Prophecy in today's headlines

Expert Says Banking Problems Are Now Bigger Than Pre-Lehman

Joseph Stiglitz, the Nobel Prize- winning economist, said the U.S. has failed to fix the underlying problems of its banking system after the credit crunch and the collapse of Lehman Brothers Holdings Inc.“In the U.S. and many other countries, the too-big-to-fail banks have become even bigger,” Stiglitz said in an interview today in Paris. “The […]

Sen. Gregg says Obama Budget Will Bankrupt US

The top Republican on the Senate Budget Committee says the Obama administration is on the right course to save the nation’s financial system. But Sen. Judd Gregg of New Hampshire also says President Barack Obama’s massive budget proposal will bankrupt the country. Gregg says he has no regrets in withdrawing his nomination to become commerce […]

World Bank Offers Dire Forecast For World Economy

In a bleaker assessment than those of most private forecasters, the World Bank predicted Sunday that the global economy would shrink in 2009 for the first time since World War II. The bank did not provide a specific estimate, but bank officials said its economists would be publishing one in the next several weeks. Until […]

Global New Deal Proposed to Rescue World’s Economy

British Prime Minister Gordon Brown hopes to forge a “global new deal” with President Obama to rescue the world’s economy when he makes his first visit to the White House since Obama’s inauguration. The Times of London reports Brown, who arrives Tuesday, will reportedly introduce a plan requiring massive spending on a worldwide scale. The […]

US Rescue Averted Financial Collapse – Treasury

The question is, “averted for how long?” ——————— Massive rescue efforts by the US government and central bank in recent months helped avert a “financial collapse” and are working to stabilize the economy, a Treasury report said Wednesday. The Treasury report to a congressional panel overseeing the 700-billion-dollar rescue plan passed in early October said […]

President Bush Speech On America’s Economy

THE PRESIDENT:  Good evening.  This is an extraordinary period for America’s economy.  Over the past few weeks, many Americans have felt anxiety about their finances and their future.  I understand their worry and their frustration.  We’ve seen triple-digit swings in the stock market.  Major financial institutions have teetered on the edge of collapse, and some […]

Tent Cities Rising Across the Country As Hard Times Hit