Gas to Hit $7 a Gallon | Autopia from Wired.com

Gas to Hit $7 a Gallon | Autopia from Wired.com: "Both Qatar's oil minister and the head of OPEC can see oil hitting $200 a barrel before the end of the year and one analyst says gas could reach $7 a gallon within four years. That could mean cataclysm for the global economy."

Buffett says recession may be worse than feared | Reuters

Buffett says recession may be worse than feared | Reuters: "NEW YORK (Reuters) - Warren Buffett, the world's richest person, said on Monday the U.S. economy is in a recession that will be more severe than most people expect."

Many states appear to be in recession - Yahoo! News

Many states appear to be in recession - Yahoo! News: "The finances of many states have deteriorated so badly that they appear to be in a recession, regardless of whether that's true for the nation as a whole, a survey of all 50 state fiscal directors concludes.
The situation looks even worse for the fiscal year that begins July 1 in most states."

California home prices fall 26 percent amid foreclosures

California home prices fall 26 percent amid foreclosures: "A glut of foreclosed homes helped prompt a 26 percent plunge in California home prices in March, highlighting a trend that experts said is likely to continue as low, introductory interest rates expire for people who bought near the height of the housing boom.

More than 38 percent of California homes sold in March had been foreclosed at some point during the previous year, DataQuick Information Systems said in its survey released Thursday.

Figures for previous years were not immediately available, but company analyst John Karevoll said the March percentage for foreclosed home sales was believed to be an all-time high for the state.

The state's median home price was $358,000 last month, down from $484,000 in March 2007, when the market peaked, DataQuick said."

The Press Association: Merrill Lynch axes 4,000 jobs

The Press Association: Merrill Lynch axes 4,000 jobs: "A major investment bank hit by the credit crunch cast a shadow over the City after unveiling thousands of job cuts.

US giant Merrill Lynch, one of the main casualties of the sub-prime crisis, said it was axing 4,000 staff in a bid to save hundreds of millions of dollars a year."

Ron Paul slams Federal Reserve as US money printing de-stabilize world - LANKA BUSINESS ONLINE

Ron Paul slams Federal Reserve as US money printing de-stabilize world - LANKA BUSINESS ONLINE: "April 13, 2008 (LBO) – Texas Congressman Ron Paul has slammed the Federal Reserve for printing money to manipulate interest rates and undermining the salaries of workers and savings of older people.
Paper money from pure fiat central banking, backed by nothing other than government debt - a process that was born after the gold standard was lifted by the United States which has led to rampant inflation since then - is a mystery to most ordinary people."

U.S. housing collapse spreads overseas - International Herald Tribune

U.S. housing collapse spreads overseas - International Herald Tribune: "DUBLIN: The collapse of the housing bubble in the United States is mutating into a global phenomenon, with real estate prices down from the Irish countryside and the Spanish coast to Baltic seaports and even in parts of India."