Thursday, January 29, 2009

Feds: Judges used system to enrich selves | Wilkes-Barre New

This happens all across America. Judges take cash to fix cases, and judges even take bribes to fill up the private prisons by throwing people, even kids, in them often without any legal basis and without counsel. Finally, the Feds are taking some action after years of cover-ups by the Bush regime.

read more | digg story

Fed Warns of Global Slowdown That Adds to Deflation Risk

“It sounds like the worry is not so much recession as it is depression,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. “We can only hope that the famous long and variable lags of monetary policy will eventually kick in."

read more | digg story

Jobless Rates Up In All 50 States

While some states fared better than others, December was a cruel month for many workers nationwide, and economists predict job losses will continue for the rest of this year.

read more | digg story

Why Your Bank is Broke

Sketch loans, financial blunders, and a string of bad bets have left America's banks nearly insolvent. How an industry collapsed — and why only nationalization might solve it

read more | digg story

AOL to Lay Off 10% to Consolidate During Recession

AOL will lay off 10 percent of its workers, about 700 people, to help it better deal with the deepening economic recession, according to a company-wide e-mail sent on Wednesday.

read more | digg story

The Pork Behind the Stimulus Package

This will cripple our economy. Seriously, this is unbelievable, reckless spending.

read more | digg story

JPMorgan Pulled Cash Early From Madoff-Linked Funds

Investors are criticizing JPMorgan Chase for not sharing its concerns about funds tied to Bernard L. Madoff.

read more | digg story

Bailout firms have program recipients among their clients

WASHINGTON — All six of the law and accounting firms hired by the Treasury Department to help manage the $700 billion financial bailout have clients who received the federal money, contracting and regulatory records show.

read more | digg story

Some Credit Card Companies Financially Profiling Customers

A new policy being used by at least one major credit card company judges a shopper not necessarily by his credit purchases and payments alone, but also by the fiscal behavior of the fellow shoppers in the stores he visits.

read more | digg story

House passes $819 billion stimulus package with 0 GOP votes

The Democratic-controlled House approved $819 billion in spending increases and tax cuts at the heart of President Barack Obama's economic recovery program Wednesday evening, despite Republicans' charges that the bill is wasteful. The measure passed by a vote of 244-188. Eleven Democrats voted against the measure, while no Republicans supported it.

read more | digg story

USPS says mail deliveries may have to be cut to 5 a week

Massive deficits could force the post office to cut out one day of mail delivery per week, the postmaster general told Congress on Wednesday. Postmaster General John E. Potter asked lawmakers to lift the requirement that the agency deliver mail six days a week.

read more | digg story

More economic issues

OWN IT...
Divided House passes economic package...
Limbaugh: My Bipartisan Stimulus...

Postmaster Gen'l: Mail delivery may need to be cut...

$335,000,000 FOR STD PREVENTION IN ECONOMIC STIMULUS BILL...

SOROS EYES 'GLOBAL RESCUE PLAN'...

'American consumer can no longer act as motor of global economy'...

'Obama must implement radical and comprehensive set of policies'...


Tax Refunds Now on Hold in California...

UPDATE: STARBUCKS to cut 6,700 jobs amid falling sales; Coffee retailer to sell executive jets...

Too Big to Fail, Too Big to Jail

By Amy Goodman

Without thorough, aggressive, public investigations of the full spectrum of crimes alleged of the Bush administration, there will be no accountability, and the complete record of this chapter of U.S. history will never be written. Continue


Astonishing Incongruities

Is It Time to Bail Out of the US?

By Paul Craig Roberts

How can President Obama even think about fighting wars half way around the world while California cannot pay its bills, while Americans are being turned out of their homes, while, as Business Week reports, retirees will work throughout their retirement (which assumes that there will be jobs), while careers are being destroyed and stores and factories shuttered.
Continue

Putin calls financial crisis a 'perfect storm': Putin refrained from blaming the United States for the crisis - but pointed out that just a year ago at Davos American delegates emphasized the U.S. economy's fundamental stability.

Economic crisis to claim 51 Million jobs: The economic downturn could result in the loss of up to 51 million jobs worldwide by the end of this year, a UN agency has predicted.

Financial crisis hangs over Davos: The World Economic Forum has got under way in Davos, Switzerland, as the international monetary fund slashed its economic growth forecasts, predicting the severe financial crisis would brake global growth to the slowest pace in six decades.

Rioting Greeks, angry Germans and why the euro may well collapse: The Brussels elite are pretending the question does not arise, but the financial world knows the question is there, hanging over the entire European Union economy: is the single European currency going to break apart?

Europe's winter of discontent: Thursday's French national strike reflects growing despair on the Continent with the way governments are handling the recession, says Adrian Michaels.

Boeing to cut 10,000 jobs: Plane maker announces an additional 5,500 job cuts as demand for new aircraft is expected to remain weak.

How top financiers paid themselves £1bn before the wheels fell off: A dozen senior bankers whose influence has shaped the financial world gave themselves pay awards valued at more than £1bn before the credit crunch spectacularly exposed the fragility of the profits they appeared to have secured for shareholders.

Fed Fails To Rehab The US Banking System - Vid

The Ugly Truth - The US Economy Is Not Coming Back

US Economic Crisis - Carter Redux

More Bailout Insanity Coming

Russian Stability Threatened By Economy

China Feels The Heat At Davos

Davos - 'Don't Shun Bankers' (Right)

Men Who Made $2B In Bank Bailout

UK MPs - Hedge Funds Cash In On Misery

US Economy Spiraling Down And Down

UK Needs $40B A Year To Repair Finances

One Law For Taxman, Another For Tax Payers

Beware The Rise Of Protectionism

The New Rule Book For Capitalism

Canada To Unveil Stimulus Package

Germany To Create 'bad banks'

Pending Collapse Of Capital Flows

Millions Of Chinese To Lose Jobs

Monetary Velocity Explained

Bank Bailout Could Cost Four Trillion

World Recession Claims 80,000 Jobs In A Day

Iceland's Government Collapses

France Mass Strikes Protest Sarko Reforms

IMF, World Bank Call For Global Stimulus

Paulson Reaps $400M 'Shorting' RBS

Japan Offers $16.7B Troubled Firms

IMF Pressures China's Yuan

Brown's Tonic For Big Pharma

Fuld 'sold' $14m mansion to wife for $100

The Day Banks Were 3 Hours From Collapse

US Layoffs - 'No End In Sight'

Caterpillar, Sprint, Home Depot Cut 61,000 Jobs

BoA And Citi Could Fail Despite Bailouts

Brown - Crisis Is Birth Pangs Of A NWO

Brown - Recession Must Not Stop Globalisation

Wall St Investment Banks Vs Commercial Banks







Wednesday, January 28, 2009

Fed Ready to Buy Treasurys, if Necessary

Fed officials signaled they're prepared to move forward on a controversial idea to purchase longer-dated Treasury securities, as they kept rates steady.

read more | digg story

More economic issues


$335,000,000 FOR STD PREVENTION IN ECONOMIC STIMULUS BILL...
Divided House to hand Obama stimulus win...
Bill Nears $900 Billion?
GOP: 'Won't stimulate anything but more government and more debt'...
Bleeding banks prompt talk of new big bailout...
FDIC May Run 'Bad Bank' in Obama Plan...
Postmaster Gen'l: Mail delivery may need to be cut...

Ron Paul Should Attack The Progressive Patriot Act

The Stimulus bill appears to be filled with pork and also greatly expands the role of government. There are precious few people in Congress who will actually fight to keep government from bankrupting our country anymore.

read more | digg story

Fed Moves to Help Distressed Homeowners

With home foreclosures spiking, the Federal Reserve is taking steps to try to keep some distressed borrowers in their homes. Under the program, the Fed has a number of options to provide relief, including lowering the amount the homeowner owes on the mortgage, reducing the interest rate or lengthening the term of the loan.

read more | digg story

Bailout: The sequel?

President Barack Obama is under pressure to take a high-stakes political gamble -- asking for another bailout.

read more | digg story

A Republican Offers A Dose Of Reality For The New President

"I remember when FDR beat Hoover in 1932. So I remember the Great Depression very well. I don't remember any of the many government programs affecting the course of the Depression. Government programs didn't work then, I don't know why we think they would work now" - Rep. Bartlett, R-Md

read more | digg story

77,000 job cuts yesterday

Caterpillar Inc., Sprint Nextel Corp., Home Depot Inc. and ING Groep NV led companies announcing at least 77,000 job cuts yesterday as sales withered while U.S. jobless claims touched a 26-year high of 589,000 in the week ended Jan. 17.

read more | digg story

Here are 200 economists who opposse the bailout

As such, it is a triumph of hope over experience to believe that more government spending will help the U.S. today. To improve the economy, policymakers should focus on reforms that remove impediments to work, saving, investment and production.

read more | digg story

Taxpayer dollars don't return to Main Street

American banks are reining in lending, despite having been showered with taxpayer money.Bank executives refute criticism they’re greedily hoarding the cash they received from TARP, saying it’s unrealistic to expect them to both build a cushion against future losses and aggressively make new loans.

read more | digg story

New Bill Will Turn Old Military Bases Into FEMA Camps

On January 22nd, Representative Alcee Hastings [D-FL] introduced a new bill in the U.S. House of Representatives called the National Emergency Centers Act (also known as HR 645). If Congress passes this bill, the Department of Homeland Security will be REQUIRED to establish national emergency centers (FEMA camps) on closed military bases.

read more | digg story

The Bailout: What Are Those Billions of Dollars Buying?

This administration and Congress are now in a position to do what Franklin D. Roosevelt did during the Great Depression of the 1930s— use a crisis of the times to create new institutions that will last for generations.

read more | digg story

Ron Paul discusses fixing the economy on MSNBC -- [vid]

On MSNBC's Morning Joe, Ron Paul answers questions about fixing the economy.

read more | digg story

Geithner Announces New Lobbying Rules for Bailout

The new rules are designed to crack down on lobbyist influence over the rescue program. The Obama administration says they go farther than the lobbying rules imposed by the Bush administration.

read more | digg story

Agricultural Subsidies: Corporate Welfare for Farmers

U.S. farm programs cost taxpayers billions each year, significantly raise the price of commodities such as sugar (which is protected from competition from other producers in other countries), undermine world trade agreements, and contribute to the suffering of poor farmers around the world.

read more | digg story

Yahoo! loses $458m as revenue slips, still optimistic | Busi

YAHOO! reported that it lost $US303 million ($458 million) in the final quarter of 2008 as revenue slipped from the same quarter a year earlier.

read more | digg story

More economic issues

Obama open to compromise on stimulus...
Bill Nears $900 Billion?
GOP: 'Won't stimulate anything but more government and more debt'...
Bleeding banks prompt talk of new big bailout...


'NO!'

Senator Warns White House Will 'Create Crisis and Widespread Panic' to Push Stimulus...

Financial Elite Have No Shame

By Linda McQuaig

Let's imagine, for a moment, how different the public debate would be today if it had been unions that had caused the current economic turmoil. Continue

California prepares to stop paying bills: Come Feb. 1, tax refunds, welfare checks replaced with IOUs

Consumer confidence hits another low: A new year and a new president failed to boost consumer confidence this month, as the outlook dropped to its lowest level in more than 40 years, according to a report released Tuesday.

Bloody Monday: Over 71,400 jobs lost: More than 200,000 job cuts have been announced so far this year, according to company reports. Nearly 2.6 million jobs were lost over 2008, the highest yearly job-loss total since 1945.

US firms announce heavy job cuts: US construction equipment giant Caterpillar earlier said it was to cut about 20,000 jobs, after its profits slumped by 32 per cent.

Fannie, Freddie may tap U.S. Treasury for $51 bln: The storm of rising delinquencies and falling securities values that led to the government's seizure of the companies in September accelerated in the last quarter, requiring Fannie Mae and Freddie Mac to seek more of the stop-gap measures organized by the U.S. Treasury and their regulator. Analysts predicted more capital needs from Treasury through 2009.

Forecasters see historic drop in retail sales: Half-percent downturn in ’09 would be the first one in at least 30 years

Road To Ruin: Twenty-five people at the heart of the meltdown: The worst economic turmoil since the Great Depression is not a natural phenomenon but a man-made disaster in which we all played a part. Julia Finch picks out the individuals who have led us into the current crisis

NY financier arrested in purported $400 million scam: Authorities on Monday arrested the chief executive of a private New York financing firm on suspicion of running a purported Ponzi scheme that attracted $400 million in investments, U.S. law enforcement officials said.


Monetary Velocity Explained

Bank Bailout Could Cost Four Trillion

World Recession Claims 80,000 Jobs In A Day

Iceland's Government Collapses

France Mass Strikes Protest Sarko Reforms

IMF, World Bank Call For Global Stimulus

Paulson Reaps $400M 'Shorting' RBS

Japan Offers $16.7B Troubled Firms

IMF Pressures China's Yuan

Brown's Tonic For Big Pharma

Fuld 'sold' $14m mansion to wife for $100

The Day Banks Were 3 Hours From Collapse

US Layoffs - 'No End In Sight'

Caterpillar, Sprint, Home Depot Cut 61,000 Jobs

BoA And Citi Could Fail Despite Bailouts

Brown - Crisis Is Birth Pangs Of A NWO

Brown - Recession Must Not Stop Globalisation

Wall St Investment Banks Vs Commercial Banks




Tuesday, January 27, 2009

AP IMPACT: US bets on bank execs to fix this mess

They've been bailed out, but not kicked out. At banks that are receiving federal bailout money nearly nine out of every 10 of the most senior executives from 2006 are still on the job, according to an Associated Press analysis of regulatory and company documents.

read more | digg story

How the Government Dealt With Past Recessions (INTERACTIVE)

Since the Great Depression, presidents have frequently experimented with Keynesian economics to combat recessions. Three economists chronicle the history of government policy during past recessions and explain what worked and what didn’t.

read more | digg story

William Dudley chosen to head New York Fed, sources say

William Dudley, the head of the New York Federal Reserve Bank's markets group, has been chosen to succeed Timothy Geithner as president of the regional Fed bank, a source familiar with the decision said on Monday.

read more | digg story

Budget Deficit May Help Marijuana Reform In Connecticut

"We've got to take a strong look at what we want to pay for as a state," said Harp, D- New Haven, who with Senate Majority Leader Martin Looney is co-sponsoring a bill that would punish low-level marijuana users with a fine, not a criminal charge.

read more | digg story

UAW, Chrysler Eliminate Jobs Bank

DETROIT - The United Auto Workers union has eliminated its jobs bank for Chrysler workers.

read more | digg story

The Anti-Stimulus Crowd Blows A Gasket

The possibility that a young charismatic new president will push through an ambitious package that begins to set the economy right is truly terrifying to this crew. After all, if the economy begins to turn around and has largely recovered in three or four years, the Republican leadership can suck it and cash in their chips 'cause they're done.

read more | digg story

Two Sides of the Financial Crisis

This is a story of two men of similar age who have reached different forks in the road. One is a laid-off construction worker in Baltimore, reduced to panhandling and giving people rides in his van. The other is in sunny Florida, where he takes tourists for spins on the Everglades, happy as clam.

read more | digg story

Ron Paul: Stimulus for Who? 1/26/09

http://www.house.gov/paulhttp://www.CampaignForLiberty.comCongressman Ron Paul talks about the latest stupid bailout plan in his latest Texas Straight Talk entitled, "Stimulus for Who?" on January 26, 2009.

read more | digg story

Reason: Bush Was a Big-Government Disaster

In a way that was inconceivable when he took office, Bush—the advance man for the "ownership society," smaller and more trustworthy government, and a humble foreign policy—increased the size and scope of the federal government to unprecedented levels. At the same time, he constantly flashed signs of secrecy, duplicity, and ineffectiveness.

read more | digg story

More economic issues

Gloom deepens as 75,000 global jobs go...
Bad economy spurs egg and sperm sales...
FANNIE to Seek Up to $16 Billion in Emergency Treasury Aid to Stay Afloat...
Gold pushes above $900 in buying spree; Yellow metal posts all-time highs in euro and sterling...

Bad news: we're back to 1931. Good news: it's not 1933 yet: Barack Obama inherits an economy already contracting at an annual rate of 6pc, much like the mid-Depression year of 1931 (-6.4pc)

Flood of foreclosures: It's worse than you think: Banks are moving slowly to list repossessed homes for sale, which could mean that housing inventory is even more bloated than current statistics indicate.

Companies in U.S. to Slash More Jobs, Business Economists Say: More U.S. companies project they’ll pare staff in the next six months as pessimism mounts the economy will contract this year, according to a survey by the National Association for Business Economics.

Florida drowning in jobless claims: Floridians who want state unemployment benefits may need to brush up on their computer skills. That’s because there’s no way to sign up in person, and those who apply by phone can expect either busy signals or waits of up to 90 minutes to speak with someone.

'Rescued" Citi Buying $50M Jet: Beleaguered Citigroup is upgrading its mile-high club with a brand-new $50 million corporate jet - only this time, it's the taxpayers who are getting screwed.

The Day Banks Were 3 Hours From Collapse

US Layoffs - 'No End In Sight'

Caterpillar, Sprint, Home Depot Cut 61,000 Jobs

BoA And Citi Could Fail Despite Bailouts

Brown - Crisis Is Birth Pangs Of A NWO

Brown - Recession Must Not Stop Globalisation

Wall St Investment Banks Vs Commercial Banks

BofA Role In Merrill Bonuses

Bad News, We're Back In '31 - Good, It's Not '33 Yet

UK Corp Cuts Spread - 6,000 Face Axe

Barclays Bullish Despite $16B Credit Hit

Obama To Tighten Wall Street Regulations

Worshipping The Wrong God

Gold Breaks $900 Barrier

Iceland On Brink Of Total Meltdown

Dutch Bank Drops CEO And 7,000 More Jobs

Grim Davos World Economic Summit Due

The 25 People Responsible For The Crash

Toyota Down 25%

Flood Of Foreclosures - Worse Than You Think

Strong Dollar Paying Off For Some Investors

Twenty Questions You Were Afraid To Ask

Hyperinflation Will Begin In China - Doom Dollar

Obama's Team Turns To EU Bank For Inspiration

$2 Trillion Wiped Off Britain's National Wealth

US Car Dealers Try To Survive

'Soviet' Britain Swells Amid Recession

Monday, January 26, 2009

Abolish the Federal Reserve

The stock market rises and then crashes. Housing prices soar and then plummet. The Federal Reserve causes these booms and busts by constantly expanding and contracting the supply of money and credit.

read more | digg story

CITI: Buying a Jet with Bailout (taxpayer) Money

WTF? Citi joins the ranks of high-profile bailout goons spending taxpayer money on important things, like PRIVATE JETS! We need to take back what's ours so we can eat our dinners, pay our heating bills, and continue to buy gas while it's cheap. TAXPAYERS UNITE!

read more | digg story

Tens of thousands more layoffs are announced

It's already been a lousy year for workers less than a month into 2009 and there's no relief in sight. Tens of thousands of fresh layoffs were announced Monday and more companies are expected to cut payrolls in the months ahead.

read more | digg story

Corporate Taxes: The Coming Battle over Loopholes

Business fears the Obama Administration will try to reduce soaring deficits by taxing overseas profits and cut other tax breaks.

read more | digg story

US companies cut 45,000 jobs even before market opens

Somebody was working this weekend to make sure thousands of other people didn't. US companies announced they're cutting 45,000 jobs by 9 am Eastern Time on Monday morning, even before the US stock market opened, according to a quick count by Raw Story.

read more | digg story

The Banks Have Stolen Enough; Time to Take Them Over

Hold onto your wallets. The bankers are coming bank for more money. They burned through the $350 billion that we gave them in the first round of the Troubled Asset Relief Program (TARP) and they are worried that even the second $350 billion will not be enough money to keep them solvent. The selective leaks from Treasury tell us that the banks will

read more | digg story

Joe Biden on Democrats Contolling Economy: "No Good News"

Joe Biden has already told us that Hillary would make a better VP and that Obama will cause an international crisis, and now he has more honesty about the economy. Under Democratic control, "There's been no good news, and there's no good news on the immediate horizon." He couldn't be more right.

read more | digg story

Lending Drops at Big U.S. Banks

Lending fell 1.4% in the fourth quarter at 10 of the 13 biggest beneficiaries of the Treasury's TARP. Banks argue prudent lending takes time and demand is ebbing.Wait...wasn't this one of the primary reasons for the "bailout"?

read more | digg story

Gas Prices On The Rise, Again. Well...F**k!

NEW YORK (Reuters) - The average price for a gallon of gasoline in the United States continued to rise over the last two weeks in January, according to the nationwide Lundberg survey on Sunday. The national average for self-serve, regular unleaded...

read more | digg story

Citigroup going down, Ethics Under TARP, Geithner

The news came through that the sick giant Citigroup was to get a new board chairman. Since the government is destined to pump yet more billions into that bloated, dying behemoth, the chairman is virtually a public official. The new man, Richard Parsons, is one of the world's most accomplished smoothies. His business credentials may, however, leave

read more | digg story

The Federal Government Continues to Increase in Power

Americans may still possess what the 19th-century historian Frederick Jackson Turner described as "an antipathy to control," but lately, they seem willing to submit themselves to an unprecedented dose of it. A financial collapse - falling, ironically, on the supposedly anti-Washington Republicans' watch - has only increased this.

read more | digg story

Bank Of America Puts Congresswoman On Hold For Two Hours !

Don't take it personally if you can't reach Bank of America to renegotiate your mortgage payments.

read more | digg story

Teetering Since 1812: This is Citibank's Third Bailout

What Citi's history illustrates is that these are not new dilemmas and that they've never been perfectly resolved. Banks and financial systems are inherently fragile, beset by a natural tendency to careen from fear to greed and back. We're deep in the fear part of the cycle right now. So what should government do?

read more | digg story

Inside the Banks - The Future of Finance

Blank checks, bankruptcy, nationalization: the options are dire, but governments must choose between them

read more | digg story

Fed focus turns to credit easing at policy meeting

By Alister Bull WASHINGTON (Reuters) - With interest rates already near zero, the Federal Reserve this week will seek to flesh out new unconventional ways to free-up lending, but action may need to await details on how President Barack Obama will...

read more | digg story

More economic issues



BATTLE FOR THE BANKS; BLEEDING CONTINUES...

CITI Raises $12B; Largest Offering of FDIC-Guaranteed Debt...

Obama Signals Tough Restrictions...

PELOSI SEES MORE PUMPING...

Icelandic government becomes first to be brought down by crunch...

U.S. Moving Toward Czarism, Away From Democracy

By David Sirota

History's great American parables teach that if anything unified our founders, it was a deep antipathy to dictatorship. As bourgeois revolutionaries from Boston to Philadelphia courageously split with the British crown in 1776, they created three equal branches of government to prevent, in the words of James Madison, "a tyrannical concentration of all the powers" in a president's hands. Continue


The World Won't Buy Unlimited U.S. Debt

We're asking others to sacrifice for our 'stimulus.'

By PETER SCHIFF

Currently, U.S. citizens comprise less than 5% of world population, but account for more than 25% of global GDP. Given our debts and weakening economy, this disproportionate advantage should narrow. Yet the U.S. is asking much poorer foreign nations to maintain the status quo, and incredibly, they are complying. At least for now. Continue

Minister unleashes savage attack on 'masters of the Universe' over recession: Britain's banking system was less than three hours away from collapse before the Government's first bail out, Gordon Brown's City Minister revealed last night.

Lights go out across Britain as recession hits home: Electricity demand falls as economy slows at fastest rate since 1980.

Icelandic government becomes first to be brought down by the credit crunch: After several nights of rioting over the financial crisis, Prime Minister Geir Haarde, surrendered to increasing pressure and called a general election for May.

We'll have to go begging to the IMF, says Cameron: Britain risks bankruptcy and a humiliating bailout by the International Monetary Fund (IMF) because of Gordon Brown's borrowing, David Cameron said yesterday.

Where You Won't Shop In 2009: While industry executives and shoppers will remember 2008 as the year the party ended, figure 2009 to be the year of the hangover. Already, Circuit City, Linens 'N Things and Mervyn's stores are going away. Sharper Image is too, though the company will continue to sell some of its high-end gadgets through license agreements with other retailers.

Another Real Estate Crisis Is About To Hit

By Paul Craig Roberts

The growth of debt has outpaced the growth of real output. Yet, the solution offered by Obama’s economic team is to expand debt further. This is not surprising as Obama’s economic team consists of the very people who brought on the debt crisis. Now they are going to make it worse. Continue


Political Interference Seen in Bank Bailout Decisions:

By DAMIAN PALETTA and DAVID ENRICH

Barney Frank Goes to Bat for Lender, and It Gets an Infusion. Continue

First 100 Days: Manufacturing a dream and a recovery: Nearly one in four manufacturing jobs has vanished since 2000, and 40,000 factories have closed since 1998. Last year, manufacturing accounted for nearly a third of all lost jobs in the U.S., while factory orders plummeted to record lows.

Jobless claims surge and housing starts tumble: The worst financial crisis since the Great Depression of the 1930s is forcing companies to slash jobs, creating a vicious cycle for an economy mired in a year-long recession.

Despite billions, banks still teeter on the brink: Wall Street is losing faith in Washington's efforts to fix the financial crisis. As bank losses pile up and bank stocks plunge, investors have an urgent question for the new Obama administration: What's the plan?

House Rejects Obama's Request For Rest Of TARP: President Barack Obama's economic recovery plan, including proposals to award a $500 tax credit to most workers and to help the laid-off hang onto their health insurance, met Republican resistance Thursday as it began moving through the House.

Toyota Down 25%

Flood Of Foreclosures - Worse Than You Think

Strong Dollar Paying Off For Some Investors

Twenty Questions You Were Afraid To Ask

Hyperinflation Will Begin In China - Doom Dollar

Obama's Team Turns To EU Bank For Inspiration

$2 Trillion Wiped Off Britain's National Wealth

US Car Dealers Try To Survive

'Soviet' Britain Swells Amid Recession

Madoff's UK Investors Set To Sue

Corus Cuts 3,500 Jobs - Crash Hits Steelmakers

GKN To Slash Workforce By Thousands

Britain Faces Three Day Word Week

BoE Goes For Broke With Asset Buying

Fed Up UK Companies To Launch Own Bank

Regulators Shut 3rd Bank Of The Year

Home Price Declines Compound US Economic Fall

Freddie Wants $35B More, Fannie To Follow

Obama's 'Bad Bank' More Bad New

Friday, January 23, 2009

Fed looks like one more shaky bank

Commentary by Jim Jubak which calls into question the bloated balance sheet of the Fed which is loaded with worthless assets. Perhaps Ron Paul was right about getting rid of the Fed.

read more | digg story

More economic issues


BARNEY SAVES A BANK!

CITI, BANK OF AMERICA 'Nationalized'...


Merrill delivered $4 Billion in bonuses before BofA deal

Merrill Lynch took the unusual step of accelerating bonus payments by a month last year, doling out billions of dollars to employees just three days before the closing of its sale to Bank of America. A person familiar with the matter estimated that about $3bn to $4bn was paid out in bonuses in December.

read more | digg story

Merrill Lynch CEO Spent $1 Million on Office Decor Last Year

Merrill Lynch’s CEO John Thain spent over $1 million and hired the Obamas' decorator to redecorate his office last year—even as the firm faced a financial crisis. Bank of America has just announced that Thain will leave the firm, less than a month after its merger with Merrill.

read more | digg story

Could IT Have Saved Citigroup?

Financial services CIOs were once the rock stars of technology professionals. Do they deserve some of the blame for industry meltdown?It was not uncommon to hear CEOs of big banks talk about the importance of information technology to their operations, back in the recent past when banks still had operations worth talking about.

read more | digg story

Ron Paul - "What do we have against poor people?"

Ron Paul explains how every time a "crisis" occurs, the politicians try and become problem-solvers, often to the detriment of the citizens

read more | digg story

More economic issues


Stimulus Plan Meets More Republican Resistance...
VIDEO: Dems To Spend Nearly $1 Trillion and Can't Promise 1 Job?

Another Real Estate Crisis Is About To Hit

By Paul Craig Roberts

The growth of debt has outpaced the growth of real output. Yet, the solution offered by Obama’s economic team is to expand debt further. This is not surprising as Obama’s economic team consists of the very people who brought on the debt crisis. Now they are going to make it worse. Continue


Political Interference Seen in Bank Bailout Decisions:

By DAMIAN PALETTA and DAVID ENRICH

Barney Frank Goes to Bat for Lender, and It Gets an Infusion. Continue

First 100 Days: Manufacturing a dream and a recovery: Nearly one in four manufacturing jobs has vanished since 2000, and 40,000 factories have closed since 1998. Last year, manufacturing accounted for nearly a third of all lost jobs in the U.S., while factory orders plummeted to record lows.

Jobless claims surge and housing starts tumble: The worst financial crisis since the Great Depression of the 1930s is forcing companies to slash jobs, creating a vicious cycle for an economy mired in a year-long recession.

Despite billions, banks still teeter on the brink: Wall Street is losing faith in Washington's efforts to fix the financial crisis. As bank losses pile up and bank stocks plunge, investors have an urgent question for the new Obama administration: What's the plan?

House Rejects Obama's Request For Rest Of TARP: President Barack Obama's economic recovery plan, including proposals to award a $500 tax credit to most workers and to help the laid-off hang onto their health insurance, met Republican resistance Thursday as it began moving through the House.

Iceland Government On Verge Of Collapse

Jobless Claims Surge, Housing Starts Tumble

The Jewish Slave Trade

US, UK Head For Bond Default Dnd Devaluation

Fed Manipulating Market Prices, Gold, Oil, Bonds

UK Banks Technically Bankrupt

US, Germany In Second Bank Bailout

Calls To Nationalise RBS And Lloyds

Brown's Blank Check Leads Brits Into Slavery

Brown Takes UK To Edge Of Bankruptcy

BoE Paves Way To Start Printing Money

'Sell Sterling, Get Cash Out Of Britain - Jim Rogers

Oil Staggers To Below $33 Barrel

UK Unemployment Up To 1.92 Million

France To Put ¤6 Billion Into Car Industry

Irish Tycoon Suicide Over Losses

Banks Sink Deeper On Obama's First Day

Bank Worries Push Dow Below 8000

Europe's Winter Of Discontent

RBS Shares Dive 67% Nationalization Looms

Lloyds Slumps 47% As Investors Flee

Public Anger At 'Irresponsible' Banks

UK Experts - 2nd Bank Bailout May Fail

Sterling Dives On Debt Fears

2nd UK Bank Bailout 'Plainly Not Enough'

Chrysler In Big Swap With Fiat

Lindsey Williams Details 'Economic Calamity'


Thursday, January 22, 2009

Wall Street tumbles on Microsoft report, bank woes

Microsoft posts an 11 percent drop in profits and said it will slash 5,000 jobs over the next 18 months.

read more | digg story

Even Congresswoman Gets the Runaround on Bank Help Lines

In a revealing example of what she says the average homeowner faces, a California Congresswoman spent more than two hours on the phone trying, without success, to find someone at the Bank of America who could help a struggling constituent modify his mortgage payments. ABC News "Nightline" cameras were rolling as Congresswoman Maxine Waters (D-Ca.)

read more | digg story

More economic issues



Back In Reds After Economic Data...
Bank results plummet...

GM Loses Global Sales Crown After 77 Years

General Motors Corp on Wednesday said its global vehicle sales for 2008 had dropped 11 percent, allowing rival Toyota Motor Corp to surpass it as the world's largest automaker for the first time. GM, now struggling to restructure under a $13.4 billion U.S. government bailout, had held the title as the global auto industry leader for 77 years...

read more | digg story

Whistleblower: Bush's NSA spied on EVERYONE

With video: Rampant spying, especially targeting of journalists. The NSA had access to ALL YOUR COMMUNICATIONS, regardless of who you were or whether or not you were communicating internationally.

read more | digg story

Failing Economy Could Be a Boon to Drug-Law Reformers

While liberal groups have fought for years for more lenient drug policies, Washington's financial woes are helping accomplish what their arguments alone could not.

read more | digg story

Clock is ticking for GM and Chrysler

Automakers have four weeks to show the government they can cut costs. The UAW thinks the deadline is 'unattainable' but some say hard work has been done.

read more | digg story

Political Interference Seen in Bank Bailout Decisions

As Obama's team revises TARP, it faces dissatisfaction with the program's implementation so far. Some politicians, including Barney Frank, have used leverage to try to direct millions to their home-state banks.

read more | digg story

New York Borrows to Pay Jobless Claims

Besieged by claims from laid-off workers, the state’s unemployment insurance system has run out of money.

read more | digg story

More economic issues

UK faces 'possibility of national bankruptcy'...
Oil Declines Below $33...

Jim Rogers: 'Sell any sterling you might have. It's finished'

Investment guru issues grim warning as sharp fall in inflation hits pound

By Sean O'Grady, Economics Editor

Fresh concerns about the British economy and fears for the stability of the UK's financial system pushed sterling to new record lows against the dollar, euro and yen yesterday. Continue


The Right To Food

By Cernig

By a vote of 180 in favour to 1 against (United States) and no abstentions, the Committee also approved a resolution on the right to food, by which the Assembly would “consider it intolerable” that more than 6 million children still died every year from hunger-related illness before their fifth birthday. Continue

Ecuador to Cut $1.5 Billion in Imports to Defend Use of Dollar: Ecuador has reached an agreement with business leaders to cut imports by $1.5 billion to help defend the South American country’s use of the dollar as legal tender, President Rafael Correa said.

UK unemployment nears two million: Public finances also deteriorated sharply in December, putting them on track for their worst year since records began after the second world war, the ONS said.

US markets plummet as banks falter and world slump deepens: New York University Professor Nouriel Roubini yesterday estimated that US financial losses may total $3.6 trillion. "If that is true, it means the US banking system is effectively insolvent because it starts with capital of $1.4 trillion," he said. "This is a systemic banking crisis."

Are interest rates still too high?: Even zero isn't low enough to boost economy, Goldman Sachs study says

Federal Home Loan Banks may have to borrow from U.S.: The mortgage crisis is seeping into one of the last dry corners of the mortgage business, the regional network of Federal Home Loan Banks, which provide U.S. banks with hundreds of billions of dollars in low-cost funding to support lending to home buyers.

US, UK Head For Bond Default Dnd Devaluation

Fed Manipulating Market Prices, Gold, Oil, Bonds

UK Banks Technically Bankrupt

US, Germany In Second Bank Bailout

Calls To Nationalise RBS And Lloyds

Brown's Blank Check Leads Brits Into Slavery

Brown Takes UK To Edge Of Bankruptcy

BoE Paves Way To Start Printing Money

'Sell Sterling, Get Cash Out Of Britain - Jim Rogers

Oil Staggers To Below $33 Barrel

UK Unemployment Up To 1.92 Million

France To Put ¤6 Billion Into Car Industry

Irish Tycoon Suicide Over Losses

Banks Sink Deeper On Obama's First Day

Bank Worries Push Dow Below 8000

Europe's Winter Of Discontent

RBS Shares Dive 67% Nationalization Looms

Lloyds Slumps 47% As Investors Flee

Public Anger At 'Irresponsible' Banks

UK Experts - 2nd Bank Bailout May Fail

Sterling Dives On Debt Fears

2nd UK Bank Bailout 'Plainly Not Enough'

Chrysler In Big Swap With Fiat

Lindsey Williams Details 'Economic Calamity'


Wednesday, January 21, 2009

Worst Inauguration Day Drop in Dow Industrial History

The change we can believe in started today with the Dow. I believe we're screwed.

read more | digg story

Markets wobble ahead of Obama inauguration

Barack Obama takes over as President on Tuesday with hopes riding high he can conjure up a rescue that will jolt the world's biggest economy back to life and contain the financial crisis ravaging global markets.

read more | digg story

More economic troubles.


COLD WELCOME FOR PRESIDENT

Worst Inauguration Day Drop in Dow Industrial History...


UK faces 'possibility of national bankruptcy'...
Oil Declines Below $33...

What Obama Left Out of the Economic Recovery Plan

Higher Wages and Debt Relief

By Mike Whitney

Barak Obama and Co. are planning to launch their own version of economic "shock and awe" in the opening weeks of the new administration. Aside from the $825 billion stimulus package, which will be used to create 3 million new jobs and make up for flagging consumer demand; Obama is planning a financial rescue operation for banks that are buried under hundreds of billions of dollars of troubled assets. Continue


Back to What Obama Must Do

By: Paul Krugman

This month we celebrate your arrival in the White House; at a time of great national crisis, you bring the hope of a better future. It's now up to you to deliver on that hope. By enacting a recovery plan even bolder and more comprehensive than the New Deal, you can not only turn the economy around - you can put America on a path toward greater equality for generations to come. Continue

Warning that UK is on brink of depression: Sir George Mathewson, a former chairman of the Royal Bank of Scotland and chairman of the Scottish Government's economic advisory council, said that economic conditions would worsen.

Unless we are decisive Britain faces bankruptcy: Our financial institutions are fighting for their lives and the Treasury may not be able to bail them out. The government needs to get serious to avert meltdown

The Stimulus Scam: Video - Peter Schiff says consumers need to spend less, not more.

California controller to suspend tax refunds, welfare checks, student grants: John Chiang announces that his office will suspend $3.7 billion in payments owed to Californians starting Feb. 1, because with no budget in place the state lacks sufficient cash to pay its bills.

Banks Sink Deeper On Obama's First Day

Bank Worries Push Dow Below 8000

Europe's Winter Of Discontent

RBS Shares Dive 67% Nationalization Looms

Lloyds Slumps 47% As Investors Flee

Public Anger At 'Irresponsible' Banks

UK Experts - 2nd Bank Bailout May Fail

Sterling Dives On Debt Fears

2nd UK Bank Bailout 'Plainly Not Enough'

Chrysler In Big Swap With Fiat

Lindsey Williams Details 'Economic Calamity'

Tuesday, January 20, 2009

These Bailouts Won't Work Either: Dr. Doom - Financials * Eu

The new bank bailouts are not likely to work because they are run by the same people who prolonged the economic agony by throwing money at weak companies rather than allowing them to fail and encouraging the strong ones...

read more | digg story

More economic troubles.



WHAT RECESSION? THE $170 MILLION INAUGURATION...

What Obama Left Out of the Economic Recovery Plan

Higher Wages and Debt Relief

By Mike Whitney

Barak Obama and Co. are planning to launch their own version of economic "shock and awe" in the opening weeks of the new administration. Aside from the $825 billion stimulus package, which will be used to create 3 million new jobs and make up for flagging consumer demand; Obama is planning a financial rescue operation for banks that are buried under hundreds of billions of dollars of troubled assets. Continue

Warning that UK is on brink of depression: Sir George Mathewson, a former chairman of the Royal Bank of Scotland and chairman of the Scottish Government's economic advisory council, said that economic conditions would worsen.

Unless we are decisive Britain faces bankruptcy: Our financial institutions are fighting for their lives and the Treasury may not be able to bail them out. The government needs to get serious to avert meltdown

The Stimulus Scam: Video - Peter Schiff says consumers need to spend less, not more.

California controller to suspend tax refunds, welfare checks, student grants: John Chiang announces that his office will suspend $3.7 billion in payments owed to Californians starting Feb. 1, because with no budget in place the state lacks sufficient cash to pay its bills.

Lindsey Williams Details 'Economic Calamity'

Misguided Spending Leads To Worse Depression

HK Stocks Tumble - Economic Outlook Dims

Gold Is A Beach Ball Held Under Water

Warning UK On Brink Of Depression

Hundreds Of Billions Of Bailout Banks Again

Bank Bailout Part 2 - A Shot In The Dark

Brown Seeks Foreign Help To Rescue Banks

25% Of US Retailers May Go Bankrupt

Dark Days For American Retail

New RFID Tracks You Without Your Knowledge

Royal Bank Hit By Biggest Loss In History

UK Economy Collapse Is Second Bailout Fails

RBS To Write Of $2B Oligarch Loan

Brown Lambasts RBS As Irresponsible

Australians Told Their Budget Is 'Buggered'

Monday, January 19, 2009

Obama Advisor Warns Banks on the Price of More Aid | Money

The second half of the $700-billion bank bailout fund, Summers said on CBS' "Face the Nation," will come with more strings attached for lenders -- something he and others in the new administration, and in Congress, already had signaled, because of disappointment with the industry's response to government help so far.

read more | digg story

Former Wall St. Journal editor savages the mainstream media.

"Today reporters write the stories that their masters want to hear, or they are out. The function of editors is to make certain that no uncomfortable information reaches the public."

read more | digg story

More economic troubles.



Obama team weighs government bank to ease crisis...

Buffett says USA in 'economic Pearl Harbor'...

Wall Street Week Ahead: Obama Rally or Earnings Distress?

UK: Taxpayers could be liable for £200bn in toxic bank loans: Plan to use public funds to underwrite debt in a bid to save high-street lenders ahead of more bad news

CNBC Shows Illuminati Manipulating Economy - Vid

Arabs Investors Lost $2.5T In Credit Crunch

Iraqi Guards Hold Party For Show Thrower

Regulators Close First Banks Of 2009

Taxpayers Face Years Of Debt In Bank Deal

Toxic Debt Plan Is Final Throw Of Dice

Taxpayers Liable For $400T Toxic Bank Loans?

Scottish Jobless To Rise 88% This Year

UK Pensions Bleed $130M Every Hour

The 'Rescue' Has Failed - Time To Face Reality

Russian Zionist Oligarch Asks Rothschild Help

French Aristocrats Forced To Sell Oil Assets

Half Of Europe Trapped In Depressio

Sunday, January 18, 2009

More economic troubles.



Obama team weighs government bank to ease crisis...

Florida Hedge-Fund Manager Disappears; Clients Report Missing Money...

Cost of the Bush era: $11.5 trillion: The outgoing administration has presided over 8 years of disasters and crises with some of the biggest price tags the nation has ever seen.

Investors dump $89B in U.S. securities in historic fire sale: As the global financial crisis grew more severe this summer, foreigners sold almost $90 billion of U.S. securities — the greatest quarterly fire sale by overseas investors since the government began keeping track in 1960.

China gives car makers a boost: The package includes the halving of sales tax on small cars and subsidies designed to revive the country's car industry, one of the pillars of the world's third-largest economy.

Barclays Shares Slump 25% In One Hour

US Gloom Deepens As Factory Output Tumbles

$400B More To Save UK Banks

Reviving World Economy Further Away Than Ever

The Recession Crimewave Grows

Bank Crisis Reignites As US Giants Post Massive Losses

British Banks Are Bankrupt

Honda Stops Production For Two More Months

Money Manager Goes AWOL - $350M Missing

Bailed Out Banks Operate In Tax Havens

Economic Depression Is Inevitable

Global Economic Demand Collapse, Bonds Next

Gold Rallies With Stocks

Merrill Lynch Reports Record $15B 4Q Loss

Markets Fear More US Bank Write Downs

No Evidence Madoff Traded A Single Share For Clients

Sharpest Output Fall On Way - UK Bank Chief

Democrats Unveil $825B 'Stimulus'

Another Fall In US Consumer Prices

Unsold Cars Pile Up Around World - Pics

Anglo Irish Bank Nationalised

ECB Cuts Eurozone interest rate to 2%

IEA Cuts Oil Demand Forecasts

Eurozone Exports Plunge

Citi Splits In Two - Reports $8.3B Loss

BoA Gets $138B Bailout After First Loss In 17 Yrs

Treasuries Fall On BoA Bailout

Circuit City To Sell Remaining Stores

Fiscal Lifejacket Or Money Down A Rathole

Motorola To Cut 4,000 More Jobs

Foreclosure Filings Up 81 Percent In 2008

ECB Rate Cut Expected - Crisis Worsens

JPMorgan Chief - 2009 To Be Bleak

BofA Wants More Bailout Money

Bullet Proof Vest Clad Madoff Bail Upheld

Fear Rampant - Barclays Cuts 2,100 More Jobs

Gannett Employees Face Week Without Pay

FTSE 100 Joins Global Rout Of Markets

UK Jobless Rise Of 40,000 In Just One Week

UK Car Buyers To Get Govt-Assisted Credit

Hedge Funds Encourage Bks For Profit

S&P Cuts Greece Credit Rating

Econ Crisis Stops Work On Dubai Skycraper

China Bails Out Steels, Car Industries