"I collected unemployment for two months, and I felt incredibly guilty. I do feel guilty. I do…” Generation Y: The young and the jobless…

I heard New York has to borrow something like $100 million from the government to pay for everyone on unemployment,"

Read more collecting unemployment….

Source: www.msnbc.com

US deficit soars - $765 billion in 5 months

Lower tax revenue and massive government spending on the bank bailout pushed the federal deficit to $765 billion in the first five months of the budget year, well on its way to hitting the Obama administration's projection of a record annual imbalance of $1.75 trillion....

Read more US deficit soars

Source: www.economictimes.indiatimes.com

U.S. workers may be forced into shorter workweeks

Among U.S. employers trying to stave off layoffs, "furlough" is the buzzword. State and local governments, universities, architectural firms and concrete factories are begging workers, or in many cases forcing them, to take unpaid time off.

President Barack Obama has praised "the selflessness of workers who would rather cut their hours than see a friend lose their job."…

Read more shorter workweeks…

Source: iht.com

World stock markets hit another wall

Stock markets in the US and Europe tumbled on Thursday after Chinese authorities failed to deliver a stimulus package expected by many investors and European central banks slashed interest rates in response to a worsening recession.

The global turmoil combined with continuing concerns about US banks - Citigroup fell below $1 a share at one point - to send the S&P 500 skidding 4 per cent to its lowest level since September 1996. Germany’s Dax lost 5 per cent, France’s Cac 40 fell 4 per cent and the UK’s FTSE 100 dropped 3 per cent...

Read more Global stock markets tumble

Source: www.ft.com

Japan Stocks Hit Record Low

Japanese stocks fell to a fresh 26-year low Tuesday after the Dow Jones industrial average closed below 7,000 for the first time in more than 11 years on growing fears over the health of the U.S. financial sector.

The benchmark Nikkei 225...

Read more stocks fall to 26-year low..

Source: stockhouse

Soros sees no bottom for world financial "collapse"

Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union. He said the bankruptcy of Lehman Brothers in September marked a turning point in the functioning of the market system.

"We witnessed the collapse of the financial system," Soros said at a Columbia University dinner. "It was placed on life support, and it's still on life support. There's no sign that we are anywhere near a bottom."

Read more Soros sees no bottom for world financial "collapse"

Source: reuters

Recession will end soon - or maybe not

Experts have wildly differing opinions on when the current economic clouds will clear away….

Read more Recession will end soon?

Source: startribune.com

Wall Street slumps as US cuts 100,000 jobs in a week

The Wall Street slumped to its worst January ever as investors eyed abysmal reports on economic growth and several companies across various industries announced more job cuts…

Read more Wall Street slumps

Source: the economic times

U.S. Losses May Reach $3.6 Trillion

U.S. financial losses from the credit crisis may reach $3.6 trillion, suggesting the banking system is “effectively insolvent,” said New York University Professor Nouriel Roubini, who predicted last year’s economic crisis...

Read more U.S. Losses May Reach $3.6 Trillion

Source: bloomberg

Markets surge on the first trading day of the new year

"You're going to have to call this a trading rally that's part of the larger bear market complex," said William Rhodes, chief investment strategist of Rhodes Analytics. "At least it's a good way to start out."…..
Read more Markets surge on the first trading day


Source: international herald tribune

Pope urges solidarity in difficult economic times

Pope Benedict XVI warned in his Christmas message that the world was headed toward ruin if selfishness prevails over solidarity during tough economic times for rich and poor nations.

“In each of these places may the light of Christmas shine forth and encourage all people to do their part in a spirit of authentic solidarity,” he said.

Read more Pope urges solidarity


Source: boston herald

Unemployment increases in UK

"Unemployment is normally a lagging indicator so to see so many job losses this early in the cycle is extremely worrying."..

Read more Unemployment increases


Source: bbc news

Paulson: Big Financial Firms Are Stable

Paulson also said he has no current plans to ask Congress to make the second half of the $700 billion financial rescue fund available before the Bush administration leaves office on Jan. 20. But he added that the administration was prepared to move quickly, if necessary, to tap the extra resources.....

Read more Big Financial Firms Are Stable


Source: cbs news

Markets soar on Obama spending pledges

Commodities stocks led the rally, trimming back recent sharp declines, on bets that the US president-elect's plan to spend on infrastructure projects would boost demand for oil, steel and other raw materials. In the UK, Royal Dutch Shell, BP and Anglo American rallied more than 6 per cent as commodity prices rose. US Steel, Alcoa, and Chevron all rose strongly in the US...

Read more Markets soar


Source: the independent

U.S. needs to act now over economy declares Obama

America's President-elect Barack Obama has told the US the country needs to 'act and act now' to rescue the economy...

Read more U.S. needs to act now over economy declares Obama


Source: belfast telegraph

Thanksgiving a time for reflection for Bush, Obama

Dressed casually in a leather jacket and black scarf on Wednesday, Obama handed out food to the needy at a Chicago church with wife Michelle and their two daughters, shaking hands and jovially telling people "you can call me Barack." ..

Read more Thanksgiving a time for reflection


Source: guardian.co.uk

Obama Announces Economic Team

In addition to Mr Geithner, Mr Obama said former Treasury Secretary Larry Summers will head his National Economic Council, while economist Christina Romer will lead the Council of Economic Advisors and Melody Barnes will be director of the Domestic Policy Council....

Read more Obama announces economic team, eyes new stimulus plan


Source: the australian news

White House: Meeting set on North Korean nukes

White House press secretary Dana Perino told reporters after President George W. Bush’s meetings with Japanese Prime Minister Taro Aso and South Korean President Lee Myung-bak that there was an agreement to have the meeting but that announcement of the actual date in early December would be left up to China to make public...

Read more White House: Meeting set on North Korean nukes


Source: boston herald

How Detroit took the wrong road

Over the years, US manufacturers had been losing headway to Japanese rivals as motorists' tastes shifted from pickup trucks and sports utility vehicles to smaller, more fuel-efficient cars.....

Read more How Detroit took the wrong road


Source: guardian.co.nk

U.S. Bailout Shift Raises New Concerns

The government originally planned to restore credit flows by buying mortgage assets compromised by defaults, but Treasury Secretary Henry Paulson said on Wednesday the plan would focus instead on recapitalizing financial institutions and supporting consumer credit....

Read more U.S. shift on financial bailout raises new concerns


Source: reuters