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Keyword: gloomy

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  • Debt leaders paint gloomy picture for governors

    07/11/2010 1:36:48 PM PDT · by NormsRevenge · 16 replies
    AP on Yahoo ^ | 7/11/10 | Glen Johnson - ap
    BOSTON – The heads of President Barack Obama's national debt commission are painting a gloomy picture as the nation struggles to get its spending under control. Republican Alan Simpson and Democrat Erskine Bowles told a meeting of the National Governors Association on Sunday that everything needs to be considered — including curtailing such popular tax breaks as the home mortgage deduction. They say that without radical changes, debt will destroy the country like a cancer.
  • CA: Sales taxes may fall short of already gloomy forecasts

    05/03/2009 5:17:30 PM PDT · by NormsRevenge · 42 replies · 1,384+ views
    SFGate.com ^ | 5/3/09 | Matthew Yi
    The state may get more bad fiscal news this week when the state controller makes his final tally of April sales taxes. It's no secret that the recession is taking a toll on the state's thinning coffers, but more troubling is that revenue is coming in slower than pessimistic forecasts. April, the state's largest tax-collection month, has fallen short of expected revenue by more than $1.8 billion in personal and corporate income taxes. The state was $750 million behind projected tax collection on April 1. There's good reason to believe April's sales tax receipts may disappoint, too. New car sales...
  • Republicans Running Uphill (With More House Seats to Defend, Funding Looms Large)

    10/19/2007 5:19:35 AM PDT · by shrinkermd · 24 replies · 56+ views
    Wall Street Journal ^ | 19 October 2007 | JUNE KRONHOLZ
    The bad news keeps getting worse for the Republicans. They have twice as many seats to defend as Democrats next year in the narrowly divided Senate. The Democratic presidential candidates are raising twice as much money as the Republicans. And now it looks like the party will even have trouble holding its ground in the House, which had been considered its best shot. A dozen House Republicans have announced they won't stand for re-election next year, a wave of retirements that could grow and leave the party with fewer seats next year and perhaps well beyond. Even veterans in safe...
  • Pending home sales at record low

    10/02/2007 7:52:07 AM PDT · by Hydroshock · 14 replies · 260+ views
    <p>NEW YORK (CNNMoney.com) -- The meltdown in the mortgage market in August dried up the supply of buyers for homeowners looking to sell their homes, as an industry group report showed the lowest level of homes under contract on record.</p>
  • California cities fill top 10 foreclosure list

    <p>NEW YORK (CNNMoney.com) -- The binge that many housing markets went on in the early- to mid-2000s is over, and some of the hottest markets like California are now experiencing the worst hangovers.</p> <p>But other areas, especially many that recorded slower home price growth earlier this decade, have seen little increase in foreclosure rates, according to the latest data released Tuesday from RealtyTrac, the online marketer of foreclosure properties.</p>
  • Credit card defaults keep rising, report says

    <p>NEW YORK (CNNMoney.com) -- American consumers are defaulting on their credit cards at a sharply higher rate compared to last year, in what could be another consequence of the recent subprime mortgage market crisis, according to a report published Tuesday.</p>
  • No Savior for Mortgage Biz

    08/28/2007 6:45:15 AM PDT · by Hydroshock · 24 replies · 490+ views
    <p>Waiting to see big banks piling into the mortgage business a la Bank of America (BAC - Cramer's Take - Stockpickr - Rating)? Don't hold your breath.</p> <p>BofA surprised Wall Street last week by making a $2 billion bet on struggling Countrywide (CFC - Cramer's Take - Stockpickr - Rating). The news, announced after the close last Wednesday, gave Countrywide's sinking stock a one-day reprieve.</p>
  • US recession risk highest since 9/11 -- ex-Treasury secretary [OH NO! WE'RE DOOOOOOOMED!!!!]

    WASHINGTON (AFP) - Former US Treasury secretary Larry Summers said Sunday it was too early to declare the financial markets crisis over and said chances had risen sharply of an economic downturn in the United States. ADVERTISEMENT Despite interventions by the US Federal Reserve last week which appeared to reverse heavy selling pressure over the collapsing US housing debt market, Summers said the risk of recession was its highest since the immediate aftermath of the September 11, 2001 attacks. "We certainly saw some repair and some return to normality this week, but I think it would be far premature to...
  • Countrywide CEO sees recession ahead

    08/25/2007 5:59:22 AM PDT · by Hydroshock · 153 replies · 2,205+ views
    <p>NEW YORK (Reuters) - Countrywide Financial Corp Chief Executive Angelo Mozilo said on Thursday the U.S. housing downturn is likely to lead the country into recession, but that the largest U.S. mortgage lender will survive.</p> <p>In an interview, Mozilo also said that to promote liquidity, the U.S. Federal Reserve should cut the rate it charges banks to borrow.</p>
  • Bonds still riding high on credit fears (Depression on Steroids!!)

    NEW YORK (CNNMoney.com) -- Bond remained higher Friday despite a surprisingly strong durables goods reading as credit worries continued to trouble investors. The dollar fell against the euro and the yen. Video More video Luke Newman joins CNN to explain how a private investor can build a balanced portfolio in uncertain times. Play video The 10-year benchmark note gained 8/32, or $2.50 on a $1,000 note, to yield 4.62 percent, down from 4.64 late Thursday. Bond prices and yields move in opposite directions. Bernanke: The un-Greenspan The closely watched three-month Treasury bills, which have been the focus of the market...
  • Homeowner group slams Countrywide

    08/24/2007 6:41:18 AM PDT · by Hydroshock · 49 replies · 1,124+ views
    NEW YORK (CNNMoney.com) -- Countrywide Financial, the nation's biggest home lender and one of those most affected by the subprime mortgage crisis, found itself the target of stinging criticism Thursday from an organization trying to help homeowners in peril. The Neighborhood Assistance Corporation of America said Countrywide (Charts, Fortune 500) was not doing enough to help people who took out subprime adjustable-rate mortgages (ARMs) over the past few years and now may lose their homes. Subprime loans are issued to borrowers with poor credit histories who often lack the funds to make large down payments. Justin Urquhart Stewart of Seven...
  • Rating Firms' Next Subprime Role: Defendant

    As the carcasses of subprime mortgage-backed securities lie rotting on Wall Street, the buzzards are circling heretofore untouchable prey: the rating agencies. Critics say the ratings industry was too late in downgrading mortgage-backed securities, echoing cries after past crises involving Enron, WorldCom and Russian debt, among others. But the current episode comes with a different twist: Rather than merely third-party observers, some sources say Moody's (MCO - Cramer's Take - Stockpickr - Rating), Standard & Poor's and their smaller rival Fitch Ratings played active roles in structuring MBS and related securities. Therefore, they could be deemed underwriters and exposed to...
  • Hedge Funds' World of Hurt

    Remember when Wall Street would obsess over the next leveraged buyout candidate, and hedge fund masters of the universe could raise ungodly war chests with just a handful of phone calls? What a difference a few months make. Lately, hedge fund implosions have replaced the LBO parade as the market's signature event. Investors have seen huge setbacks at funds run by Bear Stearns (BSC - Cramer's Take - Stockpickr - Rating), UBS (UBS - Cramer's Take - Stockpickr - Rating) and Goldman Sachs (GS - Cramer's Take - Stockpickr - Rating), among others, as the credit environment has grown fraught...
  • Subprime may be hitting credit cards, too (Hide under your beds!)

    08/23/2007 1:39:01 PM PDT · by Hydroshock · 80 replies · 2,032+ views
    NEW YORK (CNNMoney.com) -- Fallout from the mortgage mess and lower home prices may have started to creep into the credit card arena, judging from July payments and some initial moves by issuers to tighten the screws on cardholders. After falling for three consecutive months, delinquent payments on credit cards -- defined as more than 30 days late - increased slightly in July, to 4.64 percent from 4.62 percent in June, according to CardWeb.com. A year ago, the delinquency rate was 4.18 percent. The amount of credit card debt consumers are paying off, meanwhile, has fallen. The portion of outstanding...
  • Bloodbath Beckons on Wall Street (Layoffs in big firms)

    Fretting about bonus money is Wall Street's latest fixation, but investment bankers may soon have more pressing worries. September could bring a wave of layoffs as big banks aim to bounce back from the summer's credit market swoon. Mass firings now could help brokerage firms cut costs and show investors they're taking decisive action to compete better in a tough market. It also may have dawned on banking honchos that cutting staff will help preserve whatever's left of their dwindling bonus pools. "I think [bank execs] are thinking, if I cut right now maybe I save some of this bonus,"...
  • Lehman Bros. Amputates Mortgage Arm (Another 1200 people on the unemployment lines)

    08/22/2007 12:33:18 PM PDT · by Hydroshock · 14 replies · 872+ views
    The New York investment bank will cut 1,200 positions in 23 locations as a result of the closing of BNC Mortgage. It will take an after-tax charge of $25 million and a goodwill write-down of $27 million, it said. Lehman said that poor market conditions in the mortgage space of late have "necessitated a substantial reduction in its resources and capacity in the subprime space," according to a release. The company said earlier this summer that it was combining its two non-prime residential mortgage businesses - Aurora Loan Services of Littleton, Colo., which specializes in Alt-A mortgages, and BNC Mortgage...
  • Fed rate cut? Don't bank on it

    08/22/2007 10:42:10 AM PDT · by Hydroshock · 13 replies · 709+ views
    NEW YORK (CNNMoney.com) -- Investors who are counting on the Federal Reserve to cut interest rates sometime in the next month or so may end up badly disappointed. The credit crunch of the last month has convinced many on Wall Street that a cut in the central bank's key short-term interest rate is basically a lock. Stocks jumped Friday after the Fed announced a surprise cut in the little used discount rate that the central bank charges on loans made directly to banks - and again on Tuesday on bets the Fed will cut its other key rate, the fed...
  • H&R Block's Block Financial Unit Switches Short-Term Cap Source

    H&R Block Inc.'s (HRB:H&R Block, Inc News, chart, profile, more Last: 19.79+0.59+3.07% 9:15am 08/22/2007 Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: HRB19.79, +0.59, +3.1%) Block Financial Corp. unit withdrew a net of $650 million from its working capital lines of credit to cover capital needs during the credit crunch. The Kansas City, Mo., company said it withdrew $200 million on Aug. 16 and an added $850 million on Aug. 20, using the money to pay off the previous loan. The company said in recent weeks "the credit market has become increasingly constrained and unstable," cutting...
  • As housing flounders Realtors leave profession

    08/22/2007 5:32:12 AM PDT · by Hydroshock · 122 replies · 2,375+ views
    WASHINGTON - Plummeting stock prices. Mortgage lenders filing for bankruptcy or shutting down. Layoffs at homebuilders and banks. Soaring foreclosures and loan defaults. Damage from the nation's slumping housing market is evident throughout the economy and permeates financial markets. Add real estate agents to the growing list of victims, although they know few tears will be shed for them. The National Association of Realtors expects membership rolls to decline this year for the first time in a decade. The group ended 2006 with nearly 1.4 million members — almost double the roughly 716,000 it had in 1997 — but expects...
  • Next victim of mortgage mess: Auto sales

    NEW YORK (CNNMoney.com) -- Already-battered U.S. auto sales could be the next victim of the problems with mortgages, declining home and stock prices as potential car buyers delay purchases due to uncertainty. Industrywide U.S. auto sales in August could be off 10 percent from a year ago, according to an early read from sales tracker Edmunds.com. That follows July sales that were 19 percent below year-earlier levels. Video More video Justin Urquhart Stewart of Seven Investment Management joins CNN to talk about mortgages and the markets. Play video Video More video CNN's Gerri Willis offers tips for weathering the mortgage...
  • Is WaMu the Next Countrywide?

    08/22/2007 5:03:44 AM PDT · by Hydroshock · 20 replies · 1,533+ views
    Countrywide Financial (CFC - Cramer's Take - Stockpickr - Rating) isn't the only big bank threatened by the deepening real estate crisis. An analysis of the largest 20 banks and thrifts by TheStreet.com Ratings shows that four institutions are under-reserved for possible credit losses, a red flag as the economy slows and mortgage defaults rise. Perhaps more troubling, the numbers show that one of those institutions -- Washington Mutual (WM - Cramer's Take - Stockpickr - Rating) -- could join Countrywide in facing serious liquidity problems as worries about the housing and mortgage markets multiply. Meanwhile, another big lender, National...
  • Hi - I'm new here and like to post random items I receive in email, please don't ZOT me.

    06/10/2006 4:25:12 PM PDT · by concernedcitizenusa · 95 replies · 6,860+ views
    snopes ^ | 6-10-2006 | ConcernedCitizenUSA
    THESE ARE THE SENATORS WHO VOTED TO GIVE SOCIAL SECURITY BENEFITS TO ILLEGAL ALIENS REGARDLESS OF POLITICAL PARTY, THESE POLITICIANS NEED TO BE DEFEATED IN 2006, 2008 OR 2010, WHENEVER THEY NEXT COME UP FOR OFFICE. SEND THIS TO EVERYONE YOU KNOW; THE ENTIRE POPULATION OF THE UNITED STATES NEEDS TO KNOW THIS INFORMATION -- THAT IS, UNLESS THEY DO NOT MIND SHARING THEIR SOCIAL SECURITY WITH FOREIGN WORKERS WHO NEVER PAID INTO IT AND AMERICAN CITIZENS ARE BEING LEFT OUT. Grouped by Home State Alabama: Alaska: Stevens (R-AK), Yea Arizona: McCain (R-AZ), Yea Arkansas: Lincoln (D-AR), Yea Pryor (D-AR),...
  • Malvo and the War Debate (ZOT!!! Why not to go off antipsychotic meds without a doctor’s guidance)

    05/29/2006 6:48:25 AM PDT · by DanPride · 80 replies · 4,217+ views
    Me | Today | Dan Pride
    I am curious why none of the media covers the most important aspect of the Malvo shootings. If you look at Newspapers on the dates when the shootings are underway you discover something I find quite interesting. The shootings begin to dominate the news the day before the debate on the Iraq war starts and they catch them the day after the declaration of war??? If you ask most people "do you remember the debate about starting the second Iraq war", they will all answer "yes of course". But if you followup with the question "name one point in the...
  • What is a FReeper? (zot)

    05/30/2006 12:41:24 PM PDT · by Uddercha0s · 183 replies · 7,024+ views
    5/30/06 | Uddercha0s
    I recently received a reply to a post that stated: "This should be beneath a "freeper". Sad." So I asked.. what is it that makes a FReeper? My reply (and I will admit was tasteless) was also questioning. It stirred controversy and was removed? Why Moderators? Can you not tell me? Did it not meet with your "FReeper" mentality? According to all posted guidelines it should be listed but no, you chose to delete it. Yes.. I'm the first one IBTZ, I'm sure you'll nick me for speaking up..
  • CA: Gloomy forecast for June bond (March 10 deadline to file for June 6 election))

    03/05/2006 12:50:27 PM PST · by NormsRevenge · 5 replies · 271+ views
    North County Times ^ | 3/5/06 | Dave Downey
    With the clock quickly ticking down to a Friday deadline, political observers are offering a June gloom forecast on the odds that California voters will see an infrastructure bond on the primary ballot. Many note that just last week, Gov. Arnold Schwarzenegger took a significant step backward from his earlier position that a bond measure aimed at shoring up California's crumbling infrastructure must move forward this spring. "The key thing here is that, if you're lucky you can do it for the June ballot," Schwarzenegger told reporters at a Capitol news conference Thursday. "Both parties agree that we should not...
  • ZOT this Fashist!

    02/08/2006 12:53:07 PM PST · by fingerlakestennesee · 197 replies · 7,796+ views
    LIVE FREE FROM FASHISTS!
    In this war freedom should come first not after! In New Hampshire the Motto is Live free or Die! I don't need Bush spying on law abiding americans and taking our freedoms. Anyone who surrenders a square inch of freedom to the government in the name of saftey is a traitor and should be treated like one! Let the Bush Fashists all drop dead! Filthy Commys! LET FREEDOM RING!
  • A special message from the Department of Troll Control, come and get it!

    01/12/2006 8:39:35 AM PST · by dhls · 6,335 replies · 37,707+ views
    Department of Troll Control | Another Ignorant Troll
    Fellow Americans, there comes a time every mans life when we must give up ourselves before we are worthy to recieve. There comes a time in this war on terror when in order to protect liberty, we have to give it up in the mean time for safty. That's right folks. Today, Americans have forsaken the creator for the creation and have decided that they would value our "civil liberties" than protecting western civilization and rich white people from the tender mercies of radical Islamic terrorists. Selfish liberals insist and whine that Bush has no right to spy on Americans...
  • Bye-bye Delay! So long crooks! Goodbye world, I'm gone by ZOT!

    01/08/2006 6:43:32 PM PST · by SoLongCrooks · 317 replies · 9,527+ views
    Yaa, you repukes are not doing so well, huh? Imagine, you repukes control the presidency, both houses of Congress, and appointed 7 of the 9 Supreme Court justices. Yet the Supreme Court thre out sodomy laws in all 50 states and recognized the right of government to seize land for any reason. And you couldn't pass your Social Security changes could you? Sorry, that was your last shot. Come November, we're going to start seeing more Democratic faces in the House. It's the end for you guys. You guys are celebrating when Bush's numbers go *up* to 45%. Then Faux...
  • Bush's Job Growth WORST in 50 Years (Roll out the red carpet for this “staunch Bush supporter.”)

    01/03/2006 8:29:33 AM PST · by intruder alert · 344 replies · 12,727+ views
    bopnews ^ | Hale Stewart
    Bush’s giant Right Wing Noise Machine (RWNM) loves to preach about the Bush economic miracle. In fact, the RWNM’s current thinking is Bush doesn’t spend enough time talking about his economic triumphs. If only he did, then everyone would fall in line and believe in the great Bush economic miracle. There is one problem with this argument: it’s a lie. Any way you look at the Bush economy, it comes up short. Today, I want to compare Bush’s job creation record with other economic recoveries. As usual, Bush comes up way short. The national Bureau of Economic Research has identified...
  • Seriously, Why Don't You Trolls Try Something Original?

    01/01/2006 9:27:23 AM PST · by inquisitive · 171 replies · 7,753+ views
    Why does anybody support George w Bush as President? He is clearly the worst President I have ever seen -- a complete disaster. And before you say anything, I have been a registered Republican for 25 years.
  • SICK OF PEOPLE IMPOSING THEIR RELIGOUS BELIEFS ON OTHERS

    12/27/2005 10:42:05 AM PST · by proud republican woman · 569 replies · 16,623+ views
    Freeper | December 27, 2005 | Proud Republican Woman, zotted by Archpriestess Helga, Church of the Viking Kittens
    After reading all of the crap that people have been saying regarding Adult Private Social Clubs, I felt that I had to post an article and give my opinion. I am sick and tired of all the religous groups that are saying that there are drugs, prostitution, minors, non-consenting people, and just immoral people at these clubs! First of all, who do these people think they are to decide what is morally right or wrong for me? I believe that I have a good set of morals. I am a law abiding, tax paying citizen, I work full time and...
  • ZOT! Censorship alleged

    12/17/2005 5:27:56 AM PST · by Dances With Fascists · 337 replies · 7,870+ views
    Censored News & Ideas ^ | 9/11/04 | unknown
    Lies of omission about 9/11 -- stoking fears of terrorism THEY WANT YOU TO BE AFRAID The following post was censored by freerepublic.com shortly after it was posted on their "public" forum on 9/11/04. That forum is designed to appear as though it is a community forum open to all, but this post only received three responses before it and its replies were deleted, and a repeat posting at 4 am PST on 9/20/04 didn't stay online for 5 minutes! Someone is apparently watching closely over the content of the freerepublic.com forums and censoring them 24/7 (though they might have...
  • Something Every Zottee Should Realize

    11/17/2005 6:15:41 AM PST · by Turkey Day · 270 replies · 7,570+ views
    <p>You people are jerks. Not likeable jerks either, but the kind folks would like to smack in the back of the head with a shovel. Think Judge Snells from Caddyshack or Neidermier from Animal House.</p> <p>I know this probably comes as a shock to you, but if you do some serious soul searching, you'll realize that I am right.</p>
  • Russian ZOT "Meta-Group" Behind 9/11?

    11/03/2005 4:55:34 PM PST · by snowback · 148 replies · 3,954+ views
    Lobster. The Journal of Parapolitics ^ | 10/29/05 | Peter Dale Scott
    Concluding Question: The Meta-Group and the United States Government It seems clear that the meta-group, with its influential connections on at least three continents, was powerful enough to effect changes, through the Russian 9/11, in Russian history. The question arises whether they could similarly effect changes in American history as well. As we have seen Russian sources claim that the U.S. Government has had access to he meta-group, for such especially sensitive projects as the assassination of Abu al Walid al-Hamadi. They claim the meta-group's involvement in a number of U.S.-sponsored regime changes in eastern Europe, from the overthrow of...
  • Communism and human nature (Bolshie Mod sez, Arise ye kittens of the earth!)

    04/05/2005 10:50:57 AM PDT · by Sammy sam · 153 replies · 8,234+ views
    Many argue that communism will never be possible because of "human nature". The essence of this false argument is the belief that a communist society would consist of an all-powerful central government that would tell everybody what to do--and would therefore undermine the creative initiative of individuals and the search for happiness. • This argument is based on two false assumptions: (1) It assumes that a communist society will look like the former Soviet Union, or the current China, North Korea, etc (ie: corrupt police states with a feudal-style ruling class) (2) It assumes that people will only work in...
  • Why Want Bush Do Something about the cost of gas? (ZOT!!! He awaits orders from Juwish Modz.)

    03/23/2005 4:07:55 PM PST · by John Zell · 175 replies · 8,487+ views
    Gas costs so much. I cant afford it. Why want Bush do something? Don't say he can't. His daddy or his handlers could be on the phone in 2 minutes with the Rothchilds and by 1 week, oil prices would be under $20 and gas would be 1 dollar a gallon. You know it and I know it. Why want he? Do you know? Is there sombody we can call? Plaese advice.
  • I'm so stupid, I signed up and got the Zot.

    12/21/2004 12:25:42 PM PST · by hk409 · 36,137 replies · 219,508+ views
  • Hillary Clinton 2008 Confirmed?

    01/17/2005 4:38:09 PM PST · by yoe · 51 replies · 6,759+ views
    National Ledger ^ | Jan. 16, 2005 | Staff
    New York Senator Hillary Rodham Clinton (D-NY) has long been rumored as desperately seeking the democratic nomination for president in 2008. And while many political observers fully expect the power hungry former First Lady to hit the campaign trail within only a few months of being re-elected as a US Senator in 2006, US News & World report claims to have a confirmation of sorts. From USNews.Com's Washington Whispers: Hillary's in… You don't have to take it from us about Sen. Hillary Rodham Clinton 's desire to run for president. Her brothers, Hugh and Tony Rodham, say it's true. Friends...