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

Sunday, April 12, 2009

China foreign exchange reserves at $1.954 trillion...

US Federal budget deficit sets March record $192.3B... Obama sees 'glimmers of hope'...

2 more banks fail, lifting this year's tally to 23... Colorado bank biggest failure of 2009...The Tax Capital of the World: New York is No. 1... BLOOMBERG: JOB CUTS NEEDED TO STOP BANKRUPTCY...

Federal Reserve Wants Banks to Stay Silent on Stress-Test Results...

Treasury Seeks Billions in Concessions for GM and CHRYSLER From Banks, Bondholders...

$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

Revive Lincoln’s Monetary Policy

By Ellen Brown

The bankers had Lincoln's government over a barrel, just as Wall Street has Congress in its vice-like grip today. 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.

US Deficit To Be $2 Trillion In 2009 - March Alone $192B

Obama Sees 'Glimmers Of Hope' For Recovery

Demand For Oil Drops As G7 Outlook Stays Grim

Treasury Tells US Investors To Buy American

America Wants Ruth Madoff Behind Bars

We're Not Facing Our Problems. We've got Prozac Politics'

Do Economists Know Any More Than Us?

US Racks Up $192B Budget Deficit In March

The Undeclared Economic War Against Us

Economic Crisis - No End In Sight

Summers - America's Free-Fall Ending

Recession Blamed For Shooting Sprees