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Government official report for unemployment rate is 9.7% If you believe that I've got a bridge to sell you, for those not familiar with the expression (Back in the 1970s, conman went in for scams selling London bridges - usually they would pretend to have authority to sell Tower Bridge. To cap it all, some American did actually buy the original London Bridge). Here is a few months old article by NY post http://www.nypost.com/p/news/business/doctor_note_required_to_read_this_xUd1QgPrRNwN7MXlX9BkKP) talking about 22% unemployment rate.
Bottom line, US is not in a good shape right now, unemployment is high and banks are failing left and right. Here are list of banks closed this year:http://www.fdic.gov/bank/individual/failed/banklist.html
if you do get a chance to look at the list each bank may represent 50 or more branches. These are CONFIRMED failed banks there are many other banks that are on notice (google it) meaning if they don't start showing profit they will close them.
Everyone now talking about Greece going bankrupt here in California once considered the eighth largest economy in the world As of 2008 talking about going bankrupt, watch this nice video by terminator: http://www.youtube.com/watch?v=ju5dbYskWw0
I hope I made my point.
The research firm Institutional Risk Analytics, has given a failing grade to 1,882 banks as of June 2009. There is commercial melt done coming soon and Wall Street thinks the banks are in better shape, the reality is that the major banks have the same lousy assets and the same lousy management. All that changed was TARP pumped in some cash that gave investors confidence. The banks repaid TARP so they are back where they started. Plus stagnant unemployment and virtually zero job creation.
The data for bank failures in the Great Depression indicates total deposits involved were about $7.6 billion over a span of 13 years. Adjusted for inflation, that is $100 billion in 2009 dollars. The size of the crisis today, adjusted for inflation, is more than 70 times larger than the entire Great Depression.
I don't see how they can raise the interest rate.
I'm newbie and looking into opening an account to trade at FOREX.com, is this a good company to use?
Thanks
peter
PS - If anyone else can shed some light on this is appreciated. thx
Montmorency: I didn't know abouthttp://www.ashraflaidi.com/products/wb01/ thanks.
Just learning how to trade, I bought your book on currency trading and learned a lot. Do you recommend any website/books to get me started on this? thx