Monday, July 06, 2009

More economic issues

Much-needed tax refunds delayed from GA to CA....


India Joins Russia, China in Questioning Dominance of U.S. Dollar...

Dollar discomfort thrust onstage for Italy summit...

Running On Empty

By Mike Whitney

Consumer spending is 70% of GDP, but consumers have suddenly stepped on the brakes. This is a real game-changer. Even if the credit markets are restored and the banks show a greater willingness to lend; there will be no return to the pre-crisis consumption-levels of the past. Those days are over. Continue

7 more banks fail as FDIC mulls rules for sales: Six Illinois banks and one bank in Texas were shuttered Thursday as government regulators proposed new rules for private equity firms seeking to take over failed banks.

Chamber of Commerce Launches $100 Million Campaign to Protect Wall Street's Power at Our Expense: The CoC is the world's most powerful lobbying machine and it's working to make sure our money gets funneled to corporate execs.

The New Homeowner Hallucination: : The next segment of the market to crash will be the mid- to high-end, where many smug homeowners are now telling themselves they'll just rent their houses for a year while they wait for the market to "come back." Needless to say, Mark thinks these folks are dreaming.

Woman Commits Suicide to Avoid Eviction: Newnam documented her life on Twitter as user rsangel04. Her last post on June 24 read, "Rich get richer, poor get poorer, families on the street, govt doesn't care. God bless the usa, but can He save it?"

In case you missed it
Confessions of an Economic Hit Man

How the U.S. Uses Globalization to Cheat Poor Countries Out of Trillions

By John Perkins

In his first book, Confessions of an Economic Hit Man, John Perkins told the story of his work as a highly paid consultant hired to strong-arm leaders into creating policy favorable to the US government and corporations, what he calls the “corporatocracy.” John Perkins says he helped the US cheat poor countries around the globe out of trillions of dollars by lending them more money than they could possibly repay and then taking over their economies. Continue

Banks Own The US Government

By Dean Baker

Last month, when the US Congress failed to pass a bankruptcy reform measure that would have allowed home mortgages to be modified in bankruptcy, senator Dick Durbin succinctly commented: "The banks own the place." That seems pretty clear. Continue

GM and Ford suspend Russian plants: General Motors and Ford, the US car manufacturers, have suspended operations on their production lines in Russia.

Citi raises rates on millions of credit cards: report: Citigroup Inc has increased interest rates on up to 15 million U.S. credit card accounts just months before curbs on such rises come into effect, the Financial Times reported citing people close to the situation.

California budget crisis deepens: John Chiang, state controller, could now issue “IOU”-style notes by Thursday to the state's vendors, local agencies overseeing health programmes and recipients of state aid - including the elderly, the disabled and college students.

Hotel Loan Defaults Double as Recession Cuts Travel: As many as one in five U.S. hotel loans may default through 2010 as the recession means companies are spending less on travel and perks, according to University of California economist Kenneth Rosen.

Gannett Laying Off 1,000 as Ad Sales Slide: Gannett, which owns top-selling newspaper USA Today, is laying off more than 1,000 staff to try and combat persistent declines in revenue, the Wall Street Journal reported on Tuesday.

Goldman Sachs The Fourth Branch of the U.S. Government: Best Financial Markets Analysis ArticleQuietly and almost unnoticed by most Americans, the US Federal Government introduced a fourth branch to its political structure in 2006.

Banksters Love Cap And Trade

CA - A Day Of Reckoning

CA Heads Toward Depression

Goldman Sachs - Vampire Squid On Humanity's Face

India, Russia, China Question Dollar Dominance

The Unemployment Time Bomb Is Ticking

QE Sugar Rush For Broke Banks That Should Die

BoE Consider Expanding Qantitative Easing To £150B

We Are Losing The Opportunity To Rebuild Banking

UK Lines Up 'Doomsday' Cutbacks

City Financials To Hide Bonus Boom From Taxman

European Commission Outlines Derivatives Reforms

India Plans Massive Liberalizatin Of Economy

Number Of Broke, Bankrupt Retirees Soars

Zombie Banks Will Need Much More Taxpayer Money

China Joins Carbon Tax Protest

Current Crash Called Severe 'Depression Era' Credit Bust

The Economic Strategy Of Imperial America

Inflationary Crack-Up Boom In G7 Economies!

The Keynesian System - The Economics Of Illusion

Sweden Cuts Deposit Rate To NEGATIVE .25%

SEC Investigator Raised Madoff Concerns Years Ago

Cap And Trade - Bad Medicine For A Sick Economy

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