The Recession is here to stay

Economy Still in Crisis?

Nouriel Roubini and other experts say the crisis is here to last for at least a couple of years , others more gloomy like Marc Faber Peter Schiff , Gerald Celente say the real crisis have not started yet and we are heading for a total collapse of the system based on credit and stock market gambling :
We are still seeing severe real economy effects from this crisis," Linda Yueh from Oxford Analytica told CNBC when discussing the economic outlook Monday.

Latvia is on the brink of bankruptcy

Latvia's Meltdown
Latvia's teeters are on the brink of bankruptcy, Sweden is taking the damage.Europe and the IMF have been asked to bailout Latvia many eastern Baltic former soviet republics in Europe face the same faith as Latvia , eastern Europe is collapsing western Europe banks take a hit as a result

TARP payback

The U.S. Treasury authorized 10 of America's largest banks to repay government funds borrowed in the big bank bailout of 2008.
Ten Major U.S. banks get approval to repay $68 billion in government loans offered as part of the Troubled Asset Relief Program (TARP).

Americans wealth declines by $1.3 trillion

Americans saw $1.3 trillion of wealth vaporize in the first quarter of 2009, as the stock market and home values continued to decline, according to a government report released Thursday.

Household net worth fell to $50.4 trillion, according to the flow of funds report by the Federal Reserve. Americans' stock holdings plunged 5.8% to $5.2 trillion and mutual funds holdings slid 4.1% to $3.3 trillion, while their home value dropped 2.4% to $17.9 trillion.

Entire article Here

Fed lost $5.3 Billions

Associated Press

10:17 AM PDT, June 10, 2009

WASHINGTON -- The Federal Reserve lost $5.25 billion in the first quarter on the securities it acquired with last year's bailouts of Bear Stearns and insurer American International Group Inc., according to a report issued Wednesday.

The loss on the holdings, which include mortgage-backed securities, reflected a decline in their value as the recession carried over into the first three months of this year. The cumulative loss of the Bear and AIG holdings come to $16.46 billion since they were taken over last year.
article