Economist: FDIC gearing up for bank closures
Posted by Xander in Headlines on 08. Jul, 2009 | No Comments
Janet Leiser
Washington Business Journal
July 8, 2009
The Federal Deposit Insurance Corp. is gearing up to handle a large number of bank failures expected as a result of bad mortgages, both in residential and commercial real estate, an economist said Tuesday.
“They know they’re going to take down a large number of banks and they can’t do it [...]
Big Banks Don’t Want California’s IOUs
Posted by Xander in Headlines on 07. Jul, 2009 | No Comments
RYAN KNUTSON
Wall Street Journal
July 7, 2009
A group of the biggest U.S. banks said they would stop accepting California’s IOUs on Friday, adding pressure on the state to close its $26.3 billion annual budget gap.
The development is the latest twist in California’s struggle to deal with the effects of the recession. After state leaders failed to [...]
U.S. may see double-dip recession by late 2010
Posted by Xander in Headlines on 06. Jul, 2009 | No Comments
Kent Hoover
Sacramento Business Journal
July 6, 2009
The end of the recession is “literally just around the corner,” the U.S. Chamber of Commerce’s chief economist said, but there is a 15 percent to 20 percent chance of another economic downturn by late 2010.
Those odds may seem low, but they’re actually high since double-dip recessions are rare [...]
Unemployment Rises, Stocks Fall
Posted by Xander in Headlines on 02. Jul, 2009 | No Comments
Steve Schaefer
Forbes
July 2, 2009
Government records 9.5% jobless rate, slightly less than expected, but nonfarm payrolls shed 467,000 jobs.
Investors are asking themselves if the economic recovery, and the second-quarter’s ambitious rally, is for real, and on Thursday the answer was far from clear. The Labor Department said U.S. employers trimmed more jobs than analysts expected in [...]
California in ‘fiscal emergency’
Posted by Xander in Headlines on 02. Jul, 2009 | No Comments
BBC
July 2, 2009
The governor of California has declared a fiscal emergency in the US state to address a budget deficit of some $24.3bn (£14.5bn).
Governor Arnold Schwarzenegger also ordered many state offices to close for three days each month until June 2010, with staff unpaid for those days.
California has been one of the US states hardest [...]
Crude Oil Declines as World Bank Predicts a Deeper Recession
Posted by Xander in Headlines on 22. Jun, 2009 | No Comments
Grant Smith and Alexander Kwiatkowski
Bloomberg
June 22, 2009
Crude oil fell for a second day after the World Bank said the global recession will be deeper than expected, stoking concerns that fuel demand will remain depressed.
Oil was also hurt by the strengthening dollar, dulling the need for investors to buy commodities as an inflation hedge. The World [...]