December 11, 2008 – On November 27 the Iraqi parliament voted by a large majority in favor of a security agreement with the US under which the 150,000 American troops in Iraq will withdraw from cities, towns and villages by June 30, 2009 and from all of Iraq by December 31, 2011. The Iraqi government will take over military responsibility for the Green Zone in Baghdad, the heart of American power in Iraq, in a few weeks time. Private security companies will lose their legal immunity. US military operations and the arrest of Iraqis will only be carried out with Iraqi consent. There will be no US military bases left behind when the last US troops leave in three years time and the US military is banned in the interim from carrying out attacks on other countries from Iraq. Continue reading
The nations number 2 toy retailer, KB stores has declared bankruptcy and will close down it’s 277 stores citing a “sudden” drop in sales. The companies 11,000 employees will be left looking for work. Continue reading
Bank of America has said it plans to cut between 30,000 and 35,000 jobs over three years following the completion of its takeover of Merrill Lynch.
The reduction could affect about 11% of the combined firms’ 308,000 workforce. Continue reading
NEW YORK (Reuters) – Jim Rogers, one of the world’s most prominent international investors, on Thursday called most of the largest U.S. banks “totally bankrupt,” and said government efforts to fix the sector are wrongheaded.
Speaking by teleconference at the Reuters Investment Outlook 2009 Summit, the co-founder with George Soros of the Quantum Fund, said the government’s $700 billion rescue package for the sector doesn’t address how banks manage their balance sheets, and instead rewards weaker lenders with new capital. Continue reading
A future out of control, bankrupt financial institutions trying to hold on, limitation on credit severely limits ability of the economy to start up again, debt totally embraces our lives, handouts a state secret, soon cash infusions wont work for banks anymore, banks hold too much toxic garbage to even know if they are solvent We are now 17 months into a credit crisis that continues to expose the corruption and incompetence of government, banking, Wall Street and transnational corporations. The situation has not stabilized and it won’t anytime soon. All we see are sweetheart deals for elitist corporations for which American taxpayers will pay for years to come. The future of our nation is totally out of control. For the last eight years our economy has been running on something for nothing, lies and deceit. The result will be hyperinflation and then the Second Great Depression. Continue reading