Monday, January 26, 2009

More economic issues



BATTLE FOR THE BANKS; BLEEDING CONTINUES...

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

Obama Signals Tough Restrictions...

PELOSI SEES MORE PUMPING...

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

U.S. Moving Toward Czarism, Away From Democracy

By David Sirota

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


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

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

By PETER SCHIFF

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

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

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

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

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

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

Another Real Estate Crisis Is About To Hit

By Paul Craig Roberts

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


Political Interference Seen in Bank Bailout Decisions:

By DAMIAN PALETTA and DAVID ENRICH

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

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

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

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

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

Toyota Down 25%

Flood Of Foreclosures - Worse Than You Think

Strong Dollar Paying Off For Some Investors

Twenty Questions You Were Afraid To Ask

Hyperinflation Will Begin In China - Doom Dollar

Obama's Team Turns To EU Bank For Inspiration

$2 Trillion Wiped Off Britain's National Wealth

US Car Dealers Try To Survive

'Soviet' Britain Swells Amid Recession

Madoff's UK Investors Set To Sue

Corus Cuts 3,500 Jobs - Crash Hits Steelmakers

GKN To Slash Workforce By Thousands

Britain Faces Three Day Word Week

BoE Goes For Broke With Asset Buying

Fed Up UK Companies To Launch Own Bank

Regulators Shut 3rd Bank Of The Year

Home Price Declines Compound US Economic Fall

Freddie Wants $35B More, Fannie To Follow

Obama's 'Bad Bank' More Bad New

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