CBSNEWS Kroft to Obama: 'Are you punch-drunk?'... Developing...
Obama will call for increased oversight of 'executive pay at all banks, Wall Street firms and possibly other companies'...
Orlando 'Tea Party' rally draws thousands...
CITI, BANK OF AMERICA, JPMORGAN Chiefs Criticize Limits on Bonuses...
Agenda on track despite worsening deficits...
$9.3 trillion in next 10 years...
Highest ratio to GDP since 1940s...
Didn’t We All See This Coming?
By Timothy V. Gatto
This isn’t the first time that capitalism has failed. Every time it fails we use a form of temporary socialism to shore up the economy. When things start to return to normal, we give everything back to the capitalists. Why is that? Continue
If We Bail Out the Banks, Why Shouldn't We Own Them?
Sliding Down in Anger
By Saul Landau
"It’s worse than you can imagine,” a Member of Congress confided to me, referring to the downward spiral of the economy. “We just gave all those hundreds of billions to the bankers so they would lend it and they didn’t lend it and they still want more. The bankers don’t know what they’re doing and Tim Geithner [Treasury Secretary] doesn’t know what he’s doing. We all know this is the worst economic slump of our lifetime.” Continue
Keith Olbermann's "Special Comment" on Bank Bailout
Olbermann calls for the firing of bank executives and more stringent bank regulation. Continue
Launching Lifeboats Before the Ship Sinks
By Paul Craig Roberts
The New York Times reported that “the dollar plunged about 3 percent against other major currencies” in response to the Fed’s announcement. Continue
U.N. Panel Ways World Should Ditch Dollar
By Jeremy Gaunt, European Investment Correspondent
A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar. Continue
Captured By The Debt Spider
By Ellen Brown
If governments everywhere are in debt, who are they in debt to? The answer is that they are in debt to private banks. The "cruel hoax" is that governments are in debt for money created on a computer screen, money they could have created themselves. Continue
By Cindy Sheehan
Since this country was founded, it has been governed, or controlled by the Robber Class. Some people call our “Lords,” the Ruling Class, the Oligarchy, the Kleptocracy, or Plutocracy. Some call our system Cronyism, a Democratic Tyranny, Soft-core Fascist State, or if you are a member of the Robber Class or Blinded Robbed Class, you call it a Democracy, or Republic. Continue
Venezuelan army 'seizes ports': The takeover, which was approved by the country's parliament, aims to bring the country's major transportation hubs under federal control this year.
AIG bonus payments higher than reported: US insurance giant AIG has paid out $218 million in bonuses-- a figure higher than previously reported -- after accepting bailout out cash.
March 19, 2009
USA Has Two Options To Save its Economy:
Declare Default or Trigger War
By Ekaterina Yevstigneyeva
According to experts’ estimates, the probability of default on US treasury bonds is very high at the moment. The rumors are not new at all. Moreover, experts say that the USA has already started to work on an opportunity to refuse from the dollar in order to avoid debt payments. Continue
Obama’s Moment is Passing Quickly
By Dave Lindorff
He should promptly demand Geithner's and Summers' resignations, and should also fire the CEO of AIG, Edward Liddy (as 80% owner of AIG, the US has the power to do that anytime). It would also be a good idea at the same time to fire the CEOs of all the leading banks that are at this point surviving on government bailouts. Continue
Sarkozy under pressure as 'millions' take to streets: As many as three million people took to the streets across France today to protest against President Nicolas Sarkozy's handling of the economic crisis and demand more help for struggling workers.
Rapid Declines in Manufacturing Spread Global Anxiety: That manufacturing is in decline is hardly surprising, but the depth and speed of the plunge are striking and, most worrisome for economists, a self-reinforcing trend not unlike the cascading bust that led to the Great Depression
At Failed Firms, No Bad Deed Goes Unrewarded: "Banks get bailed out and people get sold out!" yelled janitors, hotel workers, security workers and others pounding on makeshift drums outside a Wells Fargo bank in San Francisco.
Mortgage Rates May Fall to WWII Low on Fed Purchases : U.S. mortgage rates may fall to the lowest since World War II on the Federal Reserve’s plan to buy up to $300 billion of Treasuries and increase purchases of mortgage-backed bonds.
Fed to Buy Treasurys is Not a Good Sign: Stephen Roach, chairman for Asia at Morgan Stanley does not view the Fed's plan to buy $300 billion worth of long-dated government debt as a constructive sign for prospects going forward. He explains why to CNBC's Amanda Drury.
U.S. unemployment rate likely around 9.5 percent: think tank: The U.S. unemployment rate was probably around 9.5 percent, comparable to the jobless rate in 1982 if adjustments were made to factor in demographic changes and undercounting, a think tank said on Thursday.
Consumer prices rise 0.4 percent in February: U.S. consumer prices rose in February by the largest amount in seven months as gasoline prices surged again and clothing costs jumped the most in nearly two decades