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Originally posted by all2human
I just heard on CNN to expect a job loss rate of 200,000 per month!!
As you cringe over your mutual fund statements, you may be thinking, "This can't possibly get any worse!" Think again.
Even if the stock market treads water through the end of the year, mutual funds can still inflict financial pain. That's because your funds likely have an end-of-the-year gift waiting for you: a taxable capital gains distribution.
It's bad enough that fund returns have been awful this year, most worse than even the S&P 500's abysmal 33% loss, according to Morningstar. Now we have to brace for a second whammy.
Nov. 6 (Bloomberg) -- Bank of America Corp. offered a concession to the 15,500 brokers it will inherit from Merrill Lynch & Co., saying it will adopt an industry practice that allows them to quit without facing legal action.
The move, disclosed in a memo to employees yesterday, is Bank of America's second attempt in two weeks to stem defections from a unit that Chief Executive Officer Kenneth Lewis has called Merrill's ``crown jewel.'' Lewis on Oct. 24 said brokers who stayed will qualify for a bonus of as much as 100 percent of their annual revenue.
Nov. 6 (Bloomberg) -- Las Vegas Sands Corp., billionaire Sheldon Adelson's casino company, plunged in New York trading after saying it may default on debt and face bankruptcy.
The casino owner, which had $8.8 billion in long-term debt at the end of June, said in a regulatory filing today that it probably won't meet the requirements of some loans unless it cuts spending on development projects, boosts earnings at its Las Vegas Strip casinos and raises more capital.
NEW YORK -- Fidelity Investments said Thursday that it plans to lay off about 1,300 staff, starting later this month. The firm said that there will be a second round of layoffs in the first quarter of 2009, though details are still being finalized.
NEW YORK (Reuters) - As brutal as September was for hedge funds, October was even worse.
SAN FRANCISCO -- Weyerhaeuser said Thursday it is indefinitely closing its iLevel Veneer Technologies facility in Colbert, Ga. immediately. The closure will affect about 105 workers at the site. "Demand for engineered wood products continues to decline due to a slowdown in the housing market.
Number of Americans filing for unemployment insurance reaches 481,000, those continuing to receive benefits at 25-year high.
Thu Nov 6, 2008 12:59pm EST / The New York-based company, one of the world's biggest private equity firms, has been hammered as the year-long financial crisis has practically shut down the credit markets. A revival in leverage is vital for the business to be able to do deals of any significant scale.
SAN FRANCISCO -- California Gov. Arnold Schwarzenegger has proposed $4.5 billion in spending cuts and $4.4 billion in tax hikes to close the state's budget deficit, according to The Associated Press Thursday
SAN FRANCISCO, Nov 6 (Reuters) - California Gov. Arnold Schwarzenegger said on Thursday that lawmakers should approve a severance tax on oil production in the state to raise revenue to help close a state budget shortfall that has swollen to $11.2 billion.
The Depository Trust and Clearing Corporation made some information public today about Credit Default Swaps.
CHICAGO (AP) -- OfficeMax Inc. said Thursday it lost more than $400 million in the third quarter because of a large charge tied to the bankruptcy of Lehman Brothers and economic weakness that crimped demand for office supplies.
The most difficult aspect to Obama’s mission will be to inform the American Public that the Party is actually over and it’s time to pay the bill that has been steadily mounting out of control and is now a mathematically impossible amount for the country to actually ever pay back.
The results were sadly predictable. The bubble world of Bush was bound to be burst. Based on fantasies, false promises, lies and bait-and-switch tactics, it was destined for foreclosure. At home and abroad, after all, it had been created using the equivalent of subprime mortgages and the result, unsurprisingly, was a dismally subprime administration.
NEW YORK (CNNMoney.com) -- A key market for lending to major businesses and banks expanded for the second week in a row but, aside from the Federal Reserve, few others are jumping on the lending bandwagon.
NEW YORK (Reuters) - Retail chains posted the worst monthly sales data in more than three decades as consumers cut spending sharply in October, stunned by a financial crisis that has derailed the U.S. economy.
NEW YORK (Reuters) - Stocks tumbled on Thursday with the Dow and S&P 500 down 4 percent as a disappointing outlook from Cisco Systems and bleak sales from some major retailers fueled worries of a deepening economic turndown.
Colonial Williamsburg Foundation Chief Executive Colin Campbell told employees that the attraction must become smaller and leaner in a written message. Colonial Williamsburg says ticket sales, retail sales and visits to hotels and restaurants are down.
NEW YORK, Nov 6 (Reuters) - U.S. chief executives have abruptly lost confidence in business and economic conditions and about jobs, according to a monthly index that posted its biggest-ever drop in October.
NEW YORK (CNNMoney.com) -- The heads of the three leading U.S. automakers will meet with House Speaker Nancy Pelosi Thursday afternoon to discuss a possible bailout -- one day before General Motors and Ford Motor are scheduled to report sizable third-quarter losses.
It’s been a long time since the Dow has been thought to be singularly “industrial,” a quaint anachronism as many of the Dow’s 30 components have little to do with manufacturing or heavy industry. The editors at the Wall Street Journal get to decide which stocks make up the Dow. It is time to dump GM from the Dow.
"Really scared now"
The rate cuts are so severe, though, they suggest that the issue isn't the absence of fear about inflation. Rather, it's that bankers are worried that the destruction of trillions of dollars of wealth in the collapse of the housing and stock markets will stem demand for goods of all sorts, creating the kind of falling price environment not seen here since the 1930s.
Central bankers "are really scared now," says Lena Komileva, an economist at financial information broker Tullett Prebon in London. "It won't be long till deflation becomes an everyday concern."