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Latest Articles: United States News
Fannie Mae's 2009 total loss: $74.4 BILLION (US Taxpayer picks up bill)
Post Date: 2010-02-26 18:49:56 by Nebuchadnezzar
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Fannie Mae posts loss, seeks more government funds Corbett B. Daly and David Lawder WASHINGTON Fri Feb 26, 2010 6:16pm ESTWASHINGTON (Reuters) - Fannie Mae, the largest provider of residential mortgage funds, on Friday reported a loss of $16.3 billion for the fourth quarter of last year and said it requested $15.3 billion from the Treasury to keep its net worth in positive territory. Housing Market The government-controlled company said it would need additional taxpayer funds in the future to continue operations. Fannie Mae said the quarterly loss came as rising defaults kept credit-related expenses elevated at $11.9 billion, though expenses were almost half the third quarter level of ...
Freddie Mac: Delinquencies Increase Sharply in January
Post Date: 2010-02-26 17:40:32 by Nebuchadnezzar
1 Comments
Freddie Mac: Delinquencies Increase Sharply in January by CalculatedRisk on 2/26/2010 02:24:00 PM Here is the monthly Freddie Mac hockey stick graph ... Freddie Mac Seriously Delinquent Rate Click on graph for larger image in new window. Freddie Mac reported that the rate of serious delinquencies - at least 90 days behind - for conventional loans in its single-family guarantee business increased to 4.03% in January 2010, up from 3.87% in December - and up from 1.98% in January 2009. "Single-family delinquencies are based on the number of mortgages 90 days or more delinquent or in foreclosure as of period end ..." Just more evidence of the growing delinquency problem, ...
Hummer May Rise From Grave
Post Date: 2010-02-26 13:31:58 by Badeye
36 Comments
Hummer May Rise From Grave The Wall Street Journal General Motors reportedly revisiting two previous offers for the brand. print email share recommend (0) General Motors Co. is looking at two offers for its Hummer brand after a deal to sell the line of sport utility vehicles to a Chinese manufacturer collapsed this week, a person familiar with the situation said Thursday. The latest suitors previously submitted bids for Hummer, which GM turned down in favor of a deal with China's Sichuan Tengzhong Heavy Industrial Machinery. But the auto maker is giving the bidders a fresh look after Tengzhong failed to win approval from Chinese regulators for its bid, the knowledgeable person ...
International Paper mill to close April 15- 800 possible jobs lesses
Post Date: 2010-02-26 13:21:29 by Nebuchadnezzar
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International Paper mill to close April 15 International Paper mill to close April 15 DEAN HOFFMEYER/TIMES-DISPATCH International Paper’s plant in Isle of Wight County across the Blackwater River from Franklin has long been a mainstay of the Southside economy. By AP Published: February 26, 2010 FRANKLIN — International Paper’s mill in Isle of Wight County is expected to close in April but some workers will remain on the job for several months. Mill spokesman Desmond Stills says the plant’s two remaining machines will be shut down April 15. A majority of employees will stay on the job until between April 15 and June 30. Others will continue working past June to ...
Another Big Miss: Existing Home Sales Down 7.2% In January (That will leave a mark!)
Post Date: 2010-02-26 13:19:10 by Nebuchadnezzar
9 Comments
Another Big Miss: Existing Home Sales Down 7.2% In January Vince Veneziani | Feb. 26, 2010, 10:29 AM Print Tags: Housing, Real Estate, Mortgages reduced homes Existing home sales plummeted to 5.05 million units in January compared to 5.44 million in December. This is solidly below the 5.5 million units that economists had been expecting. NAR: Existing-home sales fell in January but are above year-ago levels, according to the National Association of Realtors®. Existing-home sales – including single-family, townhomes, condominiums and co-ops – dropped 7.2 percent to a seasonally adjusted annual rate1 of 5.05 million units in January from a revised 5.44 million in December, ...
Storm Rakes East; More Than 1 Million In The Dark
Post Date: 2010-02-26 12:20:36 by Brian S
30 Comments
(02-26) 09:13 PST Hampton, N.H. (AP) -- A strong-willed winter storm that began with a whimper parked itself Friday over the Northeast, bringing hurricane-force winds, flooding and more than 2 feet of snow as it cut power to more than a million homes and businesses. Schools were canceled as far west as Cleveland and roads closed as far south as West Virginia as the slow-moving storm spent a second day parked over the region. The storm brought a wide array of calamity over a broad area after getting a slow start Thursday, when snow began falling in the Philadelphia region around dawn but didn't start sticking to the ground until dusk. It turned out that snow — 31 inches in ...
Obama To GOP: It’s Over
Post Date: 2010-02-26 11:01:54 by go65
12 Comments
Obama listened politely for six hours, with occasional flashes of temper, but in the end, the message was clear: It’s over. We’re moving forward without Republicans. Whether Obama and Dems will succeed in passing reform on their own is anything but assured, to put it mildly. But there’s virtually no doubt anymore that they are going to try — starting as early as tomorrow. That was the subtle but unmistakable message of Obama’s closing argument. After hours of hearing Republicans repeat again and again that only an incremental approach to reform is acceptable to them, Obama rejected that out of hand. Here’s the key bit from Obama: I’d like Republicans ...
President Fuck You Flips Off the American People
Post Date: 2010-02-26 10:24:57 by dont eat that
11 Comments
What a punk. How does this President of the United States handle a challenge? He gives you the finger. Today's piece of cheap theater orchestrated by the boulevardier-in-chief was his feeble attempt at bipartisanship. The fraud and his goons spent the year behind closed doors and attempted to ram this poison down our throats, but Americans woke up (thanks to L-Dopa) and fought back. Despite the pathetic attempt to paint the Republicans in a bad light (he finally agrees to an audience with Republicans but it has to be shot live), it was he and his quislings who looked small and untrustworthy. This little circus was very telling. Watching O look down his nose, literally, at the ...
Chicago Public Schools to fire 500 employees
Post Date: 2010-02-25 21:29:08 by Nebuchadnezzar
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CPS Announces Job Cuts, Paints Dire Budget Outlook Produced by Linda Lutton on Thursday, February 25, 2010 Chicago Public Schools is announcing today it’s cutting 500 employees. And district officials warned CPS will not be able to avoid “devastating consequences” without concessions from unions. The layoffs will begin in mid-March, and will affect central office staff and citywide workers. Budget officials say the district faces a $700 million shortfall next year, but that could hit $1 billion. HUBERMAN: We’re in the midst of 500 layoffs now. It is our sincere desire to avoid further layoffs, but it’s not up to us. It’s up to Springfield, and it’s up ...
Morganroth closing store in Great Falls
Post Date: 2010-02-25 19:19:39 by Nebuchadnezzar
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Morganroth closing store in Great Falls JO DEE BLACK Tribune Business Editor • February 25, 2010 Morganroth Music Center in Times Square at 525 Central Ave. in Great Falls will close Saturday. "This is a decision we've been tossing around for six months and analyzing," said Gary Bowman of Morganroth. "It's something we didn't want to do and held off as long as we could." Morganroth Music Center opened its second Montana location in Times Square in August 2007. The business still has a store in Missoula that will continue to operate, as well as a Web site. "We had no idea when we (opened in Great Falls) that the economy would tank like ...
Chase Bank to eliminate 247 jobs in Baton Rouge
Post Date: 2010-02-25 19:16:21 by Nebuchadnezzar
13 Comments
Chase Bank to eliminate 247 jobs in BR * Chase Bank is closing its account maintenance operations in Baton Rouge, a move that will eliminate 247 back-office jobs, the company announced today. The move is part of Chase’s efforts to increase efficiency by moving the account maintenance jobs to other larger centers with lower costs, said spokesman Greg Hassell. Chase will move the jobs to larger centers in San Antonio, Texas; Columbus, Ohio; and Houston. Chase will begin eliminating the jobs in 60 days and complete the process June 30, Hassell said. Workers will be offered the opportunity to relocate. Hassell said the account maintenance jobs’ movement will not affect customer ...
Davie Yards Files For Creditor Protection; To Cut 1,600 Jobs (Canada, but indicative)
Post Date: 2010-02-25 19:03:45 by Nebuchadnezzar
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Davie Yards Files For Creditor Protection; To Cut 1,600 Jobs DOW JONES NEWSWIRES Canadian shipbuilder Davie Yards Inc. (DAV.T) has filed for creditor protection in Quebec and plans to lay off nearly 1,600 employees, starting Monday. The Quebec-based company said shipbuilding activities will ...
Republicans Kick Obama's Worthless Ass at Health Care Summit [Full Thread]
Post Date: 2010-02-25 16:37:48 by dont eat that
67 Comments
Republicans are circulating quotes from all over about today’s summit on Obamacare. Their sampling of quotes: CNN’s WOLF BLITZER: “It looks like the Republicans certainly showed up ready to play.” (CNN’s “Live,” 2/25/10) CNN’s GLORIA BORGER: “The Republicans have been very effective today. They really did come to play. They were very smart.” (CNN’s “Live,” 2/25/10) BORGER: “They took on the substance of a very complex issue. … But they really stuck to the substance of this issue and tried to get to the heart of it and I think did a very good job.” (CNN’s “Live,” 2/25/10) BORGER: “They ...
U.S. state pension funds have $1 trillion shortfall: Pew
Post Date: 2010-02-25 12:43:11 by Nebuchadnezzar
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U.S. state pension funds have $1 trillion shortfall: Pew WASHINGTON Thu Feb 18, 2010 12:15am EST Related News * Japan min: public pension fund should seek higher returns Fri, Jan 22 2010 WASHINGTON (Reuters) - U.S. states face a total shortfall of at least $1 trillion in their funds for employees' pensions and retirement benefits, and their financial problems are quickly mounting, according to a report released by the Pew Center on the States on Thursday. Illinois is in the worst shape, with only 54 percent of its pension obligations funded, according to the report, which looked at fiscal year 2008. Because the analysis did not encompass the final six months of calendar year 2008 -- ...
The Obama recovery: Leaving the poor and middle class behind
Post Date: 2010-02-25 12:41:02 by Nebuchadnezzar
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Topic: Economic Policy Real, Uglier American Unemployment Economic inequality is shown by much higher unemployment rates with lower income households. The political use of a national unemployment rate is political propaganda designed to hide the real problem that is intractable.by Joel S. Hirschhorn (libertarian) Wednesday, February 17, 2010 Can you trust national averages? As bad as the jobless data you hear are, you have not been told the whole truth. If you think the terrible impact of America's Great Recession is shown by an official unemployment rate of about 10 percent, think again. Economic inequality and the myth of Reagan trickle down logic are shown by new data from the ...
Blockbuster to Close More Stores After Another Awful Quarte
Post Date: 2010-02-25 12:26:10 by Nebuchadnezzar
7 Comments
Blockbuster to Close More Stores After Another Awful Quarter By DAN BURROWS Posted 10:35 AM 02/25/10 Company News, Earnings, Blockbuster Struggling video-rental chain Blockbuster (BBI) posted another dismal earnings report for the fourth quarter -- a period that is usually its strongest because of the holidays. The company -- long under assault from Netflix (NFLX), rental kiosks and online video offerings -- shut down 253 of its U.S. stores in January. It now plans to shutter another 150 or so in April, and additional closures are planned for a total of between 500 and 545 stores in 2010. The latest moves follow Blockbuster's closure of 374 U.S. stores last year, which left it with ...
Police Escort Student Out Of Class After Refusal To Recite Pledge of Allegiance
Post Date: 2010-02-25 11:59:15 by Brian S
1 Comments
A middle school teacher in Montgomery County, Maryland, will have to apologize to a 13-year-old student after yelling at her and having her escorted out of class by school police when the student refused to recite the Pledge of Allegiance.According to the ACLU of Maryland, a 13-year-old female student at Roberto Clemente Middle School in Germantown refused to stand for the Pledge of Allegiance on Jan. 27. The teacher reportedly ordered the girl out into the hallway, where he threatened the girl with detention and then sent her to the school counselor's office.The next day, when the student again refused to stand for the pledge, the teacher called school officers to remove her from the ...
When will Obama start to blame Bush for the runaway inflation that is starting to happen?
Post Date: 2010-02-25 09:36:21 by dont eat that
2 Comments
http://online.wsj.com/article/SB10001424052748703315004575073121062315784.html Consumer prices are starting to rise unexpectedly… well only unexpectedly to the drones out there. Everyone else knows that you can’t deficit spend trillion in two years and not have inflation. How will Obama find a way to blame Bush for this?
PRESIDENT OBAMA, TALKING CRAP
Post Date: 2010-02-25 09:34:04 by dont eat that
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HE MIGHT HAVE A SILVER TONGUE, BUT THAT DOESNT MEAN PRESIDENT OBAMA IS NOT TALKING CRAP. IN FACT, THE CRAP TALKED BY BARACK OBAMA IS SOME OF THE MOST CRAPTASTIC CRAP TALK A CRAP TALKERS EVER TALKED.
California One Step Closer To Insolvency After State Cancels $2 Billion General Obligation Bond Sale
Post Date: 2010-02-25 00:35:17 by Nebuchadnezzar
22 Comments
California One Step Closer To Insolvency After State Cancels $2 Billion General Obligation Bond Sale Tyler Durden's picture Submitted by Tyler Durden on 02/24/2010 20:59 -0500 Five days ago a great white hope appeared for the great bankrupt Golden State (Baa1/A-), in the form of $2 billion in GO bonds, which were supposed to be promptly syndicated via underwriters JPMorgan and Morgan Stanley. This would have been the first bond sale for California since November: a critical milestone as the state creeps ever closer to a full-on default. Unfortunately, the creeping just turned into a casual jog after Jane Wells (@janewells) just tweeted that California has cancelled its bond sale ...
G.M. to Close Hummer After Sale Collapses
Post Date: 2010-02-24 19:02:35 by Skip Intro
29 Comments
G.M. to Close Hummer After Sale Collapses DETROIT — General Motors said Wednesday that it would shut down Hummer, the brand of big sport-utility vehicles that became synonymous with the term “gas guzzler,” after a deal to sell it to a Chinese manufacturer fell apart. The buyer, Sichuan Tengzhong Heavy Industrial Machines, said in a statement that it withdrew its bid because it was unable to get approval from the Chinese government, which is trying to put a new emphasis on limiting China’s dependence on imported oil and protecting the environment. In addition, people close to the negotiations had said that the biggest obstacle to emerge in the last few days was not ...
ConAgra Foods closing processing line in Idaho
Post Date: 2010-02-24 13:38:09 by Nebuchadnezzar
1 Comments
ConAgra Foods closing processing line in Idaho The Associated Press TWIN FALLS, Idaho (AP) - ConAgra Foods Lamb Weston in south-central Idaho says it will shut down one of its potato processing lines in September and some workers may lose their jobs. Spokeswoman Marti DeMoss says the Omaha, Neb.-based company expects to offer alternate jobs on other processing lines in Twin Falls to the majority of the 120 employees on the line being shut down. She tells The Times-News that layoffs will be minimal due to retraining and natural attrition. DeMoss says the production line makes french fries for retail and restaurants such as McDonald's but is outdated and demand has dropped off due ...
Mortgage Zombie Freddie Mac Reports Q4 Loss; Another $5 Billion In Taxpayer Money Out The Window To Support Fake Home Prices
Post Date: 2010-02-24 13:30:23 by Nebuchadnezzar
1 Comments
Mortgage Zombie Freddie Mac Reports Q4 Loss; Another $5 Billion In Taxpayer Money Out The Window To Support Fake Home Prices Tyler Durden's picture Submitted by Tyler Durden on 02/24/2010 09:22 -0500 From the press release: * Fourth quarter 2009 net loss was $6.5 billion. After the dividend payment of $1.3 billion to the U.S. Department of the Treasury (Treasury) on the senior preferred stock, net loss attributable to common stockholders was $7.8 billion, or $2.39 per diluted common share, for the fourth quarter of 2009. o Fourth quarter results reflect net interest income of $4.5 billion, a write-down of $3.4 billion of the carrying value of the company’s Low-Income Housing ...
Capital Flight out of Greece; Run on the Banks Underway; Greek Unions Stage Another Strike
Post Date: 2010-02-24 13:24:44 by Nebuchadnezzar
14 Comments
Capital Flight out of Greece; Run on the Banks Underway; Greek Unions Stage Another Strike Seeking to avoid taxes on bank accounts and sheltered income, Wealthy Greeks Send Money Abroad. Wealthy Greeks are pulling their money out of local banks and sending it abroad, fearing increased government scrutiny on assets and a run on the banks if Athens is forced to turn to the International Monetary Fund, according to private bankers and other people with knowledge of the situation. Part of the government's austerity package for this year is a declaration of war on income that hasn't been taxed. Clients of private banks also fear that Greece may be unable able to raise the €54 ...
Freddie Mac: "Potential Large Wave of Foreclosures" [Full Thread]
Post Date: 2010-02-24 13:22:51 by Nebuchadnezzar
61 Comments
Freddie Mac: "Potential Large Wave of Foreclosures" by CalculatedRisk on 2/24/2010 11:55:00 AM "We start 2010 with some early signs of stabilization in the housing market, with house prices and home sales likely nearing the bottom sometime in 2010. We expect that low mortgage rates, relatively high affordability and the homebuyer tax credit will help continue to fuel the recovery. Still, the housing recovery remains fragile, with significant downside risk posed by high unemployment and a potential large wave of foreclosures." Freddie Mac Chief Executive Officer Charles E. Haldeman, Jr. The quote is from the Freddie Mac Q4 earnings release: Freddie Mac Releases Fourth ...
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