Unemployment in Some States is Over 15 Percent
The unemployment rate in June passed the threshold of 10 percent in 16 U.S. states, while in Michigan the unemployment rate went over 15 percent. This is the first time a state has registered that high an unemployment rate since 1984, according to the U.S. Department of Labor.
In comparison, in May, the unemployment rate [...]
Buying a Car vs. Leasing: Which is Better?
If you’ve been thinking about buying a car and watching commercials your eye has probably been drawn to the low lease rates many carmakers offer. While it’s tempting to jump at the low monthly cost of leasing, is that the best financial choice? In general, the answer is no – buying a car [...]
Read more →Banks Knew About Real Estate Loan Crisis Beforehand
American banks knew ahead of time that real estate loans with high risk – known as sub-prime loans – would degenerate into a crisis says Yuliya Demyanyk, an economist at the Federal Reserve.
What was surprising for banks was the trigger time and the scale of crisis, says Demyanyk. “Most likely, the crisis was not [...]
Profits of American Financial Giants Go Through the Roof
The banks Citigroup and Bank of America continued good progress in announcing first quarter profits of $4.2 billion (3 billion euro) and $2.4 billion ( 1.7 billion euro).
In the same period last year, Citigroup, the beneficiary of aid $ 45 billion (32 billion euro) from the American state, made a loss of $ 2.5 billion, [...]
Paulson: “I Saved America From a Great Danger”
Former U.S. Treasury Secretary, Henry Paulson, said that “although our responses to the crisis have not been perfect, I believe strongly that they have saved the nation from a wide danger.”
“A lot more Americans would be now without jobs, business, economy and a way to live,” Paulson insisted, who has been accused in numerous occasions [...]
Using a Car Broker for Your Next Purchase
If you don’t have enough time or patience to shop for a new car you my want to consider using a car brokerage service for your next purchase. Car brokers are a relatively recent phenomenon, but it can be a great service for the right person.
As the name implies, car brokers takes on all [...]
Officials Battle over Poland’s Central Bank
The Governor of the National Bank of Poland wants to make sure reserves will be covered in case the zloty strongly fluctuates.
The conflict between President Lech Kaczyński and the Polish Prime Minister Donald Tusk about central bank activity had deep after Piotr Kownacki, head of the presidential cabinet, said the intention of the Warsaw government [...]
Joe Biden: “We Didn’t Realize How Badly the Economy Was Doing”
Vice President Joe Biden said recently that the Obama administration had underestimated how badly the U.S. economy was doing when it first took office.
Now, members of government are not optimistic. “I am skeptical regarding the impact of the program to stimulate the economy. I doubt that will produce something good, and if it will have [...]
Unemployment Rate Could Grow Until 2010
Unemployment could continue to grow in the United States until 2010, according to a study of analysts conducted by Reuters. This will likely make the Federal Reserve keep interest rates unchanged through nest year.
Results of this investigation were made public after the Labor Department announced that the job cuts rose in June, more than was [...]
Inflation Falls for the First Time in the E.U.
The annual inflation rate in the European Union fell in June for the first time, according to preliminary estimates by the Statistical Office of the European Union, Eurostat. Inflation went from 0% in May to -0.1% in June, just in the negative zone.
The data on inflation in the EU, in each Member State [...]
Stock Market Drags Down U.S. Pension Funds
The cratering stock market has been hard on individual investors around the globe, but large pension funds have suffered too. The Organization for Economic Cooperation and Development recently issued a report on how pension plans around the world have suffered in the financial crisis.
Overall, the unweighted average among pension funds around the world was [...]
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