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.
FDIC Changes Charges
In 2007, there were 3 bank failures. In 2008, there were 25 bank failures. So far in 2009, there have been 13 bank failures.
The Federal Deposit Insurance Corporation expects bank failures will cost the insurance fund $65 billion through 2013.
In response, the FDIC is raising fees on banks, as well as, adding emergency [...]
Insured Banks and Thrifts Lost $26.2 Billion in the Fourth Quarter
from the FDIC
Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported a net loss of $26.2 billion in the fourth quarter of 2008, a decline of $27.8 billion from the $575 million that the industry earned in the fourth quarter of 2007 and the first quarterly loss since 1990. Rising [...]
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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 [...]
GlaxoSmithKline Going Opensource? A Good World Citizen?
by WorldCitizen.net
The head of drug giant Glaxo SmithKline, Andrew Witty, announced the company plans a couple major policy changes. One change will be to slash prices of drugs to developing countries by 75%. With the remaining profits from these countries, they would help develop the healthcare infrastructure.
The other major change will be [...]
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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 [...]
The Whitehouse Says “Compromise”
Compromise
There was bad news and then there was good news.
Yesterday we learned that in January, the country suffered its largest one-month job loss in 34 years.
But last night, the Senate struck a compromise on the economic recovery plan and put us on our way to giving the economy the short-term jolt and long-term investments it [...]
ACORN Saves Homes While Feds Flounder
Oakland “Miracle” Shows Better Path Than “Hope For Homeowners’” Utter Failure
OAKLAND, Calif. – At 6:00 in the morning on Wednesday, February 4, more than 30 members of ACORN gathered at the home of Eddie and Martha Daniels in West Oakland, armed with prayers, cell phones, and the hope that Wednesday would not be a day [...]
Fed Extends Liquidity Programs
The Federal Reserve on Tuesday announced the extension through October 30, 2009, of its existing liquidity programs that were scheduled to expire on April 30, 2009. The Board of Governors and the Federal Open Market Committee (FOMC) took these actions in light of continuing substantial strains in many financial markets.
The Board of Governors approved [...]
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:
[...]
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