Recession

Walk Away If Mortgage Underwater Says Professor

Michael Santo — Sun, 29 Nov 2009 12:23:42 -0600

A new academic paper urges homeowners who are "underwater," meaning who owe more than the value of their home to walk away. Brent T. White, a University of Arizona law school professor, added that they should feel no remorse or guilt in doing so.

Food Stamps Fast Becoming Norm for Struggling Families

Cheryl Phillips — Sun, 29 Nov 2009 10:14:21 -0600

Food stamps are no longer carrying the stigma that they did years ago. Now re-named the "SNAP" program (Supplemental Nutrition Assistance Program), more than 36 million people in the United States use a monthly food benefit to help feed their families in these unstable economic times. Once viewed as a program that fed people who didn't want to work, it now helps feed one in eight Americans and one in four children.

New Unemployment Claims Lowest In A Year

Michael Santo — Wed, 25 Nov 2009 09:05:57 -0600

New unemployment numbers issued by the Federal government on Wednesday show a slowing in new jobless claim applications. Initial claims for the week ending Nov. 21st were a seasonally adjusted 466,000, down from a revised 501,000 in the prior week. This is the lowest level in more than a year.

Professor Says Worst In Jobs Yet To Come

Michael Santo — Tue, 17 Nov 2009 10:52:45 -0600

Grow old with me, the best is yet to be; that's a famous quote from Robert Browning. Nouriel Roubini is professor of Economics at the Stern School of Business at New York University and Chairman of Roubini Global Economics would say to job seekers, "the worse it yet to come."

EU Announces Exit From Recession

Michael Santo — Sat, 14 Nov 2009 10:38:53 -0600

Although statistically, at least for one quarter, the United States is officially out of recession, there are some who doubt it. Thus, the wait is on to see feedback on this news: the European Union says it is now out of recession as well.

Commercial Lender CIT Group Files Ch. 11 Bankruptcy

Michael Santo — Sun, 01 Nov 2009 15:28:57 -0600

Commercial lender CIT Group filed for Chapter 11 bankruptcy protection in New York court on Sunday. CIT specializes in lending to small and medium-sized businesses.

Consumer Spending Plummets in September

Michael Santo — Fri, 30 Oct 2009 08:39:26 -0500

The Commerce Department said Friday that consumer spending in September dropped precipitously. Although statistics seem to indicate the recession is over, the American public, it seems, is not convinced.

Recession Over According to Statistics

Cheryl Phillips — Thu, 29 Oct 2009 13:32:25 -0500

The Commerce Department says the GDP grew at an annual rate of 3.5 percent last quarter, the first positive quarterly growth in a year, and the largest quarterly advance since the third quarter of 2007. This unofficially marks the end of the worst recession in 70 years.

New Jobless Claims Drop Less Than Expected

Michael Santo — Thu, 29 Oct 2009 10:50:06 -0500

Is the recession over? If you look at the figures released today which focus on GDP and retail, you might say yes. If you look at unemployment numbers, you might say no.

McDonald's leaving Iceland

Seamus Esparza — Tue, 27 Oct 2009 18:33:44 -0500

The first country to be hit hard by the recent economic downturn, Iceland, will be loosing its' two McDonalds. Considered a microcosm for the world's financial systems, until the global credit crunch of last year it was a financial miracle with the highest GDP per capita in the world.

One Hundredth Bank Failure in the U.S.

Michael Santo — Fri, 23 Oct 2009 19:36:42 -0500

On Friday, federal regulators shut down Partners Bank in Florida. With that, bank closings for 2009 have reached 100.

The Obama Administration Unveils New Mortgage Help

Michael Santo — Mon, 19 Oct 2009 15:09:34 -0500

On Monday, the U.S. federal government launched a new program aimed at helping to stabilize the U.S. housing market. The program will use government-backed mortgage giants Fannie Mae and Freddie Mac to provide temporary financing for housing finance agencies.