The Ever Shrinking Economy
Washington, DC — The Commerce Department released its report on the 4th Quarter GDP. Though it was expected to be bad, it came in even worse — down 6.2 percent on an annual rate.
Bank Failures Increase Worldwide
by widgette.com
Bank failures continue to escalate over the face of the globe. Four more US banks were closed by regulators in Nebraska, Florida, Illinois and Oregon.
In the UK, Lloyds is already 43.5% government owned after having to seek assistance last fall. Now, they face $14.2 billion loss. At the same time, they [...]
Another Great Depression?
by widgette.com
Could the current economic crisis lead to another great depression? The Minneapolis Federal Reserve Bank has released a study that suggests the government needs to be careful in order to avoid such a problem. Massive public intervention to maintain employment and investment, if they distort incentives enough, can lead to a [...]
Hitachi Reverses Financial Outlook / Cuts Jobs
Tokyo, Japan — Hitachi changed their forecast from profitability to a 4.1-billion-dollar quarterly loss.
Hitachi is one of the world’s largest corporations. It was founded in 1910 by Namihei Odaira as an electrical repair shop. They succeeded in manufacturing three 5hp (3.6775 kW) electric motors as the company’s first products.
Today, they manufacture consumer products:
[...]
Read More About - Hitachi Reverses Financial Outlook / Cuts Jobs »
America Recovery and Reinvestment Plan
n the weekly address, President Barack Obama addressed the latest economic news and urged the passing of an America Recovery and Reinvestment Plan.
He also announced that Treasury Secretary Timothy Geithner is preparing a new strategy for reviving our financial system — which will not only ensure that CEOs aren’t abusing taxpayer dollars, but also get [...]
Entertainment Headlines: American Idol, Elvis and Ali
by RomBox.com
CKX, Inc. owners of American Idol, Elvis Presley, Graceland, Muhammad Ali, Robin Williams, Billy Crystal, Woody Allen, Kelly Clarkson, Chris Daughtry and Carrie Underwood announced their director had resigned.
CKX, Inc. (Nasdaq: CKXE) and 19 Entertainment Limited announced today that last night’s Wednesday premiere of American Idol drew approximately 30.3 million viewers, retaining 100% [...]
Read More About - Entertainment Headlines: American Idol, Elvis and Ali »
World Recession / Global Slowdown
Markets around the world are falling. This could be the first time that so many countries have slid into recession at the same time. The United States has been in a recession for the past year. Great Britain announced that it, too, had fallen into recession. In Korea, Samsung posted its [...]
Microsoft To Lay Off 5,000 Employees
The price of Microsoft stock fell to a 20 year low as their proprietary opperating system, Vista, continues to have trouble.
Here is an email from the CEO:
From: Steve Ballmer
Sent: Thursday, January 22, 2009 6:07 AM
Subject: Realigning Resources and Reducing Costs
In response to the realities of a deteriorating economy, we’re taking important steps to realign Microsoft’s [...]
The Economy
Citibank reported a fourth-quarter net loss of $8.29 billion (its 5th straight quarterly loss.) They also announced they are splitting into 2 seperate businesses.
Bank of America Corp (BAC.N) posted its first quarterly loss in 17 years. First, they obtained an additional $20 billion from the government’s Troubled Asset Relief Program (TARP). [...]
Insight: US may face a ‘lost decade’
Financial Times
By Stephen Roach
Published: January 13 2009 17:08 | Last updated: January 13 2009 17:08
No one in their right mind thinks the United States could fall victim to a Japanese-like lost decade. After all, the argument goes, US policymakers have the advantage of knowing what their counterparts in Japan did wrong.
If only it were that [...]