At least twenty-five states, including several of the nation’s largest, face budget shortfalls in fiscal year 2009. Of these 25 states, specific estimates are available for 22 states and the District of Columbia; the combined deficits of these 22 states plus the District of Columbia are expected to total at least $39 billion for fiscal 2009 — which begins July 2008 in most states. Another 3 states expect budget problems in fiscal year 2010, although some of those gaps may occur earlier than expected. Many of the other states have not yet released information about their fiscal status.
How could they allow a glorified shell game via wall street on residential properties with these kinds of implications?
But it wasn't until I read this article did I realize just how much trouble we are in.
"The U.S. dollar is a 'faith-based currency' dependent on the credibility of a central bank"
-- Dallas Federal Reserve Bank President Richard Fisher
The world's faith in the U.S. Dollar is based on not just on the credibility of our central bank (aka the Federal Reserve), but reflected in how they manage their own portfolio.
The National Bureau of Statistics (NBS) on Thursday released an upward revision of 2007 gross domestic product (GDP) that showed growth of 11.9 percent, or 0.5 point more than the initial estimate.
A statement from the agency said that last year's GDP was 291.1 billion yuan (about $41.63 billion) larger than originally estimated, which meant that GDP was 24.953 trillion yuan last year
Trade matters: the US is forced to borrow $2.14 billion per day (net) from abroad even in the middle of the worst financial crisis since at least the 1930s
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Today’s Dept. of Commerce report on US losses in global business during February again provides a window into the remarkable power of the debt industry, their “expert” retainers and a largely clueless and/or extremely cynical media.
The US is in a financial crisis that is finally being admitted to be the worst since at least the 1930s.
Today’s report confirms that in the 29 days of February, the US spent $62.3 billion more on foreign-made goods and services than it was able to earn from all exports of US-made goods and services. That is, even with the US in financial crisis, it was forced to borrow – net -- another $2,145,000,000 every single day in February. This represents an accelerated pace of daily net borrowing (or asset sales) from January.
there had been a "collective failure" to grasp the extent of leverage in the financial system and the risk that it could be unwound in a disorderly fashion. Conditions may get worse as the limping U.S. economy leads to more credit losses
Intel Capital, Intel Corporation's global investment organization, today announced its second China investment fund, the Intel Capital China Technology Fund II. The new US$500 million fund will be used for Intel Capital investments in wireless broadband, technology, media, telecommunications and “clean tech” that complement Intel's corporate initiatives and help expand technology market segments in China
Members of the Federal Reserve's policy-setting committee worried at their most recent meeting that housing and financial market stress could trigger a nasty slide in the economy, even as inflation pushed higher, minutes of the meeting released on Tuesday show.
Former Federal Reserve Chairman Paul Volcker said the central bank's loan to an investment bank last month was at ``the very edge'' of its legal authority.
I went in for an interview for a job last week for which a recruiter from a local recruiting firm had submitted my resume. The recruiter had already placed someone from India in this particular downtown Seattle company about a month before. In fact, the Indian made note of all the interview questions that he was asked in order to get the job, and forwarded those questions, with the answers, to the recruiter in an email. This cheat-sheet was then forwarded to me via the recruiter, and I was even given contact information for this Indian so that I may get a first hand interview prep if desired.
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