Economy

(WAPost) – Wa. Post: Citi sale “would amount to a validation of bailout”

Among the banks that rule Wall Street, Citigroup got a bailout that was bigger than the rest. Now the company is about to pay a king’s ransom for its federal rescue. Read More Here

Video: Federal Reserve End Game – View Video Here

(TalkRadioNews) – Sarkozy Calls For World Economic Regulation – Read More Here

(Fox) – Peter Schiff Discusses The Jobs Bill On Freedom Watch – View Video Here

(GoldSeek) – Gerald Celente – This time they will close Banks & Wall Street – View Video Here

(CNBC) – Video: Jim Rogers – Commodities More Attractive Than Currencies – View Video Here

Marijuana Legalization ~ Grassroots Industry or Corporate Takeover

California state officials have determined that the Regulate, Control and Tax Cannabis Act of 2010 has enough eligible signatures to appear on the November ballot. This ballot measure would allow the possession of 1 ounce of marijuana for personal use by individuals aged 21 and older and the ability to cultivate gardens up to 25 square feet. Currently, possession in California is a misdemeanor that carries a $100 fine. The Act would ban the use in public or around minors.

A no brainer … right … End the insanity of this aspect of the war on drugs, tax it and go on our merry way. Maybe it’s not that simple. Read More Here

(InternationalForecaster) – Credit Crisis, Outrage, Far From Over

Bernanke re-nominated, outrage at banks, insolvency the real state of banks, crime pays when you are at the top, sovereign debt crisis around the world, debt and derivatives products were all just a ponzi scheme, the problem wont go a way when the system is purged, PIMCO Bill Gross warns of inflation, big cutbacks in services… Read More Here

(PrimaPanama) – Disturbing new U.S. law aims to end individual foreign bank accounts – Read More Here

(WashingtonTimes) – KUHNER: Will America break up?

President Obama is splintering America. The passage of Obamacare was a historic victory for liberal governance. Yet, its true cost may be that it triggers the eventual breakup of the country. Read More Here

(CrooksAndLiars) – Too Big To Jail? DoJ: Wall St. Bailout Buds ‘Co-Conspirators’ In Plot To Rip Off State, Local Governments

Municipal bonds are where a lot of the political kickbacks and corrupt deals are typically hidden, so I can’t say I’m surprised. In fact, it’s sort of funny that the governments dealing with these guys apparently thought they could trust them, considering how crooked the business is. Lie down with dogs, rise up with fleas, as the nuns used to say:Read More Here

(AllGov) – Chertoff Joins Defense Firm that Defrauded U.S.

Michael Chertoff, the former homeland security chief who’s not been shy about exploiting terrorist threats for the benefit of his clients, has decided to join a top defense contractor that defrauded the U.S. government. Read More Here

(EconomicPolicyJournal) – Obama’s New Housing Program Is a Huge Gift to Banks

Dean Baker does a great job of explaining what it will do. And, while Baker does imply that the Administration may have been a bit naive in structuring the program this way, I doubt it. Further, you can be sure that Lloyd Blankfein and Jamie Dimon understand exactly what this structure means. Here’s Baker: Read More Here

(SeattleTimes) – Recession’s untold story

It turns out the job of dog-kennel assistant is even less glamorous than it sounds Read More Here

The Bankruptcy of the United States is Now Certain – Porter Stansberry

It’s one of those numbers that’s so unbelievable you have to actually think about it for a while… Within the next 12 months, the U.S. Treasury will have to refinance $2 trillion in short-term debt. And that’s not counting any additional deficit spending, which is estimated to be around $1.5 trillion. Put the two numbers together. Then ask yourself, how in the world can the Treasury borrow $3.5 trillion in only one year? That’s an amount equal to nearly 30% of our entire GDP. And we’re the world’s biggest economy. Where will the money come from? Continue reading

MSM: Dollar Reaches Breaking Point as Banks Shift Reserves

(Bloomberg) – Central banks flush with record reserves are increasingly snubbing dollars in favor of euros and yen, further pressuring the greenback after its biggest two- quarter rout in almost two decades. Continue reading

US Economy: More Unemployment. Slowdown in the Pace of Job Losses

(BobChapman) – The number of Americans filing first- time claims for unemployment benefits fell last week to the lowest since January, a sign the labor market is deteriorating more slowly as the economy emerges from the recession. Continue reading

Video: Peter Schiff – OIL is going well above $200

(Fox) – Peter Schiff discusses the future of oil on Fox Business – August 19th, 2009 Continue reading

US job cuts, foreclosures mount

This week brought new indications that any economic “recovery” in the US will not be shared by the working class. Telecommunications giant Verizon announced that it would eliminate 8,000 jobs by the end of the year, new data showed that the foreclosure crisis is continuing to mount, and weekly initial jobless benefit claims rose. 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

The Looting of America

The New York Times on Thursday published a front-page article that provides further insight into the economic and class interests that are being served by the Obama administration’s economic “recovery” policies. Continue reading