monday

Investors didn't react favorably (obviously) to news out over the weekend that Lehman Brothers was going to be filing for bankruptcy. Not only that, but Merrill Lynch agreed to be bought out by Bank o...


Merrill Lynch Agrees to Buyout From Bank of America; The Financial Landscape Continues to Abruptly Change

What a weekend! Lehman Brothers is on the brink of a disastrous bankruptcy; American International Group is likely going to undertake major asset sales in order to keep the company solvent; and now Me...


Soros Fund Management LLC Has Large Exposure to Lehman Brothers

Just like when Bear Stearns plunged earlier in the year, Lehman Brothers is plunging and stinging many of the hedge funds that made large investments in it.
Funds such as Wel...

RK Capital Management LLP Down As Much as 30% in August

According to an article that was recently published on Bloomberg (link below), RK Capital Management's various funds fell as much as 30% in August, mainly due to a rapid drop in the price of aluminum ...


Some United Kingdom Homeowners May Have to Wait Until 2016 For Their Home Values to Recover to 2007 Levels

According to an article that was recently released on Mail Online, some UK homeowners who purchased their homes in the past couple of years may have to wait until 2016 for their investments to break e...


Hedge Fund Capital Inflows Have Slowed to a Trickle in 2008

Is the bloom finally coming off of the hedge fund rose? According to Wall Street & Technology (link below), capital inflows for hedge funds were a measly $16.4 billion dollars in the first quarter...


Ospraie Management LP Is Shutting Its Ospriae Fund

Ospraie Management LP sent a letter to its investors on Tuesday, informing them that the company would be shutting down the popular Ospriae Fund. The reason? A 38.59% decline so far...

Atticus Capital Has Lost Over Five Billion Dollars in 2008

According to various sources (Forbes, Reuters and others), activist hedge fund Atticus Capital has dropped over five billion dollars so far in 2008. The company was reported to be controlling over $20...


Another Friday, Another Bank Failure; FDIC May Borrow Money from U.S. Treasury

Another Friday, another bank failure in the United States.

This time it was Integrity Bancshares Inc. of Alpharetta, Georgia. This marks the 10th bank failure of the year so far.


Nasdaq Delistings Way Up in 2008

The major stock exchanges (such as the Nasdaq and NYSE) are encountering weakness from all sides in 2008. Not only has the IPO market slowed considerably (many companies are sagely waiting until the m...


Ron Insana Closing Insana Capital Partners "Legends" Hedge Fund

The idea was a simple one.

Ron Insana would open a hedge fund called "Legends". The hedge fund would be a "fund of funds", and would allow investors to invest in hedge funds that they norm...


Andor Capital Management LLC Shutting Its Doors

It's the end of an era as Andor Capital Management LLC has announced that it will be closing its doors in October.

According to a recent WSJ article titled "Andor Closin...


BP Capital Drops in July

BP Capital, the hedge fund run by famed investor T. Boone Pickens, suffered a 35% drop in the commodity half of its fund in July, according to a recent report in the New York Post. The article goes on...


14% of Americans Believe That the Country is Moving in the Right Direction

According to a recent ABC News/Washington Post poll, only 14% of Americans surveyed believe that the country is headed in the right direction. This doesn't refer to just the economy...

Many People Having Their Home Equity Lines of Credit (HELOCs) Suspended or Reduced In Wake of Housing Downturn

When the housing market was booming just a few short years ago, many homeowners tapped the equity in their homes by taking out a HELOC (Home Equity Line of Credit). With home values...

How The Internet Bubble Was Similar to the Housing Bubble

There are actually quite a few similarities between the Internet bubble (last half of the 90's until mid 2000) and the most recent housing bubble in the United States. By drawing si...

Bottom in the California Real Estate Market?

To say that the real estate market in many parts of California has taken a beating would be an extreme understatement.

The market has been completely taken apart in the ...


The Ten Worst (Projected) Real Estate Markets in the United States

There is no such thing as a general "real estate market" - rather, there are hundreds, if not thousands, of smaller real estate markets that can perform completely independently of ...

What is the "Problem Bank List", and Is My Bank On It?

The FDIC (or The Federal Deposit Insurance Corporation) reported that 90 banks, or a full 1.1% of the banks that fall under its watchful eye, landed on their "problem bank list" in ...

George Bush to Ken Wilson: Treasury Secretary Henry Paulson Needs Your Help

"Is there a Goldman Sachs employee in the house?"

The Wall Street Journal (link below) recently reported that Ken Wilson (chairman of the Goldman Sachs Financial Institut...


Banks to the SEC - We'd Like Some Protection From Short-Sellers Too

Did the SEC really expect anything different?

Recently (in case you have been living under a rock), the SEC announced that they would be implemen...


Short-Selling is Not the Problem

Short-selling has been in the news quite a bit over the past week. Just now, as I am viewing my Google News page, a story on short-selling is the main story at the top of the page.

Just re...


SEC To (Temporarily) Halt Naked Short Selling on Freddie Mac, Fannie Mae and Seventeen Brokers

Ok, this is too funny.

The SEC announced today that short-sellers would have to "pre-borrow" stock in order to bet against the price of Freddie Mac, Fannie Mae and b...


Warren Buffett: "US Already in a Recession"

In an interview published in Germany's Der Spiegel weekly on Sunday, Warren Buffett sought to douse any Memorial Day holiday cheer by proclaiming that the United States was "already in a recession". <...


How Long Will It Take the Real Estate Market in the United States to Recover? Some Perspective from the Past 30 Years

Over the past thirty years, the overall real estate market in the United States has fluctuated wildly due to varying reasons. You had the crippling recession in the early 1980s. You had the stock mark...


Vallejo (A City) Is Planning on Filing for Bankruptcy

Vallejo is not a person. Vallejo is not a publicly traded company. Vallejo is a city located in the northern half of California. And Vallejo, located in the western part of Solano County, is planning ...


National Association of Realtors: "Home Sales Should Start Improving by the Summer"

The National Association of Realtors put out a press release today titled "Soft Existing-Home Sales Expected Near-Term But to Rise Midsummer".

The National Associatio...


Horizon Asset Management Down More Than 20 Percent in Q1 2008

The turbulent markets have exacted a toll on another extremely large family of funds, as Horizon Asset Management slid more than 20% in the first quarter of 2008.

Hor...


500 Foreclosures PER DAY in California During the First Three Months of 2008

If you want a first-hand view of just how particularly gruesome this real estate downtown has been, then look no further than California.

DataQuick, a company based o...


Five Signs That We May Be Near a Bottom in the US Housing Market

You may watch television or read your newspaper on a daily basis and come to the conclusion that the US housing market will never recover. The industry housing industry seems to be cloaked in doom and...


Pardus Capital Management LP Halts Investor Redemptions

Another large, notable hedge fund has halted (temporarily) redemptions from its fund.

Pardus Capital Management manages around $2 billion dollars.


John Meriwether Back in the News, For All of the Wrong Reasons

A John Meriwether fund is in trouble again.

John Meriwether doesn't ring a bell?

He was the man behind Long Term Capital Management (L...


Steps That You Can Take To Avoid a Foreclosure on Your Home

Foreclosures are a growing problem in the United States and other parts of the world.

A foreclosure, in simple terms, is typically when an owner of a property violate...


$10 Per Share for Bear Stearns?

Multiple news outlets tonight are reporting that JP Morgan Chase Co. is in talks to increase its offer for Bear Stearns from $2 per share up to $10 per share. Apparently JP Morgan figures that the ...


The Phoenix and Miami Condo Markets - Can They Recover, and if so, When?

If you want to sum up the current state of the real estate market (especially in markets such as Phoenix and Miami), you could use just a couple of words. Supply outweighing demand. Like anythin...


Wall Street Job Market Falling Apart

Given the turmoil in the financial services market, now is not a good time to be a newly-graduated MBA holder, looking for a job on Wall Street. With many hedge funds going belly-up and the bottom ...


Endeavor Capital Loses 27% In One Day

According to the Financial Times, Endeavor Capital, a three billion dollar London-based hedge fund, lost more than a quarter of its value in one day. This drubbing occurred on Monday, the same day tha...


Bear Stearns Lawsuits: A Trickle Will Soon Become a Flood

The first of many class action lawsuits against Bear Stearns has been filed this week in the United States District Court for the Southern District of New York. One of the first companies that I have ...


JP Morgan Buys Bear Stearns for $2 Per Share

Yes, you read that right. Bear Stearns, one of the biggest and respected investment banks in the world, has agreed to be purchased by JP Morgan Chase for $2 per share, which works out to around $23...


Carlyle Capital Corporation Gets Pounded After Failing to Meet Margin Calls

Carlyle Capital Corporation touched off a wave of selling on Thursday, especially in mortgage real estate investment trusts, after the company failed to meet some of its margin calls and received a de...


Thornburg Mortgage (TMA) To Go Under?

There is news out in the aftermarket today (Wednesday) regarding Thornburg Mortgage, and it's not pretty if you are a common shareholder. Thornburg announced that due to its failure to meet a $28 m...


Focus Capital is the Latest Hedge Fund Casualty

Focus Capital, a one billion dollar hedge fund (or at least, it used to be a one billion dollar hedge fund) based out of New York, announced that it was going to be liquidating its portfolio and shutt...


Is Thornburg Mortgage In Danger of Falling into Bankruptcy?

It certainly hasn't been a good couple of weeks for Thornburg Mortgage. Their stock, trading at almost $12 just a few short weeks ago, continued to plummet on Monday after the company announced tha...


Blue River Asset Management Avoids Collapse By Raising $100 Million in New Capital

Hedge fund firm Blue River Asset Management managed to avoid the fates of several other prominent hedge funds (as in, total collapse) by raising $100 million in new capital from existing and new inves...


One Man's Pain is Another Man's Gain; Pimco Looking to Swoop in and Buy Mortgage and Municipal Debt

Over the past week or so, we've heard of three different situations in which companies have had to dump high-quality assets such as municipal bonds and mortgage loans because of forced margin calls. ...


Peloton Partners LLP Asset Seizures A Sign of Things to Come for Hedge Funds?

Yesterday we told you that Peloton Partners had decided to shut down their "ABS Master Fund", a fund that had bet against the subprime credit market and had made over 87% for its shareholders last yea...


Peloton Partners LLP To Shut Down ABS Fund; Halts Redemptions for Multi-Strategy Fund

Another day, another hedge fund casualty. Today, the Wall Street Journal and Reuters both announced that Peloton Partners LLP would be closing its $2 billion dollar ABS fund and temporarily halting...


Are We Nearing a Bottom in the US Housing Market?

This may seem like a laughable point to even consider, given the current somber mood that surrounds the American housing market. This has been a "perfect storm" of negativity. First you had the col...


Panicking During A Market Meltdown Probably Means That Your Portfolio Diversification Strategy is Out of Whack

I don't care how old you are. I don't care if you are 20 years old or 55 years old. If word of a market meltdown has you sitting up at night, sweating profusely and worrying about your portfolio, t...


Problems? What Problems? Wall Street's Five Biggest Firms Dish Out $39 Billion in Bonuses in 2007

Forget about the fact that most of these firms were absolutely taken apart in 2007 due to the subprime mortgage mess and related quant fund problems. Forget about the fact that the combined market ...


2007 Worst Year for US Housing Market Since Great Depression

On Thursday there were a couple of datapoints that were released that spelled out exactly how bad the US housing market was in 2007. First off, sales of existing single-family homes dropped 13% in ...


Sensex Crash | The Sensex is Crashing

Indian stock analysts and economists tried to sooth the growing fears of Indian and international investors as the Sensex plummeted on Monday and Tuesday. World markets were torpedoed on Monday and Tu...


Lower Valuations + Weak American Dollar + Desperation = Foreign Buying Bonanza of American Companies

I remember back to the late 1990's when the US dollar was a pillar of strength. I remember hearing about the speculations and conspiracy theories that the US government was keeping their dollar strong...


What Is a "Recession"?

A "recession" is quite a misunderstood event. If you watch the news at all, then I am sure that you have heard this word quite often over the past few months. Many economists and "talking heads" on TV...


Is the Credit Card Industry Next to Feel the Pinch?

A few years ago, there were plenty of easy ways to raise money to support your lifestyle, especially if you were a homeowner. You could buy a house and then flip it a year later for a nice big prof...


More Gloomy News for the US Housing Market

Not to be a "doom and gloomer" but the situation in the US housing market seemingly worsens by the day. Tuesday was no different as there were multiple pieces of bad news that sent the markets reeling...


The Effects of a Falling US Dollar on the Economy of the United States

Many people tend to shrug off news reports that talk about the plunging US dollar. "A rising or falling dollar doesn't really effect me, so why should I care?" The fact of the matter is that a droppin...


Traders at Goldman Sachs Banked Big Profits Betting on Mortgage Meltdown

Have you been wondering why Goldman Sachs have been avoiding the punishment that is being meted out to other big brokerages this year? Wonder why Bear Stearns, Merrill Lynch and Lehman Brothers have a...


Countrywide Financial Currently Has Over 14,000 Homes Offered for Sale on their Website

Not to be a harbinger of doom here, but this is a number that clearly illustrates: a) the overall problems with the United States housing market and b) the overall problems that Countrywide Financial ...


Kenneth Heebner Cashes In Big on Countrywide, Sears Short Sales

For every person that is losing money in equities such as Countrywide and Sears, there is someone on the other side, raking in the cash. One is those people is Kenneth Heebner, manager of the CGM F...


New Wave of Quant Fund Trouble Coming

I'm telling you right now - you are going to be hearing about another wave of quant fund selling and implosions any day now. Quant funds are a funny thing - they work until they don't work. And whe...


The Current Global Economic Situation is Extra Scary

I've been pretty heavily involved in studying economics and the capital markets for nearly a decade now. This is by FAR the worst economic situation that we've found ourselves in over the past few dec...


Speculators Drove the Housing Market Higher, and Now They Are Bringing it Down

The housing market in the US has been driven largely by speculators, and now is fading so quickly due to speculators pulling out of the market as fast as they can. The housing market is just like a...


Should the US Government Bail out Homeowners?

The answer to this question is a bit more complicated than you might think. I bet that the average person read the title of this article and had an immediate reaction to the question. The problem i...


Where to Now for Real Estate Values?

This is certainly a strange time in the US housing market. You have had an absolutely incredible bull run in housing values over the past 10 years. If you bought a home or apartment in pretty much ...


Could Countrywide Financial (CFC) Possibly Go Bankrupt?

Bankruptcy is a possible scenario for Countrywide Financial Merrill Lynch said on Wednesday, sending the stock tumbling almost 13% to close at $21.29. This news came as a surprise to many people, w...


KKR IPO Needs to Be Postponed

I feel like Dr. Obvious for even saying this, but KKR really needs to stop kidding themselves when it comes to their IPO, and announce publicly that they will be delaying their IPO. I feel bad for peo...


Quant Hedge Funds: How Did They Lose So Much Money?

Many people out there are probably confused when they hear about quant hedge funds taking huge losses over just a couple of days at the beginning of August. How does a "market neutral" fund suddenly t...


Might The New York Real Estate Market Finally Slow Down?

The New York real estate market has been hot for years now, and despite the real estate slowdown that most of the rest of the country is seeing, the New York real estate market continues to be hot. De...


Goldman Sachs Global Equity Fund Gets 3 Billion Dollar Bailout

Goldman Sachs on Monday announced that they would be sinking $2 billion dollars of their own money into the deeply troubled Global Equity Opportunities Fund, after the fund reported a 28% decline just...


Tykhe Capital: Some Funds Down as Much as 31% Month to Date

Sorry to pile on the bad news, but it's bad out there in quant land. Tykhe Capital, which runs a number of statistical arbitrage and quantitative long/short funds, has reported that as of August 9t...


Goldman Sachs Global Alpha Hedge Fund Down 26% in 2007

Is another major quant hedge fund about to bite the bullet? Several investors in the private fund have told the press that the Global Alpha hedge fund has dropped 26% in value so far in 2007, follo...


Liquidation of Quant Hedge Fund Positions Behind Market Fluctuations?

This has not been a good year to run a quant hedge fund. One after another, these "market neutral" hedge funds are getting taken apart, with most of the carnage coming this summer after the subprim...


Is the Current Housing Market One of the Biggest Bubbles in History?

In case you have been sleeping under a rock, the subprime mortgage industry in the United States has been absolutely taken apart in recent months. The rout in the sub-prime market has wiped literally ...







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