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Posts Tagged ‘financial crisis’

College Conspiracy

May 16, 2011 Comments off

Household wealth down 23% in 2 years – Fed

March 26, 2011 Comments off

money.cnn.com

detroit_building.top.jpg

By Charles Riley, staff reporterMarch 24, 2011: 4:04 PM ET

NEW YORK (CNNMoney) — The average American family’s household net worth declined 23% between 2007 and 2009, the Federal Reserve said Thursday.

A rare survey of U.S. households, first performed in 2007 but repeated in 2009 in order to gauge the effects of the recession, reveals the median net worth of households fell from $125,000 in 2007 to $96,000 in 2009.

Titled “Surveying the Aftermath of the Storm,” the report offers a broad look at how the financial crisis impacted individual households.

It is widely known that the 2008 financial crisis resulted in the vaporization of trillions Read more…

Detroit Schools’ Cuts Plan Approved

February 23, 2011 Comments off

By MATTHEW DOLAN

The state of Michigan approved a plan for Detroit to close about half of its public schools and increase the average size of high-school classrooms to 60 students over the next four years to eliminate a $327 million deficit.

The plan was submitted in January by Robert Bobb, Detroit Public Schools’ emergency financial manager, as a last-ditch scenario if the district couldn’t find new revenue sources, which it hasn’t so far. Final approval came after Mike Flanagan, the state superintendent of public instruction, cleared Mr. Bobb’s initial plan with some new requirements, including that the district not file for bankruptcy protection during Mr. Bobb’s remaining months in office.

The state approved the plan in a Feb. 8 letter, which the Detroit public-schools district released Monday.

Mr. Bobb said the deep cuts were Read more…