Will California become America's first failed state?

California may be the eighth largest economy in the world, but its state staff are being paid in IOUs, unemployment is at its highest in 70 years, and teachers are on hunger strike. So what has gone so catastrophically wrong?

//www.guardian.co.uk/world/2009/oct/04/california-failing-state-debt



World Bank could run out of money 'within 12 months'

"By the middle of next year we will face serious constraints," said its president Robert Zoellick, as he launched a major campaign to persuade rich nations to pour more money into the Washington-based institution.

//snipurl.com/sbjl5



Three Banks Closed Oct. 2

Latest Tally:112 Failed Banks, Credit Unions in 2009.
//www.bankinfosecurity.com/articles.php?art_id=1833



Personal bankruptcies up 41 percent

Consumer bankruptcies soared 41 percent in September from a year before and climbed from August, as high unemployment and the housing market crash took their toll, the American Bankruptcy Institute said on Friday.

//www.msnbc.msn.com/id/33143632/ns/business-personal_finance/



U.S. Unemployment Now Lasts Longer Than Benefits: Chart of Day

For the first time, the average amount of time it takes fired employees to find a new job exceeds the length of their standard unemployment benefits.

//www.bloomberg.com/apps/news?pid=20601109&sid=ajY2EJWqg3ZE



US unemployed despair as benefits run out

Americans value self-sufficiency and are generally suspicious of what they call "big government". But the worst recession in 50 years has knocked many back on their heels.

//news.bbc.co.uk/2/hi/business/8286428.stm


From Information Clearing House



//freepage.twoday.net/search?q=recession
//freepage.twoday.net/search?q=World+Bank
//freepage.twoday.net/search?q=Robert+Zoellick
//freepage.twoday.net/search?q=failed+bank
//freepage.twoday.net/search?q=unemploy
//freepage.twoday.net/search?q=consumer+bankruptcies
//freepage.twoday.net/search?q=housing

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