Friday, February 27, 2009

More economic issues

CITI reaches aid deal with government [again]...

Economists question budget's economic assumptions...


Gingrich raps 'big-government' budget...


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

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