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

American car sales fall below China's for first time; GM sales fall by almost half...Obama: Banks need more help; some may fail... UBS, WACHOVIA EYE MERGER... Treasury Set to Detail Plan Next Week...Stimulus Package Set to Grow in Senate...

Economic Death Spiral at the Pentagon

By Tom Engelhardt & Chalmers Johnson

It is hard to imagine any sector of the American economy more driven by ideology, delusion, and propaganda than the armed services. Many people believe that our military is the largest, best equipped, and most invincible among the world's armed forces. None of these things is true, but our military is, without a doubt, the most expensive to maintain. Continue

California Goes Broke, Halts $3.5 Billion in Payments

By Stephen C. Webster

California, the eighth largest economy in the world, is broke. "People are going to be hurt starting today," said Hallye Jordan, speaking on behalf of the state Controller. "There's no money." Continue

The Perfect Storm

By Vladimir Putin

I just want to remind you that, just a year ago, American delegates speaking from this rostrum emphasised the US economy's fundamental stability and its cloudless prospects. Today, investment banks, the pride of Wall Street, have virtually ceased to exist. In just 12 months, they have posted losses exceeding the profits they made in the last 25 years. This example alone reflects the real situation better than any criticism. Continue

EU attacks 'Buy American' clause: The EU has increased its pressure on the US to reconsider the "Buy American" clause in the $800bn (£567bn) economic recovery package now before Congress.

Bankrolling charitable gifts: Financial firms and other companies receiving billions of dollars in federal bailout money spent hundreds of thousands of dollars to pay for meetings and charitable gifts on behalf of lawmakers.

The Whole World Is Rioting as the Economic Crisis Worsens -- Why Aren't We?: The Telegraph (UK) warned last month that protests over governments' handling of the crisis "are widespread and gathering pace," and "may spark a new revolution":

Ford and GM see big fall in sale: Sales at Ford plunged 42% last month from a year earlier, while those at GM declined even further, slumping 49%.

GM Worker: Buyout's An "Insult" : "Personally i take it as an insult that you think you could buy me for $20,000 and a car," says Trent Bogle, who works at Lansing's Delta Township plant.

Dow Has Fallen 44% In Past 16 Months

Competing Ideologies - Davos v. Belem

US Car Sales Plunge 37 Percent - 26 Yr Low

Kidd - States Really Broke? Or Just Hiding Assets?

BP Ahead 39% To Record $25 Billion

Central Bank Tested As Rouble Hits Floor

Beijing Rocked By 26 Million Lost Jobs

IMF Almost Halves Asia Growth Prospects

Japan, Oz New Schemes To Kickstart Economies

Hitachi Set For Biggest Japanese Firm Loss

Bad Bank, Bad Plan

46 Of 50 States Could File Bankruptcy In 2009-2010