Friday, December 26, 2008

More economic troubles.


Wall St Santa rally small comfort after grim year; S&P set to end year down 40%...

Stimulus? A Mob Museum?
Retailers Want In on Stimulus Plan...

Sales Plummet; Discounts Don't Revive Holiday Spending; High-End Walloped...

Pope decries selfishness in economic crisis...

'If people look only to their own interests, our world will certainly fall apart'

1/3 of Banks Will Disappear Next Year

CBS Video Report

Many banks don't have enough money to survive in 2009, but mergers will keep their brands alive, said Ralph Silva of TowerGroup. Continue

Greed Has Pushed Political Credibility and Financial Trust into Freefall

By Gary Younge

Greenspan's ideology was unfettered, free-market capitalism. Its understanding of how the world works was rooted in self-interest. It was a value system that placed the private before the public, the individual before the collective, and the wealth of the few before the welfare of the many. Continue

Hey Reagan Democrats

Now Do You Get It?

By David Michael Green

The very people who had failed to regulate the folks causing the Even Greater Depression of the early twenty-first century now took $700 billion worth of taxpayer money and handed it to those same financial ‘industry’ crooks, without any requirements at all on what they could do with the money. But when the blue collar auto industry wanted just $15 billion to keep millions of middle class jobs afloat, the Republicans wouldn’t give it to them. Continue

Higher Wages or Bubblenomics:

What's it gonna be?

By Mike Whitney

A strong economy must be built on a solid foundation of steadily rising wages. If wages don't keep pace with production, the only way the economy can grow is through the expansion of debt, which leads to disaster. Continue

A New Wind Blowing

By Mary Pitt

The whole country is agog with the news of the Madoff Ponzi scheme and the billions he scammed from big investors, but nobody appears to realize that it is only the tip of a huge iceberg. Continue

N.Y. investor kills himself after losing over $1 billion in alleged Madoff scam: He was a distinguished investor who traced his lineage to the French aristocracy, hobnobbed with members of European high society and sailedaround the world on fancy yachts.

'PONZI SCHEME' AT CITI: A new Citigroup scandal is engulfing Robert Rubin and his former disciple Chuck Prince for their roles in an alleged Ponzi-style scheme that's now choking world banking. .

Japan Should Scrap U.S. Debt; Dollar May Plummet, Mikuni Says: Japan should write-off its holdings of Treasuries because the U.S. government will struggle to finance increasing debt levels needed to dig the economy out of recession, said Akio Mikuni, president of credit ratings agency Mikuni & Co.

Investor demands fund checks: The second-biggest investor in hedge funds will demand that some of the largest names in the industry, including Cerberus, Citadel, DE Shaw and SAC Capital, appoint independent administrators or face it pulling its money.

U.S. Military Preparing for Domestic Disturbances: A new report from the U.S. Army War College discusses the use of American troops to quell civil unrest brought about by a worsening economic crisis.

US Army Ready If Downturn Gets Out Of Hand: The US Army War College is on the case - ready to handle "unforeseen economic collapse" and the "rapid dissolution of public order in all or significant parts of the US."

U.S. jobless claims surge to 26-year high: The number of U.S. workers filing new claims for jobless benefits jumped by 30,000 to a 26-year peak last week, government data on Wednesday showed, as the country's year-long recession continued to chill the labour market.

Housing Starts Fall Through the Floor: In fact, the start reported for November is lower than any rate reported for the last fifty years.

Unemployed Americans Competing With Immigrant Labor for Unskilled Jobs: "Everybody is coming to look for work," Rene Jemio, outreach coordinator for the hiring hall, told the Wall Street Journal. "It's not just your average immigrant anymore; it's African-Americans and whites, too.

Oil Near Dives To Near $35 A Barrel

Japan Output Drops To Lowest Level In 55 Yrs

Massive Hedge Fund Redemptions As Investors Flee

Bleak Economic Future Seen In New Data

Japan Car Production Biggest Drop Since 1967

The Fed OKs GMAC To Become A Bank

Burien - The Biggest Game In Town - Vid

US Retail Traffic Fell 24% Pre-Xmas Weekend

CA Budget Deficit Now $42 Billion

The Federal Reserve Abolition Act

Unemployment Filings Hit 26 Yr High

US Economy Shrinks Fastest Since 9-11

California Runs Out Of Money In February

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