Life the Universe and ....: More economic issues

Monday, February 02, 2009

More economic issues

GOP leaders doubt stimulus bill will pass Senate...'RECOVERY WILL TAKE YEARS, NOT MONTHS'... Federal work force is growing...Worst January on Record for Stocks... USA set for 'big bang' financial clean-up... Roubini: 'Risk of a near-depression shouldn't be underestimated'...

California Pension Funds Close To Bankruptcy

By Kevin Martinez

The two largest pension funds in California, the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS), have lost billions of dollars in value. Hundreds of thousands of retiring state employees and teachers now face the stark choice of accepting much reduced pension checks or working past their retirement age. Continue

Protesters rally in Mexico City: Thousands of people in Mexico City have protested against what they say is the inadequate response by the government to growing economic problems in Mexico.

French strikes: Violence erupts as thousands gather to protest on 'Black Thursday': Hundreds of thousands of protesters marched through French cities, with violence erupting in some places, as part of a day of national strikes demanding pay rises and better protection for jobs.

Strikes spread across Britain as oil refinery protest escalates: Unofficial strikes break out in support of protest over use of foreign workers to carry out building project in Lincolnshire

Economic woes fuel Russian protests: Russian police forcefully broke up many of the anti-government protests on Saturday, arresting dozens of demonstrators.

Governments across Europe tremble as angry people take to the streets: Greek farmers block the road into Bulgaria in protest at low prices for their produce. New ?gures from the biggest bank in the Baltic show that the three post-Soviet states there face the biggest recessions in Europe

Lenders abruptly cut lines of credit: As much as $2 trillion in consumer credit - nearly half of what is available - could be rescinded, according to an estimate by a prominent banking analyst.

Homelessness surges as funding falters: Providers to the poor try to stretch meager resources to meet growing need

The US Unemployment Rate: Jobless rate is a full l0 percent higher than the government is reporting.

California is told to furlough employees: A judge orders officials to implement Schwarzenegger's plan to force 238,000 employees to take two days off without pay each month. The state is expected to shut down some services on those days.

46 Of 50 States Could File Bankruptcy In 2009-2010: There is a high chance a majority of the States within the United States of America could file for Chapter 9 bankruptcy. There are currently 46 states with high budget deficits, Arizona being one of them.

Three More Banks Failed On Friday: The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks.

Too Big to Fail, Too Big to Jail

By Amy Goodman

Without thorough, aggressive, public investigations of the full spectrum of crimes alleged of the Bush administration, there will be no accountability, and the complete record of this chapter of U.S. history will never be written. Continue

Astonishing Incongruities

Is It Time to Bail Out of the US?

By Paul Craig Roberts

How can President Obama even think about fighting wars half way around the world while California cannot pay its bills, while Americans are being turned out of their homes, while, as Business Week reports, retirees will work throughout their retirement (which assumes that there will be jobs), while careers are being destroyed and stores and factories shuttered. Continue

Putin calls financial crisis a 'perfect storm': Putin refrained from blaming the United States for the crisis - but pointed out that just a year ago at Davos American delegates emphasized the U.S. economy's fundamental stability.

Economic crisis to claim 51 Million jobs: The economic downturn could result in the loss of up to 51 million jobs worldwide by the end of this year, a UN agency has predicted.

Financial crisis hangs over Davos: The World Economic Forum has got under way in Davos, Switzerland, as the international monetary fund slashed its economic growth forecasts, predicting the severe financial crisis would brake global growth to the slowest pace in six decades.

Rioting Greeks, angry Germans and why the euro may well collapse: The Brussels elite are pretending the question does not arise, but the financial world knows the question is there, hanging over the entire European Union economy: is the single European currency going to break apart?

Europe's winter of discontent: Thursday's French national strike reflects growing despair on the Continent with the way governments are handling the recession, says Adrian Michaels.

Boeing to cut 10,000 jobs: Plane maker announces an additional 5,500 job cuts as demand for new aircraft is expected to remain weak.

How top financiers paid themselves £1bn before the wheels fell off: A dozen senior bankers whose influence has shaped the financial world gave themselves pay awards valued at more than £1bn before the credit crunch spectacularly exposed the fragility of the profits they appeared to have secured for shareholders.

Follow The Money - Was The Credit Crisis Overblown?

FL, MD, UT Banks Seized - Crisis Deepens

The Fed - The Greatest Scam In History?

US Love Affair With Malls Is On The Rocks

US Banks Canned Americans, Hired Foreigners

Stock Markets Record Worst January Ever

British Pound Collapsing

Global Bankruptcy Fueled By Monetary Dementia

Global Food Prices Are Rising Fast

California Economy Near Total Collapse

Protectionism - Gobalisation's Dark Side

Mandelson Backs New 'People's Bank'