Catabolic collapse described by the inimitable Archbishop of Doom, Dmitry Orlov. …The decade will be marked by many instances of autophagy, in business, government, and in the higher echelons of society, as players at all levels find that they are unable to control their appetites or alter their behavior in any meaningful way, even in […]
From Calculated Risk: The Federal Reserve reports: Consumer credit decreased at an annual rate of 3-1/4 percent in the third quarter of 2009. Revolving credit decreased at an annual rate of 7-1/4 percent, and non-revolving credit decreased at an annual rate of 1 percent. In October, consumer credit decreased at an annual rate of 1-3/4 […]
From Calculated Risk: Back in September, David Leonhardt wrote on the job churn rate in the NY Times: Try thinking of it this way: All of the unemployed people in the country are gathered in a huge gymnasium that’s been turned into a job search center. The fact that this recession is the worst […]
The number of food stamp recipients has climbed by about 10 million over the past two years, resulting in a program that now feeds 1 in 8 Americans and nearly 1 in 4 children. Food Stamp Usage Across the Country Technorati Tags: financial collapse,poverty,North America
Climate change is one of the biggest challenges facing mankind. It claims many lives. And it also costs a great deal, given the rising trend in weather-related natural catastrophes and resulting losses. Whilst a number of factors are involved, there is clear evidence indicating that one cause is climate change. Climate protection is necessary and […]
By Tim McGirk Monday, Oct. 19, 2009 …Depending on your point of view, the World is either the apex of mankind’s ingenuity or a cautionary tale about the feverish excesses of Dubai’s 21st century boom. Each island was selling for $15 million to $50 million, by invitation only: its developers were pitching the spits of […]
By Richard Ingham PARIS (AFP) — Estimates vary widely on the costs of damage from climate change, easing these impacts and taming the carbon gas stoking the problem, but economists agree the bill is likely to be in the trillions of dollars. Figures depend on different forecasts for greenhouse-gas emissions and the timeline for reaching […]
From Calculated Risk: No one saw this coming … From Bloomberg: Dubai Debt Delay Rattles Confidence in Gulf Borrowers Dubai is shaking investor confidence across the Persian Gulf after its proposal to delay debt payments risked triggering the biggest sovereign default since Argentina in 2001. … Moody’s Investors Service and Standard & Poor’s cut the […]
By RUTH SIMON and JAMES R. HAGERTY The proportion of U.S. homeowners who owe more on their mortgages than the properties are worth has swelled to about 23%, threatening prospects for a sustained housing recovery. Nearly 10.7 million households had negative equity in their homes in the third quarter, according to First American CoreLogic, a […]
From Calculated Risk: The chart shows overall U.S. property total returns, quarterly (at annual rates) and lagging four quarters. This appraisal-based, lagging index shows sharp negative returns exceeding the deterioration of the RTC (Resolution Trust Corp.) period of the early 1990s. Second quarter 2009 returns indicate the possibility that total returns, while still negative, may […]
