The Return Of The Great Depression » News

10.2% unemployment

voxday — Fri, 06 Nov 2009 14:54:25 +0000

Jobless rate tops 10 pct. for first time since ‘83. Unemployment rate tops 10 percent for first time since 1983; 190,000 jobs lost in October. Nearly 16 million people can’t find jobs even though the worst recession since the Great Depression has apparently ended. Many economists worry that persistently high unemployment could undermine the recovery by restraining consumer spending, which accounts for 70 percent of the economy.

The Labor Department said Friday that jobless rate rose to 10.2 percent, the highest since April 1983, from 9.8 percent in September.

FDIC closes banks 107-115

voxday — Sat, 31 Oct 2009 12:37:48 +0000

U.S. Bank, NA, of Minneapolis, Minnesota, Assumes All of the Deposits of Nine Failed Banks in Arizona, California, Illinois and Texas The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement with U.S. Bank, NA, of Minneapolis, Minnesota, a wholly-owned subsidiary of U.S. Bancorp, to assume all of the deposits and essentially all of the assets of nine failed banks. The nine banks were closed this evening by federal and state bank regulators, which appointed the FDIC as receiver.

The nine banks involved in today’s transaction are: Bank USA, National Association, Phoenix, Arizona; California National Bank, Los Angeles, California; ...more

First-time jobless claims drop less than expected

wnd — Thu, 29 Oct 2009 13:59:24 +0000

The Labor Department said Thursday its tally of newly laid-off workers seeking unemployment insurance fell by 1,000 to a seasonally-adjusted 530,000. Analysts expected a steeper drop to 521,000….

“Recession unofficially ends”

voxday — Thu, 29 Oct 2009 13:50:51 +0000

Recession unofficially ends as economy grows 3.5 percent. The U.S. economy grew in the third quarter for the first time in a year, beating market expectations, as consumer spending and new home-building rebounded, signaling the end of the worst recession in 70 years.

While the stock market and the mainstream economists are busy celebrating the end of the recession, it is probably wise to contemplate the reliability of these GDP Advance reports before joining in the party. Less than a year ago, the Q4 2008 Advance reported -3.8 percent growth, which was revised downward to -6.2 percent growth in ...more

Stocks slammed

wnd — Wed, 28 Oct 2009 22:57:42 +0000

Stocks tumbled Wednesday afternoon, led by the tech-fueled Nasdaq, as a weaker-than-expected new home sales report added to questions about the strength of the economic recovery.

If Government Pays Us to Spend, Then Spend We Will: Caroline Baum

wnd — Wed, 28 Oct 2009 22:56:46 +0000

The declines in employment and real personal income less transfer payments are one reason Main Street won’t be celebrating Thursday’s news on gross domestic product.

Housing sales drop “unexpectedly”

wnd — Wed, 28 Oct 2009 22:55:49 +0000

Two economic indicators over the past week indicate that the recovery may have trouble getting off the ground. Today, the Commerce Department reported a sharp drop in sales of new homes after a few months of tepid increases fueled by a tax break.

New-Home Sales Tumbled in September

wnd — Wed, 28 Oct 2009 22:54:38 +0000

The stunning drop in prices has lured some buyers back this year, as have low interest rates. But a jobless rate of nearly 10% is keeping others away from the housing market.

Get ready, America: Great Depression 2.0

wnd — Wed, 28 Oct 2009 22:53:47 +0000

Vox Day, a WND columnist, asserts in “The Return of the Great Depression,” by WND Books, the U.S. is only now entering the early stages of the Second Great Depression.

None dare call it Depression

wnd — Wed, 28 Oct 2009 22:52:58 +0000

“….if you care about truth, reality and the future of your country, you need to read “The Return of the Great Depression.”