Life the Universe and ....: April 2009

Thursday, April 30, 2009

Top Senate Democrat: Bankers "Own" the U.S. Congress

Dick Durbin's confession ought to be major news, yet it won't be. Why not?

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Chrysler to get up to $8B from govt for bankruptcy

The nation's third-largest automaker has already received $4 billion in government loans.....officials say bankruptcy is necessary after talks with some of Chrysler's holdout creditors over the company's $6.9 billion in debt fell apart last night.

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Obama: Chrysler to file Chapter 11; Fiat merger approved

President Barack Obama spoke just minutes ago at the White House to announce that the Chrysler-Fiat merger has been approved by the United States government and that Chrysler will file for Chapter 11 bankruptcy protection. The "surgical" bankruptcy will take 30 to 60 days and require up to $8 billion in government loans.

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Ron Paul: "Some people are begging for socialism"

This Wednesday afternoon, Ron Paul joined Daniel Hannan, Lew Rockwell, Jason Sorens, Peter Schiff, Cody Willard and Shelly Roche on Judge Andrew Napolitano's online show "Freedom Watch" in an insightful discussion about the latest economic and political developments.

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Ron Paul: "Some people are begging for socialism"

Ron Paul’s Bill To Audit The Fed Now Has 100 Co-Sponsors!

Ron Paul's bill to audit the Federal Reserve (HR 1207) now has 100 co-sponsors, and the numbers keep growing! This is history in the making, and victory is within reach.

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Shareholders Strip BofA CEO of Chairman Role

Ken Lewis was ousted as chairman of Bank of America Wednesday after shareholders angry about the company’s acquisition of Merrill Lynch voted to separate the job from that of chief executive.

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More bonuses for Citigroup bankers?

Citigroup (C) has gone to the Treasury to beg for bonuses for some of its most important traders, people who make the banks extraordinary amounts of money. The Treasury’s reaction will probably be that it wants to stay out of a fight with Congress and avoid negative public opinion and will turn the request down.

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25 Men Behind the Financial Crisis

No single person orchestrated, coordinated, and managed the financial disaster, but there are key players involved. For the purposes of this list, a "man behind the crisis" is someone in a position of power during the crisis who helped form, perpetuate, or aggravate it.

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Breaking: Chrysler & Fiat agree to strategic alliance!

Chrysler has until April 30th to ink a strategic alliance with Italy's Fiat or go bankrupt, but it appears as though the US automaker has finalized the deal a day early. Reports are now surfacing that Chrysler and Fiat have finally come to an agreement, with the deal set to be signed by Thursday. The deal is expected to lead to a merger eventually

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Chrysler lender talks break off

Talks between Chrysler LLC's lenders and the Treasury Department to reduce the automaker's $6.9 billion in secured debt and keep it out of bankruptcy protection have disintegrated, a person familiar with the talks said early Thursday.

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Losing GM: A Great American Tragedy?

A look at the billions of dollars and large networks of jobs at stake as the automaker struggles to survive.

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More economic issues

Clearing economic 'wreckage,' fixing U.S. image...Optimistic CHRYSLER will be viable... WIRE: CHRYSLER Bankruptcy to Be Announced by Obama Tomorrow...Fed leaves rate at record low; sees signs recession easing... Economy shrinks at worse-than-expected pace... Metro Unemployment Skyrockets; Some Cities See Rates Comparable To Great Depression...

Phoenix first major cty where home prices have fallen by half...STRESS: Fed Finds at Least 6 of 19 Biggest Banks Need to Raise More Capital...

CITI scrambles...

MSNBC's Washington HQ Can't Make Rent: Looking to Share Space with Local U...

US Exports Fall By 30% : The US economy continued to contract in the first quarter of 2009, led by the biggest fall in exports for 40 years.

U.S. Economy Shrank at 6.1% Rate in First Quarter: The 6.1% drop was much bigger than Wall Street expected and hardly different than a 6.3% plunge in the fourth quarter, when the recession that began in December 2007 deepened.

GM to Eliminate More Than 1,000 Underperforming Dealers: The Detroit-based automaker told dealers it plans to eliminate 1,000 to 1,200 underperforming dealers and to cut 450 stores with the elimination of the Pontiac, Saturn, Hummer and Saab brands, Susan Garontakos, a GM spokeswoman, said in an interview

Guess Who's Buying Chrylser and GM?: It looks like the government is close to reaching a deal with Chrysler's creditors, under which they'd write down most of the company's debt. With a deadline for restructuring just days away, that'd clear the way for a merger with Fiat and, possibly, keep the company out of bankruptcy court.

U.S. Home Prices Continued to Decline in February: Phoenix has achieved the unwelcome distinction of becoming the first major American city where home prices have fallen by half since the middle of the decade, according to data released Tuesday.

Credit Card Companies Snatch Social Security Payments: Debt collectors for credit card companies and other creditors are now going after Social Security payments, which are supposed to be exempt from garnishment in such situations. Their tactics include freezing the bank accounts into which a beneficiary’s Social Security checks are direct-deposited.

Home Prices in 20 U.S. Cities Declined : Compared with a month earlier, home prices fell 2.2 percent in February, after a 2.8 percent decline in January, today’s report showed.

Swine Flu Deflation

Germany's Woes Spark Talk Of Weimar

Citigroup Scrambles To Try To Raise Capital

Bank Of England Tells Lenders To Stay Cautious

Shell Profits Dive 58% In 1Q

Citi And BoA Must Raise Billions In Extra Capital

Unions Could Own 55% Of Chrysler

US Govt May Take Control Of GM

BP Profits Slump 62%

BofA - Who Pays For Its Collapse?

Wednesday, April 29, 2009

Budget Deficit to Top $17 trillion by 2014!

WASHINGTON -- Acting with unusual speed, the House on Wednesday adopted a $3.4 trillion budget outline that endorses much of President Barack Obama's ambitious agenda while permitting the national debt to continue to spiral higher.

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Don’t Know Much About Capitalism by Thomas E. Woods Jr.

'With the Left now in power, though, they’ve by and large reverted to form. The very same people who just a year ago prided themselves on evaluating every Pentagon press release with an air of suspicion and hostility now accept without cavil whatever the Federal Reserve chairman or the Treasury secretary tell them.'

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More Dollar issues

DICK MORRIS: OBAMA SOWS SEEDS OF DEMISE...

Economy shrinks at worse-than-expected pace... Metro Unemployment Skyrockets; Some Cities See Rates Comparable To Great Depression...

Phoenix first major cty where home prices have fallen by half...

CLEAR CHANNEL cutting 590 radio jobs...STRESS: Fed Finds at Least 6 of 19 Biggest Banks Need to Raise More Capital...

CITI scrambles...

MSNBC's Washington HQ Can't Make Rent: Looking to Share Space with Local U...

Chrysler May Avoid Bankruptcy

It now seems much more likely that Chrysler will avoid bankruptcy. BusinessWeek says that Chrysler and the US Treasury have reached a deal with the banks and private equity firms that hold Chysler's debt.

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Treasury Has a New $50 Billion Mortgage Incentives:Official.

WASHINGTON (Reuters) - The U.S. Treasury Department will on Tuesday tap a $50 billion housing rescue fund to pay off mortgage investors and reduce monthly payments for millions of borrowers, said a senior administration official....

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Milan Police Seize UBS, JPMorgan, Deutsche Bank Funds

April 28 (Bloomberg) - Milan’s financial police seized 476 million euros ($620 million) of assets belonging to UBS AG, Deutsche Bank AG, JPMorgan Chase & Co. and Depfa Bank amid a probe into alleged fraud linked to the sale of derivatives. - Like the torture cases being investigated in Spain, apparently Americans need to rely on Europe for justice

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More economic issues

Phoenix first major cty where home prices have fallen by half... Developing...STRESS: CITI scrambles to raise capital...

As Long As We're Talking About Socialism

By Mark Harris

Ask yourself how democratic it is for the richest 1 percent of Americans to own 43 percent of all stock? Or for this same 1 percent to account for 33 percent of total household wealth, according to the Federal Reserve Bulletin? Is it far-fetched to suggest that class inequality and economic insecurity are permanent hallmarks of life under capitalism? Continue

Japan facing worst economic outlook on record: Japan's economy is expected to shrink 3.3 per cent over the coming year, marking its biggest decline in more than five decades, according to government predictions.

Two-thirds facing a pay cut or freeze: More than two-thirds of British companies plan to cut or freeze their workers' salaries this year, the British Chambers of Commerce said yesterday, as it warned that private sector employers face a desperate battle to survive the recession.

Meltdown losses of '$4 trillion': The International Monetary Fund (IMF) has warned credit crunch losses could reach $4 trillion (£2.75tn), damaging the financial system for years to come.

'Deeper' recession ahead says IMF: The IMF says this represents "by far the deepest post-World War II recession" with an actual decline in output in countries making up 75% of the world economy.

Row with emerging nations threatens IMF's cash call: Russians warn that the IMF must deliver on its power-sharing commitments

GM to slash 21,000 more jobs: General Motors, the US car giant, is to cut 21,000 factory jobs next year, close plants and drop its Pontiac brand as it struggles to remain afloat.

Citi And BoA Must Raise Billions In Extra Capital

Unions Could Own 55% Of Chrysler

US Govt May Take Control Of GM

BP Profits Slump 62%

BofA - Who Pays For Its Collapse?

Gold Hits 4 Week High

Some Sacramento Homes Less Than $25,000

20% Of Asia Hedge Funds Closed Since 1-08

Russian Warns IMF That It Must Deliver

IMF Chief - Darling's Figures Over Optimistic

IMF - National Deficits To Stay Sky High

IMF As Bad As Ever

Japan Faces Worst Economic Outlook Ever

Japan's Economy To Shrink 3.3%

Stockmarkets Slide On Swine Flu Fears

Dying GM To Cut 21,000 Jobs - Pontiac Is History

Hollywood Film Production At Standstill

UK Mtge Approvals Fall 25%

Seven UK Retailers Perish Each Day

Two-Thirds Facing Pay Cut Or Freeze

Abandoned Pets Pay Price Of Recession

Geithner - Group Of 30 Servant, Change Agent

The Big Money Behind Geithner

The Yuan Goes Global

Swiss Ask Not To Be Forced To Reveal Customers

Tuesday, April 28, 2009

Is Your Bank Working For You or Against You?

Now that taxpayers have bailed out the banks, they are on your side, right? After all you’re not just a customer anymore, you’re an owner. But perhaps their responsibility to you as a “shareholder” is overwhelming their responsibilities to you as a customer?

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Audit the Fed! - DownsizeDC.org

DownsizeDC.org is working with End the FED, Campaign for Liberty, and others to make a push today for co-sponsors to a bill to audit the Federal Reserve Bank. Great talking points and a congressional contact system available here so YOU can participate.

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U.S. Government, UAW to own 89% of General Motors

Although much of today’s news regarding General Motors has been focused on brand elimination, layoffs, plant closures and dealer reductions, there is another major component of company’s new “Viability Plan” that has, potentially, even more significant implications. If GM’s plan to reduce its debt is successful, the U.S. government will end up with

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GM to dissolve Pontiac, slash dealers & plants by 2010

GM on Monday confirmed rumors it will eliminate Pontiac, indicating the brand will be gone by late 2010. Furthermore, the company will eliminate 13 plants, while simultaneously slashing its dealer network by nearly half --from 6,246 in 2008 to 3,605. The company also said it will sell or shut down Saab, Saturn, and Hummer by the end of 2009.

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Ron Paul's HR 1207 Update 4/27

Dr. Paul gives an update on his bill to Audit the Federal Reserve.

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I.M.F. Planning to Sell Bonds to Finance New Loans

Hoping to raise $500 billion for an emergency loan program, the IMF is about to sell bonds for the first time in its history, officials for the group said Saturday.The bonds’ buyers are expected to be the governments of fast-growing emerging economic powers like China, Russia, Brazil and India.They can't vote, but are expected to pay...

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More economic issues

GM OFFERS ITSELF UP FOR NATIONALIZATION... FLASH: Treasury Borrows Record $361 Billion for 2nd Quarter...Has globalization made us more catastrophe-prone?

Obama Has Missed His Moment

By Chris Hedges

Barack Obama has squandered his presidency. He had a fleeting moment to challenge the casino capitalism and financial recklessness of our economic and political elite. He could have orchestrated a state socialism that would have provided a safety net for tens of millions of Americans faced with dislocation and misery. Continue

World Bank, IMF: Crisis Becoming 'Human Calamity'

By Veronica Smith Veronica Smith

At the end of spring meetings in Washington, the two Bretton Woods institutions on Sunday told their 185 member countries that the worst global slump in generations had already driven more than 50 million people into extreme poverty. Continue

U.S. toxic-asset plan stirs fears: The government will take on a mountain of risk while trying to create an artificial market for the loans and debt securities. Critics worry about possible fraud and further banking system damage.

Some Sacramento Homes Less Than $25,000

20% Of Asia Hedge Funds Closed Since 1-08

Russian Warns IMF That It Must Deliver

IMF Chief - Darling's Figures Over Optimistic

IMF - National Deficits To Stay Sky High

IMF As Bad As Ever

Japan Faces Worst Economic Outlook Ever

Japan's Economy To Shrink 3.3%

Stockmarkets Slide On Swine Flu Fears

Dying GM To Cut 21,000 Jobs - Pontiac Is History

Hollywood Film Production At Standstill

UK Mtge Approvals Fall 25%

Seven UK Retailers Perish Each Day

Two-Thirds Facing Pay Cut Or Freeze

Abandoned Pets Pay Price Of Recession

Geithner - Group Of 30 Servant, Change Agent

The Big Money Behind Geithner

The Yuan Goes Global

Swiss Ask Not To Be Forced To Reveal Customers

Monday, April 27, 2009

One Nation, Under Banks With Justice for No One: Jonathan We

shows how involved Mr Geithner is with the bankers on Wall Street.

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GM to cut 21,000 US factory jobs, shed Pontiac

GM to cut 21,000 US factory jobs, shed Pontiac. DETROIT – General Motors Corp. said it will cut 21,000 U.S. factory jobs by next year, phase out its storied Pontiac brand and ask the government to take company stock in exchange for half GM's government debt as part of a major restructuring effort needed to get more government aid.

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More economic issues

OPEC wants oil to reach $70...

Super-rich ravaged by recession...Finance officials at odds over IMF funding plan... China calls for reform of global monetary system...Summers Says Economy, Employment Will Keep Declining for 'Some Time'...

No Light In The Tunnel

A Housing Crash Update

By Mike Whitney

Why is the press misleading the public about housing? The housing market is crashing. There are no "green shoots" or "glimmers of hope"; the market is worn to a stump, it's kaput. Continue

Where's My Change?

By Ralph Nader

The corporate chieftains have easy access to the White House and the new President, whether these bosses come on missions demanding power or missions of beggary for bailouts. When will he meet with the leading heads of consumer protection groups with millions of dues-paying members who could give him the base to hold accountable and regulate the democracy-denying, economy-wrecking corporate supremacists? Continue

This Is A Must Listen
The Financial Barbarians at the Gate

Guns & Butter Interviews financial economist and historian, Dr. Michael Hudson.

The history of banking and the criminalization of the banking system; tax policy; real estate asset inflation; US imperialism via the monetary system; - similarities with the Roman Republic; what measures labor should take. Continue

4 more banks fail, lifting this year's tally to 29: Regulators shut banks in Georgia, Michigan, Idaho, California; 29 so far tops 2008 total

Geithner - Group Of 30 Servant, Change Agent

The Big Money Behind Geithner

The Yuan Goes Global

Swiss Ask Not To Be Forced To Reveal Customers

Sunday, April 26, 2009

More economic troubles.

US, China to sign billions in business deals Monday...

FEDS MAY REMOVE CITI CEO... CREDIT SUISSE warns of 'excessive' state action... Banks May Struggle After 'Stress Tests'; Bad Assets Triple...Finance officials at odds over IMF funding plan...

Italy's Mafia thrives in global financial meltdown...

4 more banks fail, lifting this year's tally to 29: Regulators shut banks in Georgia, Michigan, Idaho, California; 29 so far tops 2008 total

Obama Has '100% Confidence' In Bernanke

Economy Turning Around? - Watch This Video - Vid

China Increases Gold Reserves By 76%

Ford Hopes To Avoid Bailout Despite $1.4B Loss

Spain Unemployment Record 17.4%

Darling Warns Geithner To Speed Toxic Cleanup

Paulson, Bernanke Pressed On BofA Deal

Fed Will Seek Bank Capital Increase

What Caused The Economic Crisis?

Feds Shut 26th Bank Of The Year

Madoff Investors Must Return 'False Profits'

BoA Chief Told To Buy Merrill Or Lose Job

BoA 'Forced To Hide' Merrill Rescue Facts

GM Eyes Factory Closures As Chapter 11 Nears

Microsoft First Quarterly Revenue Fall In 23 Yrs

Fiat Pursues GM Europe Holdings

China Reveals Huge Rise In Gold Reserves

Germany Faces Civil Unrest & 2nd Banking Crisis

Spain Jobless Total Over 4 Million

Nomura £5B Loss - Probable Job Cuts

Japanese Yakuza Gangsters Hit By Recession

The Crisis Beyond Wall Street

BoJ Governor - US Must Fix Household Debt

UK Economy Slumps 1.9% In 1Q

UK Debt Out Of Control For 23 More YEARS

'Now We Are All Up To Our Ears In It'

Taxes 'Must Rise' By £45B A Year For Budget

Borrowing Puts UK AAA Rating In Danger

CC Cos Double Cost Of Cash Withdrawals

UK Car Production Dives 51%

IMF - Global Bank Losses Could Hit $6T

Global Crisis - Is Economics Rational?

Burien - 1+1=2

Facing The Abyss

UK Budget - Banksters Back In Charge

Britain's National Debt At £1.4 Trillion

50% Tax Will Backfire On Britain

UK Recovery Predictions 'Utter Fantasy'

IMF - World Recession Will Deepen

China Vs America - A Visual Comparison

12 Major US Brands Predicted To Disappear

Saturday, April 25, 2009

GM receives further $2bn in loans

General Motors (GM) has received another $2bn (£1.4bn) in loans from the US Treasury, it has been announced.

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GM to announce Pontiac demise Monday?

General Motors is expected to announce details of its “faster, deeper” reorganization plans early next week. According to an unnamed company source, those plans might include a death sentence for the historic Pontiac brand, which has been hanging on for dear life since GM’s initial assertion that the brand would move to a small niche element of the

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More economic troubles.

R.I.P.: GM to pull the plug on Pontiac...

FORD cheers world markets with lower cash burn!Key Dem: 'Nobody in this country realizes that cap and trade is a tax, and it's a great big one'...

IMF predicts world recession will deepen: The International Monetary Fund has slashed growth forecasts for every major country and urged governments to take forceful action to ensure the world economy's recovery from a severe recession.

GM eyes factory closures as Chapter 11 looms: General Motors is preparing to shut the majority of its US factories for nine weeks over the summer as its chief financial officer (CFO) admitted a bankruptcy filing is "probable

U.S. Said to Seek a Chrysler Plan for Bankruptcy: The Treasury Department is directing Chrysler to prepare a Chapter 11 bankruptcy filing as soon as next week, people with direct knowledge of the talks said Thursday.

Microsoft sales fall for first time in 23 years: Microsoft Corp. said Thursday that declining PC sales hurt revenue, as the software giant reported quarterly sales that fell for the first time in its 23-year history as a public company.

Bank of America 'forced to conceal' Merrill rescue facts: Pressure from Fed and Treasury chiefs to complete purchase of Merrill Lynch despite 'staggering' losses

What Caused The Economic Crisis?

Feds Shut 26th Bank Of The Year

Madoff Investors Must Return 'False Profits'

BoA Chief Told To Buy Merrill Or Lose Job

BoA 'Forced To Hide' Merrill Rescue Facts

GM Eyes Factory Closures As Chapter 11 Nears

Microsoft First Quarterly Revenue Fall In 23 Yrs

Fiat Pursues GM Europe Holdings

China Reveals Huge Rise In Gold Reserves

Germany Faces Civil Unrest & 2nd Banking Crisis

Spain Jobless Total Over 4 Million

Nomura £5B Loss - Probable Job Cuts

Japanese Yakuza Gangsters Hit By Recession

The Crisis Beyond Wall Street

BoJ Governor - US Must Fix Household Debt

UK Economy Slumps 1.9% In 1Q

UK Debt Out Of Control For 23 More YEARS

'Now We Are All Up To Our Ears In It'

Taxes 'Must Rise' By £45B A Year For Budget

Borrowing Puts UK AAA Rating In Danger

CC Cos Double Cost Of Cash Withdrawals

UK Car Production Dives 51%

IMF - Global Bank Losses Could Hit $6T

Global Crisis - Is Economics Rational?

Burien - 1+1=2

Facing The Abyss

UK Budget - Banksters Back In Charge

Britain's National Debt At £1.4 Trillion

50% Tax Will Backfire On Britain

UK Recovery Predictions 'Utter Fantasy'

IMF - World Recession Will Deepen

China Vs America - A Visual Comparison

12 Major US Brands Predicted To Disappear

Friday, April 24, 2009

Bank of America Threatened by the Government

Paulson threatened to replace the board and CEO at B of A to get them to do what he wanted.

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End the Fed rally in Salt Lake City Saturday

What an amazing time in our country. Despite the efforts of many to paint citizen protests as right-wing extremism people are realizing it is a part of our American heritage to peacefully protest bad government. One area of bad government for nearly a century has been the Federal Reserve Board...

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New jobless claims rise more than expected to 640K

It is getting worse.

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More economic troubles.

FEDS MAY REMOVE CITI CEO... CREDIT SUISSE warns of 'excessive' state action... Banks May Struggle After 'Stress Tests'; Bad Assets Triple...US, China to sign billions in business deals Monday...100 DAYS: Geithner says downturn may be easing...

FORD cheers world markets with lower cash burn! ON THE BRINK: Feds preparing bankruptcy filing for CHRYSLER...France at 'risk of revolution'... Germany's 'explosive' mood as second banking crisis looms...

Wells Fargo Accused of Securities Fraud by State Lawsuit.

California AG Brown says customers were misled, and is suing Wells Fargo for security fraud. An amount of 1.5 Billion worth of risky securities were sold to customers " As being as safe as cash"...

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79 Cosponsors for HR 1207: Federal Reserve Transparency Act

Continue encouraging your Representatives to Cosponsor HR 1207: The Federal Reserve Transparency Act.Call the Capitol Switchboard: 1-877-584-6437

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BREAKING: Chrysler files for Bankruptcy

The Treasury Department is preparing a Chapter 11 bankruptcy filing for Chrysler LLC that could come as early as next week.

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Dont Tax Me Bro!

Nobody likes Obama's plans to tax us to poverty

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Credit where credit is due...

New proposal for word of mouth marketing and conversation.By building relationships of trust and keeping the mindset the same people will know where to go to find things they need.

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The Fed: Our Next Troubled Bank?

In 2007, Fed banks listed total assets of $883.5 billion - the lion’s share of those assets - 89 percent - were “AAA” quality U.S. T-bills, notes, and bonds. Now, assets are $2.19 TRILLION and those plain-vanilla, risk-free Treasuries make up just 24 percent, of Fed assets! The Fed is leveraging its capital 48-to-1. Is the dollar going to sink?

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More economic troubles.

100 DAYS: Geithner says downturn may be easing...

ON THE BRINK: Feds preparing bankruptcy filing for CHRYSLER...

Banks, investment firms borrow less... 'Stress test' methodology could roil industry...

AMEX Profit Drops 58% as Defaults Rise, Consumers Cut Spending...Weekly jobless claims up more than expected: The Labor Department said Thursday that initial claims for unemployment compensation rose to a seasonally adjusted 640,000, up from a revised 613,000 the previous week. That was slightly above analysts’ expectations of 635,000.

IMF - Global Bank Losses Could Hit $6T

Global Crisis - Is Economics Rational?

Burien - 1+1=2

Facing The Abyss

UK Budget - Banksters Back In Charge

Britain's National Debt At £1.4 Trillion

50% Tax Will Backfire On Britain

UK Recovery Predictions 'Utter Fantasy'

Rise In Criminal Theft As Recession Bites

Tax Evaders Personal Data To Be Published

Rush To Universities To Escape Recession

GM To Default On $1B Bond Payment

Gold Investor Appetite Surges

World Economy Shrinks First Time Since WW2

Japan Pays Foreign Workers To Go Home

IMF - World Recession Will Deepen

The Gloomy IMF

Morgan Stanley Reports New Losses Of £1B

The Mighty Debt-Purge Of 2009

Cook - Our Money System - State Of Permanent Siege

China Vs America - A Visual Comparison

12 Major US Brands Predicted To Disappear

Freddie Mac CFO Dead - 'Suicide'

Global Bank Losses To Hit $4T Says IMF

Japan Hits First Trade Deficit In 30 Years

Majority Irish Expect Summer Civil Unrest

China Warns US On Protectionism

Volvo To Cut More Than 1,500 Jobs

Sweden Cuts Rates To Record Low Of 0.5%

Europe's Rich Rush To Hedge Fund Exits

$5.5B In More Loans To GM, Chrysler

Bank Lending Keeps Dropping

New York Times Corp Woes Deepen

Don't Try To Stop Home Crash - BoE Official

Credit Card Mock Pleas To Be Fair

IMF Sees Another $200B In UK Bank Losses

Devastating Warning = Furious UK-IMF Row

UK Jobless Hits 2.1M - Public Debt At £90B

UK Banks Avoid Homeowners Mtge Support

LaRouche - We Are In A Depression

Roubini - Market Bulls Have It All Wrong

BoA Bad Loan Surge Revives Economic Gloom

BoA Triggers New Bank Fears, Hits Markets

Americans Sell Valuables At Home Parties

Geithner Faces Critical Report On Bailout

New Questions On Pandit's Future At Citi

Stanford - US Govt 'Moose Head On Wall'

Japan To Issue $110B Bonds For Stimulus

Global Markets Slide On Banking Fears

India Chops Key Interest Rates By 25 Points

UK Supermarket Giant's Record £3B Profit

UK Economy Into Deflation - First Since 1960

Markets Brace For Historic £200B Deficit

'People Shouldn't Have To Live Like This'

Return Of The Money Snatchers

Exxon Tops Wal-Mart On 2009 Fortune 500 List

Big Bank Profits Bogus - Massive Public Deception

Gold May Hit $1,500

Hedge Fund Managers Buying Gold Futures

US Economy Facing Substantial Risks

US To Put Terms On Tarp Repayments

UK To Admit £60B Bailout Bill

Earmarked UK Bailout Billions Still Not Spent

China Set To Invest Again In Europe

Thursday, April 23, 2009

When government intervenes in the markets

Bernanke and Paulson may have to answer some questions, I hope.

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Sources: GM to Shut Many US Plants for up to 9 weeks

Two people briefed on the plan say General Motors Corp. will close most of its U.S. factories for up to nine weeks this summer because of slumping sales and growing inventories of unsold vehicles.

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Who Owns the Rain? Hint: It's Not Always Homeowners

Across the country, resourceful homeowners have embraced rainwater capture as a way of conserving community water supplies while maintaining healthy gardens. Unfortunately, rain barrels are sometimes at odds with the law... by capturing rainwater, some homeowners are breaking the law.

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GM to Miss $1 Billion Deadline

General Motors Corp. Chief Financial Officer Ray Young said Wednesday the U.S. automaker would not meet a $1 billion debt payment due June 1.

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HR 875- Set to Criminalize Organic Faming!!

Main backer and lobbyist is Monsanto - chemical and genetic engineering giant corporation (and Cargill, ADM, and about 35 other related agri-giants). This bill will require organic farms to use specific fertilizers and poisonous insect sprays dictated by the newly formed agency to “make sure there is no danger to the public food supply”. with video

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GM expected to default on government

Chrysler to liquidate

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'Deeper' recession ahead says IMF

The global economy is set to decline by 1.3% in 2009, in the first global recession since World War II, the International Monetary Fund (IMF) says.In January, the IMF had predicted world output would increase by 0.5% in 2009.

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More economic issues

GE shareholders outraged over MSNBC bias; Microphone cut off...GM TO CLOSE MOST FACTORIES FOR SUMMERGM Plans to Skip $1 Billion Debt Payment... Top exec says economic crisis resetting capitalism...
'FREDDIE' MONEYMAN FOUND DEAD... ... security guard had been posted outside home CONSPIRACY THEORIES FLOURISH...

Merkel Rejects Expanding German Stimulus Program; Economic Data Worsens...NEW YORK TIMES DOWN TO $34 MILLION IN THE BANK... $1,300,000,000 IN DEBT... Sen. Kerry aims to rescue newspapers; Calls for hearings on BOSTON GLOBE...

A 'very sweet deal'?
Senator's Husband's Firm Cashes in on Crisis

By Chuck Neubauer

On the day the new Congress convened this year, Sen. Dianne Feinstein introduced legislation to route $25 billion in taxpayer money to a government agency that had just awarded her husband's real estate firm a lucrative contract to sell foreclosed properties at compensation rates higher than the industry norms. Continue

UK: Economy will shrink at its fastest pace since 1945 : Darling unveils 50% top tax rate: : Alistair Darling has announced a new top tax rate of 50% for those earning more than £150,000 from next April.

World finance losses 'top $4tn': Of the $4.1tn, an estimated $2.7tn comes from losses suffered from US financial institutions, the IMF said on Tuesday, double what it estimated six months ago.

GM Defaults: The company's CFO says the firm will not make its June 1, $1 billion debt payment reports WSJ.

The Housing Bust Takes Center-stage

By Mike Whitney

The housing market is going under and it's going to drag a good part of the broader economy along with it. Stocks, too. Continue

Stock Market Bulls Have Got it Wrong, Warns Nouriel Roubini

'Dr Doom' predicts further shocks in the market

By Nick Clark

Nouriel Roubini, the so-called "arch bear" economist who predicted the current financial crisis in 2006, added further gloom yesterday after he wrote off recent rises in global stock markets as no more than a dead cat bounce. Continue

Big Bank Profits are Bogus!

Massive public deception!

By Martin D. Weiss, Ph.D.

First, I’ll give you the big-picture facts. Then, I’ll show you how big U.S. banks are painting lipstick on some of the fattest pigs ever raised. Continue

When We Are Led to Believe a Lie

Gregg Shotwell

We are led to believe a lie when leaders degrade labour in honor of false profits. Continue

UK retail inflation turns negative: Britain's annual retail price inflation rate has given its first negative reading in almost 50 years, official figures have revealed, sparking fears of deflation in the recession-hit country.

Meltdown losses of '$4 trillion': The International Monetary Fund (IMF) has warned credit crunch losses could reach $4 trillion (£2.75tn), damaging the financial system for years to come.

Obama Proposes $100 Billion Loan for I.M.F.:- President Barack Obama Monday proposed a $100 billion U.S. loan to the International Monetary Fund to boost the IMF's war chest and urged a bigger stake in the IMF for emerging powers like China and India.

Profits rise at Bank of America: The bank said on Monday it earned $4.2bn in the first three months of 2009, compared to a $1.02bn profit in the same period a year ago.

Big banks have a big credit problem: BofA managed to post the big profit even as it set aside more than $6 billion to cover future loan losses. The bank's loan loss reserve now stands at $30 billion -- double its year-ago level.

Goldman Sachs Shook Tens of Billions Out of Tax-Payers -- Now They're Whining All the Way to the Bank

The Mighty Debt-Purge Of 2009

Cook - Our Money System - State Of Permanent Siege

China Vs America - A Visual Comparison

12 Major US Brands Predicted To Disappear

Freddie Mac CFO Dead - 'Suicide'

Global Bank Losses To Hit $4T Says IMF

Japan Hits First Trade Deficit In 30 Years

Majority Irish Expect Summer Civil Unrest

China Warns US On Protectionism

Volvo To Cut More Than 1,500 Jobs

Sweden Cuts Rates To Record Low Of 0.5%

Europe's Rich Rush To Hedge Fund Exits

$5.5B In More Loans To GM, Chrysler

Bank Lending Keeps Dropping

New York Times Corp Woes Deepen

Don't Try To Stop Home Crash - BoE Official

Credit Card Mock Pleas To Be Fair

IMF Sees Another $200B In UK Bank Losses

Devastating Warning = Furious UK-IMF Row

UK Jobless Hits 2.1M - Public Debt At £90B

UK Banks Avoid Homeowners Mtge Support

LaRouche - We Are In A Depression

Roubini - Market Bulls Have It All Wrong

BoA Bad Loan Surge Revives Economic Gloom

BoA Triggers New Bank Fears, Hits Markets

Americans Sell Valuables At Home Parties

Geithner Faces Critical Report On Bailout

New Questions On Pandit's Future At Citi

Stanford - US Govt 'Moose Head On Wall'

Japan To Issue $110B Bonds For Stimulus

Global Markets Slide On Banking Fears

India Chops Key Interest Rates By 25 Points

UK Supermarket Giant's Record £3B Profit

UK Economy Into Deflation - First Since 1960

Markets Brace For Historic £200B Deficit

'People Shouldn't Have To Live Like This'

Return Of The Money Snatchers

Exxon Tops Wal-Mart On 2009 Fortune 500 List

Big Bank Profits Bogus - Massive Public Deception

Gold May Hit $1,500

Hedge Fund Managers Buying Gold Futures

US Economy Facing Substantial Risks

US To Put Terms On Tarp Repayments

UK To Admit £60B Bailout Bill

Earmarked UK Bailout Billions Still Not Spent

China Set To Invest Again In Europe

Wednesday, April 22, 2009

Story behind Stock Assault and similar stock market Robots!

The real story behind Stock Assault 2.0 AI and similar stock market Robots revealed by former hacker and software engineer John Smith.

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Audit the Fed

Rep. Ron Paul has introduced a bill that is gaining co-sponsors quickly and could actually get a vote this session — the Federal Reserve Transparency Act of 2009. The co-sponsor list, currently at 58, is strongly bipartisan. It includes progressive Democrats like Rep. Alan Grayson [D, FL-8] and Rep. Henry Waxman [D, CA-30], Blue Dogs like Rep.

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Audit the Fed

US needs rest of world economy to recover - Geithner

The United States needs the rest of the world economy to emerge from its slump as much as other economies need a US recovery, Treasury Secretary Timothy Geithner said Wednesday.

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Global Economy is Expected to Shrink this Year

This would be the first time this has occurred in six decades.

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A World of Trouble: Interactive Economic Map

So have things changed? What's the unemployment situation? Are the stimulus plans working? Has the U.S. economic model become the world's villain? And, because we still have hope, are there any new rays of sunshine?

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Global Financial Crisis: The IMF Financial Stability Report.

In its global financial stability report(see full file PDF link on this page),released today, the IMF warned that the challenges to restoring financial stability remain significant. The credit deterioration is taking an increasing toll on banks balance sheets as the issue of " toxic assets" remains largely unresolved....

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Obama offsets $100M budget cut with $5.7B Service Bill

One day after claiming to be fiscally responsible by cutting $100 million from the budget, President Obama announced a new $5.7 billion AmeriCorps spending program

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Geithner: Taxpayers Should Share Risk on Banks

Treasury Secretary Timothy Geithner's testimony came in the wake of a watchdog agency report that warned administration initiatives could increasingly expose taxpayers to losses and make the government more vulnerable to fraud.

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GM Is Becoming a Royal Debacle

It's good to be the king -- until you start tripping over your own robe.So King Barack the Mild is finding as he tries to dictate the terms of what amounts to an out-of-court bankruptcy for Chrysler and GM. He wants Chrysler's secured lenders to give up their right to nearly full recovery in a bankruptcy in return for 15 cents on the dollar.

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US Economy Getting Uglier by the Minute - Situation Dire

This summer is it folks. We’re in overtime, about a hundred points down, and Michael Jordan isn’t come out of retirement to sink the no-look miracle-shot to save our ass. This whole crisis is a freight train of inevitability barreling down the track at your checking account right now. And the sooner you wake up, the sooner you start getting pissed

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Geithner - it's "hard" to "set" the value of toxic assets

I'm sure he's right, given that he's simultaneously trying to:1. Set the value so that the banks look solvent.2. Set the value so that the assets can be sold without bank balance sheets deteriorating.

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Disgusting: Fed Tests Harder On Regional Banks

The methodology "certainly penalizes those banks that are more involved in traditional banking, which frankly have been performing better in recent months," said Wayne Abernathy, a former Treasury Department official now with the American Bankers Association.

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New York Times Ad Sales Plummet 28.4%

The New York Times Company (NYT) today announced a first-quarter 2009 operating loss of $61.6 million as total ad sales dropped 28.4% year-over-year.

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More Dollar issues

NYT losses worsen as ad sales plunge 27%...

The Housing Bust Takes Center-stage

By Mike Whitney

The housing market is going under and it's going to drag a good part of the broader economy along with it. Stocks, too. Continue

Meltdown losses of '$4 trillion': The International Monetary Fund (IMF) has warned credit crunch losses could reach $4 trillion (£2.75tn), damaging the financial system for years to come.

Profits rise at Bank of America: The bank said on Monday it earned $4.2bn in the first three months of 2009, compared to a $1.02bn profit in the same period a year ago.

Goldman Sachs Shook Tens of Billions Out of Tax-Payers -- Now They're Whining All the Way to the Bank

LaRouche - We Are In A Depression

Roubini - Market Bulls Have It All Wrong

BoA Bad Loan Surge Revives Economic Gloom

BoA Triggers New Bank Fears, Hits Markets

Americans Sell Valuables At Home Parties

Geithner Faces Critical Report On Bailout

New Questions On Pandit's Future At Citi

Stanford - US Govt 'Moose Head On Wall'

Japan To Issue $110B Bonds For Stimulus

Global Markets Slide On Banking Fears

India Chops Key Interest Rates By 25 Points