Chrysler declares bankruptcy

By Jerry White 1 May 2009 Chrysler—the third largest US automaker—filed for bankruptcy in New York Thursday, announcing that it would close its manufacturing facilities until it emerges from a Chapter 11 reorganization. The move threatens the livelihoods of 54,000 hourly and salaried workers in the US and Canada and hundreds of thousands of retirees [...]

U.S. Economy: GDP Shrinks in Worst Slump in 50 Years « Pak Alert Press

Bob Willis Bloomberg April 30, 2009 The U.S. economy plunged again in the first quarter, making this the worst recession in at least half a century. Gross domestic product dropped at a 6.1 percent annual pace, weaker than forecast, after contracting at a 6.3 percent rate in the last three months of 2008, the Commerce [...]

Bank Lending Keeps Dropping

Oxdown Gazette April 22, 2009 This Wall Street Journal article confirms a milestone of what Krugman, Galbraith, Stiglitz, Prins and many others have been predicting. The TWELVE TRILLION that is being floated to insolvent US banks is essentially being looted in the paper economy. As Hugh has pointed out so often, it is not getting [...]

Freddie’s Acting CFO Found Dead

The acting chief financial officer of Freddie Mac, David Kellermann, was found dead at his suburban Washington home early Wednesday. Officer Shelley Broderick of the Fairfax County Police Department in Virginia said there were “no signs of foul play” when police found Mr. Kellermann’s body after responding to a call made at 4:48 a.m. ET. [...]