“We can have confidence in the long term foundation of our economy. And I believe we will come through this challenge stronger than ever before.”
– George W. Bush (15 July 2008)
– More than half Americans say they are ‘struggling’: poll (AFP)
– Solbes Says Spain Faces Deepest Recession in 50 Years (Bloomberg)
– California to delay some payments (LA Times)
– GE Capital May Cut as Many as 11000 Jobs This Year (Bloomberg)
– Two US banks fail, first casualties in 2009 (Reuters)
– 21000 Jobs Worldwide Erased in Day as Recession Chokes Demand (Bloomberg)
– £200bn to save banks from bad debt (Telegraph):
The taxpayer will be forced to underwrite up to £200 billion of bad banking debt under a government plan to take control of assets belonging to Britain’s major high street lenders, The Daily Telegraph can disclose.
– Honda halts production for another two months as car misery continues (Telegraph)
– Latvia Is Shaken by Riots Over Its Weak Economy (New York Times)
– Barclays loses billions off its share value (Times Online)
– Dubai Skyscraper Delayed Amid Cutbacks, Layoffs (Wall Street Journal):
DUBAI — Construction of a one-kilometer-tall tower slated to be the world’s tallest has been delayed by its government-owned developer, in a sign of how a city that seemed to have limitless resources and ambition now is struggling to avoid a hard crash.
– British Tax Haven’s Safety, Secrecy Face Brown, Obama Challenge (Bloomberg)
– Ireland Is In Trouble (George Washington’s Blog)
– ConocoPhillips to Eliminate About 1300 Jobs, Cut Capital Spending (Wall Street Journal)
– World Demand Collapse, Bonds Next (Gold-Eagle)
– The Fed’s Bubble Trouble Will Cause Rates to Spike and Spawn Hyperinflation (Money Morning)
– Exclusive Interview with Jim Rogers: Inflation Is Coming (Seeking Alpha)
– Peter Schiff – Credit Where Credit is Due (Motley Fool)
– Jim Rogers: US creditor nations to shun Treasuries (Reuters):
“If I were the Chinese, I wouldn’t buy another single U.S. government bond,” said Rogers, who was speaking by teleconference in an interview with Reuters. “I can’t imagine anybody is going to give the U.S. government money for 30 years at 2.5 percent or even 4 percent or 4.5 percent. It’s mind boggling to me.”
– Retailers who have filed for bankruptcy protection (AP)
– Reviving the world’s burst-bubble economy seems further away than ever (Telegraph)
– Bank crisis reignites as US giants post massive losses (Independent)
– Monetary union has left half of Europe trapped in depression (Telegraph)
– The Recession crimewave (Independent)