economy: who will be hit the hardest in the mortgage crisis - 10/09/08 12:17 PM

Mr. Prashant Gopal of Business week wrote an article about the financial crisis and what towns will be hit the hardest.
10 Towns That Will Be Hit Hardest
1. Darien, Conn.Share population in finance and real estate: 27.23%Nearest large city: New YorkPopulation: 20,666Median salary: $168,687
2. Bloomington, Ill.Share population in finance and real estate: 26.31%Nearest large city: ChicagoPopulation: 70,395Median salary: $54,971
3. Hoboken, N.J.Share population in finance and real estate: 23.33%Nearest large city: New YorkPopulation: 40,002Median salary: $81,356
4. West Des Moines, IowaShare population in finance and real estate: 22.15%Nearest large city: Des MoinesPopulation: 54,627Median salary: $61,303
5. Garden … (0 comments)

economy: Stock Market Crash? yes! - 10/09/08 12:11 PM
The Dow ended the day at its lows, finishing down 678.91, or 7.3 percent, at 8,579.19. T
he blue chips hadn't closed below 9,000 since June 30, 2003, and haven't closed at this level since May 21, 2003.
The Dow's 2,271-point tumble over the last seven sessions is its steepest seven-day point drop ever.
Its seven-day percentage decline of 20.9 percent is the largest since the seven-day plunge ending Oct. 26, 1987, when the Dow lost 23.8 percent.
That sell-off included Black Monday, the Oct. 19, 1987 market crash that saw the Dow fall nearly 23 percent in a single day.
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economy: Unemployment is the real problem - 10/04/08 04:02 AM
Jobs are vanishing at the fastest pace in more than five years with pink slips likely to keep stacking higher in the months ahead,
an urgent signal the country may be careening toward a deep and painful recession just as Americans prepare to elect a new president.
 It was the ninth straight month of job losses.
Over the last year, the number of unemployed people has risen by 2.2 million to 9.5 million.
Even with Congress' unprecedented $700 billion financial bailout, the faltering economy and the jobs market probably will get worse.
The unemployment rate could hit 7 or 7.5 percent … (0 comments)

economy: We need the bailout! - 09/25/08 07:40 AM
We need the Bailout. No matter how much it hurts. the outcome is worse.
Economic reports are staggering besides the weak housing report,
new claims for unemployment benefits shot up last week to the highest level in seven years. Orders to factories for big-ticket manufactured goods fell by a much-bigger-amount than expected amount of 4.5 percent in August. Both indicate the rising pressures facing the economy.
The big drop in new home sales the steepest housing downturn in decades. That housing slump has contributed to a record surge in mortgage defaults, 
billions of dollars in losses by financial firms severe credit … (0 comments)

economy: and some not so good news - 09/25/08 07:14 AM
New home sales tumbled in August to the slowest pace in 17 years, while the average sales price fell by the largest amount on record, demonstrating the depth of the problem that Washington is trying to solve.
New home sales have been slow across the country.
The Commerce Department said Thursday that new homes sales fell by 11.5 percent in August to a seasonally adjusted annual sales rate of 460,000 units, the slowest sales pace since January 1991.
It was a much bigger sales decline than the small 1 percent drop that economists had been expecting. The average price of a … (0 comments)

 

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