Life the Universe and ....

Geithner - Recession Will End In Months (Letter To Santa)

More economic issues

2009-07-15T05:18:00.002-06:00

Obama sees jobless rate ticking up in months ahead...SAYS SOME AUTO JOBS 'NOT COMING BACK'...

UK: House prices will stay in the doldrums for years, report predicts: Britain's housing market will stay in the doldrums until the middle of the next decade, and there is a 30% chance that prices will take until 2020 to return to their peak before the crash, a consultancy firm predicts.

Goldman Sachs bank profits soar: The bumper profits at Goldman Sachs come just nine months after $125bn was given to US banks

Goldman Sachs execs sold $700m of stock: report: Most of the sales, worth 431 million pounds or 500 million euros, occurred when the firm enjoyed the support of 10 billion dollars in US government capital injections, the London-based newspaper said.

Uncle Sam is $1 trillion in the hole: Federal budget deficit rises by $94.3 billion in June, pushing the total shortfall for the current fiscal year to $1.09 trillion.

US invites Gulf Arab investment: Speaking in the Saudi port city of Jeddah on Tuesday, Timothy Geithner invited greater Arab investment in the US economy, saying that previous blocks to such investment were now no longer an issue.

Obama's Stimulus Plan: Failing by Its Own Measure: When Barack Obama was still President-elect, two of his chief economic advisers — leading proponents of a stimulus bill — predicted that the passage of a large economic-aid package would boost the economy and keep the unemployment rate below 8%. It hasn't quite worked out that way. Last month, the jobless rate in the U.S. hit 9.5%, the highest level it has reached since 1983.

Goldman Sachs Head To Best Profits Since 2007

Goldman Executives Dumped $700m Of Stock

Madoff Moving To North Carolina Jail

UK Cost Of Living Biggest Drop Since 1948

Britain Finds Itself In Debtors' Prison

BoE Double-Dip Recession Fears

12,000 UK Postal Workers To Strike

Banksters Raise Rates In Mortgage Rip-Off Sheme

US Jobless Rise Hits Migrants Home Countries

Iraq Offers Half Of Nabucco Pipeline Gas

China Widens Rio Spy Probe

McDonald's Euro Head Office To Switzerland

China And Markets Play Inflationary Chicken

Federal Deficit Tops $1 Trillion, $2 Trillion By Fall

CA Bankruptcy May Give US Big Trouble

Barky May Tax Rich To Pay For Healthcare

CA Poised To Shut Down Parks

Goldman Results May Signal Return Of Big Pay

Europe Digs Its Economic Grave

Pensions Experts Predict 'Horrific News' On Funds

UK Govt Has Lost £10.9b On RBS And Lloyds

£1,000 Loss Per Household For Bank Bailouts

Britons To Be Poorer In Coming Decades

Federal Deficit Tops $1 Trillion, $2 Trillion By Fall

More economic issues

2009-07-14T05:14:00.002-06:00

Budget deficit tops $1 trillion for first time... June budget gap $94.32 billion...

Feds mulling mortgage aid for unemployed...

ZUCKERMAN: The Economy Is Even Worse Than You Think...GOLDMAN executives sold $700m of stock; Selling surge came amid bailout...

Congressman Mark Kirk: China to Buy $80 Billion Worth of Gold

Video

Congressman Mark Kirk explains in detail China's behind the scenes thinking about the dollar. Hint: They are going to buy two Forth Knox's worth of gold. Continue

Crystal Ball Gazing
The Future Is Deflation

By Mike Whitney

The US consumer, long considered an inexhaustible resource, is tapped out. Without job security and access to easy credit; consumer spending will slow, prices will fall, demand will flag and the economy will tank. There won't be a recovery. Continue

"We're The Counterfeiters Of The World"

By Ron Paul - Video

The dollar now is worth 4 cents in comparison to what it was worth in 1913 when the FED was established. Continue

Geithner to Reassure Gulf Allies on Dollar Assets: - Treasury Secretary Timothy Geithner will seek to reassure Gulf Arab states this week that U.S. dollar assets they hold in large quantities remain a strong investment.

CA Bankruptcy May Give US Big Trouble

Barky May Tax Rich To Pay For Healthcare

CA Poised To Shut Down Parks

Goldman Results May Signal Return Of Big Pay

Europe Digs Its Economic Grave

Pensions Experts Predict 'Horrific News' On Funds

UK Govt Has Lost £10.9b On RBS And Lloyds

£1,000 Loss Per Household For Bank Bailouts

Britons To Be Poorer In Coming Decades

More economic issues

2009-07-13T05:12:00.002-06:00

This $17 Trillion Divorce Won’t Be a Pretty One: “China is beginning to cancel Congress’s credit card,” he told Fox News on June 10. It “doesn’t want to lend much more money to the United States and especially is worried about the Fed’s policy of printing money to buy new debt.”

Hundreds of Thousands of Workers Will Lose Unemployment Benefits Soon: Workers laid off early in the downturn are soon to be left without the basic sustenance of an unemployment check.

Mortgage defaults spread as even 'safe' borrowers falter: No longer is the real estate bust simply the result of exotic, subprime loans that doubled payments and blew up in homeowners' faces.

Credit Losses Rising Anywhere and Everywhere: The delinquency rate on U.S. mortgages surged to a record 9.12 percent in the first quarter of this year. Late payments rose in ALL categories, including prime fixed-rate loans, the absolute “cream of the crop” in the mortgage world.

AIG Seeks Clearance For More Bonuses: Officials at AIG, whose federal rescue package stands at $180 billion, have been reluctant to move forward without political cover from the government.

Jim Hightower: Big Bankers Mounting Sneak Attack on Consumers: . In June, for example, Bank of America abruptly raised its fee for a basic checking account by 50 percent. Citibank jacked up the interest rate on some of its cards to 29.99 percent. And JPMorgan Chase more than doubled the required minimum payment on its cards.

GM carmaker emerges from bankruptcy: GM has slashed its work force, closed 40 per cent of its dealerships and shed a number of brands.

Bank Of England's Resolve Soon To Be Tested

SEC Open Door For TRADING IN IOUs!

G8 To Commit $20b For Food Security

Geithner Warns On Looser Euro Derivatives Regulation

Medvedev Pulls New World Currency Out Of Pocket

G8 Summit Could Be The Last

SEC Says CA IOUs Are 'Securities' Under US Law

China Attacks Dollar's Dominance

Swiss Government Threatens To Seize UBS Data

GM To Be Reborn After 40 Days In Bankruptcy

BoE Indicates An End To Quantitative Easing

25 Charged With $100m Mortgage Fraud

AIG Seeks OK For Another Round Of Bonuses!

Fed Warns Congress Again To Stay Away...

More economic issues

2009-07-10T05:07:00.002-06:00

SECOND STIMULUS PACKAGE!AIG Preparing to Pay New Round of Bonuses...

China passes USA auto market in first-half sales... Growing trade partner in Latin America... US slips, China soars in Fortune company rankings...Health bill? Billions for parks, paths, farmers' markets... Dems sweating small stuff...

Food Nanny: Feds to oversee school snack food...

Budget Cuts May Force Illinois To Free 10,000 Prisoners...

Are Our Markets Being Manipulated By "Rogues" Or Firms?

By Danny Schechter

There’s New Evidence to Suggest that Crime In The Financial Markets is Rife. Continue

The Great American Bubble Machine

By Matt Taibbi

All that money that you're losing, it's going somewhere, and in both a literal and a figurative sense, Goldman Sachs is where it's going: The bank is a huge, highly sophisticated engine for converting the useful, deployed wealth of society into the least useful, most wasteful and insoluble substance on Earth - pure profit for rich individuals. Continue

FBI: Mortgage fraud on the rise: Mortgage fraud is increasing throughout the U.S., as distressed homeowners look for answers to troubled mortgages and find little help from their banks, according to a new FBI report.

The Top 10 Mortgage Fraud States For 2008: Here's a look at the top 10 mortgage fraud states for 2008:

13 Real Estate Professionals Are Indicted on Mortgage Fraud Charges: The 13, employed in nearly every profession in the real estate industry — including lawyers, real estate agents, appraisers and bank workers — were accused of participating in 19 sham real estate transactions.

AIG Seeks OK For Another Round Of Bonuses!

Fed Warns Congress Again To Stay Away...

G8 Leaders Fear Double Dip Slump

IMF - World Is Pulling Out Of Recession (right)

Shipping Flashes Early Warning Signals Again

Not The Bullish G8 Leaders Wanted

BoE To Get UK Financial Super-Regulator Power

UK Energy Crunch As North Sea Oil, Gas Cash Dry Up

When Recovery Comes, It Won't Feel Like One

BoE To Pump Billions More Into Economy

Nearly 50,000 Empty Spots In Universities

Designed Suit Stockbroker Jumps After Sipping Champagne

Hedge Funds Law Will 'Strangle' City Of London

Six Charged In US With Boiler Room Fraud

Goldman Could Lose Millions From Code Theft

The Man Who Crashed The World

Proprietary Trading May Cause October Crash

Recession May Trigger Housing Crisis

$400B SIV Market Sold Off In Two Years

US Vows Crack Down On Oil Price Speculators

Oil Price Spike Coming?

Shares Fall On Tumbling Oil

Economists Dash Hopes Of UK Recession End

More economic issues

2009-07-09T05:04:00.002-06:00

Swiss vow to block bank handing over data to USA... Justice Dept. demands UBS comply in tax evasion case...Dems Split on Stimulus as Job Losses Mount, Deficit Soars ... PAPER: Billions in aid go to areas that backed Obama in '08...

Health bill? Billions for parks, paths, farmers' markets...

Food Nanny: Feds to oversee school snack food...

Budget Cuts May Force Illinois To Free 10,000 Prisoners...Congress digs into spending bills... White House hit in skirmishes...

The Man Who Crashed the World

By Michael Lewis

Almost a year after A.I.G.'s collapse, despite a tidal wave of outrage, there still has been no clear explanation of what toppled the insurance giant. The author decides to ask the people involved-the silent, shell-shocked traders of the A.I.G. Financial Products unit-and finds that the story may have a villain, whose reign of terror over 400 employees brought the company, the U.S. economy, and the global financial system to their knees. Continue

Australia: People's bank to break the Big Four: The so-called people's bank would be similar to New Zealand's successful Kiwibank, which was set up to break the dominance of the Australian-owned majors.

Big Banks Don't Want California's IOUs: A group of the biggest U.S. banks said they would stop accepting California's IOUs on Friday, adding pressure on the state to close its $26.3 billion annual budget gap.

Unemployment, Not the Stock Market, Distinguishes a Recession From a Depression: What are the most important and enduring characteristics of the Great Depression? And what should we monitor to determine how severe today’s situation really is?

Apartment Vacancy at 22-Year High in U.S., Says Reis : Job losses and falling wages are shrinking the pool of potential renters, defying forecasts that prospective homebuyers would rent rather that purchase as house prices decline.

True unemployment rate already at 20%: Not to scare you, but the situation is actually worse than it seems.

Goldman Could Lose Millions From Code Theft

The Man Who Crashed The World

Proprietary Trading May Cause October Crash

Recession May Trigger Housing Crisis

$400B SIV Market Sold Off In Two Years

US Vows Crack Down On Oil Price Speculators

Oil Price Spike Coming?

Shares Fall On Tumbling Oil

Economists Dash Hopes Of UK Recession End

Number Of London Homeless Leaps 15%

IBM To Shut Final Salary Pension Scheme

G8 Begins Amid Worsening World Recession Fear

Germany Considers Direct Lending

China's Dollar Delusion

EU Pushes For Cushion Banking Reform

G8 Risks Backtracking On Climate

Concerns Grow Over Gulf Banks

Govts 'Must Prevent Suicides During Recession'

Get The Cuffs - They're At It Again - Securitization

The Remedy - Nationalize The Money System

True US Unemployment Already 20%

CA Credit Rating Cut Close To Junk

Ex Goldman Employee Charged With Taking Secrets

British Airways Workers Vote Against Job Plans

Investment Banks, Like Roaches, Survive Nearly Anything

More economic issues

2009-07-08T05:00:00.002-06:00

FBI: Mortgage fraud 'rampant' and growing...Obama advisor: More Stimulus... Wall St hits 10-week low...Congress digs into spending bills...

US Lurching Towards 'Debt Explosion'
Long-term Interest Rates on Course to Double

By Philip Aldrick, Banking Editor

The US economy is lurching towards crisis with long-term interest rates on course to double, crippling the country’s ability to pay its debts and potentially plunging it into another recession, according to a study by the US’s own central bank. Continue

Calls grow to supplant dollar as global currency: The call to find an alternative to the U.S dollar as the global reserve currency is gaining momentum as France joined calls by China, India and Russia for a review of the world's currency practices.

US dollar focus of G8 summit: A sliding dollar would have massive repercussions for the world economy as it looks to emerge from one of the most savage recessions in generations, which has seen global trade collapse by up to 20 percent.

Delinquencies on U.S. Home-Equity Loans Reach Record: Late payments on home-equity loans rose to a record in the first quarter as 18 straight months of job losses and a slumping economy left more borrowers unable to pay their debts, the American Bankers Association reported.

Consumer loan delinquencies rise to record high: The number of people delinquent on their loans rose to a record high in the first quarter, according to the American Bankers Association.

California Hotel Foreclosures Double in Last Three Months: The number of California hotels in default or foreclosed on has jumped 125% in the last 60 days. The state now has 31 hotels that have been foreclosed on and 175 in default.

As California struggles, Fitch cuts debt rating: California suffered a new setback in its financial crisis on Monday when Fitch Ratings cut its rating on the state's general obligation debt to just two notches above junk status

Who Killed California's Economy?: . Unable to pay its bills, the state is issuing IOUs; its once strong credit rating has collapsed. The state that once boasted the seventh-largest gross domestic product in the world is looking less like a celebrated global innovator and more like a fiscal basket case along the lines of Argentina or Latvia.

Get The Cuffs - They're At It Again - Securitization

The Remedy - Nationalize The Money System

True US Unemployment Already 20%

CA Credit Rating Cut Close To Junk

Ex Goldman Employee Charged With Taking Secret

British Airways Worker Vote Against Job Plans

Investment Banks, Like Roaches, Survive Nearly Anything

Private Banks Must Restructure To Survive

Lowest-Paid Brits Pay More Tax Than Millionaires

BBC Cuts Program Budget Over £2B Pension Hole

Chinese Call For End To Dollar's Dominance

Calls Grow Within G8 To Expel Italy

G8 Should Focus On Fighting Protectionism

Don't Stop Spending, Brown Tells Europe

Currency Trading Tax To Help World's Poor

Euro House Price Slide Dims Recovery Hopes

PepsiCo Invests $1B In Russia

Gold Investors Add 43% To Bullion Holdings

Brown Warns G8 Of New Recession Dangers

US Lurching Towards 'Debt Explosion'

Unions And Firms Call For Peoples Bank

The Great 'Output Gap' Hides Threat Of Inflation

G8 Leaders Likely To Stand Firm On Stimulus

25% Of Graduate Job Possibilities Vanish

Banksters Love Cap And Trade

CA - A Day Of Reckoning

CA Heads Toward Depression

Goldman Sachs - Vampire Squid On Humanity's Face

India, Russia, China Question Dollar Dominance

The Unemployment Time Bomb Is Ticking

QE Sugar Rush For Broke Banks That Should Die

BoE Consider Expanding Qantitative Easing To £150B

We Are Losing The Opportunity To Rebuild Banking

UK Lines Up 'Doomsday' Cutbacks

City Financials To Hide Bonus Boom From Taxman

More economic issues

2009-07-07T05:00:00.002-06:00

Germany's biggest bank admits spying on staff...Income Surtax on Wealthy Taxpayers Likely in House 'Health-Care' Bill...

Obama Takes Bush’s Plutocratic-Socialism to the Next Level
By Chris Moore

As the federal government and the two-party regime running it have become ever more corrupt, the bubbles have become ever larger and more frequent. And it is these successively more frequent bubbles that have destroyed the American economy, bankrupted Americans, and simultaneously made these revolving-door federal government elite/plutocrat-socialists in both parties rich. Continue

Obamageddon is Coming!
4 minute video

Food riots, tax protests, strikes and high unemployment all will characterize our economic future according to Gerald Celente. Continue

Is There Life After Democracy?

By Arundhati Roy

What happens once democracy has been used up? When it has been hollowed out and emptied of meaning? What happens when each of its institutions has metastasised into something dangerous? What happens now that democracy and the Free Market have fused into a single predatory organism with a thin, constricted imagination that revolves almost entirely around the idea of maximising profit? Continue

The Crooks Get Cash While the Poor Get Screwed

By Chris Hedges

Tearyan Brown became a father when he was 16. He did what a lot of inner-city kids desperate to make money do. He sold drugs. He was arrested and sent to jail three years later for dealing marijuana and PCP on the streets of Trenton, N.J., mostly to white kids driving in from the suburbs. It was a job which saw him robbed at gunpoint and stabbed in the chest. But it made him about $1,400 a week. Continue

Happy Co-Dependence Day

By Cindy Sheehan

In our heart of hearts, do we really think that Obama is an agent of change for the people? Have we not been fooled, yet again? So, we lay all of our hopes and dreams for a better life on one person and allow the inevitable heartache of betrayal to wash over us and once again drown us in disappointment when that person turns out to be just another politician. Continue

Biden: `We misread how bad the economy was: Vice President Joe Biden said the Obama administration "misread how bad the economy was" but stands by its stimulus package and believes the plan will create more jobs as the pace of its spending picks up.

Day of Reckoning for California and Ultimately for All of America: Will our nation’s largest debtors meet their massive financial obligations? Or will many ultimately default?

Brown Warns G8 Of New Recession Dangers

US Lurching Towards 'Debt Explosion'

Unions And Firms Call For Peoples Bank

The Great 'Output Gap' Hides Threat Of Inflation

G8 Leaders Likely To Stand Firm On Stimulus

25% Of Graduate Job Possibilities Vanish

Banksters Love Cap And Trade

CA - A Day Of Reckoning

CA Heads Toward Depression

Goldman Sachs - Vampire Squid On Humanity's Face

India, Russia, China Question Dollar Dominance

The Unemployment Time Bomb Is Ticking

QE Sugar Rush For Broke Banks That Should Die

BoE Consider Expanding Qantitative Easing To £150B

We Are Losing The Opportunity To Rebuild Banking

UK Lines Up 'Doomsday' Cutbacks

City Financials To Hide Bonus Boom From Taxman

More economic issues

2009-07-06T06:34:00.001-06:00

World stocks fall as oil drops to $64... Futures lower...COLD GREY SKIES GREET OBAMAS IN RUSSIA... Obama's visit to bring over $1.5 billion in deals...

WIRE: California's Nightmare Will Kill Obamanomics... USA lurching towards 'debt explosion'...India Joins Russia, China in Questioning Dominance of U.S. Dollar... Dollar discomfort thrust onstage for Italy summit...

Biden: 'We misread how bad the economy was'...

More economic issues

2009-07-06T05:11:00.002-06:00

Much-needed tax refunds delayed from GA to CA.... TAX BILL APPEALS TAKE RISING TOLL ON GOVERNMENTS...India Joins Russia, China in Questioning Dominance of U.S. Dollar... Dollar discomfort thrust onstage for Italy summit...

Running On Empty

By Mike Whitney

Consumer spending is 70% of GDP, but consumers have suddenly stepped on the brakes. This is a real game-changer. Even if the credit markets are restored and the banks show a greater willingness to lend; there will be no return to the pre-crisis consumption-levels of the past. Those days are over. Continue

7 more banks fail as FDIC mulls rules for sales: Six Illinois banks and one bank in Texas were shuttered Thursday as government regulators proposed new rules for private equity firms seeking to take over failed banks.

Chamber of Commerce Launches $100 Million Campaign to Protect Wall Street's Power at Our Expense: The CoC is the world's most powerful lobbying machine and it's working to make sure our money gets funneled to corporate execs.

The New Homeowner Hallucination: : The next segment of the market to crash will be the mid- to high-end, where many smug homeowners are now telling themselves they'll just rent their houses for a year while they wait for the market to "come back." Needless to say, Mark thinks these folks are dreaming.

Woman Commits Suicide to Avoid Eviction: Newnam documented her life on Twitter as user rsangel04. Her last post on June 24 read, "Rich get richer, poor get poorer, families on the street, govt doesn't care. God bless the usa, but can He save it?"

In case you missed it
Confessions of an Economic Hit Man

How the U.S. Uses Globalization to Cheat Poor Countries Out of Trillions

By John Perkins

In his first book, Confessions of an Economic Hit Man, John Perkins told the story of his work as a highly paid consultant hired to strong-arm leaders into creating policy favorable to the US government and corporations, what he calls the “corporatocracy.” John Perkins says he helped the US cheat poor countries around the globe out of trillions of dollars by lending them more money than they could possibly repay and then taking over their economies. Continue

Banks Own The US Government

By Dean Baker

Last month, when the US Congress failed to pass a bankruptcy reform measure that would have allowed home mortgages to be modified in bankruptcy, senator Dick Durbin succinctly commented: "The banks own the place." That seems pretty clear. Continue

GM and Ford suspend Russian plants: General Motors and Ford, the US car manufacturers, have suspended operations on their production lines in Russia.

Citi raises rates on millions of credit cards: report: Citigroup Inc has increased interest rates on up to 15 million U.S. credit card accounts just months before curbs on such rises come into effect, the Financial Times reported citing people close to the situation.

California budget crisis deepens: John Chiang, state controller, could now issue “IOU”-style notes by Thursday to the state's vendors, local agencies overseeing health programmes and recipients of state aid - including the elderly, the disabled and college students.

Hotel Loan Defaults Double as Recession Cuts Travel: As many as one in five U.S. hotel loans may default through 2010 as the recession means companies are spending less on travel and perks, according to University of California economist Kenneth Rosen.

Gannett Laying Off 1,000 as Ad Sales Slide: Gannett, which owns top-selling newspaper USA Today, is laying off more than 1,000 staff to try and combat persistent declines in revenue, the Wall Street Journal reported on Tuesday.

Goldman Sachs The Fourth Branch of the U.S. Government: Best Financial Markets Analysis ArticleQuietly and almost unnoticed by most Americans, the US Federal Government introduced a fourth branch to its political structure in 2006.

Banksters Love Cap And Trade

CA - A Day Of Reckoning

CA Heads Toward Depression

Goldman Sachs - Vampire Squid On Humanity's Face

India, Russia, China Question Dollar Dominance

The Unemployment Time Bomb Is Ticking

QE Sugar Rush For Broke Banks That Should Die

BoE Consider Expanding Qantitative Easing To £150B

We Are Losing The Opportunity To Rebuild Banking

UK Lines Up 'Doomsday' Cutbacks

City Financials To Hide Bonus Boom From Taxman

European Commission Outlines Derivatives Reforms

India Plans Massive Liberalizatin Of Economy

Number Of Broke, Bankrupt Retirees Soars

Zombie Banks Will Need Much More Taxpayer Money

China Joins Carbon Tax Protest

Current Crash Called Severe 'Depression Era' Credit Bust

The Economic Strategy Of Imperial America

Inflationary Crack-Up Boom In G7 Economies!

The Keynesian System - The Economics Of Illusion

Sweden Cuts Deposit Rate To NEGATIVE .25%

SEC Investigator Raised Madoff Concerns Years Ago

Cap And Trade - Bad Medicine For A Sick Economy

More economic issues

2009-07-02T12:25:00.001-06:00

DOWN ON THE 4TH OF JULY? WHERE IS THE STIMULUS?Jobless rate at 9.5%; 467K jobs cut in June... 26-year high...

'We're in the Middle of a Crash': Black Swan...

NY City Apartment Sales Down Over 50%...

Senate Dems say health bill covers 97%...

MORGAN STANLEY May Post Another Loss After Paying Back Bailout...

GM Plans 'Garage Sale' for Plants, Golf Course, Michigan Parking Lot...

More economic issues

2009-07-02T05:57:00.002-06:00

IOUFuel tax could be replaced with by-the-mile road tax...

States work to stave off government shutdowns... Feds could seize parks...

DEEP SUMMER SCHOOL CUTBACKS...Bank Fees Rise as Lenders Try to Offset Losses... Mortgage applications fall to 7-month low... Private sector sheds another 473,000 jobs in June... 'Layoffs may be worsening'...

GM and Ford suspend Russian plants: General Motors and Ford, the US car manufacturers, have suspended operations on their production lines in Russia.

One In Five US Hotels May Default

Schiff - Cap & Trade Bill Giant Tax On Productivity - Vid

A Law To Tame Wild Bankers

Banking System Like South Sea Bubble

Lloyds Cuts Another 2,100 Jobs

Economy Shrinks At 1930s Rates

US Private Sector Drops Another 473,000 Jobs

Debt Is Capitalism's Dirty Little Secret

CA Passes BILLIONS In New Taxes!

Goldman Sachs The Fourth Branch of the U.S. Government

Bernanke Is A Total Failure Unsuited For Role As Fed Chairman

How The Fed Is Destroying America

Britain Faces New Recession

UK Economy Shrinking Fastest Rate In 50 Yrs

Where Did Madoff's Missing Billions Go?

Madoff - 'I Believe He Is Protecting Accomplices'

Quantitative Easing Fails To Unblock Banks

OECD Tells UK Cut Spending Or Face Hardship

World Oil Demand Forecast To Slump

Veon - Globalization Of World Banking & Regulatory System

US Housing Market Hasn't Hit Bottom

Madoff Gets 150 Years In Prison

Hidden Toxic Bank Assets Threaten Recovery

Financial Crisis - From Chaos To Complacency

Mandelson Rejects BoE Demand For More Power

China Banks An Accident In Waiting For Everyone

Russia Invites Shell Back To Sakhalin

General Motors Bad News Investor Webpage

California...Here We Come! - Buchanan

More economic issues

2009-07-01T05:05:00.002-06:00

Consumer confidence suffers steep fall... 'Unexpected'... Stocks Slump as Quarter Ends...Deficit forces California to issue IOUs... States brace for shutdowns...

True or False:
U.S. Economic Stats Lie

By Jack Hough

Surveyors collect the nation’s data and statisticians compile and report it. Politicians naturally want the numbers to show improvement. Not being able to change the facts, they focus on the handling of facts, pressuring statisticians to change their measurements. It’s not quite one grand conspiracy but decades of minor ones compiled. Today’s reports are so perverted, the theory holds, that the numbers have detached from common experience. Continue

Japan jobless at five-year high: The unemployment level, which was slightly worse than an average market forecast of 5.1 per cent, is close to a post-World War Two high of 5.5 per cent, which was last seen in April 2003.

The U.S. and the U.K. Will Both Default on Their Debt by the End of Summer 2009? : This evolution is likely to catch large numbers of economic and financial players on the wrong foot who decided to believe in today’s mainstream media operation of “euphorisation”.

Economy shrinks at fastest pace in 50 years: Britain's recession-battered economy shrank at its fastest pace in more than 50 years in the first quarter of 2009 in the worst global slowdown in decades, revised official data showed on Tuesday.

U.S. housing misery poised to enter new phase: Big risk factors that could spur more foreclosures include expectations of rising unemployment and the forecast resetting of interest rates on 2.8 million subprime and Alt-A mortgages in the next two years.

True or False: U.S. Economic Stats Lie: If Williams is right, unemployment is over 20%, gross domestic product is shrinking by 8% and consumer prices are jumping by nearly 7%. His forecasts border on apocalyptic.

CA Passes BILLIONS In New Taxes!

Goldman Sachs The Fourth Branch of the U.S. Government

Bernanke Is A Total Failure Unsuited For Role As Fed Chairman

How The Fed Is Destroying America

Britain Faces New Recession

UK Economy Shrinking Fastest Rate In 50 Yrs

Where Did Madoff's Missing Billions Go?

Madoff - 'I Believe He Is Protecting Accomplices'

Quantitative Easing Fails To Unblock Banks

OECD Tells UK Cut Spending Or Face Hardship

World Oil Demand Forecast To Slump

Veon - Globalization Of World Banking & Regulatory System

US Housing Market Hasn't Hit Bottom

Madoff Gets 150 Years In Prison

Hidden Toxic Bank Assets Threaten Recovery

Financial Crisis - From Chaos To Complacency

Mandelson Rejects BoE Demand For More Power

China Banks An Accident In Waiting For Everyone

Russia Invites Shell Back To Sakhalin

General Motors Bad News Investor Webpage

California...Here We Come! - Buchanan

More economic issues

2009-06-30T05:14:00.002-06:00

Oil jumps above $73...Deficit forces California to issue IOUs...Loophole Benefits GE in Bank Rescue; Industrial Giant Becomes Top Recipient in Debt-Guarantee Program...

I Want My Money Back! (Pres. Obama!)

By Marie Marchand

Betrayal is a part of life. After awhile, you just come to expect it. Yet, the initial shock always hits you as a surprise. Alas, the nature of betrayal. Humans are vulnerable to being betrayed because underneath our husky shells, our pain and hardened hearts, we are soft and trustful creatures. We want to believe in people. Continue

Is the Fed Juicing the Stock Market?

By Mike Whitney

Why has the stock market been on a 3-month tear when the economy is undergoing the worst economic contraction since the Great Depression? The S&P 500 has shot up 40% from its low on March 9 and the Dow Jones Industrials have followed close behind. Is this a typical bear market rally or is the invisible hand of the Fed goosing the markets? Continue

Swiss Banks Shun Americans as U.S. Compels Disclosure: UBS AG and Credit Suisse Group AG, the country’s biggest banks, have told Americans to move their money into specially created units registered in the U.S., or lose their accounts. Smaller private banks such as Geneva-based Mirabaud & Cie. are closing all accounts held by U.S. taxpayers.

Struggling cities cancel Fourth of July fireworks: Nearly 50 cash-strapped cities nationwide are forgoing fireworks festivities, choosing instead to retain jobs or, in the case of Montebello, Calif., give the money to food bank

Veon - Globalization Of World Banking & Regulatory System

US Housing Market Hasn't Hit Bottom

Madoff Gets 150 Years In Prison

Hidden Toxic Bank Assets Threaten Recovery

Financial Crisis - From Chaos To Complacency

Mandelson Rejects BoE Demand For More Power

China Banks An Accident In Waiting For Everyone

Russia Invites Shell Back To Sakhalin

General Motors Bad News Investor Webpage

California...Here We Come! - Buchanan

The Fiat Currency Disease

Double Whammy For US Businesses & Consumers

US Stocks, Dollar Down On China World Currency Call

Bernanke Suffers From Major Selective Memory Loss

China Dumping T Bonds For Gold As US Debt Surges

China Worries As US Prints Dollars On Massive Scale

UK Debt Heads Toward Quadrupling

S&P Warning Shows Out Of Credit

Brown Showing Desperation

It's Happening - They've Won

Regulators Shut 4 More Banks - 44 Failures In 2009

Schultz Paints Bleak Picture Of The Future

Baruch Obama...Local IMF And World Bank Rep

US Stiimulus Goes Into Accounts, Not Tills

Qantas Piles On Pressure As Boeing's Dream Sours

Recession Brings 'Las Vegas Dream' To An End

Iraqi Oil Contracts To Be Auctioned On Live TV

Borrowers Face Repossession Over Unsecured Debts

Billions Extra State Aid For Northern Rock

Benefit Payouts Will Exceed Income Tax Revenue

UK To Name Tax-Avoiding Banks

The Fed - The Ultimate Zombie

China Wants Super-Sovereign Currency

Company Execs Dumping Most Shares Since 2007

Some Citigroup Operations Suspended In Japan

US Consumer Spending Rises, Incomes Up

JP Morgan, Citigroup Expand Jumbo Home Mortgages

Stocks And Dollar Drop On Higher Consumer Savings

The Economic Crime Of Our Time

Renters Hit By Foreclosure Crisis, Too

More economic issues

2009-06-29T05:07:00.002-06:00

Dollar Declines After China Repeats Call for New Global Reserve Currency... China's banks veering out of control...Swiss Banks Shun Americans as US Compels Disclosure...

A Bloodless Coup

The Transition From Democracy To A Bnk-run Society

By Mike Whitney

The banks created the financial crisis, and now they are its biggest beneficiaries. They don't need to worry about risk, because Bernanke has assured them that they will be bailed out regardless of the cost. Continue

British Rum Maker Got a $2.7 Billion Payout from TARP: I'm getting so tired of these stories. I mean, what's the point? Americans are perfectly happy to stay home and watch TV while our elected officials rob us blind and we struggle along without needed health care:

Mounting U.S. jobless claims force states to borrow: The lengthy recession has proved discouraging for the swelling ranks of unemployed Americans, and forced U.S. states obligated to pay them jobless benefits to pile debt on their already strained budgets.

Deadly Reasons to Oust Incumbents in 2010

By Ed Ciaccio

All those of us who claim to care about others both here and abroad, about justice, and about peace, must become relentless in our efforts to fundamentally change the current pro-corporate, anti-human system of our country, starting with the current members of Congress. Continue

Congress Just Gave Itself Nearly 4 Billion For Expenses

By Greg Bacon

How sweet it is! How would you like a job with a six figure salary and the ability to vote yourself an additional healthy chunk of taxpayer money to be used for "expenses?" Continue

Wary of Dollar, China Wants Super-sovereign Currency

By Zhou Xin and Chris Buckley

China's central bank renewed its call on Friday for the creation of a super-sovereign reserve currency to reduce the dollar's global domination, which it said had worsened the financial crisis. Continue

Will the 'Dollar Wars' Kill What's Left of the American Dream?

By Scott Thill
Countries yoked to America's currency, and therefore its cratering empire, want to kick the dollar to the curb. And that's bad news for the U.S. Continue

New Video - Holder Admits No Equality Under Hate Bill

Talk Show Hosts May Be Accomplices Under Hate Bill

Leahy's Hate Bill Hearing A Sham

Hate Bill Protest Overwhelms Senate!

Foul! - Senate Hate Bill Hearing Rigged!

New ADL Hate Bills Attack America

US Sen DeMint Says Hate Law Must Be Stopped

More economic issues

2009-06-26T06:01:00.001-06:00

California set to issue IOUs as fiscal crisis weighs... State shutdowns loom...

Warren Buffett to CNBC: U.S. Economy In "Shambles" .. No Signs of Recovery Yet: In a live interview on CNBC today, Warren Buffett said there has been little progress over the past few months in the "economic war" being fought by the country. "We haven't got the economy moving yet."

Obama warns of worse economy to come: President Barack Obama painted a bleak picture Tuesday of the economy, warning unemployment will get worse,

CIA May Have Executed Neda (big surpise)

China Has More Millionaires Than The UK

ECB Favors Underground Press Over Helicopter Drop

Credit Crunch Takes Toll On Super Rich

World's Wealthy Lose Faith In Fund Managers

Spanish Banks Get ¤90 Billion Bailout

Irish Economy Is Sickest Of Them All

Central Bankers Accused Of Bioterorrism

Fed Faces Coverup Claim On BofA Merger

California Eyes IOUs As Deficit Worsens

Europe Warns Britain On Rising Debt

UK Debt - That'll Be £2.2 Trillion, Please

City Banker Goes Missing With Two Guns

Did The Crash Really Change The City At All?

Debt Relief USA In Addison Files For Bankruptcy

Obama - 'No New Stimulus Needed'

Citigroup To Raise Salaries Up To 50%!

UK To Sink Further Into Red Than All

Nationalised RBS Loses More Than Any Bank In World

UK Business Failures Rising At Record Rates

Pensions Crisis To Hit Millions Of Workers

More economic issues

2009-06-25T04:59:00.001-06:00

California set to issue IOUs as fiscal crisis weighs... NKorea threatens annihilation of USA; World anticipates missile...

'Gay Exorcism' in Church Causes Outrage...

SUPER PUMP: European Central Bank Injects $662B into System...

FLASH: CITIGROUP intends to raise salaries up to 50%; Halt exodus of talent... NYC Subway Stations Renamed for Banks...PAPER: Fading of the Dollar's Dominance...BUFFET: ECONOMY IN 'SHAMBLES'; NO SIGNS OF RECOVERY...

Here we go again! Barney Frank asks FANNIE and FREDDIE to relax Mortgage lending rules...Venezuelan private media fear fresh assault... Russia, Venezuela sign $4B joint bank deal...

Harvard cuts 275 jobs, cites drop in endowment...

Obama warns of worse economy to come: President Barack Obama painted a bleak picture Tuesday of the economy, warning unemployment will get worse,

Debt Relief USA In Addison Files For Bankruptcy

Obama - 'No New Stimulus Needed'

Citigroup To Raise Salaries Up To 50%!

UK To Sink Further Into Red Than All

Nationalised RBS Loses More Than Any Bank In World

UK Business Failures Rising At Record Rates

Pensions Crisis To Hit Millions Of Workers

Insiders Selling Into Rally

ECB Lends Record ¤442B To Commercial Banks

World Bank Sees Deeper, Longer Slump

French Central Banks Warns On Spending

After Global Outrage, It's Business As Usual

Japanese Exports Plunge Again

Asian Economies Feel Pull Of Protectionism

Obama's Stealth Scheme For Global Monetary Control

Roommates - 3.6M Elders And Their Adult Children

Why Obama Must Bail Out CA - But Won't

US, UK Will Both Default On Their Debt By Summer's End

China Rising - Is Western Supremacy Just A Blip?

Markets Dive On World Bank's Economy Fears

Eurozone 'Recovery' Fades

SEC Charges Madoff Associates With Fraud

City Warns EU Rules Threaten UK Economy

ECB Set For Record 'Stimulus By Stealth'

More economic issues

2009-06-24T10:58:00.000-06:00

BUFFET: ECONOMY IN 'SHAMBLES'; NO SIGNS OF RECOVERY SUPER PUMP: European Central Bank Injects $662B into System...

FLASH: CITIGROUP intends to raise salaries up to 50%; Halt exodus of talent... NYC Subway Stations Renamed for Banks...

Here we go again! Barney Frank asks FANNIE and FREDDIE to relax Mortgage lending rules...

More Economic Troubles

2009-06-24T05:55:00.002-06:00

FLASH: CITIGROUP intends to raise salaries by up to 50%; Effort to halt exodus of top traders, bankers... Developing...

California cuts tax exemptions -- for kids...MYSPACE axes two thirds of global workforce...US files WTO case against China over exports... Tug-of-war over 'Buy American'...

UPDATE: Switzerland moves to dilute bank secrecy...

Why America is a Bank-owned State

By Samah El-Shahat

America has become a bank-owned state, allowing its banking oligarchs to suffocate the economy so they can survive at any price. Continue

International Bailout Brings Us Closer to Economic Collapse

By Ron Paul

Last week Congress passed the war supplemental appropriations bill. In an affront to all those who thought they voted for a peace candidate, the current president will be sending another $106 billion we don’t have to continue the bloodshed in Afghanistan and Iraq, without a hint of a plan to bring our troops home. Continue

Juicy Details on Corporate Lobbying
Why American Policy SUCKS

By Jill Richardson

I know everyone's aware of the problems lobbying poses to our country, but good lord, if people saw the sheer magnitude of it (and the comparatively paltry amounts spent in the people's interest) they would be outraged. So here goes. Here's the list of the top 100. Continue

The World According to Monsanto
Controlling Our Food

Video Documentary

On March 11 a new documentary was aired on French television - a documentary that Americans won’t ever see. The gigantic bio-tech corporation Monsanto is threatening to destroy the agricultural biodiversity which has served mankind for thousands of years. Continue

U.S. Tops List of Countries with the Largest External Debt: The top five countries with the largest external debt are as follows:

Hyperinflation Could Hit US In 5-10 Years: The US is headed toward hyperinflation, and within five to 10 years it could have inflation rates of 10 to 20 percent, said Marc Faber, editor and publisher of the Gloom, Boom & Doom Report.

California Collapsing: California is America’s most populous state with 38 million people. Its GDP of $1.8 trillion is the largest in the U.S. Its economy is bigger than those of Russia, Brazil, Canada, or India. And it’s collapsing.

Obama's Stealth Scheme For Global Monetary Control

Roommates - 3.6M Elders And Their Adult Children

Why Obama Must Bail Out CA - But Won't

US, UK Will Both Default On Their Debt By Summer's End

China Rising - Is Western Supremacy Just A Blip?

Markets Dive On World Bank's Economy Fears

Eurozone 'Recovery' Fades

SEC Charges Madoff Associates With Fraud

City Warns EU Rules Threaten UK Economy

ECB Set For Record 'Stimulus By Stealth'

More economic issues

2009-06-23T05:12:00.002-06:00

How the Financial Reform Plan Protects the Status Quo

Obama's (Latest) Surrender to Wall Street

By MICHAEL HUDSON

In reaching across the aisle for Republican support – and no doubt future campaign contributions from the financial sector Pres. Obama is morphing into Joe Lieberman. Continue

nstead Of Real Reform, Obama Capitulates To Wall St

We Can't Ignore The California Meltdown

Obama's (Latest) Grovel To Wall Street

30 Years Of Inflation Coming

California Collapsing

Fed Plans Repo Markets Revamp

Desperate Lenders Try To Drive Business To Rivals

Young, Jobless & Broke - Today's Lost Generation

Unions Attack £9.6m Pay Deal For RBS Chief

Warning Of Stimulus Cash Paying For Bribes

JAL Secures Y100 Billion Emergency Funding

World Bank Cautions Against Recovery Talk

Oil Price Fears After Niger Rebel Attacks On Shell

Will BRIC Be A Real Power?

Don't Buy The Hyper Inflation Hype

Time To End Grotesque Bailouts And Face Reality

Goldman Sachs To Make Record Bonus Payout - Endless Greed

Queen's Bankers To Customers AIG Was Safe

Oil Rush - The Scramble To Plunder Iraq's Wealth

Bailed-Out RBS To Blow £300,000 On Wimbledon Bash

The Death Of The Dollar?

'Too Big To Fail' Exposes Alarming Divide

CA Unemployment Hits Record 11.5% In May

Senate Quick To Attack Geithner 'Reforms'

'Council Of Regulators' Has No Power Over Fed

SEC To Turn Focus On 'Dark Pools'

Fed To Lead Banks Into 'Real World' (huh?)

Japan Might Abolish Cash To Fight Deflatioon

Switzerland Looks At Cutting Size Of Banks

Europe - A Market At Risk

More economic issues

2009-06-22T05:20:00.002-06:00

BUDGET NIGHTMARES: STATE PLAN DEEPER CUTS... California crisis threatens to devastate school system...

Numbers on Welfare See Sharp Increase...GOLDMAN SACHS to make record bonus payout; Spectacular first half of '09...

Cost-cutting Calif. wants early prisoner release: With California slipping into a financial sinkhole, Gov. Arnold Schwarzenegger is proposing to save more than $180 million by cutting short the sentences of thousands of immigrants in the state's prisons and turning them over to federal authorities for deportation.

Ohio's Credit Rating Downgraded: Fitch downgraded $7 billion in outstanding state bonds from "AA+" to "AA" on Wednesday. The rating downgrade could make it more expensive for Ohio to borrow money.

The Obama Financial Reforms

Road To Change Or Perdition?

By Danny Schechter

Stabilizing A Flawed System is Not The Same As Restructuring Or Remaking It . Continue

The United States is Committing Economic Suicide: Foreign entities will very soon own everything of value in the U.S. and they will become the major (or only) source of employment for U.S. citizens.

Treasury to Auction $104 Billion In Debt Next Week, a Record: The Treasury announced Thursday a record $104 billion worth of bond auctions for next week, part of its herculean efforts to finance a rescue of the world's largest economy.

California Rating Placed On Downgrade Watch By Moody's: California's chances of borrowing in capital markets grew slimmer Friday as Moody's Investors Service warned that it could downgrade the economically and fiscally beleaguered state's bond ratings.

Will BRIC Be A Real Power?

Don't Buy The Hyper Inflation Hype

Time To End Grotesque Bailouts And Face Reality

Goldman Sachs To Make Record Bonus Payout - Endless Greed

Queen's Bankers To Customers AIG Was Safe

Oil Rush - The Scramble To Plunder Iraq's Wealth

Bailed-Out RBS To Blow £300,000 On Wimbledon Bash

The Death Of The Dollar?

'Too Big To Fail' Exposes Alarming Divide

CA Unemployment Hits Record 11.5% In May

Senate Quick To Attack Geithner 'Reforms'

'Council Of Regulators' Has No Power Over Fed

SEC To Turn Focus On 'Dark Pools'

Fed To Lead Banks Into 'Real World' (huh?)

Japan Might Abolish Cash To Fight Deflatioon

Switzerland Looks At Cutting Size Of Banks

Europe - A Market At Risk

More economic issues

2009-06-12T05:14:00.002-06:00

OIL $73... PREDICTION: $250... IRS Weighs Tax on Work-Cellphone Use...

Feds Order Banks to Freeze Millions in 'LEGAL' Online Poker Winnings...

Russia May Swap Some U.S. Treasuries for IMF Debt : -- Russia may switch some of its reserves from U.S. Treasuries to International Monetary Fund bonds, the central bank said today. The comment drove Treasuries and the dollar lower.

The next great crisis: America's debt: At this rate, your share of the load will be $155,000 in a decade. How chronic deficits are putting the country on a path to fiscal collapse.

Unemployment at 10% to Depress Consumer Spending, Survey Shows: Surging unemployment in the U.S. will delay a recovery in consumer spending and mute the rebound when it does materialize, according to a Bloomberg News survey.

Median home prices drop below 1989 levels : Properties in several areas are selling for less than they did 20 years ago, and that's not including inflation. Some first-time buyers are nabbing houses for less than what their parents paid.

S Africa Gold Production 'To Continue To Drop'

Foreclosures Down Slightly, But No Stabilization

Another Massive Vegas Casino Goes Bust

Obama Retreats On Capping Excessive Executive Pay

What Really Happened In The Financial Crisis?

Emails Show Fed Pressure On BoA In Merrill deal

Jobs At Risk In UK Healthcare £15B Shortfall

40,000 Graduates Will Join UK Jobless Ranks

China Exports Fall More Sharply In May

US Household Wealth Down By $1.3 Trillion

US Retail Sales Up On Auto Deals, Cost Of Gas

Brazil Cuts Rates To Record Low

Ukraine To Inject $1.26B In Bank Bailout

ECB Fears Bank Crisis In 2010

Latvia Cuts Spending To Secure Bailout

Russia, Brazil To Buy $20 Billion IMF Bonds

Nikkei breaches 10,000-mark on Japan GDP

Is West's Love For Oil Receding For Good?

Bernanke...Rothschild Cartel Agent, Disloyal To America - Vid

Out Of The Ashes Of GM - The Phoenix Of Renewable Energy

Obama Tells US Business To Drop Dead

Oil Price Creeps Back Towards $100 A Barrel

Global Energy Market Center Has Changed

Emerging Nations Oil Demand Now Largest Share

It Is In Beijing's Interests To Help Geithner

Crisis Speeds BRIC Rise To Power

Russia Puts Its WTO Entry In Doubt

China - US Should Start Issuing Bonds In Yuan

US Banks To Repay $68B Under Tarp

Geithner Hints At US Regulatory Reforms (sure)

Boston Globe Imposes 23% Pay Cut

Lord Rothschild Dumps Sons Hedge Fund

BoE - Banks Threaten Recovery By Not Lending

Britain Isolated As EU Tightens Grip On City

Court OKs Chrysler Dropping 789 Dealerships

Fed Hires Enron Flack To Block Scrutiny

More economic issues

2009-06-11T05:23:00.002-06:00

PREDICTION: $250 OIL...Federal government to become largest shareholder in CITI... Developing... College grads shun Wall Street for Washington...US long-term interest rates hit high; Tepid response to Treasury's debt sale...Russia May Swap U.S. Treasuries for International Monetary Fund bonds...

Jim Rogers: “The Worst is Not Over”

6 Minute Video

Click to view

The next great crisis: America's debt: At this rate, your share of the load will be $155,000 in a decade. How chronic deficits are putting the country on a path to fiscal collapse.

Bernanke...Rothschild Cartel Agent, Disloyal To America - Vid

Out Of The Ashes Of GM - The Phoenix Of Renewable Energy

Obama Tells US Business To Drop Dead

Oil Price Creeps Back Towards $100 A Barrel

Global Energy Market Center Has Changed

Emerging Nations Oil Demand Now Largest Share

It Is In Beijing's Interests To Help Geithner

Crisis Speeds BRIC Rise To Power

Russia Puts Its WTO Entry In Doubt

China - US Should Start Issuing Bonds In Yuan

US Banks To Repay $68B Under Tarp

Geithner Hints At US Regulatory Reforms (sure)

Boston Globe Imposes 23% Pay Cut

Lord Rothschild Dumps Sons Hedge Fund

BoE - Banks Threaten Recovery By Not Lending

Britain Isolated As EU Tightens Grip On City

Court OKs Chrysler Dropping 789 Dealerships

Fed Hires Enron Flack To Block Scrutiny

Eddie Bauer Filing For Bankruptcy

BoE To Extend 'Quantitative Easing'

Lloyds Confirms £2.5B Bailout Repayment

Lloyds Job Cuts Hit 4,500

UK To Cut Public Spending, Tough Times Due

A New Peoples Bank

British Airways To Cut 2,000 Cabin Crew

Europe Swings Right As Depression Deepens

IMF To Europe - Come Clean On Bank Losses

Rising Deficits Threaten Asian Ratings

Airlines Cut Size Of Spoons To Save Fuel...

Major Airlines Slash Fares To Fill Planes

More economic issues

2009-06-10T05:16:00.002-06:00

WATCH YOUR SPENDINGOil hits 7-month high over $70...

Obama: It's OK to borrow to pay for health care...Supreme Court clears way for sale of CHRYSLER...WIRE: Obama Tells American Businesses to Drop Dead...Fed Retreats: Will Not Sell Own Bills... CHINA AIRS FEARS ON DOLLAR, DEBT...

Will there be Zimbabwe-type Hyperinflation in the U.S.A.?

By Mike Whitney

The economy is flat on its back and hemorrhaging a half a million jobs per month. The housing market is crashing, retail sales are in a funk, manufacturing is down, exports are falling, and consumers have started saving for the first time in decades. Continue

Credit card delinquency on the rise: Credit card delinquency rates jumped 11% in the first quarter, possibly indicating that consumers are using tax refunds to pay day-to-day expenses, according to a credit reporting agency report released Monday.

U.S. Commercial Mortgage Defaults May Rise to 17-Year High: The default rate on commercial mortgages held by U.S. banks may rise to the highest in 17 years in the fourth quarter as debt for refinancing remains scarce and the recession drags down rents.

Court OKs Chrysler Dropping 789 Dealerships

Fed Hires Enron Flack To Block Scrutiny

Eddie Bauer Filing For Bankruptcy

BoE To Extend 'Quantitative Easing'

Lloyds Confirms £2.5B Bailout Repayment

Lloyds Job Cuts Hit 4,500

UK To Cut Public Spending, Tough Times Due

A New Peoples Bank

British Airways To Cut 2,000 Cabin Crew

Europe Swings Right As Depression Deepens

IMF To Europe - Come Clean On Bank Losses

Rising Deficits Threaten Asian Ratings

Airlines Cut Size Of Spoons To Save Fuel...

Major Airlines Slash Fares To Fill Planes

More economic issues

2009-06-09T05:11:00.002-06:00

CHINA AIRS FEARS ON DOLLAR, DEBTAP: Obama repackages stimulus plans with old promises...

Lots of 'extras' in war funding bill... WSJ: Obama Numbers Are Pure Fiction...

Stimulus funds for 'job creation' go to prevent teen pregnancy in Ohio...BOSTON GLOBE union rejects wage, benefit cuts... Developing...

High court blocks CHRYSLER sale...California contemplates ultimate reform - no welfare...World Bank boss sees China spurring global recovery...

What's Good For General Motors

Is Now Good for China

By Irving Wesley Hall

The United States has degenerated from a world power based on industrial production to an overextended military empire based on debt and consumption. Our citizens have gone from well-paid industrial workers with comfortable savings accounts to cash-starved consumers with staggering credit card payments. Continue

Panel finds lax oversight of wartime contracting: The Defense Department has failed to provide adequate oversight over tens of billions of dollars in contracts to support military operations in Iraq and Afghanistan, says a new report by an independent commission investigating waste and fraud in wartime spending.

Global military spending surges: US military expenditure rose 9.7 per cent last year to $607bn, accounting for 42 per cent of total global arms spending, the report said.

Top Chinese banker Guo Shuqing calls for wider use of yuan: The head of China's second-largest bank has said the United States government should start issuing bonds in yuan, rather than dollars, in the latest indication of the increasing importance of the Chinese currenc

600,000 Seniors About To Lose Their Homes: More than 600,000 seniors are delinquent in their mortgage payments or already in foreclosure, USA Today reports.

Unemployment rate highest since 1983: The U.S. economy cut 345,000 jobs last month alone. The count of total jobs lost in the current economic recession is 6 million. The unemployment rate, at 9.4 percent in May, has risen to the highest level since 1983.

Why Current Depression Will Be Worse Than 1929

What's Good For GM Is Good For China

The Depression Quietly Deepens

A 5 Yr Public Spending Freeze To Kill Big Govt

Tough Truths Rather Than Green Shoots

Bankruptcies Rise Among Over-45s

Doubts Mount Over US Toxic Asset Plan

IMF Urges Indonesia To Target Inflation

Airlines To Lose $9 Billion In Recession

S&P Rating Downgrade Hits Irish Banks

Wall St Ends Hope For Homeowners Via Congress

Geithner To DeMint - Bailouts May NEVER End - Vid

All Markets Suggesting Hyperinflation

Obamanomics - How Dumb Do They Think We Are?

Obama's Unprecedented Debt

The Economy Is Still At The Brink

Will The British Pound Get Pounded?

Economic Collapse, Time To Run?

Securitization - The Biggest Rip-Off Ever

Global Financial Power Shifting To China

Stocks Bear Market Rally Built On Sand

US/Euro Economies Descend Into Marxism

US Fed Chocking Economic Recovery?

Chrysler Creditors Seek Halt Of Sale To Fiat

Madoff Bagged $165M Just Before His Arrest

Shaping The New Wall Street

Protests Vs Putin As Russian Factories Go Broke

Merkel's May Wake Bears From Hibernation

Russia, China Should Dump Dollar In Trade - Medvedev

Housing Bubble Caused Great Depression, Too

Ingredients For Bull Run On Gold, Gold Stocks There

China Considers Buying $50B In IMF Bonds

German GDP To Fall 6%

Credit Card Rates Rise Despite Low Bank Rate

US Mtge Rates Surge To Highest Since December

What A State-Run GM Could Do

Uganda Oil Reserves Rival Saudi Arabia - US Expert

US Regulator Details Derivative Plans

Ex-Countrywide Chief Exec Charged With Fraud

House Seeks Bigger (ANY) Scrutiny Over Fed

Brown Resignation Rumor - Pound Plunges

British Airways Won't Rule Out End Of Pensions

Baby Boomers Last To Retire With Good Deals

More economic issues

2009-06-08T05:17:00.002-06:00

Obama Seeks Tax on Wealthy to Fund Health Overhaul... Tax on international air travel could fund 'climate change' fight... USA MOVES LEFT, EU GOES RIGHTNYT: TENSIONS GRIP OBAMA ECONOMIC TEAM... Unemployment Rate Gallops Ahead of Expectations... Big government spending programs -- having opposite desired effect...

Kennedy bill would make employers provide care... Obama to take more active role...Schwarzenegger suggests state consider flat tax...BOSTON GLOBE staff may vote to reject new compromise; Could result in unilateral 23% pay cut...

Russia, China Should Dump Dollar in Trade - Medvedev

By Reuters

Russia and China should consider switching to domestic currencies in bilateral trade without going to the dollar, Russia's president Dmitry Medvedev said in an interview with Kommersant daily published on Friday. Continue

Credit card rate racket: As Bank of England freezes interest fee at 0.5%, firms push up theirs to a record 18%

Fed Intends to Hire Lobbyist in Campaign to Buttress Its Image: The Federal Reserve intends to hire a veteran lobbyist as it seeks to counter skepticism in Congress about the central bank’s growing power over the U.S. financial system, people familiar with the matter said.

Treasury bloodbath soaks top fund managers: - Investors have been blindsided by one financial catastrophe after another over the last 18 months, but throughout the tumult, the government bond market has been their friend. Until now.

Bankrupt: Bank No. 37 Closed; Bank of Lincolnwood Seized by Regulators: Bank of Lincolnwood, Lincolnwood, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

Bankrupt: No Private-Equity Deal for Failed Silverton Bank: The Federal Deposit Insurance Corp. has decided to wind down Silverton Bank, the failed Atlanta "bankers' bank," instead of selling it to investors, a setback for the private-equity industry but not one expected to damp its hunger for troubled banks.

Alabama County Set to Halt Services, Shut Buildings Over Budget: Alabama’s most populous county is preparing to stop road maintenance, close courthouses and shutter services for the elderly after a court struck down taxes that pay for about 35 percent of its budget.

All Markets Suggesting Hyperinflation

Obamanomics - How Dumb Do They Think We Are?

Obama's Unprecedented Debt

The Economy Is Still At The Brink

Will The British Pound Get Pounded?

Economic Collapse, Time To Run?

Securitization - The Biggest Rip-Off Ever

Global Financial Power Shifting To China

Stocks Bear Market Rally Built On Sand

US/Euro Economies Descend Into Marxism

US Fed Chocking Economic Recovery?

Chrysler Creditors Seek Halt Of Sale To Fiat

Madoff Bagged $165M Just Before His Arrest

Shaping The New Wall Street

Protests Vs Putin As Russian Factories Go Broke

Merkel's May Wake Bears From Hibernation

Russia, China Should Dump Dollar In Trade - Medvedev

Housing Bubble Caused Great Depression, Too

Ingredients For Bull Run On Gold, Gold Stocks There

China Considers Buying $50B In IMF Bonds

German GDP To Fall 6%

Credit Card Rates Rise Despite Low Bank Rate

US Mtge Rates Surge To Highest Since December

What A State-Run GM Could Do

Uganda Oil Reserves Rival Saudi Arabia - US Expert

US Regulator Details Derivative Plans

Ex-Countrywide Chief Exec Charged With Fraud

House Seeks Bigger (ANY) Scrutiny Over Fed

Brown Resignation Rumor - Pound Plunges

British Airways Won't Rule Out End Of Pensions

Baby Boomers Last To Retire With Good Deals

More Economic Issues

2009-06-07T06:02:00.001-06:00

INVESTORS ASK SUPREME COURT TO HALT CHRYSLER SALEUnemployment rises to 9.4%... Hits 25-Year High... Jobs Report Fuels Attacks on Obama...

GE/NBC PUNISHED NEWSPAPER OVER COVERAGE OF 'SHAREHOLDER REVOLT'...
Oil prices spike above $70...

Securitization: The Biggest Rip-off Ever

By Mike Whitney

Is it possible to make hundreds of billions of dollars in profits on securities that are backed by nothing more than cyber-entries into a loan book? It's not only possible; it's been done. Continue

Time to Break Up the Banks

By Peter Rothberg

This new video, which neatly breaks down the causes and effects of the economic crisis. Continue

Illiteracy in High Places

Forgetting What We Learned

By Paul Craig Roberts

The hubris is extraordinary. A bankrupt government that has to send its Treasury Secretary begging to China thinks it can spend limitless amounts in a futile effort to control the culture, mores, and political system of distant Afghanistan. Continue

U.S. jobless rate hits 9.4 percent: The BLS said the unemployment rate continued to rise, increasing to 9.4 percent from 8.9 percent. Steep job losses continued in manufacturing, while declines moderated in construction and several service-providing industries.

Canada Jobless Rate Hits 11-Year High, Led by Plants : A net 41,800 people lost their job during the month and the unemployment rate climbed more than expected to 8.4 percent, Statistics Canada said today in Ottawa.

Jobless Rate in Europe Rises Further: The seasonally adjusted unemployment rate for the 16 countries that use the euro currency rose to 9.2 percent in April, the highest rate since September 1999, from 8.9 percent in March, the Eurostat agency, the bloc’s statistics office, said Tuesday. In April 2008, the unemployment rate was 7.3 percent.

Ireland's unemployment rate hits 13-year high of 11.8 percent; welfare claims at record high: The report said the number of people claiming jobless benefits has nearly doubled over the past year to 397,000, an unprecedented high dating back to the foundation of the Irish state in 1922.

Housing Bubble Caused Great Depression, Too

Ingredients For Bull Run On Gold, Gold Stocks There

China Considers Buying $50B In IMF Bonds

German GDP To Fall 6%

Credit Card Rates Rise Despite Low Bank Rate

US Mtge Rates Surge To Highest Since December

What A State-Run GM Could Do

Uganda Oil Reserves Rival Saudi Arabia - US Expert

US Regulator Details Derivative Plans

Ex-Countrywide Chief Exec Charged With Fraud

House Seeks Bigger (ANY) Scrutiny Over Fed

Brown Resignation Rumor - Pound Plunges

British Airways Won't Rule Out End Of Pensions

Baby Boomers Last To Retire With Good Deals

2009-06-05T07:15:00.000-06:00

Unemployment rises to 9.4%... Highest Since July 1983... Losses Slow... Temp work helps mask joblessness...

White House Set to Appoint a 'Pay Czar'...

UPDATE: MANY STATES FACE WORSENING FISCAL CRISES... Slimming down inmate meals...

FAA Proposal Would Close 20 Weather Offices...

More economic issues

2009-06-05T06:00:00.002-06:00

White House Set to Appoint a 'Pay Czar'... UPDATE: MANY STATES FACE WORSENING FISCAL CRISES...

FAA Proposal Would Close 20 Weather Offices...OBAMA FACES TENSIONS WITH GERMAN GOVERNMENT...

1 of every 6 dollars of Americans' income is government check or voucher...

MICROSOFT to move jobs overseas if Obama tax plan goes through...GOLDMAN sees new energy crunch; Oil at $85... BARREL HITS NEW '09 HIGH...

U.S. Inflation to Approach Zimbabwe Level, Faber Says : The U.S. economy will enter “hyperinflation” approaching the levels in Zimbabwe because the Federal Reserve will be reluctant to raise interest rates, investor Marc Faber said.

Bankruptcy filings rise to 6,000 a day as job losses take toll: Consumer and commercial bankruptcy filings are on pace to reach a stunning 1.5 million this year, according to a report from Automated Access to Court Electronic Records.

Medical bills underlie 60 percent of U.S. bankrupts: study: More than 75 percent of these bankrupt families had health insurance but still were overwhelmed by their medical debts, the team at Harvard Law School, Harvard Medical School and Ohio University reported in the American Journal of Medicine.

War On Recession - Fail, Fail, Fail

Boom Times Are Back - Outside The US

Royal Canadian Mint Can Find Missing Gold

Latvian Debt Crisis Shakes Eastern Europe

EU Provides ¤19B To Tackle Unemployment

World's Airlines Face Grim Financial Future

FDIC Stall Sales Of Toxic Loans

Banks Should Pay For Own Bailouts

Bernanke Warns On Deficit

Barclays Pensions Scrapped

Indiana Tries To Block Fiat Buyout Of Chrysler

Those 'Greeen Shoots' Are Just Tumbleweed

Draft Emergency Action Program For California

Panzner - Holes In The China Recovery Story

Roberts - As The Dollar Falls Off The Cliff...

Fed's AIG Role May Be GAO First Target

Ron Paul's Audit The Fed Bill Neutered

Banks Run The Country

A Myth Concerning Gold Confiscation

3 Huge US Missteps In GM, Chrysler Bailouts

Geithner Says China Backs US Stimulus

Sens Grill GM, Chrysler Execs Re Dumped Dealers

KKR Plunges To $1.2 Billion Loss

Citi To Halt Executive Severance Payments

Bank Of England's Medicine Is Not Working

More economic issues

2009-06-04T05:38:00.002-06:00

1 of every 6 dollars of Americans' income is government check or voucher...Bernanke Warns Long-Term Budget Deficits Threaten Financial Stability... 'Why Ben Bernanke is right to be worried'...

Bond Market Blowout

By Mike Whitney

Last week's ructions in the bond market, leave little doubt that the financial crisis has entered a new and more lethal phase. Continue

If You Are Stressed Now, Just Wait

Policymakers Have Created A Perfect Storm

By Paul Craig Roberts

The next shoe to drop will be the dollar’s loss of the reserve currency role. Then the US, an import-dependent country, will no longer be able to pay for its imports. Shortages will worsen price inflation and disrupt deliveries. Continue

Russia hopes to get behind the wheel: Mr Putin met in Moscow with Siegfried Wolf, co-chief executive of Canada’s Magna International, and German Gref, head of Sberbank, whose groups are due to take a controlling interest in GM’s spun-off European Opel division in a deal to be negotiated in the coming weeks.

Germany Blasts 'Powers of the Fed': "I view with great skepticism the powers of the Fed, for example, and also how, within Europe, the Bank of England has carved out its own small line," Ms. Merkel said in a speech in Berlin.

U.S. bankruptcy filings up 37% last month: U.S. consumer bankruptcy filings soared 37 percent in May compared with the same period last year, according to figures released Tuesday by the American Bankruptcy Institute.

California will run out of cash in 14 days: The state wallet is empty. The bank closed. Credit has dried up, Gov. Arnold Schwarzenegger told lawmakers in a special Tuesday morning address at the Capitol.

State's unemployment fund short by billions: California is paying out so much for jobless benefits and collecting so little in payroll taxes that its unemployment insurance fund could be $17.8 billion in debt by the end of 2010

Draft Emergency Action Program For California

Panzner - Holes In The China Recovery Story

Roberts - As The Dollar Falls Off The Cliff...

Fed's AIG Role May Be GAO First Target

Ron Paul's Audit The Fed Bill Neutered

Banks Run The Country

A Myth Concerning Gold Confiscation

3 Huge US Missteps In GM, Chrysler Bailouts

Geithner Says China Backs US Stimulus

Sens Grill GM, Chrysler Execs Re Dumped Dealers

KKR Plunges To $1.2 Billion Loss

Citi To Halt Executive Severance Payments

Bank Of England's Medicine Is Not Working

UK Will Push Govt Spending 'To Soviet Levels'

Savvy Gulf Funds Question Global 'Rally'

Global Recession Makes World Less Safe

Bank Pays Staff To Take Five Years Off

Merkel Mauls Central Banks

Kroes Rips 'Obsolete' German Banking System

Where Is All US Exported Gold Coming From?

Asian Stocks Up For Fourth Day

Northwestern Mutual Makes First Gold Buy In 152 Yrs

Jim Willie CB - Quarterly $1 Trillion Monetization

Chinese Students Laugh At Geithner

California Will Run Out Of Cash In 14 Days

GM To Sell Hummer To Chinese

Toxic Assets A Bridge Too Far Philly Fed Chief

China Backs US Dollar As Reserve Currency

Economic Recovery Is Wishful Thinking

Barclays Shares As Sheikh Sells Holdings

Geithner Assures China Its Dollar Assets Are Safe

Citigroup & GM Are Out In Revamp Of Dow Jones

Commodities And Oil Soar As Dollar Pounded

Sacrifices Needed To Save GM Says Obama

GM Bailout Only Delays The Inevitable Crash

Bad Design Driving Force Behind GM Malaise

GM - A Nostalgic Trip Down The Years

A History GM In Pictures

The 31 Yr Old In Charge Of Dismantling GM

Kidd - Boots On The Ground, County By County

Economic Crisis In Australia

Either Stocks Will Fall 37% Or Gold Will Rally 60%

US T Bonds In The Eye Of The Storm

Green Shoots? - Rail, Truck, Air Cargo Traffic Down

Did Bernanke And Paulson Commit Bank Fraud?

US Housing Bust, More Prime Mortgage Foreclosures

Palast - How Stevie The Rat Bankrupted GM

Michael Moore - Goodbye GM

GM Files For Bankruptcy

Geithner To China - Deficit Will Be Tamed (Sure It Will)

Where Is All US Exported Gold Coming From?

More economic issues

2009-06-03T05:12:00.002-06:00

Oil slides below $68 as investors eye inflation... OPEC: OIL COULD REACH $90...Geithner Says China Has Confidence in American Economy... Says dollar assets safe... Laughter from audience...

Geithner faces sluggish market, rents out NY home...States' Budget Woes May Get Worse... Phoenix Bears Brunt of Hotel Market's Downturn...

GM COLLAPSES INTO GOVERNMENT'S ARMS... Latest in string of nationalized companies... Hummer sold to Chinese...

Germany Blasts 'Powers of the Fed'...

Russian President may push 'new world currency'...

Economic Recovery is Wishful Thinking

By Dean Baker

The media has been touting whatever good economic news it can find. But the truth is economic recovery is nowhere in sight. Continue

The trillion dollar question: China or America?: Who is going to come out of the economic crisis stronger and with the whip hand - China or America,

U.S. manufacturing sector contracts for 16th straight month: - Economic activity in the U.S. manufacturing sector failed to grow in May for the 16th consecutive month but at a slower pace, the Institute for Supply Management (ISM) reported Monday.

Accounting error misplaces $2.3 billion in stimulus funds: If only there were a stimulus edition of Quicken. With billions of stimulus dollars flowing into the economy, some via historically unprecedented avenues, accounting mistakes were inevitable.

Asian Stocks Up For Fourth Day

Northwestern Mutual Makes First Gold Buy In 152 Yrs

Jim Willie CB - Quarterly $1 Trillion Monetization

Chinese Students Laugh At Geithner

California Will Run Out Of Cash In 14 Days

GM To Sell Hummer To Chinese

Toxic Assets A Bridge Too Far Philly Fed Chief

China Backs US Dollar As Reserve Currency

Economic Recovery Is Wishful Thinking

Barclays Shares As Sheikh Sells Holdings

Geithner Assures China Its Dollar Assets Are Safe

Citigroup & GM Are Out In Revamp Of Dow Jones

Commodities And Oil Soar As Dollar Pounded

Sacrifices Needed To Save GM Says Obama

GM Bailout Only Delays The Inevitable Crash

Bad Design Driving Force Behind GM Malaise

GM - A Nostalgic Trip Down The Years

A History GM In Pictures

The 31 Yr Old In Charge Of Dismantling GM

Kidd - Boots On The Ground, County By County

Economic Crisis In Australia

Either Stocks Will Fall 37% Or Gold Will Rally 60%

US T Bonds In The Eye Of The Storm

Green Shoots? - Rail, Truck, Air Cargo Traffic Down

Did Bernanke And Paulson Commit Bank Fraud?

US Housing Bust, More Prime Mortgage Foreclosures

Palast - How Stevie The Rat Bankrupted GM

Michael Moore - Goodbye GM

GM Files For Bankruptcy

Geithner To China - Deficit Will Be Tamed (Sure It Will)

The 31 Yr Old In Charge Of Dismantling GM

More economic issues

2009-06-02T05:19:00.002-06:00

FEDS MAY END UP OWNING CITIGROUP...Michael Moore: Goodbye, GM... Ralph Nader: 'For GM's voiceless owners -- the common shareholders -- it is a wipeout'...Geithner tells China its dollar assets are safe...World Bank President Calls Stimulus Measures 'Sugar High,' Says Unemployment Will Rise...CHRYSLER bankruptcy judge pressured by White House to rule?A new GM begins to emerge... The 31-Year-Old in Charge of Dismantling... ROMNEY TO OBAMA: Give GM Back To The People...

Goodbye, GM

By Michael Moore

As I sit here in GM's birthplace, Flint, Michigan, I am surrounded by friends and family who are filled with anxiety about what will happen to them and to the town. Forty percent of the homes and businesses in the city have been abandoned. Imagine what it would be like if you lived in a city where almost every other house is empty. What would be your state of mind? Continue

Anglo Irish Bank gets €4bn lifeline after Ireland's worst ever loss: The Irish government is injecting up to €4bn (£3.5bn) into the nationalised Anglo Irish Bank, which reported the worst loss in Irish history today and risked becoming a threat to the system.

Your Share of the US Debt: Your family’s share of the government debt is now over half a million dollars. A record $546,668, to be exact. That cheery Monday stat comes courtesy of a USA Today study, which claims that each American family’s share rose 12% in 2008. That’s $55,000 in new government debt last year for every US household – thousands more than the median household annual income. Here’s how it breaks down:

US Government takes 60% of GM in Chapter 11 bond deal: The United Auto Workers (UAW) union will take 17.5 per cent in shares and the governments of Canada and Ontario will lend $9.5 billion (£5.9 billion) and get 12 per cent equity and $1.7 billion debt in return. The US Government will provide an additional $30 billion in financing to get the giant through bankruptcy.

Crisis at the VA as Benefits Claims Backlog Nearly Tops One Million: - During the past four months, the Department of Veterans Affairs backlog of unfinished disability claims from grew by more than 100,000, adding to an already mountainous backlog that is now close to topping one million.

Kidd - Boots On The Ground, County By County

Economic Crisis In Australia

Either Stocks Will Fall 37% Or Gold Will Rally 60%

US T Bonds In The Eye Of The Storm

Green Shoots? - Rail, Truck, Air Cargo Traffic Down

Did Bernanke And Paulson Commit Bank Fraud?

US Housing Bust, More Prime Mortgage Foreclosures

Palast - How Stevie The Rat Bankrupted GM

Michael Moore - Goodbye GM

GM Files For Bankruptcy

Geithner To China - Deficit Will Be Tamed (Sure It Will)

More Dollar issues

2009-06-01T05:09:00.002-06:00

Fed puzzled by yield curve steepening... Geithner to Tell China No One More Concerned About Deficit Than Obama... 8 AM: BUSTWorld Bank President Calls Stimulus Measures 'Sugar High,' Says Unemployment Will Rise...

FDIC restricts interest rates at weak banks...GM prepares for bankruptcy announcement... ...new GM begins to emerge... ROMNEY TO OBAMA: Give GM Back To The People...

Ireland Set To Go Bust, Claims Economic Historian

By The Belfast Telegraph

His chosen prime candidate to go bust is "Ireland, followed by Italy and Belgium, and UK is not too far behind". Argentina is top of his list of shaky countries but "the argument that it can't happen in major western economies is nonsense". Continue

Chinese economists deem huge holding of US bonds "risky," : On the first day of U.S. treasury secretary Timothy Geithner's visit to China, the Beijing-based Global Times published a survey of 23 famous Chinese economists on Sunday, saying that the majority of them deemed the vast holding of U.S. bonds "risky."

Leap in U.S. debt hits taxpayers with 12% more red ink: Taxpayers are on the hook for an extra $55,000 a household to cover rising federal commitments made just in the past year for retirement benefits, the national debt and other government promises, a USA TODAY analysis shows.

Deep Cuts Threaten to Reshape California: . The cuts Mr. Schwarzenegger has proposed, if enacted by the Legislature, would turn California into a place that in some ways would be unrecognizable in modern America: poor children would have no health insurance, prisoners would be released by the thousands and state parks would be closed.

Hidden city under L.A. : A raid in Los Angeles County, California, has uncovered a hidden world beneath a busy freeway..

Ohio Food Stamp Participation Rates Soaring: Figures show than one in seven people in Cuyahoga County, Ohio's most populous county, received food stamps in February, an 8 percent increase from one year ago.

U.S. mortgage rate rise threatens housing recovery: A dizzying rise in U.S. mortgage rates this week has left homeowners worried about the government's ability to revive the housing market as a means to economic recovery.

Unemployment in U.S. Probably Surpassed 9% in May: Unemployment in the U.S. probably surpassed 9 percent in May for the first time in more than 25 years, underscoring forecasts that the economy will be slow to pull out of the worst recession in half a century, economists said before a report this week.

Geithner To China - Deficit Will Be Tamed (Sure It Will)

1 Of 8 US Homeowners Late Or In Foreclosure

More Dollar issues

2009-05-29T06:43:00.002-06:00

GOV'T OWES RECORD $63.8 TRILLION...OIL: $66Government will now own 72.5% of 'New GM'... Deal Reached With Bondholders... Germany calls on Clinton to resolve GM fight...California wants federal government to back its loans... Cities Face Bankruptcy Curbs...

Grim forecasts for British economy: It forecast that the UK economy would shrink by 4.1 percent this year, the biggest peace time contraction since the Great Depression of the 1930s, and 0.4 percent in 2010.

GM reaches swap deal, but bankruptcy still lies ahead: General Motors Corp. said Thursday that it reached a new debt-swap deal with bondholders that likely won't save the automaker from imminent bankruptcy but should help speed the process.

Change... What change .. Delinquent Mortgages, Foreclosures Hit Record High: About 12.07 percent of mortgage loans were delinquent or in the foreclosure process during the quarter, according to the survey by the Mortgage Bankers Association, an industry group. That is the highest ever recorded by the survey, which dates back to 1972. The figure reflects an 8 percent increase compared to the first quarter of 2008.

Americans' credit scores fall as they struggle to pay bills: From the third quarter of 2008 to the first quarter of 2009 — the latest data available — the average TransUnion credit score dropped 6 points to 651, the credit bureau says. Scores fell more dramatically in states hardest hit by the housing bust: California saw a 10-point drop, for example, and Arizona, 11.

Coming Dollar Bust - All But A Few Have NO Clue

US Troubled Mortgages Hit Record High

Dollar Is Dirt, Treasuries Are Toast, AAA Is Gone

BoE - Banks Should Be Taxed For Bailouts

Euro Poised To Inflict New Wounds On Europe

Visteon Files For Bankruptcy Protection

Rise In Gas Tax Not Feasible

World Income Seen To Decline By 3.7%

Watchdog To Hide UK Bank 'Stress Test' Results

Silver More Enticing Than Gold

China Now Firmly Controls US Debt Markets

Dow Sinks 173 As Treasury Bond Prices Fall

Dallas Federal Reserve - $99T In Unfunded Liabilities!

PetroChina Now World's Biggest Firm

US Glutton Must Crawl To World Economic Table

Oil Price Hits Six Month High

China In Race To Buy GM Euro Operations

Shell Restructuring Puts 24,000 Jobs At Risk

Asian Shares Buoyed By US Consumer Confidence

Exploding Debt Threatens America

US Stocks Up On Confidence Boost

Sterling Breaks $1.60 Mark

Why 'Too Big To Fail' Is Too Much To Take

Thousands Of Brits Rely On Food Handouts

Treasury Warns Of £70B Hole In Budget Forecasts

Banks Accused Of Exploiting Mortgage Customers

Russian Gold Output Up 38% Jan-Apr '09

US Bonds Sales Finding Market Resistance

CA's Day Of Reckoning Is Warning For Europe

Tumbling Towards A Sovereign Debt Crisis?

British Banks Revolt Against Obama Tax Plan

Record Rate Of Decline In Economic Growth

70% 1st Buyers Lose Hope Of Ever Having Home

Beware False Dawns - Downturn Still Early

Saudi Warn Of $150 Oil Within 3 Years

Tokyo Aims To Halt 'Farmland Grabbing'

Porsche On The Financial Brink

More economic issues

2009-05-28T06:46:00.002-06:00

Obama Fundraising Trips Leave Taxpayers With Hefty Tab...Bondholders Push GM To Brink of Chapter 11... Anger over German role... POLL: Obama car involvement gets mixed grade... GOVERNMENT WILL OWN 'UP TO 69% OF GM'...TREASURY SELLOFF SPIKING INTEREST RATES...

Roubini: U.S. economy may dip again next year...California wants federal government to back its loans... Cities Face Bankruptcy Curbs...Faber: Inflation to 'Approach Zimbabwe Level'...OPEC SETS SIGHTS ON $80 OIL... ...prices hit six-month high near

Chevron, Shell and the True Cost of Oil

By Amy Goodman

The economy is a shambles, unemployment is soaring, the auto industry is collapsing. But profits are higher than ever at oil companies Chevron and Shell. Yet across the globe, from the Ecuadorian jungle, to the Niger Delta in Nigeria, to the courtrooms and streets of New York and San Ramon, Calif., people are fighting back against the world's oil giants. Continue

China warns Federal Reserve Over 'Printing Money'

By Ambrose Evans-Pritchard

China has warned a top member of the US Federal Reserve that it is increasingly disturbed by the Fed's direct purchase of US Treasury bonds. Continue

Exploding Debt Threatens America

By John Taylor

Standard and Poor’s decision to downgrade its outlook for British sovereign debt from “stable” to “negative” should be a wake-up call for the US Congress and administration. Let us hope they wake up. Continue

China Is Now in Firm Control of U.S. Debt Market: It is hilarious listening to the propagandists try to “spin” the events in bond and currency markets to make it sound like the U.S. government is still operating from a position of strength.

GM bankruptcy 'inevitable': General Motors, the US car manufacturer, is facing bankruptcy after creditors rejected a proposal to swap $27bn in debt for 10 per cent of the company's stock.

Home prices fall at record pace in first quarter: The Standard & Poor’s/Case-Shiller National Home Price index reported home prices tumbled by 19.1 percent in the first quarter compared to the first quarter last year, the largest drop in its 21-year history. Home prices have fallen 32.2 percent since peaking in the second quarter of 2006.

China Now Firmly Controls US Debt Markets

Dow Sinks 173 As Treasury Bond Prices Fall

Dallas Federal Reserve - $99T In Unfunded Liabilities!

PetroChina Now World's Biggest Firm

US Glutton Must Crawl To World Economic Table

Oil Price Hits Six Month High

China In Race To Buy GM Euro Operations

Shell Restructuring Puts 24,000 Jobs At Risk

Asian Shares Buoyed By US Consumer Confidence

Exploding Debt Threatens America

US Stocks Up On Confidence Boost

Sterling Breaks $1.60 Mark

Why 'Too Big To Fail' Is Too Much To Take

Thousands Of Brits Rely On Food Handouts

Treasury Warns Of £70B Hole In Budget Forecasts

Banks Accused Of Exploiting Mortgage Customers

Russian Gold Output Up 38% Jan-Apr '09

US Bonds Sales Finding Market Resistance

CA's Day Of Reckoning Is Warning For Europe

Tumbling Towards A Sovereign Debt Crisis?

British Banks Revolt Against Obama Tax Plan

Record Rate Of Decline In Economic Growth

70% 1st Buyers Lose Hope Of Ever Having Home

Beware False Dawns - Downturn Still Early

Saudi Warn Of $150 Oil Within 3 Years

Tokyo Aims To Halt 'Farmland Grabbing'

Porsche On The Financial Brink

More economic issues

2009-05-27T11:24:00.001-06:00

IRS tax revenue plunges 34%...

China warns Fed over 'printing money'... Moody's affirms US AAA rating despite rising debt...

Americans' credit scores fall as they struggle to pay bills...

Toledo police layoffs leading to gun buying...

COLUMBUS SCARE: Police chief warns of deep cuts without tax increase... Police officers saved by stimulus may still lose jobs...

Sacramento's main psychiatric hospital closes...

France reports sharp drop in wine, champagne sales...

More economic issues

2009-05-27T07:17:00.001-06:00

IRS tax revenue plunges 34%...

China warns Fed over 'printing money'...

Americans' credit scores fall as they struggle to pay bills...

COLUMBUS SCARE: Police chief warns of deep cuts without tax increase... Police officers saved by stimulus may still lose jobs...OPEC SETS SIGHTS ON $75-$80 OIL...

More economic issues

2009-05-27T05:15:00.002-06:00

The Next Leg Down

By Mike Whitney

Collapsing home prices and credit markets continue to put downward pressure on consumer spending, forcing the Federal Reserve to take even more radical action to revive the economy. Last week, Fed chief Ben Bernanke raised the prospect of further monetizing the debt by purchasing more than the $1.75 trillion of Treasuries and mortgage-backed securities (MBS) already committed. Continue

The Greatest Swindle Ever Sold

By Andy Kroll

How the Financial Bailout Scams Taxpayers, Subsidizes Wall Street, and Props Up Our Broken Financial System. Continue

Russian Gold Output Up 38% Jan-Apr '09

US Bonds Sales Finding Market Resistance

CA's Day Of Reckoning Is Warning For Europe

Tumbling Towards A Sovereign Debt Crisis?

British Banks Revolt Against Obama Tax Plan

Record Rate Of Decline In Economic Growth

70% 1st Buyers Lose Hope Of Ever Having Home

Beware False Dawns - Downturn Still Early

Saudi Warn Of $150 Oil Within 3 Years

Tokyo Aims To Halt 'Farmland Grabbing'

Porsche On The Financial Brink

German Exports Plunge

World Economy Stabilising Says Krugman (Huh?)

Mexico Oil Exports Plummet

China Warns Federal Reserve Over Printing Money

China Stuck In 'Dollar Trap'

Chill Wind Blows For AAA Rated Nations

Cold, Hunger, Job Losses - Unhappy Russians

Mass Firing Of Hollywood Agents As Recession Hits

UK Commercial Rents In Grip Of Recession

Africa Almost Giving Land Away

Obama Govt Borrowing 50 Cents Of Every $1 It Spends

Two Illinois Banks Seized - 36 On The Year

RBS Chiefs Handed £5m In Bonuses

West Facing Rising Oil Prices

Gold Bugs Have Their Perfect Trinity

US Grandma Offer Depression Era Recipes

Mexico Oil Exports Plummet

More economic issues

2009-05-26T05:25:00.002-06:00

Beijing is caught in 'trap' over dollar... British banks revolt against Obama tax plan; May refuse American clients...

'WE'RE OUT OF MONEY'...

Early retirement claims rise sharply... Crisis spurs spike in 'suburban survivalists'...

Carmakers' Woes 'May Cost Six Million Jobs'...

Capitalism Produces Rich Bankers, Socialism Produces Happiness

By Phillip Bannowsky

When you consider that virtually no newspaper, broadcaster, well-funded think tank, teacher, or anybody's boss or commander ever said something nice about socialism, it's remarkable that only 53 percent of us still favor rule by the moneyed class. Perhaps folks are learning how capitalism sacrifices happiness for individual gain. Continue

America 'getting tired of footing the bill' for wars in Iraq, Afghanistan :: Disapproval ratings for military efforts in Afghanistan are rapidly rising. In a March USA Today/Gallup poll, 42 percent of respondents said the United States made a mistake in sending military forces to Afghanistan, up from 30 percent in February.

World Bank warns of social unrest: "If we do no take measures, there is a risk of a serious human and social crisis with very serious political implications," Robert Zoellick said.

US bonds sale faces market resistance: The US Treasury is facing an ordeal by fire this week as it tries to sell $100bn (£62bn) of bonds to a deeply sceptical market amid growing fears of a sovereign bond crisis in the Anglo-Saxon world.

China stuck in ‘dollar trap’: China’s official foreign exchange manager is still buying record amounts of US government bonds, in spite of Beijing’s increasingly vocal fear of a dollar collapse, according to officials and analysts.

China Warns Federal Reserve Over Printing Money

China Stuck In 'Dollar Trap'

Chill Wind Blows For AAA Rated Nations

Cold, Hunger, Job Losses - Unhappy Russians

Mass Firing Of Hollywood Agents As Recession Hits

UK Commercial Rents In Grip Of Recession

Africa Almost Giving Land Away

Obama Govt Borrowing 50 Cents Of Every $1 It Spends

Two Illinois Banks Seized - 36 On The Year

RBS Chiefs Handed £5m In Bonuses

West Facing Rising Oil Prices

Gold Bugs Have Their Perfect Trinity

US Grandma Offer Depression Era Recipes

Obama Govt Borrowing 50 Cents Of Every $1 It Spends

Get Out Of The Dollar And Into Commodities - Jim Rogers

2009-05-25T06:49:00.001-06:00

The credit and liquidity droughts of 2008 and early 2009 merely interrupted the grander narrative of the global economy--the building of infrastructures throughout the world and the demand for commodities that goes along with that.Raw materials prices are on the rise. The Rogers International Commodity Index, which represents the value of a ba

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More Economic Issues

2009-05-25T06:12:00.001-06:00

'Oil to Reach $75'...'WE'RE OUT OF MONEY'...

Early retirement claims rise sharply...

DOLLAR PLUNGE; FEAR OVER DEBT...

US Military chief: Iran wants nuclear weapons...

Farms downsize with miniature cows...

US Dollar Skids to New Lows, Expect it to Continue

By Jennifer Shotts

This week so far, the dollar has fallen 4% against the British pound reaching a new low for 2009, 3% against the euro and Japanese yen, and also against the Canadian dollar. With major price levels being broken, many banks are reevaluating year end predictions for the euro vs. the dollar to reach $1.50 or higher. Is this going to be the new trend of 2009, dollar's death spiral? Here's some reasons why many say its time to chuck the buck Continue

Are Investors in the US and Abroad Losing Faith in the Dollar?

By Mark Trumbull

Are US debtors, from the federal government to the cash-strapped state of California, going to default? Will the Federal Reserve resort to inflation — debasing the value of dollar assets — in its efforts to lift a debt-bound economy back to growth? Continue

Credit Default Swaps

The Poison in the System

By Mike Whitney

The question now is whether Congress will pull their heads out of the sand long enough to do the people's work and pass the laws that will re-regulate the system. There is a remedy, but it requires action, and fast. Without course-correction, the prospect of a derivatives meltdown gets bigger by the day.Continue

Two Illinois Banks Seized - 36 On The Year

RBS Chiefs Handed £5m In Bonuses

West Facing Rising Oil Prices

Gold Bugs Have Their Perfect Trinity

US Grandma Offer Depression Era Recipes

More Economic Issues

2009-05-24T08:03:00.002-06:00

'WE'RE OUT OF MONEY''Oil to Reach $75'...

Two Illinois Banks Seized, Bringing Tally This Year to 36...DOLLAR PLUNGE; FEAR OVER DEBT...

GM revamp under attack; Feds to cancel debts, inject aid... FIAT already concerned for 'deteriorating' CHRYSLER... Lawmakers want Obama to slow down on autos...

Farms downsize with miniature cows...

Day of Reckoning for the U.S. Dollar

Alia McMullen

"By many measures, the U.S. appears just a few short steps away from losing its coveted triple-A status" Continue

Fear of Crime and Things to Come

By William John Cox

Can we expect President Obama to be more respectful of individual rights than President Bush was? An answer can be found in his recent request for the Supreme Court to reverse its own 23-year-old decision prohibiting police from questioning a represented defendant until his lawyer is present. Continue

Who is to Blame for the Tent People?

By Garda Ghista

This is America today. It is "poverty amidst plenty." That phrase is from the 1929 Great Depression. And in 1929 the police conducted the same sweeps that they are doing today across America. Is it not heartbreaking? Continue

Over The Rainbow

By Stephen Lendman

The original Oz book conceals an unsuspected depth....(Although) a children's story, (it) delineated a Midwesterner's vibrant and ironic portrait of (America) as it entered the twentieth century," beset with serious flaws. Continue

GM might still be headed toward Chapter 11: Despite a tentative pact with the United Auto Workers, Obama administration officials continue to signal that bankruptcy might be the best option.

Trouble Ahead: Millions of Mortgages Will Ratchet Upward Soon: "If the equity in your house is gone and your monthly mortgage payment suddenly jumps from $2000 per month to over $3000 per month, what do you think is going to happen?

$300bn Federal Foreclosure Program Helps ONE Homeowner

2009-05-23T06:18:00.005-06:00

Half a year in, the Hope for Homeowners program, a $300 billion program to bailout homeowners whose mortgages are underwater, has helped exactly one person.

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FDIC Looks to Replenish Reserve Through Fees To Banks

2009-05-23T06:18:00.003-06:00

U.S. regulators will assess banks a special fee to help restore the fund that insures consumers' deposits, and could come back for more later this year.This effectively forces the responsible small banks to bail out the criminal banksters in New York.

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US Treasuries tumble, investors fear UK style downgrade

2009-05-23T06:18:00.001-06:00

U.S. Treasuries tumbled on Thursday, giving yields their biggest single-day jump in two weeks, when U.S. assets came under pressure due to concerns about the U.S. government's indebtedness.The anxiety came from Standard & Poor's announcement earlier that it could downgrade Britain's triple-A credit rating, which reminded investors that Britain

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More Economic Issues

2009-05-23T06:07:00.002-06:00

GM revamp under attack; Feds to cancel debts, inject aid... FIAT already concerned for 'deteriorating' CHRYSLER... Lawmakers want Obama to slow down on autos... DOLLAR PLUNGE; FEAR OVER DEBTUSA TO LOSE AAA RATING?

California faces its day of fiscal reckoning... Florida's BANKUNITED Goes Bust; Year's Biggest... Recession Turns Malls Into Ghost Towns... Fed President Says Inflation to Increase...

Day of Reckoning for the U.S. Dollar

Alia McMullen

"By many measures, the U.S. appears just a few short steps away from losing its coveted triple-A status" Continue

GM might still be headed toward Chapter 11: Despite a tentative pact with the United Auto Workers, Obama administration officials continue to signal that bankruptcy might be the best option.