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Tech layoffs nearing levels not seen since the Great Recession

December 01, 2022 -

The worsening economic situation in the United States has made Big Tech companies turn to mass layoffs as a way of making sure their profit margins remain stable. In November alone, more than 50,000 workers in tech lost their jobs, up from 12,600 in October. (Related: Mass layoffs incoming: 50% of employers plan to cut jobs in the next 12 months.)

By comparison, about 65,000 tech jobs were lost in 2008, and around the same number of tech jobs were lost in 2009. It remains ...

America heading toward a housing market crash worse than the Great Recession

September 28, 2023 -

"This will be the greatest crash in the history of housing," warned financial expert John Perez, who predicted that, following the crash, average housing prices across the country could plummet by 50 to 70 percent, bringing prices down to pre-1995 levels. "This is going to be a wipeout like we've never seen before." (Related: Nearly 800,000 Californians behind on rent, with over $5B accumulated rental debts.)

Fannie Mae, a government-backed mortgage financing corporation, ...

“It Takes A Pillage”: How Wall Street and Washington’s GREED sparked the Great Recession

February 11, 2025 -

In a compelling narrative that unravels the complexities of the 2008 financial crisis, journalist Nomi Prins' book, "It Takes a Pillage: Behind the Bailouts, Bonuses and Backroom Deals from Washington to Wall Street," offers a critical look at the Great Recession and the global financial crisis that it caused.

The book sheds light on how systemic failures, financial greed and political collusion created a disaster that could have been ...

Number of Americans defaulting on subprime auto loans nearing levels not seen since the Great Recession

May 09, 2023 -

This is according to a new report from Florida-based fixed-income asset manager Bramshill Investments. The company's report noted that inflation and higher interest rates from the Federal Reserve – and as much as 20 percent interest rates on used cars – have been eroding the paychecks of all consumers in the United States.

"It is very apparent to us that it is negatively affecting subprime borrowers – who tend to have lower credit scores and lower incomes – more harshly ...

Great Recession 2.0? Americans pull hundreds of billions out of banks at fastest pace in four decades

June 13, 2023 -

According to an analysis of the most recent data from the Federal Deposit Insurance Corporation (FDIC), "depositors took a total of $472 billion out of their accounts in the first quarter of this year – shattering a 39 year record," the Daily Hodl reported.

“The quarterly decline is the largest reduction reported in the QBP since data collection began in 1984. This was the fourth consecutive quarter that the industry reported lower levels of total deposits," the FDIC report ...

Coronavirus pandemic leads to cratering of Airbnb bookings, setting U.S. up for another housing bust like the “Great Recession”

May 03, 2020 -

Would-be entrepreneurs borrowed money to buy new properties they could ‘rent out’ as the virtual bed-and-breakfast idea took flight. 

“At first it works. Your properties fill up, your reviews are great, and your projected cash flow is twice what you would receive for a long-term rental,” notes John Rubino at Dollar Collapse. “You — along with thousands of others — are thinking ‘real estate empire.’”

But then, along comes the Wuhan coronavirus and things change — nearly ...

Calling the US recession a recession is ‘vitriolic’ partisanship, Krugman claims

August 03, 2022 -

(Article by Tom Ozimek republished from TheEpochTimes.com)

Krugman made the remarks in an interview on CNN’s “Reliable Sources” program that aired on July 31, days after the U.S. economy met the rule-of-thumb definition for a recession, with GDP coming in negative for two quarters in a row.

Host Brian Stelter kicked off the segment by asking Krugman whether the United States is in a recession and whether the term “recession” even matters.

“No, we aren’t, ...

Silicon Valley Bank collapse biggest since Great Recession as FDIC promises to cover ALL deposits, not just first $250K (UPDATED)

March 13, 2023 -

When the Federal Deposit Insurance Corporation closed SVB, the bank had assets worth $209 billion. In comparison, Washington Mutual had $307 billion in assets when it met its end, the UK's Daily Mail reported this week.

The FDIC, a U.S. government-owned corporation that ensures bank deposits of up to $250,000, has stated that SVB's customers with accounts of that amount or lower will be able to access their funds by Monday morning.

Update: Yesterday the US Treasury ...

“Griftopia” chronicles the lead-up to and the aftermath of the Great Recession – and how this still harms American democracy today

March 06, 2025 -

In his book "Griftopia: Bubble Machines, Vampire Squids and the Long Con that is Breaking America," journalist Matt Taibbi uncovers a harrowing tapestry of corruption and exploitation that has defined the recent decades of American politics.

Published in 2010, the book delves into the 2008 financial crisis, political manipulation and how American democracy has eroded ever since. Taibbi, known for his incisive reporting, exposes how a cabal of powerful ...

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free to view and download. They cover topics like health, environment and freedom.The Consumer Wellness Center is

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After the worst January job cuts ‘since The Great Recession’, here are 12 major layoffs that have already been announced in February

February 14, 2023 -

(Article by Michael republished from TheEconomicCollapseBlog.com)

Last month was the worst January for job cuts since the Great Recession in 2009, according to a report from employment firm Challenger, Gray & Christmas.

Around 40 percent of last month’s job reductions came in the tech industry, where Google parent company Alphabet, Amazon, Microsoft and Salesforce announced plans to lay off thousands of workers. Many of the companies said they grew ...

WH argues current recession isn’t ‘technically’ a recession, ‘it feels unique, because it is unique’

August 15, 2022 -

(Article by Bo Banks republished from BigLeaguePolitics.com)

Basically, the Biden administration changed all the rules and terms just days before a new GDP report is expected, which many experts anticipate will show growth declines for a second straight quarter.

On Tuesday, the president’s econ advisor Brian Deese was asked to explain the health of the US economy right now. His response? America is facing a “unique” transition. One where residents will have to ...

The Cause of the Recession

February 02, 2009 - The Cause of the Recession

Monday, February 02, 2009 by: Arian Forrest Nevin, J.D.Tags: economic news, health news, Natural News

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US economy crashes headlong into recession

May 03, 2022 -

(Article republished from TheGreatRecession.info)How grizzly is this bear?

Just a few days ago, Goldman Sachs was regarded as becoming the most bearish bank out there by forecasting — rather daintily now I think — we have a 35% chance of eventually seeing a recession in about a year! Deutsche Bank — the second-most bearish bank in the US right now — showed great boldness by prognosticating the US could go into recession in late 2023 — well over a year away!

These ...

Great Depression

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U.S. food supply more vulnerable than ever after government sold off emergency grain reserves

The U.S. once had extensive grain reserves, a concept derived around the time of the Great Depression. It was said to be so vast, that in the event of a food shortage, the government would have been capable of providing each American with half a loaf of bread, writes Michael Snyder on the Economic Collapse Read More

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Huge decline in cardboard box sales indicates RECESSION

August 08, 2023 -

In a July 24 press release, the Packaging Corporation of America (PCA) reported that cardboard box sales dropped 9.8 percent in the second quarter of 2023. The number was among the largest drops, ranking next to the 12.7 percent slump in the first quarter.

According to FreightWaves Research, the combined six-month decline of 22.5 percent in sales of PCA's cardboard boxes is the largest drop since early 2009. The company has now witnessed year-on-year downturns for the ...

Corporate America experiencing BANKRUPTCY BOOM as recession looms

May 25, 2023 -

The increase in bankruptcy reports is most visible among some of the country's largest corporations, 236 of which filed for bankruptcy in the first four months of the year – more than double the number of similarly-sized companies that made the same filing in 2022, according to market research firm S&P Global Market Intelligence.

Large recognizable companies with hundreds or even thousands of workers have filed for bankruptcy protection in recent weeks. These include retail ...

Democrats destroying the United States – here comes the recession

April 02, 2024 -

(Article by Martin Armstrong republished from ArmstrongEconomics.com)

The true crisis is that the Democrats are allowing these people in to change the politics of this country because their policies have been unpopular and are as destructive as Communism once was to China and Russia. These new arrivals are less educated and lack skills other than raw manual labor. In 2018, 55% of immigrants had a bachelor’s degree. You will not find that among the flood of illegals ...

Central banks continue to stockpile gold as recession looms

March 03, 2023 -

This is according to Lynette Zang, chief market analyst of ITM trading, who warned that central banks haven't actually been able to get inflation under control.

"You know, all those calls that things were really, 'Maybe we would avoid a recession' and 'Oh, things aren't that bad' and 'Maybe we'll get a mild recession' and 'The central banks now have … inflation under control' and blah, blah, blah. Well, guess what's rearing its ugly head again? That would be more inflation," ...

Economists predict US economy to enter RECESSION in 2023

January 11, 2023 -

The survey that polled 23 principal economists alongside other pundits from Barclays, Bank of America, TD Securities and UBS Group outlined the warning signs of an incoming recession. Decreasing pandemic savings, a slumping housing market and tightening of lending rules were the red flags to watch out for, they said. (Related: THIS IS SERIOUS: Financial wizard Jamie Dimon predicts major recession coming to US thanks to worsening economy under Biden.)

Of the 23 respondents, ...