Tag Archives: bail
Economy
(HuffingtonPost) – The Iraq and Afghanistan Wars Mutilated Our Economy
$1,000,000,000,000.00 – As of today, that’s how much we’ve spent just in direct costs so far on the stupid wars in Iraq and Afghanistan. Read More Here
(Bloomberg) – Video: Pento Sees `Double-Dip Recession’ in U.S
Michael Pento, chief economist at Delta Global Advisors, talks with Bloomberg’s Margaret Brennan about the outlook for the U.S. economy and investment strategy. Pento says the Federal Reserve is keeping interest rates artificially low and that he sees a “double-dip recession.” Video Link Here
(ComingDepression) – Venezuelan inflation rate hits 30 percent; South American currency planned
“That’s an incredible surge,” Adrian Aguirre, an economist at Caracas-based Bancaribe SA, said in a telephone interview. “The fact that food prices rose by more than 11 percent is something we’ve never seen in the last decade.” Read More Here
(ComingDepression) – The PIIGS are dying: Spain following Greece
“Europe’s top job-creator only two years ago, Spain now has the region’s highest unemployment rate, at just over 20 percent, and is the slowest of the major economies to emerge from the global recession. Meanwhile, the ratings agency dealt a blow to state efforts to shore up confidence in its finances by cutting the country’s rating one notch from AAA to AA plus” Read More Here
(TheComingDepression.net) – New Jersey, Florida, California, Illinois canaries in coalmine
“We [Miami] are not the only city, municipality to be going through this. It looks like Los Angeles sometime next week or the week after will be going bankrupt. It looks like there will be 30 more cities following suit.” New Jersey Governor Chris Christie said the state is “careening our way toward becoming Greece” and can’t afford the cost of benefits and pensions for current workers. Read More Here
(RollingStone) – Wall Street’s War – Matt Taibi
Congress looked serious about finance reform – until America’s biggest banks unleashed an army of 2,000 paid lobbyists Read More Here
(RawStory) – US House votes quadrupling of per-barrel oil tax
The US House of Representatives on Friday voted to more than quadruple a per-barrel oil tax that fills a special trust fund to pay for damages from major spills like the Gulf of Mexico disaster. Read More Here
(NeithercorpPress) – Warning Signs Of Full Spectrum Collapse Are Everywhere
The sovereign debt crisis in Greece and many other European nations has, at least for the moment, open a gap in the wash of financial disinformation that has prevailed in the mainstream media for the past year. Read More Here
(Reuters) – Geithner offers China vow of greater fiscal discipline – Read More Here
(DailyBell) – EU Spins Out of Control
Euro under new pressure after Spain’s debt rating is downgraded … Markets set to fall after ratings agency Fitch strips Spain of AAA score … French debt rating also threatened, says budget minister Francois Baroin Read More Here
(SafeHaven) – The Looming Financial Holocaust – Is Closer Than We Thought ..
We had expected the broad stockmarket and the resource sector to stabilize and start to recover last week and they did, and while we are likely to see further recovery in the days and perhaps weeks ahead, there have been some ominous developments in the recent past that we would be most unwise to ignore. Read More Here
(MarketOracle) – Gold and Silver Bull Market Progress Report – Read More Here
(MineSet) – The Same Big Fat Greek Problems are Coming to America
We would all like to think the U.S. will not suffer the same problems as Greece. I am talking about drastic spending cuts to just about everything. Read More Here
(Bloomberg) – U.S. Inflation to Approach Zimbabwe Level, Faber Says (Update2)
The U.S. economy will enter “hyperinflation” approaching the levels in Zimbabwe because the Federal Reserve will be reluctant to raise interest rates, investor Marc Faber said.
Prices may increase at rates “close to” Zimbabwe’s gains, Faber said in an interview with Bloomberg Television in Hong Kong. Zimbabwe’s inflation rate reached 231 million percent in July, the last annual rate published by the statistics office Read More Here
(ExpressCoUK) – RBS REJECTS PROTESTS OVER £1BN BONUS PAYOUT
ROYAL Bank of Scotland will ignore protests and award up to £1 billion in bonuses to its staff next month. The bank will pay out a combined total of between £950 million and £1 billion. Read More Here
(BusinessInsider) – Top German Bankers See Plot To Funnel Bailout Money To French Banks
From the beginning, it’s been clear that the bailout of Greece would be a bailout in large part of French banks, owing in part to the fact that French banks had the biggest exposure.
Yet apparently some top German bankers are alarmed at how things are playing out. Read More Here
(EconomicCollapseBlog) – The U.S. Economic Collapse Top 20 Countdown
So just how bad is the U.S. economy? Well, the truth is that sometimes it is hard to put into words. We have squandered the great wealth left to us by our forefathers, we have almost totally dismantled the world’s greatest manufacturing base, we have shipped millions of good jobs overseas and we have piled up the biggest mountain of debt in the history of mankind. We have taken the greatest free enterprise economy that was ever created and have turned it into a gigantic house of cards delicately balanced on a never-ending spiral of paper money and debt. For decades, all of this paper money and debt has enabled us to enjoy the greatest party in the history of the world, but now the bills are coming due and the party is nearly over.
In fact, things are already so bad that you can pick almost every number and find a corresponding statistic that shows just how bad the economy is getting.
You doubt it?
Well, check this out…. Continue reading
Monetary Dictatorship
(CampaignForLiberty) – If you’re an American taxpayer, you should expect to receive a thank-you note from dole recipients in Greece fairly soon. The reason is that Barack Obama, working with his cohorts at the Federal Reserve, is using your money to bail out the Greek welfare state, thereby enabling dole recipients in Greece to continue receiving their dole.
The problem is that for decades the Greek government has been doing what the U.S. government and many other regimes have been doing: borrowing to the hilt to fund dole payments to welfare recipients. In the hope that Euro officials would not discover how bad things were in Greece, Greek officials were falsifying their financial reports. Unlike the U.S. government which has a Federal Reserve central bank, the Greek government couldn’t simply print up the money to pay off its debts. That’s because it’s part of the Euro zone, where German officials have traditionally opposed such a policy. Continue reading
Video: Rand Paul on the Economy and the War
BREAKING – (NYTimes) – In Tea Party Victory, Rand Paul Takes Ky. Senate Primary
Rand Paul, one of the early leaders of the Tea Party movement, won the Republican nomination for Senate from Kentucky Tuesday night, delivering a powerful blow to the party’s establishment and offering the clearest evidence yet of the strength of the anti-government sentiment simmering at the grass-roots level. Read More Here
See Also: (KurtNimmo) – Will Neo-Cons Steal Senate Primary From Rand Paul? – Read More Here
Also: (KurtNimmo) – Despite Poll Numbers, Rand Paul’s Opponent Confident He Will Win in Kentucky – Read More Here
(MSNBC) – May 17, 2010 – “We Pay The Taliban During The Daytime & At Night They Plant IEDs” Continue reading
Video: Keiser Report № 42 – Markets! Finance! Scandal!
This time Max Keiser and co-host Stacy Herbert look at the scandals of perfect trading days; PIIGS flying only to fall to earth five minutes later when markets realize the Euro-Tarp financiers are themselves bankrupt debt pigs; and Max Keiser explains high frequency terrorism in the Manchurian candidate markets. In the second half of the show, Max interviews post-neoclassical economic philosopher Damon Vrabel about the European bailout, the financial empire and the IMF, and how the right kind of republic can provide some solutions.
Video: When Will Greek Contagion Hit the U.S.? – Marc Faber
(FoxBusiness) – May 10 – The Gloom, Boom and Doom Report Publisher Marc Faber weigh in on the future of the global and U.S. markets. Continue reading
Economy
(Boston) – Double dip in housing values continues, despite tax credit/spring bump – Read More Here
(ClarionLedge) – Revenue: April numbers are sobering
Gov. Haley Barbour said last week that April revenue was 8.5 percent below estimates – a $45.1 million shortfall. Read More Here
(SacramentoBizJournal) – State’s revenue below projections for April
California’s controller, John Chiang, said the state’s April cash receipts fell below budget estimates by $3.6 billion, or 26.4 percent. Read More Here
(MinnPost) – 41 percent of metro area single-family homes believed ‘underwater’ – Read More Here
(MaverickBlog) – What Business is Wall Street In ?
My last two posts were designed to stimulate discussion. But lets talk the real problem that regulators, public companies, investor/shareholders and traders face. The problem is that Wall Street doesn’t know what business it is in. Regulators don’t know what the business of Wall Street is. Investor/shareholders don’t know what business Wall Street is in. Read More Here
(WashingtonsBlog) – Challenger Investigation Got $175 Million. Columbia $152 Million. Lewinsky $30 Million. 9/11 $15 Million. Financial Crisis Gets Only $8 Million – Read More Here
(Bloomberg) – Video: Jim Rogers on Greece Bailout, Yuan, Stocks – View Video Here
(NewsMax) – Video: Jim Rogers – Next Recession Will Be Much Worse! – View Video Here
(KurtNimmo) – Video: Obama’s Supreme Pick Kagan Is A Bankster Operative
Democrats are going gaa-gaa over Obama’s Supreme pick Elena Kagan. “Democrats praised Kagan as ‘razor sharp’ and impeccably qualified for the lifetime appointment on the nine-member bench, but Republicans promised to vigorously vet a ’surprising’ choice, noting she had never been a judge,” reports Agence France-Presse. “I have selected a nominee who I believe embodies… excellence, independence, integrity and passion for the law, and who can ultimately provide that same kind of leadership on the court,” Obama said at the White House. View Video Here
(AmpedStatus) – High Frequency Terrorism: How the Big Banks and Federal Reserve Maintained Their Death Grip Over the United States – David DeGraw & Max Keiser – Read More Here
Layoffs:
Dean Foods – 350 to 400
RBS – 2,600
Update: Fort Wayne IN – 300 Teachers to Learn Layoffs Numbers today
City of Costa Mesa – 51 Possible
Town of Mesilla NM – 4
Newark Valley Central School District – 11
(InfoClearingHouse) – Kagan: – Goldman Sachs – Shifting Court to Right?
“A narrow elite is imposing itself through the legal system, and ordinary Americans need to start asserting themselves.”
The Wall Street Journal reports: “The White House said Friday that Elena Kagan’s membership on an advisory panel for the securities firm Goldman Sachs Group Inc. wouldn’t disqualify her for a position on the Supreme Court. … From 2005 to 2008, Ms. Kagan was a paid member of the Research Advisory Council of Goldman Sachs Global Markets Institute, according to financial-disclosure reports she filed after being appointed to her current job. The form shows she was paid $10,000 in 2008, when she was dean of Harvard Law School.” Read More Here
(StraightGoodNews) – Goldman Sachs Set to Plan Sell-Off of Ontario Assets
Huge and controversial banking firm has a history of playing both sides in privatization deals Read More Here
(AmericanEveryman) – The Stock Market “Glitch”: Blackmail by Big Banking?
The White House gets its way again. They get their way on two measures that would have given the people at least a little control of the “too big too fail” banking system. But how they got it, well that might just be the REAL story of the day.
“I mean this really sounds like market manipulation to me. This is outrageous.” Read More Here
(PaulWatson) – Bankers Destroy Global Economy by Design to Consolidate Power
American taxpayers have been freshly liberated of hundreds of billions more dollars as part of the IMF’s new bailout package which is principally going straight to European banks, in addition to the Federal Reserve program to ship U.S. dollars to Europe, in a move that represents little more than a desperate effort to save the Euro and rescue the credibility of economic global governance. Read More Here
(SteveWatson) – Bankers, Economists: Mass Centralization At Heart Of Euro Bailout
Huge Euro rescue is latest step on the road toward a monolithic globalist federal union Read More Here
(AFP) – Fannie Mae seeks new $8.4 billion US bailout to stay afloat – Read More Here
(ZeroHedge) – EURUSD Roll Over Accelerates, Market Playing Catch Up – Tyler Durden
This may very well still turn out to be the shortest and must futile trillion dollar bailout in history yet. Don’t forget it was the EURJPY correlation desks that freaked out on Thursday and drained all NYSE liquidity in stocks.
It will be truly amazing if we get another 1000 point move in the Dow… But not up. Read More Here
(InternationalForecaster) – The latest Greek tragedy And Sovereign Defaults Pose A Great Threat – Bob Chapman
The latest Greek tragedy continues to leave carnage in its wake, crime compounds the debt problems, Problems everyone knew about nobody did anything about, the Sovereign debt bubble is now upon us, and could bring the world financial system down, a situation like the French Revolution in Greece, food stamps at a record high, unemployment and problems of poverty in the US, Read More Here
(NYTimes) – Video: Markets Welcome E.U. Rescue Package
Global markets rallied Monday, reversing the steep declines of recent days, after European leaders agreed to provide a huge rescue package of nearly $1 trillion to combat the debt crisis that has engulfed Europe, and central banks began injecting cash into the financial system. View Video Here
(EconomicCollapseBlog) – Is The Greek Debt Crisis Being Purposely Hyped And Manipulated? – Read More Here
(KurtNimmo) – Banksters Throw a Trillion Bucks Down a Black Hole
The EU apparatchiks are in crisis mode. European Union boss Jose Manuel Barroso told us not to worry, though. They’re on it.
“This morning’s agreement will ensure that any attempt to weaken the stability of the euro will fail,” said Barroso today as the EU threw around a trillion bucks at the cancer spawned by the Greek debt crisis. “We have stated that we will do whatever is necessary to defend the stability of the euro,” he said with an actor’s confidence. Read More Here
(Guardian) – The Greek spirit of resistance turns its guns on the IMF
Years of national denial about looming bankruptcy have turned to resentment as Greece is told how it must tackle its debt crisis Read More Here
(PaulWatson) – American Taxpayers Looted To Bail Out The Euro
American taxpayers have been freshly liberated of hundreds of billions more dollars as part of the IMF’s new bailout package which is principally going straight to European banks, in addition to the Federal Reserve program to ship U.S. dollars to Europe, in a move that represents little more than a desperate effort to save the Euro and rescue the credibility of economic global governance. Read More Here
(ZeroHedge) – The Latest US Taxpayer Bill To Save Europe, And Specifically The French Banks: $57 Billion – Tyler Durden
As the US and its taxpayers represent roughly 20% of total IMF funding, today’s 3% loss in dollar purchasing power to the middle class will cost the middle class $57 billion. Read More Here
(ZeroHedge) – Summary Of The Biggest Bail Out Ever: Even Keynes Is Spinning In His Grave – Tyler Durden
Europe has now followed the Fed in its all in move to prevent the disintegration of the euro and of Europe. As we expected, the EU was leaking various rumors to gauge market interest, and as speculated earlier, the final cost ended up being just short of one trillion. Here are the key summaries: Read More Here
(LondonTelegraph) – British taxpayers ordered to bail out euro
All 27 EU finance ministers have been summoned to Brussels on Sunday to sign up to a “European stabilisation mechanism. Britain will be unable to veto this as it will be put through under the “qualified majority voting” system. Read More Here
(AP) – Federal Reserve opens credit line to Europe
The Federal Reserve late Sunday opened a program to ship U.S. dollars to Europe in a move to head off a broader financial crisis on the continent.
Other central banks, including the Bank of Canada, the Bank of England, the European Central Bank, the Swiss National Bank and the Bank of Japan also are involved in the dollar swap effort. Read More Here
(C4L) – Video: Ron Paul’s Texas Straight Talk – Continue reading
The Hutaree Case Falls Apart
(LewRockwell) – Federal District Judge Victoria Roberts has ruled that the nine members of the so-called Hutaree Militia accused of plotting to wage war against the Regime can be released on bail. Prosecutors had argued that bail should be denied because the group posed a severe danger to public safety. Continue reading
Economy
(Bloomberg) – US Households Lost $100,000 From Crisis, Study Says
The financial crisis and recession cost US households an average of about $100,000 in lost wealth and income, according to a study by former Treasury Department economist Phillip Swagel. Read More Here
(InternationalForecaster) – Global Financial Conflagration: The World of Fiat Money is Buckling under the Pressure of Unpayable Debts – Bob Chapman
America and the world face a financial conflagration of immense proportions. The world of fiat money and massive credit is buckling under the pressure of unpayable debt. Each day the safe haven of gold and silver related assets become more attractive. We ask where else do you go for safety? A conflagration is a fire out of control and that is exactly the conditions the world faces today. The inflationary depression has smoldered for 14 months and it will soon accelerate. Read More Here
(IPSNews) – U.S. States Consider Starting Their Own Banks
At least eight U.S. states are considering proposals to start state-run banks in the wake of an economic crisis where many private banks ceased or greatly decreased their lending, literally shrinking the money pool available in state economies. Read More Here
(WashingtonsBlog) – Should a Stock Market Decline Stop the Goldman Prosecutions?
As of 2007, the bottom 50% of the U.S. population owned only one-half of one percent of all stocks, bonds and mutual funds in the U.S. On the other hand, the top 1% owned owned 50.9%.
From the San Francisco Chronicle: Read More Here
(TimesOnline) – Merkel misled Germans
She was initially hailed as the “Iron Chancellor” for holding out against a bailout for the Greeks. But this weekend Angela Merkel was accused of having misled voters after it emerged that Germany would contribute more than €25 billion (£21.7 billion) towards a rescue package. Read More Here
(Uruknet) – Confessions Of A Wall St. Nihilist: Forget About Goldman Sachs, Our Entire Economy Is Built On Fraud – Read More Here
(Telegraph) – Pakistan facing bankruptcy
Pakistan’s foreign exchange reserves are so low that the country can only afford one month of imports and faces possible bankruptcy. Read More Here
(BitsOfNews) – Pol/Econ: The 401k Scam
“The 401(k) will turn out to be the greatest systemic financial hoax ever perpetrated on an unsuspecting public.” – William Wollman, The Great 401(k) Hoax
Like most people I was told to plow as much money into my 401k pension plan as possible. So like millions of other workers out there, I did as I was told. By 2003 I had accumulated a nice little nest egg…that I couldn’t touch. Then one day I was in a bookstore and I happened across a book called The Coming Generational Storm. What I read about 401k’s that day made me immediately stop all contributions. Read More Here
(Bloomberg) – Carnivores’ Dilemma Widens as Pork Signals Record Meat Prices
U.S. meat prices may rise to records this summer after farmers reduced hog and cattle herds to the smallest sizes in decades, the result of surging feed costs linked to demands for more ethanol. Read More Here
(CatoInstitute) – Video: Advice to Tea Partiers
The Tea Party movement may endure, but its endurance will be a testament to its ability to understand that cutting government means having a long-term focus. John Samples, author of The Struggle to Limit Government and Director of the Cato Institute’s Center for Representative Government, offers an assessment of what Tea Partiers should do if they want to sustain an effort to cut government. Continue reading
Economy
(Cato@Liberty) – Costly IRS Mandate Slipped into Health Bill
A few wording changes to the tax code’s section 6041 regarding 1099 reporting were slipped into the 2000-page health legislation. The changes will force millions of businesses to issue hundreds of millions, perhaps billions, of additional IRS Form 1099s every year. It appears to be a costly, anti-business nightmare. Read More Here
(DailyMail) – Greek police and protesters clash as fury over economic chaos spills on to streets – Read More Here
(NYTimesBlog) – Where All That Money Went
“We’ve lost almost $11 trillion of household wealth in the last 17 or 18 months,” lamented Senator Christopher J. Dodd, the Connecticut Democrat, on last Sunday’s “Meet the Press,” as he urged Congress to proceed with speedy deliberations on a finance reform bill.
Eleven trillion dollars! That’s over three-quarters of our current gross domestic product. Read More Here
(BusinessInsider) – Here’s Why US GDP Growth Is Unsustainable
The US turned in a fairly robust quarter in Q1 2010, with real GDP growth meeting expectations at 3.2% annualized. This comes on the back of a very robust annualized 5.6% growth in the previous quarter. This is the best growth two-quarter growth we have seen since 2003.
However, when one digs deeper, it is obvious this growth is unsustainable because it is predicated on a reduction in savings rates and a releveraging of the household sector. As a result, I expect weak GDP growth in the second half of 2010. Read More Here
(HuffingtonPost) – Goldman Sachs Reveals it Shorted Gulf of Mexico (SATIRE)
In what is looming as another public relations predicament for Goldman Sachs, the banking giant admitted today that it made “a substantial financial bet against the Gulf of Mexico” one day before the sinking of an oil rig in that body of water. Read More Here
(HoweStreet) – The Welfare State Meets Mathematics
The simple matter is that many nations have been living beyond their means and investors are beginning to doubt governments are good credit risks. That’s saying something, when governments can simply confiscate from the public the money needed to pay bond holders. But debt-to-GDP levels are now so high across the Western world that bond investors (and ratings agencies) are having serious doubts. Read More Here
(ZeroHedge) – With $2 Trillion In 3 Year Funding Needs By the PIIGS, The IMF Is Helpless To Do Anything But Sit Back And Watch
Total PIIGS funding needs (defined as the sum of debt maturities and budget deficits) over the next 3 years amount to $2 trillion. Total PIIGS funding needs in 2010 alone amount to $600 billion. Total IMF bail out capacity: around $700 billion. Sorry – it simply does not compute.
Below is a table summarizing the funding needs of just the PIIGS. Read More Here
(WashingtonsBlog) – If We Broke Up Standard Oil, We Can Break Up the Giant Banks – Read More Here
(BizJournals) – Honolulu foreclosures soar 123% in Q1 – Read More Here
(CNBC) – Spain Jobless Rate Surpasses 20%
Spain’s jobless rate has surpassed 20 percent for the first time since 1997, the government said Friday as it offered more dismal news for a recession-plagued economy that is being dragged into Europe’s debt crisis. Read More Here
(BizJournals) – Florida has highest private student loan delinquency rate – Read More Here
(MercuryNews) – San Jose council cuts its own pay 10 percent
The city is trying to close a record $116 million operating deficit for the upcoming budget year and hundreds of layoffs are anticipated. Read More Here
(BizJournals) – Report: Tech industry dumps 246,000 jobs in 2009
The job losses likely will be much higher in the 2011 report (which will have 2009 state stats) reflecting the full weight of the recession. Read More Here
(knightNews) – UCF Tuition and Fees Could Soar 23% Combined Under Legislative Deal
State lawmakers gave the greenlight for the University of Central Florida and other state schools to hike fees by 15 percent and raise tuition by another 8 percent — while at the same time slashing funding for the Bright Futures scholarship program. Read More Here
(BizJournals) – Report: Alabama manufacturing jobs down 7% in last year – Read More Here
(AP) – Mortgage fraud incidents rise 7 pct last year
Incidents of residential mortgage fraud increased last year, a sign that scammers are still targeting the industry despite more diligent efforts to find and report such activity. Read More Here
(YouTubeVlog) – Video: Peter Schiff – How an Economy Grows & Why it Crashes Continue reading
Bernanke: We Must Raise Taxes and Cut Services • Sane People: No, We Need to Stop Endless Bail Outs, Imperial Adventures and Fraudulent Schemes
(WashingtonsBlog) – This week, both Bernanke and Volcker called for tax increases. Bernanke has also raised the possibility of reductions in entitlements such as Medicare and Social Security. Continue reading
Video: Did Wall Street bail out Greece? – Russia Today
(February 16, 2010) – The European Union has asked Greece to explain reports that it engaged in derivatives trades with US investment banks that may have allowed it to mask the size of its debt and deficit from EU authorities.Goldman Sachs made up an exchange rate that allowed the Greeks to look as though they were only engaging in a currency swap when, in effect, they were getting more than a billion more than they should have from the trades in credit. Continue reading
CDC Drafts “Isolation Order” for H1N1
The following draft of an “isolation order” was discovered on the CDC’s website. It is a template for state and local officials to impose quarantines and what would effectively be martial law. Continue reading
Video: Celente – Revolution next for U.S.
(September 14th, 2009) – Gerald Celente – the most trusted name in trends – sits down for an exclusive interview with RT’s Anastasia Churkina to talk about what the future holds for America during and after the Great Recession, gives advice to Obama, and forecasts the unexpected. Continue reading
FDIC Insured Institutions have $13.3 Trillion in Assets. 8,195 Banks and 116 Institutions Hold $10.2 Trillion of Those Assets. One out of Four Institutions Unprofitable. 1,000 Banks Will Fail or Merge.
The banking system has taken the country to the financial edge of the greatest recession since the depression. The enormous number of bad loans floating out in the economy only complicates the unemployment situation. When we look into the latest banking data, we realize that over 1,000 of current banks will fail or merge with a too big too fail bank. In fact, the total number will be over 1,000 simply because the “not too big” to fail banks heavily bet on commercial real estate loans that amount to $3 trillion. Continue reading
Video: Eliot Spitzer – The Fed is a Ponzi scheme, needs examination
The Federal Reserve has extended $14 trillion and doesn’t want any oversight. Former NY Governor and Attorney General Spitzer says the private bankers are running the Fed to bail themselves out. Continue reading
Wall Street rallies as unemployment rate soars – US shed another half-million jobs in April
The official US unemployment rate jumped by 0.4 percentage points to reach 8.9 percent last month, according to figures released Friday by the Labor Department. The economy lost another 539,000 jobs in April, as total job losses reached 5.7 million since the start of the recession in December 2007. Continue reading
Rescue Plan Could Cost Tax Payers $1,000,000,000,000.00…(1 Trillion USD)
The U.S. government moved to cleanse banks of troubled assets and halt an exodus of investors from money markets in the biggest expansion of federal power over the financial system since the Great Depression.
“We’re talking hundreds of billions,” Treasury Secretary Henry Paulson said in a press conference. “This needs to be big enough to make a real difference and get to the heart of the problem.” Continue reading
Bust, Bail, Repeat: The U.S. Enters into an Ever-Worsening Cycle
We are a year into the financial pain and virtually no systemic problem has been solved. Continue reading
dprogram.wordpress.com 