Ecomomic Crisis
Daily News and Updates


  1. Bankruptcy: 4 tales from the trenches
  2. Judge orders Microsoft to stop selling Word

Monday - August 31, 2009:

  1. One in three Halifax branches 'to close' as Lloyds mole reveals plan for biggest bank cull ever
  2. Rep. Frank seeks compromise on Fed audit bill
  3. TA market drops as Africa Israel plunges

Sunday - August 30, 2009:

  1. Global Agenda Unfinished business
  2. Federal Reserve Board fights to keep its secrets
  3. Flat incomes raise doubts about economic recovery
  4. Calif. holds giant garage sale
  5. Consumer spending up, but morale at 4-month low
  6. Manufacturers and Traders Trust Company, Buffalo, New York, Assumes All of the Deposits of Bradford Bank, Baltimore, Maryland
  7. Pacific Western Bank, San Diego, California, Assumes All of the Deposits of Affinity Bank, Ventura, California
  8. U.S. bank regulators closed Mainstreet Bank

Saturday - August 29, 2009:

  1. A house price revival looks flimsy
  2. A Million And A Half U.S. Workers Will Exhaust Unemployment Benefits By Year's End
  3. Banks 'Too Big to Fail' Have Grown Even Bigger
  4. Ford Russia to halt production at Russian plant from August 31
  5. Fresh recession fears as investment by British businesses suffers biggest slump in 44 years
  6. IMF to allocate 195 million euros to Latvia
  7. Japan unemployment hits record high
  8. LUKoil's U.S. GAAP net profit down 50% to $3.36 bln in 1H09
  9. Those invisible jobs
  10. Toyota to end California plant production
  11. U.S. Farmers See Their Income Plunge 38% As Recession Grips Agriculture
  12. Whirlpool to cut 1,100 jobs, shut plant in Indiana

Friday - August 28, 2009:

  1. Breaking News: I received this as an email and would recommend everyone read this. There are also three article links at the end of this piece in support of it's content. Federal Reserve Threatens Possible Systemic Risk if Forced into Disclosure
  2. FDIC List of Problem Banks Jumps 36 Percent, to 416 Institutions
  3. GDP Declines 1 Percent in 2Q, Better Than Expected
  4. International credit ratings service says Israel has weathered global financial crisis
  5. Millions of public sector workers face losing final salary 'gold-plated pensions'
  6. New jobless claims fall in latest week
  7. Social Security - another bailout in the making?
  8. Prisons, colleges top states' budget cuts: Pew
  9. Recovery in doubt as business investment and retail sales fall
  10. State taxes going up because of deflation
  11. Agency that insures bank deposits may need help
  12. Toyota to close domestic line

Thursday - August 27, 2009:

  1. Banks get picky about credit cards
  2. Citi's $100M man wants his check now
  3. Court Orders Fed to Disclose Emergency Bank Loans
  4. Durable goods orders surge 4.9% in July
  5. Gazprom posts 62% net profit decline to $3.3 in Q1
  6. Meeting regulations costly for gas stations
  7. Post Office Plans Cuts Via Buyouts
  8. Power is shut off as bills pile up
  9. Two million children now in homes with no working adult

Wednesday - August 26, 2009:

  1. Bailed-out RBS to 'water down' pension scheme for 60,000 staff... as shamed boss Sir Fred leaves with £17m payoff
  2. Fears for China's economy the stock market drops 2.6%
  3. Cutbacks pinch homeless programs
  4. Deficit Projected To Soar With New Programs
  5. Obama renominates Bernanke as Fed chief
  6. Russian economist says too soon to bury dollar
  7. U.S. deficit forecasts due Tuesday - Aug. 24, 2009

Tuesday - August 25, 2009:

  1. BT adds to job woes by closing graduate entry
  2. Fischer raises interest rate by .25% (Israel)
  3. Goldman Sachs Trading Tips Reward Big Clients
  4. Russia's GDP down 9.3% in July
  5. The risk of a double-dip recession is rising
  6. There's no will to fight inflation
  7. Russia's Sberbank posts 92% net profit decline in Jan.-July

Monday - August 24, 2009:

  1. New deficit projections pose risks to Obama's agenda
  2. Millions face shrinking Social Security payments
  3. Steinitz Israel getting over financial crisis

Sunday - August 23, 2009:

  1. Brussels suggests EU-wide tax databases
  2. Fortunes of super-rich plummet by nearly a quarter as recession hits world's wealthiest people
  3. Guaranty Bank of Austin, 81st bank failure of '09
  4. Las Vegas jobless rate hits all-time high of 13.1 percent
  5. Large Texas bank shut down by federal regulators
  6. New York City jobless rate hits 9.6% - a 12-yr. high
  7. Obama to raise 10-year deficit to $9 trillion
  8. Seized Texas Bank Sold to Spanish Firm

Saturday - August 22, 2009:

  1. AP $2 trillion higher deficit projected
  2. Bank loans and China’s economy recovery risk of a speculative bubble
  3. For companies, mountains of cash show high anxiety
  4. California Jobless Rate Hits 11.9 Percent, 35,800 Jobs Lost In July
  5. Homeowners with interest-only mortgages face repayment crisis as property prices plunge
  6. More than 300 banks may fail in 2009
  7. Mortgage defaults soar to record 13%
  8. News Corp eyes online news consortium: report
  9. Pace of U.S. existing home sales fastest in 2 years
  10. As vets await checks, VA workers get $24M bonuses
  11. Accenture laying off some 336 executives
  12. Upbeat Bernanke sends markets soaring
  13. VAT holiday over as tax revenue collapses

Friday - August 21, 2009:

  1. French workers threaten to pollute River Seine
  2. Government's £800bn overdraft is worst ever as Darling borrows £260m every day
  3. Workplace suicides surge by 28 percent
  4. U.S. Initial Jobless Claims Rose by 15,000 to 576,000
  5. U.S. regional manufacturing rebounds, claims rise
  6. UK public finances plunge £8bn into the red

Thursday - August 20, 2009:

  1. Bank of England governor voted for £75bn extra quantitative easing
  2. Britain could default on its debts if it keeps spending, warns David Cameron
  3. Buffett Says Federal Debt Poses Risks to Economy
  4. Buffett says unchecked U.S. debt threatens economy report
  5. CHINA Chinese shares drop as investors wonder about the soundness of China’s banking system
  6. Israel reports further drop in unemployment
  7. Lithuania may close up to 12 embassies due to economic crisis
  8. Migrant worker numbers to be slashed by 10% in move to stop British workers being 'undercut'
  9. Senior Tory calls for MPs' salaries to be doubled to £130,000
  10. Ya'alon calls Peace Now 'a virus'

Wednesday - August 19, 2009:

  1. China reduces holdings in US debt
  2. City workers see pay rise by 6% in a month (not including their bonuses)
  3. Dollar rises as Bank of Israel buys $100m in foreign currency
  4. Is worst really over for home prices?
  5. New Home Construction Unexpectedly Declines in July
  6. Novatek's IFRS net profit down 36% to $291 mln in 1H09
  7. Prison closures to cost state jobs
  8. Unemployment Spike Compounds Foreclosure Crisis

Tuesday - August 18, 2009:

  1. A New Kind of Downturn Brings Head Winds That Could Weaken Economic Recovery
  2. Bad economy sparks more complaints of wage theft
  3. Dow falls 186 as economic fear spreads
  4. Israel Leads the World Coming Out of Recession
  5. Japan emerges from deep recession
  6. Optimism about a recovery starting to fizzle
  7. Poll: 57% don't see stimulus working
  8. Raises, bonuses on opposite trajectories
  9. Reader's Digest plans prearranged bankruptcy
  10. Social Security crunch coming fast
  11. Soda makers: Don't tax our soft drinks
  12. Stocks Drop in Global Sell-Off/a>
  13. U.S. builders upbeat, manufacturing shows some life

Monday - August 17, 2009:

  1. Chicago City Government Closed For Business Monday, Due To Budget Constraints
  2. Doctored Data Cast Doubt on Argentina
  3. Germany’s bonus ultimatum to bankers
  4. PM satisfied as data suggests recession is over (Israel)

Sunday - August 16, 2009:

  1. Alabama bank failure is largest of ‘09
  2. Nigeria sacks heads of five banks
  3. Bears prowl Wall St as insiders dump stock ***
  4. Chinese Christmas exporters hit by global recession
  5. Biggest bank failure of 2009
  6. Inheritance tax blow for families with 3% charge on late payments to net Treasury £10million
  7. Know the Rules of the Credit Card Game
  8. U.S. video game sales down 29 percent in July report

Saturday - August 15, 2009:

  1. Allied Carpets sheds more than 850 jobs
  2. Bradford & Bingley admits 50% rise in home repossessions
  3. Cash-Strapped D.C. Area Governments Try to Snap Up Discounted Parkland
  4. Drops in Consumer Confidence, Prices Temper Recovery Hopes
  5. Foreign holidays slump 17% in 'staycation' boom as Brits remain at home
  6. I'll axe 30 ministers and cut Cabinet pay by 25%, says David Cameron
  7. Income Inequality Is At An All-Time High: STUDY
  8. JAPAN: Record drop of 8.5 per cent in July’s wholesale prices
  9. 'Second wave' of repossessions feared despite 10% fall in number of those made homeless
  10. Spain still mired in recession as economy shrinks more than expected

Friday - August 14, 2009:

  1. Battered Brown faces fresh blow as France and Germany come out of recession ahead of Britain
  2. Negative equity affects around 2m households
  3. Optimism Bypasses Consumers
  4. Retail sales fall, new jobless claims rise
  5. Russian truck maker KamAZ posts $50 mln half-yearly loss
  6. Shares close at year high after Germany and France pull out of recession
  7. This lays bare the human crisis: What a terrible time to be young and jobless
  8. U.S. Economy: Sales Unexpectedly Fall on Job Losses
  9. Will 'cash for clunkers' tank the used car market?

Thursday - August 13, 2009:

  1. 'A Recovery Only a Statistician Can Love'
  2. Americans working much harder – for less pay
  3. Fed says economy is leveling out
  4. Fed Treasury Buying to Slow Before Ending in October
  5. Federal stimulus dollars bring Clinton to The Ex
  6. Israel's Real Estate Market Remains Hot
  7. 'It's worse than we thought'- Feeble economic recovery will doom more firms, says Mervyn King
  8. States cut aid to college students as demand booms
  9. Record home-price fall last quarter
  10. Russia's budget deficit hits 4.3% of GDP in 7M09
  11. UK unemployment jumps 220,000 to 2.4 million

Wednesday - August 12, 2009:

  1. 5 downsides to 'cash for clunkers'
  2. Bank of America faces more bonus embarrassment
  3. Banks punishing borrowers with highest ever rates to increase their profit margins
  4. China's recovery: Is it for real?
  5. Dirty, dangerous jobs -- and in demand
  6. Elizabeth Warren says banks' toxic assets are still a threat
  7. Forget the budget - raise the debt ceiling
  8. Thirty-Somethings Find Home in the Army
  9. US banking crisis far from over, Congress warns

Tuesday - August 11, 2009:

  1. 28 percent of 500 top local companies lost money in 2008
  2. A pessimist's prediction Hyperinflation
  3. Ailing States Face Bleak Outlook in Next Fiscal Year
  4. Bank of Israel to cease daily purchases of $100m
  5. Barclaycard to cause hardship for poorer customers as it ups interest rates
  6. Debt Burden to Weigh on Stocks **
  7. Banks make $38bn from overdraft fees
  8. Obama and the 'B' Ark economy
  9. Rally's fate up to shoppers, Fed
  10. Romania could sack 150,000 state employees
  11. Russia's Central Bank cuts refinance rate to 10.75% p.a.
  12. States bank on gambling to boost revenue
  13. Topsy-Turvy Dollar-Shekel: Bank of Israel Stops Massive $ Buys
  14. U.S. recession seen ending in third quarter

Monday - August 10, 2009:

  1. French workers pull few punches in fight to keep jobs
  2. Economic outlook Oil prices cloud recovery hopes
  3. Gas prices climb over $3 a gallon in Silicon Valley
  4. Revealed: The 'secret plan' being hatched by the Tories to raise VAT to 20%
  5. Deficit grew by $181 billion in July

Sunday - August 9, 2009:

  1. Bubble or Bounce, Tech Stocks Are Soaring
  2. Florida bank failures bring 2009 tally to 71
  3. Geithner asks Congress for higher US debt limit
  4. No new Calif. textbooks until 2016
  5. Petrol prices set to rise by 5p a litre by September as wholesale costs soar
  6. Postal strike chaos will dog rest of August as union announces new dates
  7. Premiers put weight behind push

Saturday - August 8, 2009:

  1. AIG Posts $1.82 Billion Profit, First Since 2007
  2. Republicans react to jobless report
  3. Congress may extend unemployment benefits
  4. Ethics @ Work Hall of nine-figure fame
  5. Execs still get raises as UC cuts staffing, pay
  6. How debit cards fleece consumers
  7. Mortgage Giants' Revamp Disputed
  8. Obama ‘Worst may be behind us’ on economy
  9. U.S. food stamp list tops 34 million for first time
  10. U.S. loses fewer jobs in July, jobless rate eases

Friday - August 7, 2009:

  1. Bair Supports Reining in ‘Eye-Popping’ U.S. Banker Compensation
  2. Bank of England set to continue 'printing' more money as economy shows early signs of recovery
  3. Bank of England to pump another £50bn into economy
  4. Credit card holders unduly whacked?
  5. Goldman Sachs' Cohen says new bull market has begun
  6. Job loss recovery may take years
  7. Postal workers to strike over pay and jobs
  8. About half of U.S. mortgages seen underwater by 2011
  9. Rupert Murdoch plans charge for all news websites by next summer
  10. Russia's gas exports down 45% to 48.8 bln cu m in 1H09
  11. U.S. Considers Remaking Mortgage Giants
  12. Weekly jobless claims drop more than expected

Thursday - August 6, 2009:

  1. Bad debts plunge Lloyds Banking Group £4bn into the red
  2. Channel 4 to axe News at Noon and More4 News
  3. Unemployment still high in China
  4. Consumer bankruptcies soar 34% in July from a year ago
  5. Despite £4bn losses the top banker at Planet Lloyds is bringing back bonuses
  6. Factory Orders Increase 0.4%; Ex-Transport Rises 2.3%
  7. French workers attack director at factory
  8. Gingrich shreds Obama's economic policies
  9. Mortgage aid only trickling out
  10. Standard Life profits slump 35%
  11. U.S. Economy: ISM Service Gauge Shrank at Faster Pace
  12. U.S. jobs, services data raise recovery worries
  13. UBS performance pay rises despite Sfr1.8bn loss
  14. White House: US has pulled far back from depression
  15. Why are company insiders selling?

Wednesday - August 5, 2009:

  1. 'Big bonuses: It would be wrong to stop paying them'
  2. Fall in power demand 'unprecedented' says Drax
  3. Fed to Strengthen Bank Examinations With Expert Teams
  4. Geithner Vents at Regulators as Overhaul Stumbles
  5. Goldman CEO Tells Employees to Tone Down Spending
  6. June consumer spending, pending home sales rise
  7. Obama's tax increase hammers middle-income Americans
  8. Post Office Looking at Closing up to 1,000 Offices
  9. European markets slip after mixed earnings
  10. Southern states an epicenter for U_S_ job losses
  11. Russia's GDP to shrink 7% in 2009, grow 3.5% in 2010: Fitch
  12. Housing plan offered help to 15 pct of borrowers
  13. VTB Group posts worse than expected $661 mln net loss in Q1
  14. Warning: 'Cap and trade' not DOA

Tuesday - August 4, 2009:

  1. Barclays and HSBC buoyed by investment banking boom
  2. Biggest tax revenue drop since 1932
  3. Homeowners 'to be stuck in negative equity for at least five years'
  4. JAPAN: Salaries slide in Japan -7.1% in June
  5. Russia's Reserve Fund down 4.9% to $89.9 bln in July
  6. Signs of Healing in Housing, Manufacturing Lift Stocks
  7. Stimulus cash lifts states, localities
  8. The price of U.S. recession is paid in jobs
  9. Toyota plant in Russia closes; send workers on two-week vacation

Monday - August 3, 2009:

  1. 69 US banks go belly up in 2009, 24 fail in July
  2. Banks wriggling out of paying job insurance claims because of 'weasel clauses'
  3. California public union OKs strike authorization
  4. Disgraced fatcat bankers to pocket record £4bn in bonuses despite bringing the economy to its knees
  5. Geithner Won’t Rule Out New Taxes for Middle Class
  6. Obama officials eye more jobless aid, weigh taxes
  7. Obama officials: No guarantee on taxes

Sunday - August 2, 2009:

  1. Africa aid flights in jeopardy as crisis hits wealthy nations
  2. Alabama County Faces Major Layoffs
  3. By Year’s End, Benefit Lifeline to End for 1.5 Million Jobless
  4. Recession Worse Than Prior Estimates, Revisions Show
  5. Regulators shut down banks in five states
  6. Signs of weakness in economy boost Treasurys
  7. Obama Says U.S. Has ‘Many More Months’ Before Full Recovery

Saturday - August 1, 2009:

  1. BA posts £148m loss and remains gloomy on industry prospects
  2. Bad news for Brown as IMF says Britain's debt crisis is the worst among major economies
  3. Cuba shuts factories, cuts energy to save economy
  4. House OKs compensation restrictions
  5. How bailed-out U.S. banks kept on dishing out bonuses
  6. Man who was Iceland's 2nd richest is bankrupt
  7. Obama guardedly optimistic about economy
  8. Obama says GDP to show contraction, job losses
  9. Pushed by recession, millions make dramatic job changes
  10. Routes axed as British Airways dives £148 million into the red
  11. Shaky consumer spending keeps US economy in the mire
  12. Shell warns of job cuts as profits fall 70%
  13. The recovery puzzle's missing piece
  14. UPDATE: Air India Plans To Cancel Order For 6 Boeing 777s

Archives --

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