Economy

(RadicalReactionary) – Industrial Wind and the Wall Street Cap and Trade Fraud

Financial scandals are not new. Schemes to leverage risk and cheat the public are mainstays of the mad “Cap and Trade” stratagem, in the ongoing war, against genuine free enterprise. The latest ploy is the industrial wind swindle. Read More Here

(ChicagoTribune) – Illinois bank-owned foreclosures double in first quarter

Almost 15,000 Illinois homeowners lost their homes to foreclosure in the year’s first three months, twice as many as the number that went back to lenders during 2009’s first three months, new figures show. Read More Here

(SeekingAlpha) – Foreclosure Pipeline Is Full to Bursting

According to realtytrac.com, foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 932,234 properties in the first quarter, a 7 percent increase from the previous quarter and a 16 percent increase from the first quarter of 2009. Read More Here

(Telegraph) – Goldman Sachs: the bank that thought it ruled the world

Goldman Sachs was ‘doing God’s work’ – but it is now being investigated for fraud. Harry Wilson reports. Read More Here

(HuffingtonPost) – The 10 SCARIEST Charts Of The Recession – Read More Here

(BigGovernment) – White House Caught Altering Stimulus Baseline Projection by 7 Million Jobs

The number of jobs in the U.S. is currently 129.7 million. So to justify the Administration’s current claim of 2.8 million jobs “created or saved” by stimulus, they need to also claim that without that stimulus there would be only 126.9 million jobs. That’s exactly what they do, displayed as the “baseline projection” level in the graphic below from an April 14, 2010 report: Read More Here

(DailyWealth) – One of the World’s Biggest Oil Producers Is Going Bust – Read More Here

(AP) – Recession is ending? Some Americans don’t buy it – Read More Here

(NYTimes) – For Cash-Strapped States, Sin Is Sure Lucrative – Read More Here

(USAWatchDog) – Fraud, It’s Much Bigger Than Goldman Sachs

Goldman Sachs was charged with fraud last week by the Securities and Exchange Commission. The investment bank says the charges are “unfounded in law and fact.” Regulators allege “Goldman wrongly permitted a client that was betting against the mortgage market to heavily influence which mortgage securities to include in an investment portfolio, while telling other investors that the securities were selected by an independent, objective third party,” SEC Enforcement Director Robert Khuzami said in a statement. Read More Here

(InternationalForecaster) – Don’t Look to Banks To Solve Economic Problems – Bob Chapman

One of the reasons for less bank lending is the almost non-existent market for securitized bonds. Investors have so many bad loans on their books that they refuse to commit to further risky investments. This means banks are forced to hold this toxic paper on their books and that inhibits them from lending at higher levels. Read More Here

(NeitherCorp) – Get Ready, Inflation Is On The Way

In the professional financial world, the term “inflation” has many inferences, consequences, supposed benefits, and definitions. Read More Here

(EconomicCollapse) – If The U.S. Economy Goes Into The Toilet Will It Result In A Complete And Total Collapse Of Society? Read More Here

(BusinessInsider) – Congressmen Urge Dramatic Expansion Of Goldman Investigation, Demand Big Payback To AIG

The easiest reason to think that the Goldman Sachs (GS) news will metastasize is that so many players potentially have an interest in seeing it expand. Read More Here

(InfoClearingHouse) – High Frequency Trading – High-tech Highway Robbery – Michael Whitney

The Securities and Exchange Commission (SEC) knows that High-Frequency Trading (HFT) manipulates the market and bilks investors out of tens of billions of dollars every year. But SEC chairman Mary Schapiro refuses to step in and take action. Instead, she’s concocted an elaborate “information gathering” scheme, that does nothing to address the main problem. Schapiro’s plan–to track large blocks of trades by large institutional investors– is an attempt to placate congress while the big Wall Street HFT traders continue to rake in obscene profits. It achieves nothing, except provide the cover Schapiro needs to avoid doing her job. Read More Here

(InfoClearingHouse) – A Greater Threat Than Terrorism – Outsourcing the American Economy – Paul Craig Roberts

Is offshore outsourcing good or harmful for America? To convince Americans of outsourcing’s benefits, corporate outsourcers sponsor misleading one-sided “studies.” – Read More Here

(GlobalResearch) – Going After Goldman: A Crackdown on Financial Crime or a Kabuki Play Maneuvre to Avoid Bringing Criminal Charges – Danny Schechter

Fox Business News was engrossed in interviewing a blonder than thou reality TV bimbo when the news that the Securities And Exchange Commission was filing fraud charges against Goldman Sachs broke on Friday afternoon. Read More Here

(Fox) – Video: Ron Paul – Fox Business

On Monday, April 19, 2010, Congressman Paul was interviewed on Fox Business’ “Varney & Co.” concerning financial regulatory reform legislation and how the Federal Reserve and our current regulatory system encourage corruption in our economy.

Video: Paul Criag Roberts on Alex Jones Tv – Outsourcing American Jobs to The Lowest Bidder!

Alex welcomes back to the show Paul Craig Roberts, economist and a nationally syndicated columnist who served as an Assistant Secretary of the Treasury in the Reagan Administration earning fame as the “Father of Reaganomics.” He is a former editor and columnist for the Wall Street Journal, Business Week, and Scripps Howard News Service. Roberts is the author of The Tyranny of Good Intentions: How Prosecutors and Bureaucrats Are Trampling the Constitution in the Name of Justice, and How the Economy Was Lost: The War of the Worlds.

Congress Cuts Americans’ Financial Throats – Immigration And Outsourcing Jobs

Look across the American unemployment landscape to see 15 to 20 million Americans without jobs, without hope and without a way out. Witness 35 million Americans subsisting on food stamps. Millions of U.S. teenagers cannot ‘buy’ a job. Watch accelerating home foreclosures for millions of Americans.

IBM Notebook: Chinese factory like slavery, report says

The Axis of Logic reader who sent this to us writes:

“We have a local columnist who is following up on the bad doings at IBM. This recent column shows that IBM outsourcing is bad for the people of both China and the US. Only the “Fat Cats” of both countries are benefiting.”

By Christine Young, Times Herald Record

Chinese factory workers making keyboards for IBM and other American companies are treated little better than slaves, according to a 60-page report released Thursday by The National Labor Committee.

Op/Ed: Who’s Still Promoting Outsourcing? (The Answer May Surprise You)

More to Promote Outsourcing Than Nearly Anyone Else In America

by: David Sirota

Remember back in in 2004 when the Bush administration issued a report trumpeting the benefits of job outsourcing? And remember how Democrats correctly went apeshit? Well, let me pose a question: What’s worse – issuing a report applauding job losses, or putting one of the biggest outsourcing advocates in America in a top government job?

Unfortunately, this isn’t a hypothetical – it’s very real.

MSM: Boeing workers are ready for a long strike

Boeing workers are prepared for a long strike

It’s high noon in Seattle and hundreds of Boeing workers are turning up for their shifts.

But they’re not heading into the factory – they’re checking in for picket line duty. The 27,000 members of the Aerospace Machinist’s Union have been off the job for 47 days now – the third longest strike in Boeing’s history.

The key sticking point is a plan by Boeing to allow outside contractors greater access to the plant, enabling them to deliver components directly onto the production line. Workers say that’s a union busting plan that threatens their jobs.