Life the Universe and ....: February 2009

Friday, February 27, 2009

Ron Paul Question Paul Volker - Bubbles, Bretton Woods, Fiat

Your friend in liberty, oppression, and the restoration of the republic AND the sovereign states,

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Feds Scheme to Nationalize Citigroup

Snappy article warns of the dangers involved with the nationalization of banks, which include losing taxpayer money and political interference with loan decisions. Sigh.

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Why Gas Prices Are Not Tied to Oil Prices

Most people think gas prices reflect oil prices, but they don't. Ed Wallace explains why—and why gas prices still go up when oil falls

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There will be no quick fix for this recession

This is no normal recession, but a global downturn following a huge debt spree. Markets across the world have broken down, and American households - the motor of the global economy - have been battered by the bursting housing bubble.

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The myth of Republican fiscal Conservatism - debunked.

Bob Cesca: The Wingnut Revolution

After nearly three decades of Reaganomics in which the wealthiest two percent have grown exponentially wealthier while middle class wages have remained stagnant, a growing faction of super rich Americans is seriously pissed off -- and their Wingnut Revolution is upon us.

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CITI IN THE SEWER: SHARES DOWN 34%Banks cede control to govts; Japan, India falter... CITI reaches aid deal... Failures Take Toll on Insurance Fund...

Economists question budget's assumptions...

THE $1 TRILLION TAX INCREASE... '09 BUDGET SPENDS $11,833 FOR EVERY AMERICAN... Gingrich raps 'big-government' budget... Boehner: 'Spending barrage' just starting... DICK MORRIS: IT'S OBAMA SPREADING PANIC...

Obama's charity tax limits upset Democrats and Republicans...

What if the Satanists were in the White House?

Bush and Cheney are off on their exotic cruise to neverland, and it’s all better now, because the internationalist socialists will heal the wounds. Did you ever wonder why the mainstream media backed Obama like the golden ticket to Will Wonka’s Chocolate Factory, the greatest thing ever since sliced bread… the same media that sold you the invasion?

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FDIC: Bank Failures Are Rising

As the economy weakens, more banks are in difficulty, and more are failing. The vast majority of the nation's banks are still stable. But the report notes that 12 banks failed last quarter and a total of 25 failed last year. FDIC insurance fund balance dropped almost by 1/2 in the 4th quarter. When will banks start to lend?

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Obama promises to slash spending by $2 trillion

President Barack Obama is sending Congress a "hard choices" budget that would boost taxes on the wealthy and curtail Medicare payments to insurance companies and hospitals to make way for a $634 billion down payment on universal health care.

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The economic crisis has been fantastic for Ron Paul causes

While Republicans have jumped from message to message and attack to attack, Paul has relentlessly pounded the Federal Reserve and both parties for causing the crisis and triggering inflation by debasing the currency. When Fed Reserve Chairman Ben Bernanke appears before the House Financial Services Committee, Paul grills him on Austrian economics.

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Financial crisis turns world into 'gangsta paradise'

USA's gang capital, Chicago, slowly turns into the center of criminal wars, as it was during the 1920s. Criminal groups in China, Belarus and Russia have been getting more active recently too. Global financial and economic difficulties lead to the growing level of criminality in many countries.

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Inside the Breakdown At the SEC

The SEC was created during the Depression to bolster confidence in financial markets and root out fraud. But former chairman Christopher Cox, the man who should have played a major role in sounding the alarm about--and perhaps preventing--America's financial meltdown now stands accused by critics of being asleep on the job.

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$1.75 Trillion Deficit Seen as Obama Unveils Budget Plan

President Obama’s budget proposal for 2010 projects a stunning deficit of $1.75 trillion for the current fiscal year, which began five months ago, reflecting a shortfall of more than $1 trillion as the fiscal year began, plus the costs of bank bailouts, the first wave of spending from the newly enacted stimulus plan and the continuing costs of war.

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More economic issues

CITI reaches aid deal with government [again]... Economists question budget's economic assumptions...

THE $1 TRILLION TAX INCREASE... '09 BUDGET SPENDS $11,833 FOR EVERY AMERICAN... Gingrich raps 'big-government' budget... DICK MORRIS: IT'S OBAMA SPREADING PANIC...

US banks post first quarterly loss since 1990... Record Government Note Auction; Unprecedented amount of debt...

Orszag Shock: Policy shift will actually avert $9 trillion deficit!

Top Republicans rip into Obama budget proposal...

Obama wants to raise money via pollution caps, give to poor...NBA set to borrow $175M...THE END: ROCKY MOUNTAIN NEWS Folds; Denver daily paper 'victim of changing times'...

Casino Capitalism.

How Credit Unions Survived the Crash

By Ralph Nader

Eighty five million Americans belong to credit unions which are not-for-profit cooperatives owned by their members who are depositors and borrowers. Your neighborhood or workplace credit union did not invest in these notorious speculative derivatives nor did they offer people "teaser rates" to sign on for a home mortgage they could not afford. Continue

The U.S. Economy: Designed to Fail

By Richard C. Cook

Neither President Obama, nor his Democratic supporters or Republican antagonists, should feel badly about what is happening. This is because the system they have been given to work with was designed to fail. Continue

The California Budget and Class War

By Ann Robertson

On February 19, the California legislature, after weeks of wrangling, passed a special budget to address the historically high $42 billion deficit. It represents an unadulterated washout for working people who are attacked on almost every front by the Democratic Party, which controls a broad majority in the legislature. Continue

Obama forecasts $1,750bn deficit: The budget would see George W. Bush’s tax cuts for the wealthiest expire by 2011 and introduce new tax increases on families earning $250,000 or more to pay for healthcare expansion.

Grim US data show deepening downturn: New US jobless claims unexpectedly spiked last week, reaching the highest level since 1982 as companies continued cutting jobs.

The worst business loss in UK history: Royal Bank of Scotland came a step closer to full-scale nationalisation today as the bank unveiled a record £24.1 billion loss and plans to raise up to £25.5 billion from the taxpayer.

UK: RBS ex-boss urged to cut pension: Chancellor Alistair Darling told the BBC of the government's approach after it emerged that Sir Fred is drawing a pension of £650,000 a year. Although he is only 50, he is entitled to the payment for life, with a pension pot worth £16m.

2 Money Managers Held in New Wall St. Fraud Case: Their supposed investment prowess lured hundreds of millions of dollars from public pension funds and universities and earned the two lavish trappings of success: stately homes, a stake in the New York Islanders and, for Mr. Greenwood, a horse farm that once belonged to Paul Newman.

Housing Price Decline Accelerates: For the fourth consecutive month, prices declined in all twenty cities in the index

California’s Newly Poor Push Social Services to Brink: In California’s Contra Costa County, 40,000 families are applying for just 350 affordable-housing vouchers. Church-operated pantries are running out of food. Crisis calls have more than doubled in the city of Antioch, where the Family Stress Center occupies the site of a former bank.

McDonald's to charge more in poorer suburbs: McDONALD'S is lifting prices in poorer suburbs where it believes consumers are more likely to accept higher charges without complaint.

Dostoevsky And The Jewish Bankers

Watch Now As Pension Funds Get Vaporized

RBS Posts Record £40B Pre-Tax Loss

Taxpayers Insure £300B RBS Bad Debt

RBS Faces 95% State Ownership

'Impossible' To Know How Much Needed To Save Banks

Depression In East Points Way For World

Hungary On Edge Of Bankruptcy

Japan To Intervene - Nikkei Hits 20 Yr Low

The Bankers Manifesto - A Real Document

Worried Investors Want Gold On Hand

Brown Bankrupting Britain

Wall St Falls Again On Grim Data

Who Wrecked Your World Economy

Roberts - How The Economy Was Lost

Bernanke Calms Nationalization Fears (?)

BoA Fights To Hide Bonus Payouts

Savers Pull Record Amount From Banks

Best Hope Is Recovery In 2010 - Bernanke

US House Prices Fall To 2003 Levels

Debtor-In-Possession Loans Vultures' New Tool

Recession Deepens - UK Economy Down More

Thursday, February 26, 2009

Wall Street's allure may be gone for good

By Joseph A. Giannone - Analysis NEW YORK (Reuters) - Wall Street's fat cats are in the public's doghouse, and it could be a long time -- if ever -- before the eye-popping paychecks and glamour of the last two decades return. Americans have long...

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Does Obama Have a Double Standard on Earmarks? - TIME

If the Administration is serious about curbing the legislator pet projects, why are there 9,000 of them in the new spending bill passed by the House?

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Obama's Budget: Almost $1 Trillion in New Taxes

President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.

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Are Republicans Sabotaging The Stimulus?

The truth is that a handful of Republicans aren’t afraid the stimulus will fail, they’re afraid it will work and that Democrats and President Obama will get credit. It’s ironic that this is coming from a party that spent the last year echoing the phrase of its presidential nominee: “country first.” They hardly seem to be putting it into practice.

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More economic issues

'09 BUDGET SPENDS $11,833 FOR EVERY AMERICAN... $25,573.48 PER TAXPAYER... THE $1.75 TRILLION DEFICIT... PDF FILE: 'A New Era of Responsibility'... DICK MORRIS: IT'S OBAMA SPREADING PANIC... US banks post first quarterly loss since 1990... Developing... Record Government Note Auction; Unprecedented amount of debt... Developing... THE $1 TRILLION TAX INCREASE

Ron Paul: Audit the Federal Reserve!

The Federal Reserve controls the flow of money and credit in our economy because Congress has abdicated its responsibility over the nation's currency. This process therefore occurs centrally, and almost completely outside the system of checks and balances. Because of legal tender laws, people are left with no real choice, except to build their

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Obama set to unveil budget plans

President Barack Obama's budget is set to projects a 2009 deficit of $1.75 trillion dollars, up from $455bn a year earlier, US reports suggest.

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GM posts $9.6 billion 4Q loss

GM has received $13.4 billion in federal loans and its executives are in Washington, D.C., Thursday to talk to the Obama administration about the company's request for up to $30 billion more.

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U.S. Jobless Claims Tally Tops 5 Million Mark

New jobless claims rose more than expected last week and the number of laid-off Americans continuing to receive unemployment benefits topped 5.1 million, fresh evidence the recession is increasingly forcing employers to shed jobs.

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DeepImpact

THE $1.75 TRILLION DEFICIT...

FBI Kills RUSH's "Blame the Borrower Meme"

Former Financial Regulator and White Collar Criminologist William K. Black writes: "The FBI has been warning of an "epidemic" of mortgage fraud since September 2004. It also reports that lenders initiated 80% of these frauds." That's just initiated. We know they approved 100% of them.

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Congressman Ron Paul on Monetary Policy hearing

Congressman Ron Paul statement following the Financial Services Committee hearing on the state of the economy with Fed Chairman Ben Bernanke

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FBI discovered the sub-prime fraud in 2004!

2 documents describe how the sub-prime mess could have been averted - one from the FBI showing massive fraud, and the other from S&P showing coverup.

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So What Happened to That 360 Tons of Missing Cash in Iraq?

A House committee report on Tuesday questioned whether some of the billions of dollars in cash shipped to Iraq after the American invasion — mostly in huge, shrink-wrapped stacks of $100 bills — might have ended up with the insurgent groups now battling American troops.

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Ron Paul's opening statement 2009.02.25

Ron Paul opening's statement before Ben Bernanke testimony before House Financial Services Committee on 2009.02.25

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10 Worst Financial Crises

10 financial crises besides our current one.

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More economic issues

Obama Budget Proposes Up to $750B More Bank-Rescue... $75.5B More Iraq, Afghanistan Combat Operations... Tax Hike 2011... 'It's more Obama Robin Hood'... $634B 'Health-Care Fund'... FIDELITY exec slams 'New Deal II'; Blames feds for crisis... Outlook grim for costly initiatives... Bernanke again spurns talk of nationalization... NEW: Assault Weapons Ban...GM posts $9.6B 4Q loss, burns through $6.2B cash...Recession, bailout, stimulus: US security threats?

Cut the Military Budget

By Barney Frank

Those organizations, editorial boards and individuals who talk about the need for fiscal responsibility should be challenged to begin with the area where our spending has been the most irresponsible and has produced the least good for the dollars expended--our military budget. Continue

I.O.U.S.A.

Wake up, America!

Video

Burdened with an ever-expanding government and military, increased international competition, overextended entitlement programs, and debts to foreign countries that are becoming impossible to honor, America must mend its spendthrift ways or face an economic disaster of epic proportions. Continue

It's Time to Break up the Big Banks

By Mike Whitney

Timothy Geithner is putting the finishing touches on a plan that will dump $1 trillion of toxic assets onto the US taxpayer. Continue

Nationalization: It's Not Scary, It's All Around You

By David Sirota

Amidst the punditocracy's handwringing about the supposedly unprecedented possibility of nationalization in America, Paul Krugman this week reminded his New York Times readers that nationalization is "as American as apple pie." Continue

A Planet at the Brink

Will Economic Brushfires Prove Too Virulent to Contain?

By Michael T. Klare

The global economic meltdown has already caused bank failures, bankruptcies, plant closings, and foreclosures and will, in the coming year, leave many tens of millions unemployed across the planet. But another perilous consequence of the crash of 2008 has only recently made its appearance: increased civil unrest and ethnic strife. Someday, perhaps, war may follow. Continue

How Can U.S. Recover Without Manufacturing Capacity?

By Glen Ford

"You can't put people to work in American factories that don't exist." Continue

Japan exports drop 46% in January: Trade in electronics and other goods has also slumped as global economies and consumer spending contract, pushing Japan deeper into recession.

The Credit Card Debt Crisis: The Next Economic Domino: Credit card defaults are on the rise and are expected to hit 10 percent this year. This will obviously drive many banks closer to failing their stress tests -- but it will have an even greater impact on the lives of people who find themselves sinking deeper and deeper into debt.

Get Ready for Mass Retail Closings: About 220,000 stores may close this year in America, says our guest, retail consultant Howard Davidowitz of Davidowitz & Associates. As more Americans save and spend less, it's clear there's too much retail space

Jefferson County, AL Can’t Make $636 million Debt Payment: The county was recently downgraded by the ratings agencies which resulted in accelerated principal and interest payments due to banks.

The Bankers Manifesto - A Real Document

Worried Investors Want Gold On Hand

Brown Bankrupting Britain

Wall St Falls Again On Grim Data

Who Wrecked Your World Economy

Roberts - How The Economy Was Lost

Bernanke Calms Nationalization Fears (?)

BoA Fights To Hide Bonus Payouts

Savers Pull Record Amount From Banks

Best Hope Is Recovery In 2010 - Bernanke

US House Prices Fall To 2003 Levels

Debtor-In-Possession Loans Vultures' New Tool

Recession Deepens - UK Economy Down More

Banks In New Wave Of CDS Losses

German CDS Debt Spreads Hits Record

Euro Banks Bailout Threatens Common Market

Fiddling While Eastern Europe Burns

Japan's Exports Down By Half In One Year

Japanese Carmakers Slash Production By 50%

Russian Economy Hit By 8.8% Decline

Latvian Debt Is Rated Junk Status

Pakistan Needs $5B Immed To Avoid Collapse

BoA Heiress Blasts Bank Leaders As Idiots

Wall St & Bernanke - The Blind Leading The Blind

AIG Asks Fed For More Bailout Money

What's Next For Gold?

Financial Crisis Truly Global

Asia Stocks Dive On Growing US Fears

UK Bankers Demand A Pay Raise!

Retail Jobs Losses Hit Record In UK

Central Europe Tries To Bolster Currencies

ECB Faces Mutiny From Bank Governors

ECB Warns Germany Against EU Bailout

Alarm Over Europe's Credit Contraction

Burien - The Psychology Behind The Shell Game

Global Systemic Geopolitical Dislocation

Dow And SP At 1997 Lows

Orwellian Doublethink - 'Nationalize Banks'...'Free Markets'

Soros - No Bottom To World Financial Collapse

Is Madoff A Symbol Of Jewish Greed?

Lendman - The More They Do The Worse It Gets

China Losing Interest In Buying US Debt

World Financial System Is Insolvent

IMF Emergency Fund Doubled To $500 Billion

Slim Pickings If China Won't Buy Western Debt

China To Buy Up Foreign Oil Companies

Wednesday, February 25, 2009

How the 2003 Bush Tax Cuts were paid for.

Lou Dobbs talks about a little known fact to the American people about how the 2003 Tax Cuts were paid for. Little to everyone's understanding, the Social Security Taxes was increased while the Rich's taxes were lowered. It was very slick how this was sold to the American People.

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Why Asia’s businessmen are banking on Obama

For the vast majority of exporters out here, the U.S. market is crucial to their survival.

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A solid majority of Americans oppose ALL the bailouts

Obama gave a great speech but 54% oppose all three proposed bailouts -- of the banks, the auto companies, and peope with troubled mortgages.

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Wall Street Falls as Obama Speaks

Stocks fell on Wednesday on disappointment President Barack Obama provided few new clues about how his administration would shore up the economy in a major speech before Congress.

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Federal Reserve Cop Says You Can't Film Federal Buildings!

She needs to do her homework or read up on freedom of the press.

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Ron Paul CNBC 25 Feb 2009

Paul ripped the existing system, revealed the globalist’s plan for the pending international (single fiat currency) system which is set to replace the dollar system, and proclaimed that it will not work.

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Dem Gov. may reject stimulus aid? WAS IT SOMETHING HE SAID?

Nationalization of U.S. Banks Not Necessary, Says Bernanke

Federal authorities do not see any advantage to nationalizing large banks since a return to profitability can be achieved through a combination of strong regulations of how rescue funds are used, and greater transparency on financial institutions, according Fed Chairman Ben Bernanke.

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Ron Paul and Glenn Beck Talk About the 'New World Order'

George Soros, G7, Global New Deal, Global economic collapse...if you say stuff like this it sounds like a conspiracy theory...the current struggle between libertarian and communitarian agendas

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Banks charging for unemployment benefits

Talk about kicking people when they are down. Recent news reports have shed light on several large banks charging bank fees to customers for the privilege of accessing their unemployment benefits.

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What Part of ‘Stimulus’ Don’t They Get?

The Republican Party seems more interested in ideological warfare than in working on policies that get the country back on track.

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More economic issues

HEARST Plans to Sell or Close SAN FRANCISCO CHRONICLE Newspaper...CITI customers angry about gov't plans...

How the US Economy Was Lost

By Paul Craig Roberts

If incompetence in Washington, the type of incompetence that produced the current economic crisis, destroys the dollar as reserve currency, the “unipower” will overnight become a third world country, unable to pay for its imports or to sustain its standard of living. Continue

A Struggle For The "Soul" of Capitalism

A Revolution in Spirit

By Benjamin R. Barber

A silent but fateful struggle for the "soul" of capitalism is being waged. Can the market system finally be made to serve us? Or will we continue to serve it? Continue

In Case You Missed It
Did Vladimir Lenin Predict The Banking Disaster Of 2008?

"Imperialism the Highest Stage of Capitalism"

By V. I. Lenin

The epoch of imperialism opens when the expansion of colonialism has covered the globe and no new colonies can be acquired by the great powers except by taking them from each other, and the concentration of capital has grown to a point where finance capital becomes dominant over industrial capital. Lenin enumerated the following five features characteristic of the epoch of imperialism. Continue

CNBC Editor: The People Are Revolting!

By Ryan Chittum

This is an example of what’s wrong with a certain kind of financial journalism, the kind where people of like backgrounds spend all day staring at tickers and interviewing each other. Continue

Beyond Scarcity: Re-Inventing Wealth in a Progressive World

By Joe Brewer

The current economic crisis is causing a massive redistribution of wealth across society. With a newfound capacity to shape our nation’s destiny, progressives can take this opportunity to redefine ourselves - especially our ideas about wealth and prosperity - as we seek to build a flourishing society. Continue

Worse Than My Darkest Nightmare

By Binyam Mohamed

As I gain my freedom, I am determined that neither those who remain in detention, nor their abusers, are forgotten. Continue

UK: Yes we are raging - against a Government that spies on its citizens while ignoring the crimes of greedy bankers: Today one of Britain's most senior police officers with responsibility for public order raises the spectre of a 'summer of rage', with victims of the increasingly bitter recession taking to the streets in possibly violent protest.

Huge protest over Irish economy: Trade union organisers of the march said workers did not cause the economic crisis but were having to pay for it.

Eastern European bailout proposed: EUROPEAN leaders called for doubling the International Monetary Fund's war chest for bailing out financially stricken nations, amid new signs that Europe's former Communist East is sliding into a full-blown economic crisis with worrying implications for the continent as a whole.

Home Prices Plunge 18.5%; Another New Low: The Standard & Poor’s/Case-Shiller home price index reports that the price of single family homes dropped 18.5% in December versus the same time the previous year.

Home Depot swings to $54 million loss: Home Depot Inc. said Tuesday that it swung to a loss in the fourth-quarter, hurt by restructuring costs and lower demand amid the malaise in the housing market and the onslaught of rising job losses.

Angry citizen(s) spray paint Congressman’s car and home: After the first round of bankster bailouts was passed by Congress against the will of the American people several representatives in Minnesota found their cars and homes spray painted by angry constituents.

BoA Heiress Blasts Bank Leaders As Idiots

Wall St & Bernanke - The Blind Leading The Blind

AIG Asks Fed For More Bailout Money

What's Next For Gold?

Financial Crisis Truly Global

Asia Stocks Dive On Growing US Fears

UK Bankers Demand A Pay Raise!

Retail Jobs Losses Hit Record In UK

Central Europe Tries To Bolster Currencies

ECB Faces Mutiny From Bank Governors

ECB Warns Germany Against EU Bailout

Alarm Over Europe's Credit Contraction

Burien - The Psychology Behind The Shell Game

Global Systemic Geopolitical Dislocation

Dow And SP At 1997 Lows

Orwellian Doublethink - 'Nationalize Banks'...'Free Markets'

Soros - No Bottom To World Financial Collapse

Is Madoff A Symbol Of Jewish Greed?

Lendman - The More They Do The Worse It Gets

China Losing Interest In Buying US Debt

World Financial System Is Insolvent

IMF Emergency Fund Doubled To $500 Billion

Slim Pickings If China Won't Buy Western Debt

China To Buy Up Foreign Oil Companies

Tuesday, February 24, 2009

More economic issues

MARKETS BOUNCE OFF 12-YEAR LOWS: BERNANKE SAYS RECESSION MAY END THIS YEAR... Home prices post record decline... Consumer Confidence Collapsed to Record Low in February... BANK OF AMERICA Says Stronger Than Rivals... Treasury provides $365M to 23 banks from bailout... NYSE May Relax $1 Share-Price Rule to Prevent Delistings... NO NATIONALIZATION

Road Map for Financial Recovery: Radical Transparency Now!

Answering what should be simple questions—how secure is my cash account? How much of my bank's capital is tied up in risky debt obligations?—often seems to require a legal degree, as well as countless hours to dig through thousands of pages of documents.

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House Democrats propose an additional $410B spending bill

House Democrats unveiled a $410 billion spending bill on Monday to keep the government running through the end of the fiscal year, setting up the second political struggle over federal funds in less than a month with Republicans.

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Fiscal Responsibility Summit presents another stage for fear

Painting a world of fear wrestles freedom from citizens. Edmund Burke reminded us, “The people never give up their liberties but under some delusion.” Thomas Sowell said, “Mystical references to ‘society’ and its programs to ‘help’ may warm the hearts of the gullible but what it really means is putting more power in the hands of bureaucrats.”

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How Many Right-Wing Whack Jobs Does it Take to Ruin Your...

Well the title says weekend, but your week or Monday work too. Here's a collection of some of the right-wing nuts you may have missed over the weekend, including Glenn Beck, Michele Bachman and Alan Keyes.

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Wall Street Vetoing Obama, Dems

This is an illustrative example of what has happened since the economic stimulus has neared a vote, been passed, and become law, as well as some of the days shortly thereafter. The results so far are not impressive, and Wall Street is showing a vote of "no confidence". What will happen next? We will have to wait and see...

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America The Wealthy? Hillary Begs China To Buy More US Debt

Most Americans still do not get it. Almost a year into the financial collapse, most people still seem to think that this is just a "temporary downturn" and that good times and prosperity will be here again as soon as soon as the politicians and the bankers "fix" things.

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More economic issues

TARGET profit falls 41%... OFFICE DEPOT shows $1.5B loss... MURDOCH WARNS: NATIONS WILL BE REDEFINED, FUTURES ALTEREDHouse Dems propose new $410B spending bill... State sends $1 food stamp checks to 250,000...

CARNIVAL ON CREDIT; MARDI GRAS BLOWOUT...

STOCKS: BACK TO 1997... CARELESS POLITICIANS CAUSING HUGE INTRADAY DROPS IN MARKET...

AIG Seeks More US Funds As Record Loss Looms...

Overpaid laid-off MICROSOFT workers to keep money...

U.S. may boost stake in Citigroup: source

By Megan Davies and Jonathan Stempel NEW YORK (Reuters) - Citigroup Inc is in talks to give the U.S. government a larger stake, a person familiar with the matter said, providing Washington with a far greater say in the affairs of the ailing banking...

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He Won; America Lost: Obama's Budget Would Euthanize Economy

Obama's budget plan, if implemented, would be a disaster like nothing America has seen in decades.

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Can We Avoid Hyperinflation? ...and whose fault will it be?

DownsizeDC.org says it can't be avoided. And they blame the Federal Reserve. Their solution? End the FED. And you can help make that possible by using their simple and free Educate the Powerful System to send a message to your representatives in Congress insisting they co-sponsor Ron Paul's bill to abolish the Federal Reserve.

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Dear Federal Government: Drop dead.

"The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people."

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Congressman Ron Paul - On Transparency of the Fed

This week the Federal Reserve responded to the American people’s increased concerns over our monetary policy by presenting new initiatives aimed at enhancing the Fed’s transparency and accountability. As someone who has called for more openness from the Fed for over 30 years, I was pleased to see the Fed acknowledge the legitimacy of this need.

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Cerberus Gambles on Chrysler’s Future With Taxpayers Money

If Chrysler is really on track for a turnaround and all it needs is some financing to get over a bad patch in sales and debt markets, why doesn’t Cerberus Capital Management, which owns 80 percent of the company, put up the money itself? Why should taxpayers have to take the risk? That’s what private equity funds like Cerberus are supposed to do.

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More economic issues

BACK TO 1997... State sends $1 food stamp checks to 250,000... Obama pledges to slash deficit - after increase... Rosy assumptions... CITI'S PARSONS SPOTTED AT WHITE HOUSEAIG Seeks More US Funds As Record Loss Looms...

AMERICAN EXPRESS paying card holders to close their accounts...SOROS: ECONOMIC TURBULENCE WORSE THAN GREAT DEPRESSION...Philadelphia newspapers' owner files for bankruptcy... Advisers readying bankruptcy financing for automakers...

The Economic Outlook: 2012 and Beyond

By Dr. Abbas Bakhtiar

The US government under Bush spent close to one trillion dollars, and now the Obama administration is promising to spend trillions in the years to come to stimulate the economy. With official US debt now close to 11 trillion dollars and climbing fast, the situation is becoming untenable. According to treasurydirect.gov, last year (2008) US government paid $451 billion dollars interest on its debt. Add to this the Medicare and social security obligations and suddenly things look a lot worse than they appear. Continue

Economic Freefall

A Blessing in Disguise

By Jon Ronnquist

One thing we should not overlook when taking in the impact of the current economic situation is that it is both inevitable and invaluable in equal measure. That there was no escaping the consequences we are now facing has been a well known fact among those in the know for many years. If anything, it is amazing that we have staved it off for so long. For this we have the hard working men and women of the real world to thank, who toiled on in the name of pride, dignity and responsibility until the burden of debt simply became to great to bear. Continue

Herbert Hoover Copycat

By Ismael Hossein-zadeh

How the Current Financial Rescue Schemes are Following the Failed Model of the Hoover Administration. Continue

As New Scammers Emerge, Is It Jailout Time Yet?

By Danny Schechter

The Right Mobilizes Against The Stimulus While We Sign Petitions: Continue

Obama pledges to halve US deficit: The Obama administration, which has just pushed through a $787 billion economic stimulus package, also announced more funding for ailing US banks on Monday amid a continuing economic crisis.

In Latest Plan for Banks, U.S. Could Demand Voting Stake: The Obama administration put the nation’s biggest banks on notice Monday that the government could become their biggest shareholder if regulators decide they are not strong enough to weather a deeper-than-expected downturn in the economy.

Get ready for a wave of bank failures: In less than two months, regulators have seized 14 banks. Experts think many more banks will collapse before the financial crisis is over.

Global Systemic Geopolitical Dislocation

Dow And SP At 1997 Lows

Orwellian Doublethink - 'Nationalize Banks'...'Free Markets'

Soros - No Bottom To World Financial Collapse

Is Madoff A Symbol Of Jewish Greed?

Lendman - The More They Do The Worse It Gets

China Losing Interest In Buying US Debt

World Financial System Is Insolvent

IMF Emergency Fund Doubled To $500 Billion

Slim Pickings If China Won't Buy Western Debt

China To Buy Up Foreign Oil Companies

Desperate Brown's Trillion Dollar Bank Gamble

Jail Men Who Stole Our Economy - Ex Legal Chief

HSBC Considers $20B Cash From Investors

1000s Foreign Workers Exploit UK Job Market

RBS To Chop Up To 20,000 Jobs

Economic Crisis 'Is As Bad As They Come'

US To Resume Filling Strategic Oil Reserves

Citi Fails - Nationalization Next - US To Own 40%

Citibank Duped By Nigerian Scam

Clinton Begs China To Buy US Debt

SoCal Home Median $250,000, Down 50% From 2007

Bankers Must Serve Not Rule Says Brown

We Will Put People First, Not Bankers

RBS Signals $600B Asset Sale

RBS And Lloyds Close In On $1T Treasury Deal

Gold Rises Above $1,000

Soros Says World Financial System Has Disintegrated

Monetize This! - Resolving Spiraling Public Debt

Stock Decline Hits Depression Levels

Soros - 'We Haven't Hit Bottom Yet'

Monday, February 23, 2009

Stock Market Lowest Point Since Bill Clinton Was President

The Dow and S&P 500 tumbled to levels not seen in nearly 12 years today, as investors continue to worry that the government's efforts to slow the recession won't be sufficient. The Dow Jones industrial average lost 250 points, or 3.4 percent, according to early tallies, ending at the lowest point since May 1997.

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More economic issues

Major stock market indexes fall to 1997 levels... State sends $1 food stamp checks to 250,000... PAPER: Obama auto team drives imports; Task force has few new American cars... British jobs to be supported by American taxpayer in CITI buy...

MORE PUMPING: Regulators stand behind banking system; will start revamped capital injection... TEXT... AS DOUBTS GROW, FEDS WILL JUDGE STABILITY... Obama Nationalization Becomes Focus of Growing Market Speculation...

Roubini: 'Nationalize'...

HSBC CONSIDERS $20B CASH CALL FROM INVESTORS...

FINANCIAL TIMES says staff offered three-day working week...

The States Are Not Branches Of The Federal Government!

"We are telling the federal government that we are a sovereign state and want to be treated as such. We are not a branch of the federal government,” that from Arizona state Rep. Judy Burges. And more and more state legislators and state legislatures are expressing the very same feelings.

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Want to understand the stimulus bill?

Shortly after class, an economics student approaches his economics professor and says, "I don"t understand this stimulus bill. Can you explain it to me?"

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How Iraqi Swindlers are Stealing Millions of US Tax Dollars

At the peak of the Iraq war, with billions of U.S. dollars pouring into their country, a group of Iraqi men saw a way to get rich quick. They put up $2,000 in cash, formed a company, and used their connections at Iraq's defense ministry to win an $850 million military equipment contract. Their company was a joke. But what happened next wasn't...

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Record: 881 U.S. Auto Dealerships Closed In 2008

A record 881 U.S. auto dealerships closed in 2008, with Detroit's three struggling automakers representing 80 percent of the decline, according to data released on Thursday. In the face of tight credit and a plunge in sales of cars and trucks, about 4.2 percent of the country's 20,084 auto dealerships shut their doors, according to data firm Urban

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GOLD HITS HISTORIC HIGH:$1,000oz: How much higher can it go?

Gold prices topped $1,000 an ounce Friday as stocks fell near decade lows and sent investors rushing to safe havens. Mr.Smith told CNBC last week he believes gold will rise to $1,200 by the end of this year and around $2,300 in the next few years. "Gold traditionally does well when people's confidence is waning," Smith says.

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U.S. Bubble Collapse Could Be Worse Than Japan’s

The U.S. is facing a deflationary collapse more severe than the crash that hobbled Japan’s economy in the 1990s, leaving gold as the only defensive play for investors, according to CLSA Ltd.’s Christopher Wood. Gold is likely to more than quadruple from the current level of $986 per ounce currently to $3,500 in 2010, he said.

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Money - A Brief History Of The American Dollar - Part 1 of 2

Educational video explaining the Constitutional and legal history of the US Dollar. This video contains many high resolution images showing many examples of all the the money the United States has produced since the very beginning.

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Banking on the Brink

Why not just go ahead and nationalize? Remember, the longer we live with zombie banks, the harder it will be to end the economic crisis.

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Bank Nationalization: As American as Apple Pie

The argument, the panelists were saying, was now moot. The insolvency of the banking system not only demanded more direct government intervention, but the process was already taking place.

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Housing secretary defends Obama foreclosure plan

The Obama administration's efforts to help struggling homeowners will aid "responsible" borrowers, not deadbeats or speculators, Housing Secretary Shaun Donovan said Sunday.

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Bernanke Taking Case to Congress | money

The U.S. Federal Reserve's chairman, Ben Bernanke, will offer assurance this week that help is on the way for the troubled U.S. economy and may offer clues to additional steps that could be taken to halt an ever-steepening dive.

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The REAL reason why the Great Depression ended

"There is no great secret behind the incredible economic growth of the '50s and '60s; if GM were to blow up all of the automotive factories in Japan, Germany, Korea, India and China, it would be able to assure itself of similarly explosive growth in its auto sales for the next decade."

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U.S. Eyes Large Stake in Citi

Citigroup is in talks with federal officials that could result in the U.S. government substantially expanding its ownership of the struggling bank.

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McConnell Peddles Old GOP Lie About Small Business Taxes

In his first budget, President Obama apparently plans to keep his campaign promise to let the Bush tax cuts expire for Americans making over $250,000 a year. And just as during the election, Republican leaders are falsely claiming that Obama's proposal constitutes a tax hike on small business owners.

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GOP Governors Take the (Stimulus) Money and Run

Voting against the economic stimulus package? That's so last week. For some Republicans, there's a hot new way to show just how fervently they opposed the $787 billion bill President Obama signed into law Tuesday: pretend they're not going to take the money.

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44 House Republicans submit bill to eliminate income taxes

THIS is Change™

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More economic issues

THE 40% SOLUTION: FEDS EYE LARGE STAKE IN CITIAS DOUBTS GROW, FEDS WILL JUDGE BANKS' STABILITY...

Roubini: 'Nationalize'...

HSBC CONSIDERS $20B CASH CALL FROM INVESTORS...

Philadelphia newspapers' owner files for bankruptcy...

Swiss party wants to punish USA for UBS bank probe... Swiss to stay away from Senate hearing...HILLARY PLEAS WITH COMMUNISTS TO KEEP BUYING TREASURY BONDS... 'We are truly going to rise or fall together'... FLASHBACK: China may balk at buying more US debt...SOROS: ECONOMIC TURBULENCE WORSE THAN GREAT DEPRESSION...

Fears for BofA and CITI rattle markets... President tries to halt talk of bank nationalization... Choice between full or part takeover... Senator Says May Be Needed in Short-Term...

Soros Sees No Bottom For World Financial "Collapse"

By Reuters

Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis. Continue

Brzezinski Warns Of Riots in US

By Press TV

Zbigniew Brzezinski, a former national security advisor, has warned that the US could witness riots if economy continues its downward spiral. Continue

Up to 120,000 protest in recession-hit Ireland: Up to 120,000 protesters brought Dublin city centre to a standstill on Saturday over government austerity measures aimed at stabilising the once high-flying economy now wracked by recession.

Obama wants to cut U.S. deficit in half by 2013: President Barack Obama will use his first budget, due to be unveiled next week, to put the United States on track towards cutting its ballooning deficit in half by 2013, an administration official said on Saturday.

Regulators Shut Silver Falls Bank, 14th Seized in 2009: Oregon regulators seized Silver Falls Bank, the 14th U.S. bank shuttered this year, as the worst financial crisis in a more than half a century further tightens access to credit and pushes foreclosures higher.

Bank Shares Topple on Talk Of Possible U.S. Takeover: White House Has Shunned Nationalization, but Falling Prices Could Force Issue

Big Pharma Quietly Hikes Drug Prices 100 Percent or More: "There's no simple explanation," said Stephen Schondelmeyer of the University of Minnesota. "Some companies seem to figure no one is watching so they can get away with it."

Economic Crisis 'Is As Bad As They Come'

US To Resume Filling Strategic Oil Reserves

Citi Fails - Nationalization Next - US To Own 40%

Citibank Duped By Nigerian Scam

Clinton Begs China To Buy US Debt

SoCal Home Median $250,000, Down 50% From 2007

Bankers Must Serve Not Rule Says Brown

We Will Put People First, Not Bankers

RBS Signals $600B Asset Sale

RBS And Lloyds Close In On $1T Treasury Deal

Gold Rises Above $1,000

Soros Says World Financial System Has Disintegrated

Monetize This! - Resolving Spiraling Public Debt

Stock Decline Hits Depression Levels

Soros - 'We Haven't Hit Bottom Yet'

Sunday, February 22, 2009

Ron Paul Pwns Bill Maher

Gordon Brown Wants "Old-Fashioned" Banks

British Prime Minister Gordon Brown has called on his country’s banks to change their practices and go back to more conservative, “old-fashioned” lending behavior that put people first.

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Ron Paul's Weekly Report

Ron Paul covers the mortgage bailout, Afghanistan troop increases, market declines, stimulus reaction, federal reserve inflation, gold price moves, and the inevitable end to dollar hegemony. "The policies that we have been pursuing for the last year are nothing more than the policies that got us into this mess."

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Bank Shares Topple on Talk Of Possible U.S. Takeover: White House Has Shunned Nationalization, but Falling Prices Could Force Issue

Monetize This! - Resolving Spiraling Public Debt

Stock Decline Hits Depression Levels

Soros - 'We Haven't Hit Bottom Yet'

Time For Billionaires To Pay Their Taxes

Post Communist States Pull EU Into Red

BoA Chief Denies Bank Faces Nationalisation

Clinton - China Human Rights Second To Economy

Financial Crisis - From Wall St To All Streets

Saab Wants To Break Free Of GM

Fears For BofA And Citi Rattle Markets

Bailout Euphoria Waning Fast

UK Could Crash Like Iceland

No Evidence Madoff Bought Any Securities!