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“The party is over,” says Peter Schiff, president of Euro Pacific Capita, who warned publicly in 2006 of the sub-prime housing crisis. “We bought too many cars, and now we’re broke.” Writing for Reuters journalist Nick Carey argues that the consequences of the automakers failures are likely to last for years. Already, the crisis has [...]

After declaring bankrupcty over two months ago, Christian Lacroix has shown the final couture collection of his career. The collapse of the house of Lacroix indicates a shift in demand that may spell doom for the haute couture industry. Jezebel reports that since its founding in 1987, the Christian Lacroix brand has never been profitable. [...]

In this financial climate, woeful tales of businesses going bust have come to grace the front pages of our newspapers and the homepages of our blogs almost every day (at least when Michael Jackson isn’t dying). But here’s one that seems positively surreal, almost as if it came to us straight out of a Depression-era [...]

Willem Buiter touches on the state of bank lending and proposals for financial services industry supervision. Needless to say he is not optimistic about  the use of quantitative easing by many central banks.

Have you ever heard the rumor that beef in the United States comes from one of five ranches in the Midwest?  Fact or myth, whatever the number truly is, it is no question that large food companies hold a lot of power in the United States.  Here is the story of one of very large [...]

The Los Angeles Times reports that in districts in and around LA, the number of individual bankruptcy filings increased 75% since January. The credit-crunch, the catalyst for the meltdown, chastised California’s real estate venturers, of which there were many, and tanked housing prices. This spiraled into a full blown foreclosure crisis with drastic ramifications for [...]

In death, Michael Jackson broke free from crippling debt and achieved the financial viability that eluded him for decades. His status as a cultural icon, in dispute as recently as one week ago, has been cemented by the havoc wreaked on the internet from the public’s outpouring. In true king of pop fashion, Jackson’s final [...]

The amusement park company Six Flags is seeking Chapter 11 bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt. Mark Shapiro, the New York-based company’s chief executive officer, says the move won’t affect the operation of its 20 theme parks in the U.S., Mexico and Canada. Six Flags says it actually [...]

One of the biggest markets hit by the recession is the high end leisure sector. Today one of the largest luxury resorts in California’s Orange County, the St. Regis, revealed that it was deep in debt- nearly $70 million- and was heading to the auction block.The resort was symbol of  boom time corporate excess. It was the location of [...]

Ben Martin, writing for the Times Online, reports that the french fashion house Christian Lacroix, which is famous for it’s impossible-to-wear, haute couture collections, has declared insolvency. Click here for more about celebrity trends gone bad. Lacroix, which is owned by the Falic Group, a duty free retailer, and employs 125 people, cited [...]