Obama sees 'glimmers of hope'...
Obama asks Congress for extra $83.4 billion; funds for wars...
BANK PROFIT ROCKS STREET...
WELLS FARGO projects record $3 Billion...
REPORT: No banks will close due to stress tests...
Trade deficit in surprise drop to nine-year low...
$75 Billion More in War Spending?
How Many Democrats Will Stand Up to Obama's Bloated Military Budget
By Jeremy Scahill
Much of the media attention this week on President Obama’s new military budget has put forward a false narrative wherein Obama is somehow taking his socialist/pacifist sledgehammer to the Pentagon’s war machine and blasting it to smithereens. Continue
"Liquidate the Banks; Fire the Executives!"
By Mike Whitney
While Congress approved a mere $700 billion in emergency funding for the TARP, Geithner and Bernanke deftly sidestepped the public opposition to more bailouts and shoveled another $3.3 trillion through the back door via loans and leverage for crappy mortgage paper that will never regain its value. Continue
A Plea To President Obama
Don't Bankrupt America
By Sarah van Gelder
President Obama's massive giveaway to Wall Street threatens to bankrupt the federal government and undermine the agenda that got him elected. Here are some first steps needed to change course. Continue
The Looting of America
By Barry Grey
The New York Times on Thursday published a front-page article that provides further insight into the economic and class interests that are being served by the Obama administration’s economic “recovery” policies. Continue
Howard Zinn on Class in America
"In the United States we are really brought up to think there's only really one class. That is, the idea of class conflict, class struggle, that is foreign to American culture." says Zinn. "We're brought up to think that were part of one big happy family," according to Zinn this is simply a perpetuated lie that contradicts the reality that a large percentage of the population doesn't fit in to this happy family model. Continue
US budget deficit nears 1 trillion dlrs: Treasury: The US budget deficit accelerated in March to hit a record nearly one trillion dollars in the first half of the current fiscal year as the government moved to bail out troubled institutions, government data showed Friday.
Social Security's Surplus Disappearing Fast in Downturn: According to both the budget proposed by the White House in February and projections issued by the Congressional Budget Office (CBO) in March, Social Security benefits ($659 billion, according to the CBO) will exceed payroll taxes ($653 billion) in fiscal 2009 for the first time since 1984.
Detroit to close another 23 schools this fall: Robert Bobb, the emergency financial manager of the Detroit Public Schools, followed through on threats to carry out drastic cuts, naming 23 schools targeted for closure. In a separate announcement, the school finance chief said layoff notices are going out for 600 teachers.
Banks aren't reselling many foreclosed homes: A vast "shadow inventory" of foreclosed homes that banks are holding off the market could wreak havoc with the already battered real estate sector, industry observers say.
Wells Fargo to report record profits: Wells Fargo on Thursday lifted hopes for the stricken banking sector by announcing that it would report record first-quarter profits of $3bn later this month.