What collapsing empire looks like – Glenn Greenwald

(Salon) – As we enter our ninth year of the War in Afghanistan with an escalated force, and continue to occupy Iraq indefinitely, and feed an endlessly growing Surveillance State, reports are emerging of the Deficit Commission hard at work planning how to cut Social Security, Medicare, and now even to freeze military pay. But a new New York Times article today illustrates as vividly as anything else what a collapsing empire looks like, as it profiles just a few of the budget cuts which cities around the country are being forced to make. This is a sampling of what one finds: Read More Here

MSM: Police could lose ‘up to 60,000 officers’

(Guardian) – Up to 60,000 police officer jobs could be lost in the next five years as the government seeks to eliminate the national debt, according to research published today.

The figure is the worst-case scenario in a range of possible outcomes examined by Jane’s Police Review magazine after the Treasury told government departments to prepare for cuts of up to 40%.

If the police suffer average cuts, predicted to be around 25%, that will lead to the loss of between 11,500 and 17,000 jobs by 2015, said Dr Tim Brain, who recently retired as chief constable of Gloucestershire and Association of Chief Police Officers lead on finance. Continue reading

Economy

(BusinessInsider) – Greek Communists Say IMF-Imposed Austerity Means “Dachau Conditions For Life”

Greek communists are cranking up the rhetoric against IMF-imposed austerity measures, now calling for war against the Athens government. Read More Here

(TheStreet) – Gold Prices Top Record, Break $1,260 – Read More Here

(Bloomberg) – Greenspan Says U.S. May Soon Reach Borrowing Limit

Former Federal Reserve Chairman Alan Greenspan said the U.S. may soon face higher borrowing costs on its swelling debt and called for a “tectonic shift” in fiscal policy to contain borrowing. Read More Here

(Fool) – The Coming Financial Meltdown

The problem is getting worse. Notional amounts of derivatives held by federally insured banks have risen to more than $200 trillion. Read More Here

(MyNews4) – Video: Nevada’s unemployment rate to reach No. 1 in U.S. – View Video Here

(PaulWatson) – Obama Plans To Sneak Through Carbon Tax By Stealth

Job killing, economy wrecking, middle class destroying consumption tax to be added in lame duck session after November elections Read More Here

(WebOfDebt) – Hyperinflation or Deflation? Dramatic Fiscal Austerity Measures: “Deficit Terrorists” Strike in the UK — The USA is Next – Ellen Brown

Last week, England’s new government said it would abandon the previous government’s stimulus program and introduce the austerity measures required to pay down its estimated $1 trillion in debts. That means cutting public spending, laying off workers, reducing consumption, and increasing unemployment and bankruptcies. It also means shrinking the money supply, since virtually all “money” today originates as loans or debt. Reducing the outstanding debt will reduce the amount of money available to pay workers and buy goods, precipitating depression and further economic pain. Read More Here

(Reuters) – Philly Fed Factory Activity Index Plummets in June

Factory activity growth plummeted in the Mid-Atlantic region in June, a survey showed on Thursday, adding to worries that the short and tepid U.S. economic recovery is now fizzling. Read More Here

(StarTribune) – Video: In jail for being in debt

You committed no crime, but an officer is knocking on your door. More Minnesotans are surprised to find themselves being locked up over debts. Read More Here

(EconomicPolicyJournal) – Swiss Legislators Sell American Tax Evaders Down the River to Bailout Big Bank

The legislators have approved a law that clears the way for the government to hand over the names of thousands of alleged U.S. tax evaders to the Internal Revenue Service, dodging the risk that the U.S. would reopen a bruising tax case against Swiss bank UBS AG, according to WSJ. Read More Here

(RawStory) – US jobless claims in surprise rise

New claims for jobless insurance benefits in the United States rose unexpectedly for the second straight week, the government said Thursday on concerns unemployment may derail the economic recovery. Read More Here

(NBCSandiego) – New Wave of Cuts at Union-Tribune: Sources

The San Diego Union Tribune told employees Thursday the company is cutting close to 40 newsroom positions, according to sources. Read More Here

(Bloomberg) – Illinois Debt-Default Insurance Climbs to Record High (Update1)

“If the spread is the widest, it says the problem is bigger than it’s ever been before,” said Peter Hayes, who oversees $106 billion of municipal bonds for New York-based BlackRock Inc. “It’s a reaction to the inability to pass a budget. We’ve seen a greater unwillingness from Illinois and the market is reacting to that.” Read More Here

BREAKING – (SCMLA) – Video: Banks In Oaxaca, Mexico No Longer Accept American Dollars

SoCal Martial Law Alerts (SCMLA) interviewed Lee, an American who discovered while on a recent (Christian) mission trip to Oaxaca, Mexico, that Mexican banks will no longer exchange American dollars for Mexican pesos.

Lee said that, when he first arrived in Oaxaca two weeks ago, the banks would still exchange American dollars for Mexican pesos, but then when he accompanied a friend to a Mexican bank approximately one week ago, that’s when he discovered the policy change regarding dollar-to-peso currency exchanges. Continue reading

Economy

(C-SPAN) – Ron Paul: Restore a Full Audit of the Fed! – Video Link Here

(AsiaTimes) – Part 1 of 2 – THE POST-CRISIS OUTLOOK: Part 10 – The trillion-dollar failure – Read More Here

(CNNMoney) – Hello Chinese exports, good-bye U.S. jobs – Read More Here

(WRNGNews) – NY Government Shutdown Possible

The state budget is more than two months late. Since April, the government has been kept running on a week-to-week basis by temporary spending bills, or extenders. Read More Here

(ABCNews) – 2 million public servants on strike in Spain

Nearly 2 million Spanish state employees have stopped work in anger over government spending cuts that will see them lose about 5 per cent of their salary. Read More Here

(PressTV) – UK unemployment could reach 3 mn – Read More Here

(CNBC) – Debt Spreading ‘Like a Cancer’: Black Swan Author

The economic situation today is drastically worse than a couple years ago, and the euro is doomed as a concept, Nassim Taleb, professor and author of the bestselling book “The Black Swan,” told CNBC on Thursday.

“We had less debt cumulatively (two years ago), and more people employed. Today, we have more risk in the system, and a smaller tax base,” Taleb said. Read More Here

(USAToday) – Only a fraction of those in need file for bankruptcy – Read More Here

(Bloomberg) – Soros Says ‘We Have Just Entered Act II’ of Crisis

Billionaire investor George Soros said “we have just entered Act II” of the crisis as Europe’s fiscal woes worsen and governments are pressured to curb budget deficits that may push the global economy back into recession.

“The collapse of the financial system as we know it is real, and the crisis is far from over,” Soros said today at a conference in Vienna. “Indeed, we have just entered Act II of the drama.” Read More Here

(CNSNews) – Bernanke: ‘Things Will Come Apart’ If Entitlements Are Not Reformed and Spending Controlled

Federal Reserve Chairman Ben Bernanke delivered a frank assessment to Congress on the fate of the economy if entitlement programs are not restructured. On Wednesday, Bernanke warned that “things will come apart” if Congress allows the federal entitlement programs and the deficit spending they cause to continue on their unsustainable path. Read More Here

(MailOnline) – U.S. facing debt ‘super cycle’: $13trillion black hole to overtake country’s GDP ‘within two years’

Forecasters predict the U.S. debt will grow to surpass gross domestic product in 2012, based on data from the International Monetary Fund. Read More Here

(EconomicCollapse) – More Than 1 In 5 American Children Are Now Living Below The Poverty Line

Perhaps the greatest victims of the economic nightmare that is unfolding right in front of our eyes are our children. The overall economic numbers are really bad, but when you examine the impact that this economy is having on children things get really horrifying. Read More Here

(CNBC) – Gold’s ‘Real Move’ to $7,000 Coming: Asset Manager

The “real move” in gold is to come, predicted Egon von Gruyerz, founder of precious metals investment and storage company GoldSwitzerland.com, on Monday. Read More Here

(PressTV) – UK’s welfare system targeted for cuts

UK Chancellor George Osborne discloses that the government has targeted welfare benefits, tax credits and public sector pensions for spending cuts. Read More Here

(Chron) – Radiohead frontman: Music industry on verge of collapse

Radiohead frontman Thom Yorke is warning the music industry is on the brink of collapse, insisting young musicians should resist signing record deals because the major labels will “completely fold” within months. Read More Here

(Telegraph) – CGT: investors rush into gold coins to beat tax rise

Britain’s bullion dealers are struggling to source enough gold sovereign and Britannia coins to keep up with surging demand ahead of an expected rise in capital gains tax (CGT) in the emergency budget. Read More Here

(June 10) – Video: Gerald Celente Breaks Down The Troubled Financial World Markets on Alex Jones TV

Alex talks with Gerald Celente, renowned trend forecaster, publisher of the Trends Journal, business consultant and author who makes predictions about the global financial markets and other events of historical importance.

Part 1 of 7

Continue reading

Growing Homelessness in America – Stephen Lendman

In the world’s richest country, the trend is shocking, disturbing and appalling. In its 2009 report on “Hunger and Homelessness in US Cities,” the US Conference of Mayors stated:

“Hunger and homelessness (are) at record levels in US cities,” citing an overall 26% demand increase over the past year and 19% more homelessness. Yet worsening conditions leave millions on their own and out of luck because Washington has other priorities excluding them.

“At a time of historic economic crisis, the issues of hunger and homelessness in America are more prevalent than ever.” Cities are hard-pressed to handle them, and planned budget cuts and revenue shortfalls will strap them well into the future. Continue reading

Economy

Video: Visualizing Obama’s budget cuts – Video Link Here

(MasonCountyNews) – Obama Banking Regulation Bill Does Not Go After Big Banks Read More Here

(CityAM) – IMF “FAT Tax” To “Reign In Banks” Will Increase Costs For Consumers

IMF plan: the wrong kind of reform Read More Here

(Infowars) – Regulatory Reform Bill: Another Round of Bailouts

It only takes a passing knowledge of current events to prompt the question of how many times the American people can be conned before they begin to wake up. Indeed, one might even ask how many times they can be conned with the same lines for the same result. Yet unfortunately, it appears that the most realistic answer is that there is in fact no limit to the gullibility of the general public. Despite the growing tea party movement as well as protests against higher taxes and bailouts, the U.S. government is gearing up yet again for another round of bailouts and the populace is geared up to accept them. Read More Here

(McClatchy) – Goldman’s White House connections raise eyebrows

While Goldman Sachs’ lawyers negotiated with the Securities and Exchange Commission over potentially explosive civil fraud charges, Goldman’s chief executive visited the White House at least four times. Read More Here

(WashingtonsBlog) – Break Up the Giant Banks to Curb Their Control over the Political Process – Krugman Read More Here

(TorontoStar) – Financial Fraud: Culture of Greed Under Attack

Barack Obama may not get it but the SEC finally is taking action – Read More Here

(InfoClearingHouse) – Borrowing While Poor

Congress is in the midst of investigating why Alan Greenspan and the Federal Reserve did not prevent the subprime fiasco, and now the SEC is suing Goldman Sachs for fraud. But neither the investigation nor the suit addresses the most repugnant aspect of subprime lending, which is the fact that poor people are charged higher interest rates than rich people when they purchase homes, and that this is perfectly legal. Read More Here

(InfoClearingHouse) – “Lehman’s failure is a story in large part of fraud” – Black’s Knockout Testimony – Mike Whitney Read More Here

(OftWoMinds) – How We Get Ahead Now: Gaming the System

Gaming the system is not just encouraged–it has become the foundation of the U.S. economy. Without it, the status quo will implode. Goldman Sachs gamed the system to package guaranteed-to-default mortgages and present them to buyers as AAA-rated “safe” investments yielding a high return, while selling a hedge fund derivatives which were a bet against the mortgages. Read More Here

(HoweStreet) – Hyperinflation Looms – The Dollar Arrives at Its ‘Havenstein Moment’

There is an interesting article in Canada’s Globe & Mail about the lack of growth in the US money supply. Ignoring for the moment that the quantity of dollars in circulation is significantly underreported, it observes: Read More Here

(PaulWatson) – Bankers Prepare To Assault Americans With VAT, Transaction Taxes

Obama: Value-added tax still on the table despite White House assurances otherwise, campaign promise not to raise taxes for families earning under $250,000 a year Read More Here

(PennyForYourThoughts) – Gore backed by group linked to oil industry – Read More Here

(CNBC) – Testimony Could Undercut SEC Charge Against Goldman

The testimony of a former Paulson & Co official could undercut the Securities and Exchange Commission’s fraud case against Goldman Sachs, CNBC has learned. Read More Here

(TheNewStar) – State $319M short

Gov. Bobby Jindal said he and the Legislature will “do everything we can to mitigate cuts” to higher education and health care, but the plan for cutting or using other funds to fill a $319 million budget hole won’t be complete until Friday. Read More Here

(ABC10) – State Revenues Down $130 Million – Read More Here

(WKBW) – DiNapoli Warns State Could Run Short on Cash

The state only ended the fiscal year in the black because the Governor delayed $2.9 billion in payments, and DiNapoli warns that by pushing these payments into the new fiscal year, the state could run out of money in June. Read More Here

(DailyDunklin) – Declining state revenue leads to hard budget decisions for leaders

Much like a family that has to make hard spending decisions when times are tough, leaders in Missouri have had to make hard budget decisions this year in light of declining state revenues. Read More Here

(EconomicPolicyJournal) – Fed Official: We Can Just Print Money, Damn It! – Read More Here

(Fox) – Republicans Warn Bank Bill Could Backfire as Dems Push for a Deal – Read More Here

(RightWingNews) – SIGTARP Report Confirms: Homeowner Bailout Program Won’t Fix Housing Crisis

A new report released yesterday (.pdf) by Neil Barofsky, special inspector general for the Troubled Asset Relief Program (TARP) warns that Obama administration efforts to bailout homeowners through the Home Affordable Modification Program (HAMP) are ineffective and will not stem the sweeping tide of foreclosures. Read More Here

(Examiner) – Massive government corruption hidden by focus on Goldman-Sachs

As the country’s attention is directed to the Goldman-Sachs scandal, a much greater story lurks beneath the surface involving massive government corruption that makes Wall Street firms pale in comparison. Read More Here

(BusinessInsider) – 12 Reasons Americans Are Incredibly Angry About The State Of The U.S. Economy – Read More Here

(Bloomberg) – Goldman Sachs ‘Had Duty’ to Keep Paulson Bets Secret (Update2)

Goldman Sachs Group Inc., being sued by the U.S. Securities and Exchange Commission over claims that it deceived investors about one of its financial products, tried to fend off regulators last fall by arguing it had a duty to keep the information confidential. Read More Here

(Telegraph) – SEC begins formal inquiry into Lehman ‘tricks’

The 2,200-page report which uncovered the murky world of Repo 105 and off-balance sheet accounting at Lehman Brothers has led to a formal investigation by the Securities and Exchange Commission (SEC) into the investment bank’s collapse. Read More Here

(MSNBC) – Districts warn of deeper teacher cuts

School districts around the country, forced to resort to drastic money-saving measures, are warning hundreds of thousands of teachers that their jobs may be eliminated in June. Read More Here

(FoxBusiness) – Video: President Obamas War on Capitalism – Video Link Here

(RussiaToday) – Video: Big Fat Greek Debt: The Bailout – William Engdahl

The financially stricken Greek government is beginning talks with the EU and the International Monetary Fund about a possible bailout. Greece has found borrowing from banks too costly recently and is struggling to refinance old debts. Let’s get some analysis with economist and author William Engdahl. Continue reading

Economy

(OpEdNews) – The Moral Problem of Neocons like Bunning Who Love to Cut Off Poor Peoples’ Living

The problem with neocons is that they think ‘civilization’ ENDS at the threshold of the “free market” (right wing code for the “economic law of the jungle: the predatory cult of enriching oneself at others’ expense”) Read More Here

(CNN) – USPS to propose 5-day mail schedule, major cuts

The U.S. Postal Service plans to propose Tuesday an adjusted mail service schedule, which will likely cut Saturday delivery. The agency will also suggest closing some branches and expanding its use of self-service kiosks in grocery stores and other popular retail spots, as part of its effort to work its way out of a mountain of debt. Read More Here

(BayNews9) – Medicare payment reductions worry doctors, patients

March begins with a financial blow for doctors, who are facing a major reduction in Medicare payments. Read More Here

(RussiaToday) – Video: US economy may take another hit; California faces bankruptcy questions – Video Link Here

(SOTT) – A Titanic Budget in an Ocean of Icebergs: Will the USS Budget Go Down?

If there were a prize for worst headline of the week, even the month, it would surely go to a February 23rd piece in the New York Times headlined online: “Gates Calls European Mood a Danger to Peace.” The bellicose “mood,” so undermining of global peace that our secretary of defense had to go after it, was (according to Brian Knowlton of the Times) the “public and political opposition to the military” spreading across Europe. Who wouldn’t react similarly in the face of such an unnerving phenomenon? After all, should it grow stronger, peace on Earth will surely prove a chimera. Read More Here

(SavannahNow) – Senate leader predicts ‘massive layoffs’

Senate Majority Leader Chip Rogers announced Monday morning that “massive layoffs” will be one result in how the legislature copes with a roughly $1 billion shortfall in expected revenue for next year’s budget. Read More Here

MSM: New U.S. senator helps Democrats advance jobs bill

(Reuters) – A modest job-creation bill advanced in the U.S. Senate on Monday as the chamber’s newest Republican bucked his party and sided with Democrats on a $15 billion package of tax cuts and highway spending. Continue reading

Economy

(WSJ) – German Economic Expectations Deteriorate

German economic expectations deteriorated in February, indicating the economic recovery isn’t gaining any significant momentum. Read More Here

(MSNBC) – China cuts holdings in U.S. treasuries

The government said Tuesday that foreign demand for U.S. Treasury securities fell by the largest amount on record in December with China reducing its holdings by $34.2 billion. Read More Here

(NewsWithViews) – Congress Refuses to Bring Home Millions of Jobs

I was in Denver recently. As I refuse to fly commercial, I drive. From Big Spring, Texas, where I live, to Denver and back, the number one subject of discussion is jobs. People are very afraid; you can see it in their eyes and hear it in their voice as they say, “I thought we were in a recovery.” Read More Here

(ABC) – Food Stamps Create Jobs… in India

Several States With High Unemployment Are Outsourcing Food Stamp Services Read More Here

(FinancialTimes) – Lone voice warns of debt threat to Fed

The US must fix its growing debt problems or risk a new financial crisis, Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, warned on Tuesday, adding a mounting deficit could spur inflation. Read More Here

(MSNBC) – Rising tide of suburban homeless across U.S.

Homelessness in rural and suburban America is straining shelters this winter as the economy founders and joblessness hovers near double digits — a “perfect storm of foreclosures, unemployment and a shortage of affordable housing,” in one official’s eyes. Read More Here

(MailOnline) – One in ten ‘underemployed’ as record 2.8m workers are trapped in part-time jobs

A record 2.8million workers are trapped in unsatisfying or lowly paid part-time jobs. Read More Here

(GoldSeek) – All Roads Lead to Goldman Sachs – Read More Here

Crash Babies

Wow, I think I woke up on a different planet this morning. There has been economic crashes, rumors of crashes, but damn man some huge players are saying “IT IS GOING TO CRASH.” One heavy weight to check in is Barton Biggs, former head of Morgan Stanley who says here and I quote “Insure yourself against war and disaster by buying a remote farm or ranch and stocking it with “seed, fertilizer, canned food, wine, medicine, clothes, etc. because tshtf is coming.” Read More Here

(AP) – Report: Hawaii hotels lost $741M last year

A new report says hotels in Hawaii lost $741 million last year, $1.1 billion since the tourism slump began in 2008 Read More Here

(RawStory) – China’s holding of US Treasuries tumbles

China’s holding of US Treasury bonds has tumbled, according to US Treasury data released Tuesday, after Beijing expressed concern over the swelling US deficit and amid new US-China tensions. Read More Here

(AP) – Foreigners cut Treasury stakes; rates could rise

A record drop in foreign holdings of U.S. Treasury bills in December sent a reminder that the government might have to pay higher interest rates on its debt to continue to attract investors. Read More Here

Economy

U.S. government close to debt ceiling

The U.S. Treasury Department said Wednesday it expects to hit the government’s debt ceiling by the end of February, putting pressure on Congress to raise the limit from its current level of $12.4-trillion (U.S.). Read More Here

(SBJ) – State revenue drop leads to $74M in spending cuts

The continued drop-off in state general revenue collections has led to additional spending restrictions this year, the state budget office said Tuesday. Read More Here

(Bloomberg) – U.S. May Lose 824,000 Jobs as Employment Data Revised: Analysis

The U.S. may lose 824,000 jobs when the government releases its annual revision to employment data on Feb. 5, showing the labor market was in worse shape during the recession than known at the time. Read More Here

(WATimes) – Largest-ever federal payroll to hit 2.15 million

The era of big government has returned with a vengeance, in the form of the largest federal work force in modern history. Read More Here

(MSNBC) – No help in sight, more homeowners walk away

About 5.1 million will own a home valued below 75 percent of what is owed Read More Here

(WorldNetDaily) – The Crisis Is Not Over

Readers ask if the financial crisis is over, if the recovery is for real and, if not, what are Americans’ prospects. The short answer is that the financial crisis is not over, the recovery is not real, and the U.S. faces a far worse crisis than the financial one. Here is the situation as I understand it: Read More Here

(RawStory) – Children lead way in record New York homelessness

Kariana, aged three, has a lonely existence in the New York homeless shelter her parents moved into last year. Lonely, but not alone — there are nearly 16,000 children just like her. Read More Here

(Yahoo) – Reports: AIG to pay out $100 million in bonuses

American International Group Inc. is set to pay out about $100 million in a fresh round of bonuses to employees of its financial products division, the unit whose risky bets helped sink the company leading to a $180 billion government bailout, according to reports published Tuesday. Read More Here

MSM: Obama Budget Has $1.9 Trillion Tax Rise

(Bloomberg) – The Obama administration proposed to increase taxes on Americans earning more than $200,000 by close to $970 billion over the next decade and take in an additional $400 billion from businesses even as it retooled a proposed crackdown on international tax-avoidance techniques. Continue reading

Video: California the canary in coalmine of US economy

State Controller John Chiang issued a stern warning Friday about California’s cash reserves, telling legislative leaders and Gov. Arnold Schwarzenegger they must act on nearly $9 billion in budget cuts the governor is seeking by March — or the state will run out of cash to pay its bills. — Denis C. Theriault Mercury NewsContinue reading

What Should We Make of Obama’s “Spending Freeze”

(WashingtonsBlog) – The big news today is Obama’s proposed “spending freeze”.
Fiscal liberals say this cuts spending at the exact time that we most need to increase it. See this and this. Continue reading

MSM: US needs plan to tame debt soon, experts say

(Reuters) – The U.S. government must craft a plan next year to get its ballooning debt under control or face possible panic in financial markets, a bipartisan panel of budget experts said in a report on Monday. Continue reading

Obama and the fiscal crisis of the states

The class character of the Obama administration is clearly indicated by one statistic: President Obama has made available more than $12 trillion in cash infusions, loans and guarantees to the financial industry, but for state governments that are facing massive budget deficits, Obama has thus far provided only one quarter of 1 percent of that amount in federal stimulus funds—about $30 billion. Continue reading

Scientist: Carbon Dioxide Doesn’t Cause Global Warming

A noted geologist who coauthored the New York Times bestseller Sugar Busters has turned his attention to convincing Congress that carbon dioxide emissions are good for the Earth and don’t cause global warming. Leighton Steward is on Capitol Hill this week armed with studies and his book Fire, Ice and Paradise in a bid to show senators working on the energy bill Continue reading

MSM: G-7 finance ministers warn recovery ‘fragile’

(Google) – Finance ministers from the Group of Seven rich countries warned the recovery remains “fragile” and tried to talk up the U.S. dollar amid fears it could fall farther and disrupt the global economy. Continue reading

Video: Nouriel Roubini – US Economy Facing Death by a Thousand Cuts

(CNBC) – Professor of Economics and International Business at the Stern School of Business, New York University. Continue reading

Obama sets stage for using budget maneuver to pass health reform

(TheHill) – President Barack Obama this week has been laying the foundation for Senate Democrats to use a controversial budget maneuver to pass healthcare reform. Continue reading

MSM: US jobless soars as companies squeeze workers

(TimesOnline) – Private employers cut 298,000 American jobs last month, far above economists’ expectations, and squeezed more work out of staff over fewer hours. Continue reading

Growing Poverty and Despair in America

In 1962, Michael Harrington’s “The Other America” exposed the nation’s dark underside enough for John Kennedy to ask his Council of Economic Advisor chairman, Walter Heller, to look into the problem and for Lyndon Johnson to say (on January 8, 1964) that his administration “today, here and now, declares unconditional war on poverty in America.” Continue reading

MSM: California board votes to drop healthcare coverage for 60,000 children

(LATimes) – As a result of state budget cuts, the Healthy Families program will have to begin terminating coverage for more than 60,000 children on Oct. 1. Nearly 670,000 children could be dropped by June 30. Continue reading

MSM: US companies axe 371,000 jobs in July

(Times) – American businesses cut 371,000 jobs from their workforces in July in a further sign that recovery in the labour market remains far off despite positive signs in other areas of the economy. Continue reading

Video: Congresswoman Bachmann – No Health care for the disabled

(C-SPAN) – July 27, 2009 Continue reading

More Federal Police State “Stimulus”

The Obama administration has announced the distribution of $1 billion in grants to hire 5,000 “local” police nation-wide. Continue reading

MSM: U.S. Initial Jobless Claims Rise by 30,000 to 554,000

(Bloomberg) — The number of Americans filing claims for unemployment benefits jumped last week from a six- month low as distortions caused by shifts in the timing of auto- plant shutdowns subsided. Continue reading

Judgment day: broke California faces shutdown at Arnie Schwarzenegger’s hands

The state’s top finance officials warned that unless an emergency austerity plan is agreed by Monday — and there is little chance that it will be — they will not be able to borrow the billions of dollars needed to keep the current government functioning. If California was a company, it would have gone bust months ago. Continue reading

USA Today report: Workers face worst conditions since the Great Depression

Even as US unemployment rolls soar to their highest levels in post-war history, employed workers face the worst conditions since the Great Depression, according to a front-page article in Friday’s USA Today. Continue reading

Global CEOs back greenhouse gas cuts, carbon caps

Global business leaders added momentum to prospects for a new U.N. climate treaty by agreeing Tuesday that the world must cut greenhouse gas emissions in half by mid-century by setting specific limits on carbon. Continue reading

MSM: Zoellick Warns Stimulus ‘Sugar High’ Won’t Stem Unemployment

(Bloomberg) – World Bank President Robert Zoellick warned policy makers that fiscal-stimulus plans are insufficient to turn around the “real economy” and rising joblessness threatens to set off political unrest across the globe. Continue reading

MSM: California faces its day of fiscal reckoning

The day of reckoning that California has been warned about for years has arrived. The longest recession in generations and the defeat this week of a package of budget-balancing ballot measures are expected to lead to state spending cuts so deep and so painful that they could rewrite the social contract between California and its citizens. They could also force a fundamental rethinking of the proper role of government in the Golden State. Continue reading

US Promises to Fully Fund Israeli Missile Defense System, While Cutting Its Own

Even as Secretary of Defense Robert Gates was being raked over the coals in Congress for the decision to cut funding to America’s missile defense systems, Israeli defense officials have revealed that Israel’s own Arrow 3 missile defense system will be “fully funded” by the United States yet again this year. Continue reading

Military attorney: Waterboarding is ‘tip of the iceberg’

A military attorney who represented a now-freed Guantanamo detainee told CNN on Wednesday that waterboarding is only “the tip of the iceberg” Continue reading

MSM: U.S. Initial Jobless Claims Rose to 640,000 Last Week

(Bloomberg) – The number of Americans filing first-time applications for unemployment insurance rose last week to 640,000 as forecast, while total benefit rolls reached a record, indicating the labor market continues to deteriorate. Continue reading

MSM: Stiglitz Says White House Ties to Wall Street Doom Bank Rescue

(Bloomberg) – The Obama administration’s bank- rescue efforts will probably fail because the programs have been designed to help Wall Street rather than create a viable financial system, Nobel Prize-winning economist Joseph Stiglitz said. Continue reading

Detroit to close another 23 schools this fall

Robert Bobb, the emergency financial manager of the Detroit Public Schools, followed through on threats to carry out drastic cuts, naming 23 schools targeted for closure. In a separate announcement, the school finance chief said layoff notices are going out for 600 teachers. Continue reading

Taxpayers Furious With Budget Cuts Take Frustration To Streets Of NYC

Thousands of New Yorkers marched on City Hall on Friday to protest the proposed budget cuts in a self-described “Rally For New York.” Continue reading

MSM: Microsoft poised to announce job losses

Microsoft is preparing to announce the first widescale layoffs in its 32-year history, with up to 15,000 jobs at risk, according to some predictions.

Speculation about job cuts was triggered by a report from Fudzilla, the technology blog site, which said that employees had been told that the software group was “readying major layoffs to its worldwide operations” on January 15. Continue reading