If you want to talk about excess, Crystal Cathedral in Garden Grove, California takes the cake. Their website’s slogan is “Saving lives through a message of hope,” but right now they’re looking to save their own behinds. This extravagant megachurch is best known for the Hour of Power, a televangelist program, and is filing for Chapter 11 bankruptcy.
The Crystal Cathedral, which looks more like a futuristic office building than a place of worship, filed documents yesterday in Santa Ana, California at the U.S. Bankruptcy Court and listed assets and debts between $50 million and $100 million. Aside from the $36 million mortgage, Crystal Cathedral owes $7.5 million to a long list of vendors including one that provided live animals for the Christmas and Easter services. Lavish much?
In a statement, Senior Paster Sheila Schuller Coleman said, “We are pleased to report that the current Ministry outreach and operations will continue while we address the past due expenses that were incurred in 2009, when budgets could not be cut fast enough to keep up with the unprecedented rapid decline in revenue due to the recession.”
Thousands of European workers have come out today to protest austerity measures their governments have taken to combat debt. From the pension cuts to tax hikes, the Europeans are far from happy and have no problem showing it.
In economic terms, Wikipedia tells us that “austerity is when a government reduces its spending and/or increases user fees and taxes to pay back creditors. Austerity is usually required when a government’s fiscal deficit spending is believed to be unsustainable.” That is precisely what has all of Europe in such a panic.
In Brussels, Belgium, the European Union headquarters, police barricaded storefronts early Wednesday where labor leaders hope to round up 100,000 people from 30 countries. Belgium isn’t the only place with protests stemming from austerity measures. Strikes are also being held in Spain, Portugal, Greece, Slovenia, Italy, Poland, Serbia, and Ireland.
In the wake of the all-too-rare-these-days positive news about the ailing economy, Warren “Debbie Downer” Buffett had to go and ruin the party. Last week, it was revealed that, yes, indeed, we are officially out of the woods on this whole recession thing, and have been since June of 2009! Yay! Party, right?
‘We’re still in a recession,’ the Oracle of Omaha told CNBC Thursday. ‘We’re not gonna be out of it for a while, but we will get out.’
That’s easy for you to say, dude. You’re the #2 RICHEST MAN IN THE WORLD, with a net worth of $45 billion smackaroos.
Big news comes today from the National Bureau of Economic Research (NBER), a private, nonprofit research organization that announces the start and end dates of economic recessions. It has officially announced that the recession is over. The recession, which started in December 2007, lasted 18 months until June 2009 and was the biggest recession since World Word II, according to NBER’s website.
But is the recession really over?
In a recent town-hall meeting on CNBC, President Barack Obama asserts that even though the NBER officially announced that the recession is over, the economy still faces an uphill battle. Obama explains,
Something that took ten years to create is going to take a little more time to solve.
Well, clearly, Obama.
New Zealand was rocked early Saturday morning by a massive earthquake which is being called the worst of the decade. This 7.1 magnitude earthquake hit the town of Christchurch, on the South Island, at 4:35am and will severely set back economic recovery efforts. Right after the quake, Prime Minister John Key announced a donation of $5 million to a fund set up by Mayor Bob Parker aimed at rebuilding the area. The total cost to rebuild the city is around $2 billion and another $1 billion will be allocated by the Earthquake Commission to over 100,000 households that suffered damages. 15,000 claims have already been filed. "There will be considerable disruption to the (regional) and national economy in the short term," Prime Minister John Key said but is confident that activity should pick up as reconstruction gains momentum. After fighting off 18 months of recession, New Zealand’s economy has recorded two quartersRead More