Life the Universe and ....: June 2009

Tuesday, June 30, 2009

More economic issues

Oil jumps above $73...Deficit forces California to issue IOUs...Loophole Benefits GE in Bank Rescue; Industrial Giant Becomes Top Recipient in Debt-Guarantee Program...

I Want My Money Back! (Pres. Obama!)

By Marie Marchand

Betrayal is a part of life. After awhile, you just come to expect it. Yet, the initial shock always hits you as a surprise. Alas, the nature of betrayal. Humans are vulnerable to being betrayed because underneath our husky shells, our pain and hardened hearts, we are soft and trustful creatures. We want to believe in people. Continue

Is the Fed Juicing the Stock Market?

By Mike Whitney

Why has the stock market been on a 3-month tear when the economy is undergoing the worst economic contraction since the Great Depression? The S&P 500 has shot up 40% from its low on March 9 and the Dow Jones Industrials have followed close behind. Is this a typical bear market rally or is the invisible hand of the Fed goosing the markets? Continue

Swiss Banks Shun Americans as U.S. Compels Disclosure: UBS AG and Credit Suisse Group AG, the country’s biggest banks, have told Americans to move their money into specially created units registered in the U.S., or lose their accounts. Smaller private banks such as Geneva-based Mirabaud & Cie. are closing all accounts held by U.S. taxpayers.

Struggling cities cancel Fourth of July fireworks: Nearly 50 cash-strapped cities nationwide are forgoing fireworks festivities, choosing instead to retain jobs or, in the case of Montebello, Calif., give the money to food bank

Veon - Globalization Of World Banking & Regulatory System

US Housing Market Hasn't Hit Bottom

Madoff Gets 150 Years In Prison

Hidden Toxic Bank Assets Threaten Recovery

Financial Crisis - From Chaos To Complacency

Mandelson Rejects BoE Demand For More Power

China Banks An Accident In Waiting For Everyone

Russia Invites Shell Back To Sakhalin

General Motors Bad News Investor Webpage

California...Here We Come! - Buchanan

The Fiat Currency Disease

Double Whammy For US Businesses & Consumers

US Stocks, Dollar Down On China World Currency Call

Bernanke Suffers From Major Selective Memory Loss

China Dumping T Bonds For Gold As US Debt Surges

China Worries As US Prints Dollars On Massive Scale

UK Debt Heads Toward Quadrupling

S&P Warning Shows Out Of Credit

Brown Showing Desperation

It's Happening - They've Won

Regulators Shut 4 More Banks - 44 Failures In 2009

Schultz Paints Bleak Picture Of The Future

Baruch Obama...Local IMF And World Bank Rep

US Stiimulus Goes Into Accounts, Not Tills

Qantas Piles On Pressure As Boeing's Dream Sours

Recession Brings 'Las Vegas Dream' To An End

Iraqi Oil Contracts To Be Auctioned On Live TV

Borrowers Face Repossession Over Unsecured Debts

Billions Extra State Aid For Northern Rock

Benefit Payouts Will Exceed Income Tax Revenue

UK To Name Tax-Avoiding Banks

The Fed - The Ultimate Zombie

China Wants Super-Sovereign Currency

Company Execs Dumping Most Shares Since 2007

Some Citigroup Operations Suspended In Japan

US Consumer Spending Rises, Incomes Up

JP Morgan, Citigroup Expand Jumbo Home Mortgages

Stocks And Dollar Drop On Higher Consumer Savings

The Economic Crime Of Our Time

Renters Hit By Foreclosure Crisis, Too

Monday, June 29, 2009

More economic issues

Dollar Declines After China Repeats Call for New Global Reserve Currency... China's banks veering out of control...Swiss Banks Shun Americans as US Compels Disclosure...

A Bloodless Coup

The Transition From Democracy To A Bnk-run Society

By Mike Whitney

The banks created the financial crisis, and now they are its biggest beneficiaries. They don't need to worry about risk, because Bernanke has assured them that they will be bailed out regardless of the cost. Continue

British Rum Maker Got a $2.7 Billion Payout from TARP: I'm getting so tired of these stories. I mean, what's the point? Americans are perfectly happy to stay home and watch TV while our elected officials rob us blind and we struggle along without needed health care:

Mounting U.S. jobless claims force states to borrow: The lengthy recession has proved discouraging for the swelling ranks of unemployed Americans, and forced U.S. states obligated to pay them jobless benefits to pile debt on their already strained budgets.

Deadly Reasons to Oust Incumbents in 2010

By Ed Ciaccio

All those of us who claim to care about others both here and abroad, about justice, and about peace, must become relentless in our efforts to fundamentally change the current pro-corporate, anti-human system of our country, starting with the current members of Congress. Continue

Congress Just Gave Itself Nearly 4 Billion For Expenses

By Greg Bacon

How sweet it is! How would you like a job with a six figure salary and the ability to vote yourself an additional healthy chunk of taxpayer money to be used for "expenses?" Continue

Wary of Dollar, China Wants Super-sovereign Currency

By Zhou Xin and Chris Buckley

China's central bank renewed its call on Friday for the creation of a super-sovereign reserve currency to reduce the dollar's global domination, which it said had worsened the financial crisis. Continue

Will the 'Dollar Wars' Kill What's Left of the American Dream?

By Scott Thill
Countries yoked to America's currency, and therefore its cratering empire, want to kick the dollar to the curb. And that's bad news for the U.S. Continue

New Video - Holder Admits No Equality Under Hate Bill

Talk Show Hosts May Be Accomplices Under Hate Bill

Leahy's Hate Bill Hearing A Sham

Hate Bill Protest Overwhelms Senate!

Foul! - Senate Hate Bill Hearing Rigged!

New ADL Hate Bills Attack America

US Sen DeMint Says Hate Law Must Be Stopped

Friday, June 26, 2009

More economic issues

California set to issue IOUs as fiscal crisis weighs... State shutdowns loom...

Warren Buffett to CNBC: U.S. Economy In "Shambles" .. No Signs of Recovery Yet: In a live interview on CNBC today, Warren Buffett said there has been little progress over the past few months in the "economic war" being fought by the country. "We haven't got the economy moving yet."

Obama warns of worse economy to come: President Barack Obama painted a bleak picture Tuesday of the economy, warning unemployment will get worse,

CIA May Have Executed Neda (big surpise)

China Has More Millionaires Than The UK

ECB Favors Underground Press Over Helicopter Drop

Credit Crunch Takes Toll On Super Rich

World's Wealthy Lose Faith In Fund Managers

Spanish Banks Get ¤90 Billion Bailout

Irish Economy Is Sickest Of Them All

Central Bankers Accused Of Bioterorrism

Fed Faces Coverup Claim On BofA Merger

California Eyes IOUs As Deficit Worsens

Europe Warns Britain On Rising Debt

UK Debt - That'll Be £2.2 Trillion, Please

City Banker Goes Missing With Two Guns

Did The Crash Really Change The City At All?

Debt Relief USA In Addison Files For Bankruptcy

Obama - 'No New Stimulus Needed'

Citigroup To Raise Salaries Up To 50%!

UK To Sink Further Into Red Than All

Nationalised RBS Loses More Than Any Bank In World

UK Business Failures Rising At Record Rates

Pensions Crisis To Hit Millions Of Workers

Thursday, June 25, 2009

More economic issues

California set to issue IOUs as fiscal crisis weighs... NKorea threatens annihilation of USA; World anticipates missile...

'Gay Exorcism' in Church Causes Outrage...

SUPER PUMP: European Central Bank Injects $662B into System...

FLASH: CITIGROUP intends to raise salaries up to 50%; Halt exodus of talent... NYC Subway Stations Renamed for Banks...PAPER: Fading of the Dollar's Dominance...BUFFET: ECONOMY IN 'SHAMBLES'; NO SIGNS OF RECOVERY...

Here we go again! Barney Frank asks FANNIE and FREDDIE to relax Mortgage lending rules...Venezuelan private media fear fresh assault... Russia, Venezuela sign $4B joint bank deal...

Harvard cuts 275 jobs, cites drop in endowment...

Obama warns of worse economy to come: President Barack Obama painted a bleak picture Tuesday of the economy, warning unemployment will get worse,

Debt Relief USA In Addison Files For Bankruptcy

Obama - 'No New Stimulus Needed'

Citigroup To Raise Salaries Up To 50%!

UK To Sink Further Into Red Than All

Nationalised RBS Loses More Than Any Bank In World

UK Business Failures Rising At Record Rates

Pensions Crisis To Hit Millions Of Workers

Insiders Selling Into Rally

ECB Lends Record ¤442B To Commercial Banks

World Bank Sees Deeper, Longer Slump

French Central Banks Warns On Spending

After Global Outrage, It's Business As Usual

Japanese Exports Plunge Again

Asian Economies Feel Pull Of Protectionism

Obama's Stealth Scheme For Global Monetary Control

Roommates - 3.6M Elders And Their Adult Children

Why Obama Must Bail Out CA - But Won't

US, UK Will Both Default On Their Debt By Summer's End

China Rising - Is Western Supremacy Just A Blip?

Markets Dive On World Bank's Economy Fears

Eurozone 'Recovery' Fades

SEC Charges Madoff Associates With Fraud

City Warns EU Rules Threaten UK Economy

ECB Set For Record 'Stimulus By Stealth'

Wednesday, June 24, 2009

More economic issues

BUFFET: ECONOMY IN 'SHAMBLES'; NO SIGNS OF RECOVERY

SUPER PUMP: European Central Bank Injects $662B into System...

FLASH: CITIGROUP intends to raise salaries up to 50%; Halt exodus of talent... NYC Subway Stations Renamed for Banks...

Here we go again! Barney Frank asks FANNIE and FREDDIE to relax Mortgage lending rules...

More Economic Troubles

FLASH: CITIGROUP intends to raise salaries by up to 50%; Effort to halt exodus of top traders, bankers... Developing...

California cuts tax exemptions -- for kids...MYSPACE axes two thirds of global workforce...US files WTO case against China over exports... Tug-of-war over 'Buy American'...

UPDATE: Switzerland moves to dilute bank secrecy...

Why America is a Bank-owned State

By Samah El-Shahat

America has become a bank-owned state, allowing its banking oligarchs to suffocate the economy so they can survive at any price. Continue

International Bailout Brings Us Closer to Economic Collapse

By Ron Paul

Last week Congress passed the war supplemental appropriations bill. In an affront to all those who thought they voted for a peace candidate, the current president will be sending another $106 billion we don’t have to continue the bloodshed in Afghanistan and Iraq, without a hint of a plan to bring our troops home. Continue

Juicy Details on Corporate Lobbying
Why American Policy SUCKS

By Jill Richardson

I know everyone's aware of the problems lobbying poses to our country, but good lord, if people saw the sheer magnitude of it (and the comparatively paltry amounts spent in the people's interest) they would be outraged. So here goes. Here's the list of the top 100. Continue

The World According to Monsanto
Controlling Our Food

Video Documentary

On March 11 a new documentary was aired on French television - a documentary that Americans won’t ever see. The gigantic bio-tech corporation Monsanto is threatening to destroy the agricultural biodiversity which has served mankind for thousands of years. Continue

U.S. Tops List of Countries with the Largest External Debt: The top five countries with the largest external debt are as follows:

Hyperinflation Could Hit US In 5-10 Years: The US is headed toward hyperinflation, and within five to 10 years it could have inflation rates of 10 to 20 percent, said Marc Faber, editor and publisher of the Gloom, Boom & Doom Report.

California Collapsing: California is America’s most populous state with 38 million people. Its GDP of $1.8 trillion is the largest in the U.S. Its economy is bigger than those of Russia, Brazil, Canada, or India. And it’s collapsing.

Obama's Stealth Scheme For Global Monetary Control

Roommates - 3.6M Elders And Their Adult Children

Why Obama Must Bail Out CA - But Won't

US, UK Will Both Default On Their Debt By Summer's End

China Rising - Is Western Supremacy Just A Blip?

Markets Dive On World Bank's Economy Fears

Eurozone 'Recovery' Fades

SEC Charges Madoff Associates With Fraud

City Warns EU Rules Threaten UK Economy

ECB Set For Record 'Stimulus By Stealth'

Tuesday, June 23, 2009

More economic issues

How the Financial Reform Plan Protects the Status Quo

Obama's (Latest) Surrender to Wall Street

By MICHAEL HUDSON

In reaching across the aisle for Republican support – and no doubt future campaign contributions from the financial sector Pres. Obama is morphing into Joe Lieberman. Continue

nstead Of Real Reform, Obama Capitulates To Wall St

We Can't Ignore The California Meltdown

Obama's (Latest) Grovel To Wall Street

30 Years Of Inflation Coming

California Collapsing

Fed Plans Repo Markets Revamp

Desperate Lenders Try To Drive Business To Rivals

Young, Jobless & Broke - Today's Lost Generation

Unions Attack £9.6m Pay Deal For RBS Chief

Warning Of Stimulus Cash Paying For Bribes

JAL Secures Y100 Billion Emergency Funding

World Bank Cautions Against Recovery Talk

Oil Price Fears After Niger Rebel Attacks On Shell

Will BRIC Be A Real Power?

Don't Buy The Hyper Inflation Hype

Time To End Grotesque Bailouts And Face Reality

Goldman Sachs To Make Record Bonus Payout - Endless Greed

Queen's Bankers To Customers AIG Was Safe

Oil Rush - The Scramble To Plunder Iraq's Wealth

Bailed-Out RBS To Blow £300,000 On Wimbledon Bash

The Death Of The Dollar?

'Too Big To Fail' Exposes Alarming Divide

CA Unemployment Hits Record 11.5% In May

Senate Quick To Attack Geithner 'Reforms'

'Council Of Regulators' Has No Power Over Fed

SEC To Turn Focus On 'Dark Pools'

Fed To Lead Banks Into 'Real World' (huh?)

Japan Might Abolish Cash To Fight Deflatioon

Switzerland Looks At Cutting Size Of Banks

Europe - A Market At Risk

Monday, June 22, 2009

More economic issues

BUDGET NIGHTMARES: STATE PLAN DEEPER CUTS... California crisis threatens to devastate school system...

Numbers on Welfare See Sharp Increase...GOLDMAN SACHS to make record bonus payout; Spectacular first half of '09...

Cost-cutting Calif. wants early prisoner release: With California slipping into a financial sinkhole, Gov. Arnold Schwarzenegger is proposing to save more than $180 million by cutting short the sentences of thousands of immigrants in the state's prisons and turning them over to federal authorities for deportation.

Ohio's Credit Rating Downgraded: Fitch downgraded $7 billion in outstanding state bonds from "AA+" to "AA" on Wednesday. The rating downgrade could make it more expensive for Ohio to borrow money.

The Obama Financial Reforms

Road To Change Or Perdition?

By Danny Schechter

Stabilizing A Flawed System is Not The Same As Restructuring Or Remaking It . Continue

The United States is Committing Economic Suicide: Foreign entities will very soon own everything of value in the U.S. and they will become the major (or only) source of employment for U.S. citizens.

Treasury to Auction $104 Billion In Debt Next Week, a Record: The Treasury announced Thursday a record $104 billion worth of bond auctions for next week, part of its herculean efforts to finance a rescue of the world's largest economy.

California Rating Placed On Downgrade Watch By Moody's: California's chances of borrowing in capital markets grew slimmer Friday as Moody's Investors Service warned that it could downgrade the economically and fiscally beleaguered state's bond ratings.

Will BRIC Be A Real Power?

Don't Buy The Hyper Inflation Hype

Time To End Grotesque Bailouts And Face Reality

Goldman Sachs To Make Record Bonus Payout - Endless Greed

Queen's Bankers To Customers AIG Was Safe

Oil Rush - The Scramble To Plunder Iraq's Wealth

Bailed-Out RBS To Blow £300,000 On Wimbledon Bash

The Death Of The Dollar?

'Too Big To Fail' Exposes Alarming Divide

CA Unemployment Hits Record 11.5% In May

Senate Quick To Attack Geithner 'Reforms'

'Council Of Regulators' Has No Power Over Fed

SEC To Turn Focus On 'Dark Pools'

Fed To Lead Banks Into 'Real World' (huh?)

Japan Might Abolish Cash To Fight Deflatioon

Switzerland Looks At Cutting Size Of Banks

Europe - A Market At Risk

Friday, June 12, 2009

More economic issues

OIL $73... PREDICTION: $250... IRS Weighs Tax on Work-Cellphone Use...

Feds Order Banks to Freeze Millions in 'LEGAL' Online Poker Winnings...

Russia May Swap Some U.S. Treasuries for IMF Debt : -- Russia may switch some of its reserves from U.S. Treasuries to International Monetary Fund bonds, the central bank said today. The comment drove Treasuries and the dollar lower.

The next great crisis: America's debt: At this rate, your share of the load will be $155,000 in a decade. How chronic deficits are putting the country on a path to fiscal collapse.

Unemployment at 10% to Depress Consumer Spending, Survey Shows: Surging unemployment in the U.S. will delay a recovery in consumer spending and mute the rebound when it does materialize, according to a Bloomberg News survey.

Median home prices drop below 1989 levels : Properties in several areas are selling for less than they did 20 years ago, and that's not including inflation. Some first-time buyers are nabbing houses for less than what their parents paid.

S Africa Gold Production 'To Continue To Drop'

Foreclosures Down Slightly, But No Stabilization

Another Massive Vegas Casino Goes Bust

Obama Retreats On Capping Excessive Executive Pay

What Really Happened In The Financial Crisis?

Emails Show Fed Pressure On BoA In Merrill deal

Jobs At Risk In UK Healthcare £15B Shortfall

40,000 Graduates Will Join UK Jobless Ranks

China Exports Fall More Sharply In May

US Household Wealth Down By $1.3 Trillion

US Retail Sales Up On Auto Deals, Cost Of Gas

Brazil Cuts Rates To Record Low

Ukraine To Inject $1.26B In Bank Bailout

ECB Fears Bank Crisis In 2010

Latvia Cuts Spending To Secure Bailout

Russia, Brazil To Buy $20 Billion IMF Bonds

Nikkei breaches 10,000-mark on Japan GDP

Is West's Love For Oil Receding For Good?

Bernanke...Rothschild Cartel Agent, Disloyal To America - Vid

Out Of The Ashes Of GM - The Phoenix Of Renewable Energy

Obama Tells US Business To Drop Dead

Oil Price Creeps Back Towards $100 A Barrel

Global Energy Market Center Has Changed

Emerging Nations Oil Demand Now Largest Share

It Is In Beijing's Interests To Help Geithner

Crisis Speeds BRIC Rise To Power

Russia Puts Its WTO Entry In Doubt

China - US Should Start Issuing Bonds In Yuan

US Banks To Repay $68B Under Tarp

Geithner Hints At US Regulatory Reforms (sure)

Boston Globe Imposes 23% Pay Cut

Lord Rothschild Dumps Sons Hedge Fund

BoE - Banks Threaten Recovery By Not Lending

Britain Isolated As EU Tightens Grip On City

Court OKs Chrysler Dropping 789 Dealerships

Fed Hires Enron Flack To Block Scrutiny

Thursday, June 11, 2009

More economic issues

PREDICTION: $250 OIL...Federal government to become largest shareholder in CITI... Developing... College grads shun Wall Street for Washington...US long-term interest rates hit high; Tepid response to Treasury's debt sale...Russia May Swap U.S. Treasuries for International Monetary Fund bonds...

Jim Rogers: “The Worst is Not Over”

6 Minute Video

Click to view

The next great crisis: America's debt: At this rate, your share of the load will be $155,000 in a decade. How chronic deficits are putting the country on a path to fiscal collapse.

Bernanke...Rothschild Cartel Agent, Disloyal To America - Vid

Out Of The Ashes Of GM - The Phoenix Of Renewable Energy

Obama Tells US Business To Drop Dead

Oil Price Creeps Back Towards $100 A Barrel

Global Energy Market Center Has Changed

Emerging Nations Oil Demand Now Largest Share

It Is In Beijing's Interests To Help Geithner

Crisis Speeds BRIC Rise To Power

Russia Puts Its WTO Entry In Doubt

China - US Should Start Issuing Bonds In Yuan

US Banks To Repay $68B Under Tarp

Geithner Hints At US Regulatory Reforms (sure)

Boston Globe Imposes 23% Pay Cut

Lord Rothschild Dumps Sons Hedge Fund

BoE - Banks Threaten Recovery By Not Lending

Britain Isolated As EU Tightens Grip On City

Court OKs Chrysler Dropping 789 Dealerships

Fed Hires Enron Flack To Block Scrutiny

Eddie Bauer Filing For Bankruptcy

BoE To Extend 'Quantitative Easing'

Lloyds Confirms £2.5B Bailout Repayment

Lloyds Job Cuts Hit 4,500

UK To Cut Public Spending, Tough Times Due

A New Peoples Bank

British Airways To Cut 2,000 Cabin Crew

Europe Swings Right As Depression Deepens

IMF To Europe - Come Clean On Bank Losses

Rising Deficits Threaten Asian Ratings

Airlines Cut Size Of Spoons To Save Fuel...

Major Airlines Slash Fares To Fill Planes

Wednesday, June 10, 2009

More economic issues

WATCH YOUR SPENDINGOil hits 7-month high over $70...

Obama: It's OK to borrow to pay for health care...Supreme Court clears way for sale of CHRYSLER...WIRE: Obama Tells American Businesses to Drop Dead...Fed Retreats: Will Not Sell Own Bills... CHINA AIRS FEARS ON DOLLAR, DEBT...

Will there be Zimbabwe-type Hyperinflation in the U.S.A.?

By Mike Whitney

The economy is flat on its back and hemorrhaging a half a million jobs per month. The housing market is crashing, retail sales are in a funk, manufacturing is down, exports are falling, and consumers have started saving for the first time in decades. Continue

Credit card delinquency on the rise: Credit card delinquency rates jumped 11% in the first quarter, possibly indicating that consumers are using tax refunds to pay day-to-day expenses, according to a credit reporting agency report released Monday.

U.S. Commercial Mortgage Defaults May Rise to 17-Year High: The default rate on commercial mortgages held by U.S. banks may rise to the highest in 17 years in the fourth quarter as debt for refinancing remains scarce and the recession drags down rents.

Court OKs Chrysler Dropping 789 Dealerships

Fed Hires Enron Flack To Block Scrutiny

Eddie Bauer Filing For Bankruptcy

BoE To Extend 'Quantitative Easing'

Lloyds Confirms £2.5B Bailout Repayment

Lloyds Job Cuts Hit 4,500

UK To Cut Public Spending, Tough Times Due

A New Peoples Bank

British Airways To Cut 2,000 Cabin Crew

Europe Swings Right As Depression Deepens

IMF To Europe - Come Clean On Bank Losses

Rising Deficits Threaten Asian Ratings

Airlines Cut Size Of Spoons To Save Fuel...

Major Airlines Slash Fares To Fill Planes

Tuesday, June 09, 2009

More economic issues

CHINA AIRS FEARS ON DOLLAR, DEBTAP: Obama repackages stimulus plans with old promises...

Lots of 'extras' in war funding bill... WSJ: Obama Numbers Are Pure Fiction...

Stimulus funds for 'job creation' go to prevent teen pregnancy in Ohio...BOSTON GLOBE union rejects wage, benefit cuts... Developing...

High court blocks CHRYSLER sale...California contemplates ultimate reform - no welfare...World Bank boss sees China spurring global recovery...

What's Good For General Motors

Is Now Good for China

By Irving Wesley Hall

The United States has degenerated from a world power based on industrial production to an overextended military empire based on debt and consumption. Our citizens have gone from well-paid industrial workers with comfortable savings accounts to cash-starved consumers with staggering credit card payments. Continue

Panel finds lax oversight of wartime contracting: The Defense Department has failed to provide adequate oversight over tens of billions of dollars in contracts to support military operations in Iraq and Afghanistan, says a new report by an independent commission investigating waste and fraud in wartime spending.

Global military spending surges: US military expenditure rose 9.7 per cent last year to $607bn, accounting for 42 per cent of total global arms spending, the report said.

Top Chinese banker Guo Shuqing calls for wider use of yuan: The head of China's second-largest bank has said the United States government should start issuing bonds in yuan, rather than dollars, in the latest indication of the increasing importance of the Chinese currenc

600,000 Seniors About To Lose Their Homes: More than 600,000 seniors are delinquent in their mortgage payments or already in foreclosure, USA Today reports.

Unemployment rate highest since 1983: The U.S. economy cut 345,000 jobs last month alone. The count of total jobs lost in the current economic recession is 6 million. The unemployment rate, at 9.4 percent in May, has risen to the highest level since 1983.

Why Current Depression Will Be Worse Than 1929

What's Good For GM Is Good For China

The Depression Quietly Deepens

A 5 Yr Public Spending Freeze To Kill Big Govt

Tough Truths Rather Than Green Shoots

Bankruptcies Rise Among Over-45s

Doubts Mount Over US Toxic Asset Plan

IMF Urges Indonesia To Target Inflation

Airlines To Lose $9 Billion In Recession

S&P Rating Downgrade Hits Irish Banks

Wall St Ends Hope For Homeowners Via Congress

Geithner To DeMint - Bailouts May NEVER End - Vid

All Markets Suggesting Hyperinflation

Obamanomics - How Dumb Do They Think We Are?

Obama's Unprecedented Debt

The Economy Is Still At The Brink

Will The British Pound Get Pounded?

Economic Collapse, Time To Run?

Securitization - The Biggest Rip-Off Ever

Global Financial Power Shifting To China

Stocks Bear Market Rally Built On Sand

US/Euro Economies Descend Into Marxism

US Fed Chocking Economic Recovery?

Chrysler Creditors Seek Halt Of Sale To Fiat

Madoff Bagged $165M Just Before His Arrest

Shaping The New Wall Street

Protests Vs Putin As Russian Factories Go Broke

Merkel's May Wake Bears From Hibernation

Russia, China Should Dump Dollar In Trade - Medvedev

Housing Bubble Caused Great Depression, Too

Ingredients For Bull Run On Gold, Gold Stocks There

China Considers Buying $50B In IMF Bonds

German GDP To Fall 6%

Credit Card Rates Rise Despite Low Bank Rate

US Mtge Rates Surge To Highest Since December

What A State-Run GM Could Do

Uganda Oil Reserves Rival Saudi Arabia - US Expert

US Regulator Details Derivative Plans

Ex-Countrywide Chief Exec Charged With Fraud

House Seeks Bigger (ANY) Scrutiny Over Fed

Brown Resignation Rumor - Pound Plunges

British Airways Won't Rule Out End Of Pensions

Baby Boomers Last To Retire With Good Deals

Monday, June 08, 2009

More economic issues

Obama Seeks Tax on Wealthy to Fund Health Overhaul... Tax on international air travel could fund 'climate change' fight... USA MOVES LEFT, EU GOES RIGHTNYT: TENSIONS GRIP OBAMA ECONOMIC TEAM... Unemployment Rate Gallops Ahead of Expectations... Big government spending programs -- having opposite desired effect...

Kennedy bill would make employers provide care... Obama to take more active role...Schwarzenegger suggests state consider flat tax...BOSTON GLOBE staff may vote to reject new compromise; Could result in unilateral 23% pay cut...

Russia, China Should Dump Dollar in Trade - Medvedev

By Reuters

Russia and China should consider switching to domestic currencies in bilateral trade without going to the dollar, Russia's president Dmitry Medvedev said in an interview with Kommersant daily published on Friday. Continue

Credit card rate racket: As Bank of England freezes interest fee at 0.5%, firms push up theirs to a record 18%

Fed Intends to Hire Lobbyist in Campaign to Buttress Its Image: The Federal Reserve intends to hire a veteran lobbyist as it seeks to counter skepticism in Congress about the central bank’s growing power over the U.S. financial system, people familiar with the matter said.

Treasury bloodbath soaks top fund managers: - Investors have been blindsided by one financial catastrophe after another over the last 18 months, but throughout the tumult, the government bond market has been their friend. Until now.

Bankrupt: Bank No. 37 Closed; Bank of Lincolnwood Seized by Regulators: Bank of Lincolnwood, Lincolnwood, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

Bankrupt: No Private-Equity Deal for Failed Silverton Bank: The Federal Deposit Insurance Corp. has decided to wind down Silverton Bank, the failed Atlanta "bankers' bank," instead of selling it to investors, a setback for the private-equity industry but not one expected to damp its hunger for troubled banks.

Alabama County Set to Halt Services, Shut Buildings Over Budget: Alabama’s most populous county is preparing to stop road maintenance, close courthouses and shutter services for the elderly after a court struck down taxes that pay for about 35 percent of its budget.

All Markets Suggesting Hyperinflation

Obamanomics - How Dumb Do They Think We Are?

Obama's Unprecedented Debt

The Economy Is Still At The Brink

Will The British Pound Get Pounded?

Economic Collapse, Time To Run?

Securitization - The Biggest Rip-Off Ever

Global Financial Power Shifting To China

Stocks Bear Market Rally Built On Sand

US/Euro Economies Descend Into Marxism

US Fed Chocking Economic Recovery?

Chrysler Creditors Seek Halt Of Sale To Fiat

Madoff Bagged $165M Just Before His Arrest

Shaping The New Wall Street

Protests Vs Putin As Russian Factories Go Broke

Merkel's May Wake Bears From Hibernation

Russia, China Should Dump Dollar In Trade - Medvedev

Housing Bubble Caused Great Depression, Too

Ingredients For Bull Run On Gold, Gold Stocks There

China Considers Buying $50B In IMF Bonds

German GDP To Fall 6%

Credit Card Rates Rise Despite Low Bank Rate

US Mtge Rates Surge To Highest Since December

What A State-Run GM Could Do

Uganda Oil Reserves Rival Saudi Arabia - US Expert

US Regulator Details Derivative Plans

Ex-Countrywide Chief Exec Charged With Fraud

House Seeks Bigger (ANY) Scrutiny Over Fed

Brown Resignation Rumor - Pound Plunges

British Airways Won't Rule Out End Of Pensions

Baby Boomers Last To Retire With Good Deals

Sunday, June 07, 2009

More Economic Issues

INVESTORS ASK SUPREME COURT TO HALT CHRYSLER SALEUnemployment rises to 9.4%... Hits 25-Year High... Jobs Report Fuels Attacks on Obama...

GE/NBC PUNISHED NEWSPAPER OVER COVERAGE OF 'SHAREHOLDER REVOLT'...
Oil prices spike above $70...

Securitization: The Biggest Rip-off Ever

By Mike Whitney

Is it possible to make hundreds of billions of dollars in profits on securities that are backed by nothing more than cyber-entries into a loan book? It's not only possible; it's been done. Continue

Time to Break Up the Banks

By Peter Rothberg

This new video, which neatly breaks down the causes and effects of the economic crisis. Continue

Illiteracy in High Places

Forgetting What We Learned

By Paul Craig Roberts

The hubris is extraordinary. A bankrupt government that has to send its Treasury Secretary begging to China thinks it can spend limitless amounts in a futile effort to control the culture, mores, and political system of distant Afghanistan. Continue

U.S. jobless rate hits 9.4 percent: The BLS said the unemployment rate continued to rise, increasing to 9.4 percent from 8.9 percent. Steep job losses continued in manufacturing, while declines moderated in construction and several service-providing industries.

Canada Jobless Rate Hits 11-Year High, Led by Plants : A net 41,800 people lost their job during the month and the unemployment rate climbed more than expected to 8.4 percent, Statistics Canada said today in Ottawa.

Jobless Rate in Europe Rises Further: The seasonally adjusted unemployment rate for the 16 countries that use the euro currency rose to 9.2 percent in April, the highest rate since September 1999, from 8.9 percent in March, the Eurostat agency, the bloc’s statistics office, said Tuesday. In April 2008, the unemployment rate was 7.3 percent.

Ireland's unemployment rate hits 13-year high of 11.8 percent; welfare claims at record high: The report said the number of people claiming jobless benefits has nearly doubled over the past year to 397,000, an unprecedented high dating back to the foundation of the Irish state in 1922.

Housing Bubble Caused Great Depression, Too

Ingredients For Bull Run On Gold, Gold Stocks There

China Considers Buying $50B In IMF Bonds

German GDP To Fall 6%

Credit Card Rates Rise Despite Low Bank Rate

US Mtge Rates Surge To Highest Since December

What A State-Run GM Could Do

Uganda Oil Reserves Rival Saudi Arabia - US Expert

US Regulator Details Derivative Plans

Ex-Countrywide Chief Exec Charged With Fraud

House Seeks Bigger (ANY) Scrutiny Over Fed

Brown Resignation Rumor - Pound Plunges

British Airways Won't Rule Out End Of Pensions

Baby Boomers Last To Retire With Good Deals

Friday, June 05, 2009

Unemployment rises to 9.4%... Highest Since July 1983... Losses Slow... Temp work helps mask joblessness...

White House Set to Appoint a 'Pay Czar'...

UPDATE: MANY STATES FACE WORSENING FISCAL CRISES... Slimming down inmate meals...

FAA Proposal Would Close 20 Weather Offices...

More economic issues

White House Set to Appoint a 'Pay Czar'... UPDATE: MANY STATES FACE WORSENING FISCAL CRISES...

FAA Proposal Would Close 20 Weather Offices...OBAMA FACES TENSIONS WITH GERMAN GOVERNMENT...

1 of every 6 dollars of Americans' income is government check or voucher...

MICROSOFT to move jobs overseas if Obama tax plan goes through...GOLDMAN sees new energy crunch; Oil at $85... BARREL HITS NEW '09 HIGH...

U.S. Inflation to Approach Zimbabwe Level, Faber Says : The U.S. economy will enter “hyperinflation” approaching the levels in Zimbabwe because the Federal Reserve will be reluctant to raise interest rates, investor Marc Faber said.

Bankruptcy filings rise to 6,000 a day as job losses take toll: Consumer and commercial bankruptcy filings are on pace to reach a stunning 1.5 million this year, according to a report from Automated Access to Court Electronic Records.

Medical bills underlie 60 percent of U.S. bankrupts: study: More than 75 percent of these bankrupt families had health insurance but still were overwhelmed by their medical debts, the team at Harvard Law School, Harvard Medical School and Ohio University reported in the American Journal of Medicine.

War On Recession - Fail, Fail, Fail

Boom Times Are Back - Outside The US

Royal Canadian Mint Can Find Missing Gold

Latvian Debt Crisis Shakes Eastern Europe

EU Provides ¤19B To Tackle Unemployment

World's Airlines Face Grim Financial Future

FDIC Stall Sales Of Toxic Loans

Banks Should Pay For Own Bailouts

Bernanke Warns On Deficit

Barclays Pensions Scrapped

Indiana Tries To Block Fiat Buyout Of Chrysler

Those 'Greeen Shoots' Are Just Tumbleweed