economic crisis

U.S. Household Wealth Falls by $1.5 Trillion

Sep 18, 2010
This just in: US households are getting poorer As the crisis continues to wreak havoc on our economy, new data from the Federal Reserve tells us that U net household worth has dropped $15 trillion in the second quarter of 2010 and is down more than $10 trillion since the recession began.

Spain’s ‘Desempleo’ Rate at 20%

May 1, 2010
With all the focus on job losses here at home, we sometimes forget how the economic crisis -- which originated in the U.S. -- has affected other countries. Official figures in Spain, for example, show that that country's unemployment rate has hit 20 percent, highest in the eurozone.

SEC’s Dirty Little Secret

Apr 23, 2010
One wonders if there is a smutty equivalent to Nero's fiddling while Rome burns. If there is, it might be applicable to the senior staffers at the SEC who spent hours watching pornography on government computers instead of policing the nation's financial system.
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Greek Financial Crisis Hits Poor

Apr 3, 2010
The origins of Greece's economic crisis lie with the recklessness of the rich, but the consequences are directly affecting the poor: A new poll shows that three-quarters of the Greek population believe that the current plans to cut the country's budget deficit are "socially unfair."

AIG: From Riches to Rags

Jun 3, 2009
It looks like the $150 billion bailout of AIG included everything but advertising funds. After four years of the insurance giant's logo gracing the jerseys of one of the world's most famous soccer teams, troubled economic times are bumping the iconic symbol in favor of a new sponsor.

No California Love for Schwarzenegger

May 21, 2009
Californians gave the electoral finger to Gov. Arnold Schwarzenegger on Tuesday when they voted against five ballot measures intended to fix the Golden State’s budget drama by increasing taxes, redistributing state funds and borrowing money. On top of already double-digit unemployment, a plummeting housing market and an eroding educational system, the state now faces a budget gap of more than $21 billion.

Freddie Mac’s Acting CFO Found Dead

Apr 22, 2009
The acting chief financial officer for housing lender Freddie Mac, David Kellermann, was found dead Wednesday morning in what appeared to be a suicide. If the death is ruled a suicide, Kellermann will be the seventh high-profile financial services executive to have taken his own life under stress from the current economic crisis.

Paulson Bailout Plan Could Reach $1 Trillion

Sep 19, 2008
If you thought the Iraq war was expensive, the Bush administration is also throwing an estimated $1-trillion bailout of major finance firms to prevent a meltdown of the U.S. economy. President Bush and Treasury Secretary Henry Paulson outlined such a "bold approach" Friday morning, yet detailed plans still remain forthcoming.