Biden: We Can't Recover All the Jobs Lost.

Vice President Joe Biden gave a stark assessment of the economy today...

IMF WARNING: Global economic crisis is far from over. Despite tentative signs of recovery.

Speaking in the run-up to the IMF's spring meeting in Washington, Dominique Strauss-Kahn, its managing director, said: “Despite some red lights and green lights ... our belief is the crisis is far from over. We have long months of economic stress in front of us.”

http://business.timesonline.co.uk

Obama will make U.S. worse than Cuba…..

"This creates for us a higher deficit than Cuba's. This is not the kind of position we want to put the United States in," Republican Minority Leader Mitch McConnell…

Other Republican critics of Obama's spending policies, including his nearly 800-billion-dollar economic stimulus package, have variously warned that he risks turning the country into Argentina, France, Germany, or Zimbabwe….

Read more U.S worse than Cuba….

Source: www.breitbart.com

The U.S. consumer:‘CAN'T SAVE MONEY’. ‘Feel won't be better off until 2010’. Their Living in ‘Fantasy land’.

Findings from the survey by America's Research Group released on Tuesday pointed to tough times ahead for U.S. retailers, who have their seen their sales plummet as shoppers have cut back on all but the most essential purchases…

Read more The downfall of the U.S. Consumer…

Source: www.reuters.com

Dire forecast from the World Bank

The World Bank predicted Sunday that the global economy would shrink in 2009 for the first time since World War II..

Until now, even extremely pessimistic forecasters have predicted that the global economy would eke out a tiny expansion but had warned that even a growth rate of 5 percent in China would be a disastrous slowdown, given the enormous pressure there to create jobs for the country's rural population...

Read more World Bank offers dire forecast...

Source: www.breitbart.com

AIG gets another $30 billion cash infusion

The U.S. government is preparing to loosen the terms of its huge loan to the American International Group and provide another $30 billion to the insurer as it prepares to report a $62 billion quarterly loss, the biggest in history, on Monday, people involved in the discussions said Sunday night….

Read more AIG bailout continues…

Source: iht.com

Reliving the 1930’s – Chance for U.S. depression now 20%

The most serious concern is that the downturn will become something worse than the largest recession of the post-World War II period -- 1982, when real per capita GDP fell by 3% and the unemployment rate peaked at nearly 11%.

Could we even experience a depression (defined as a decline in per-person GDP or consumption by 10% or more)?

Read more possible depression in U.S.

Source: breitbart.com

Merrill Lynch executives now facing bonus money probe

New York’s attorney-general issued subpoenas Wednesday night to seven executives from Merrill Lynch, each of whom received a bonus of more than $10m for 2008, calling on them to give depositions concerning those payments.

Prosecutors from the office of Andrew Cuomo have been investigating the early payment of $3.6bn in cash bonuses at Merrill Lynch since late January, when they were first disclosed by the Financial Times...

Read more Seven Merrill executives face bonus probe

Source: www.ft.com

Stock Market Gives Obama’s First Month An 'F

Today marks the one-month anniversary of President Obama’s inauguration. In his brief time in office, the president has overseen three massive new spending initiatives — the $787 billion stimulus bill, the trillion-dollar financial stability initiative and, most recently, the $275 billion mortgage assistance program...

Read more Stock Market Gives Obama’s First Month An 'F

Source: wowowow