Documenting America's decent into Fascism

Wednesday, July 02, 2008

U.S. Economy Set to Crash (Again) in the Second Half

“It’s not a good sign when the (Dow Jones Industrial) index breaks down this way.” — Richard Russell, Dow Theory Letters

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Housing crisis worse, Congress takes vacation

If you’re taking some well-deserved rest for the Fourth of July, you are probably getting at best a day or two off around the actual holiday itself. Only in Congress could a break for the “Fourth” become a vacation spanning more than a week.

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More economic issues

FORD LEADS TERRIBLE MONTH FOR AUTOMAKERS; 28% SALES DROP... GM holds off TOYOTA... SUVs R.I.P... FRAP ON ICE: STARBUCKS CLOSING 600 STORESGET USED TO IT... Oil ends at new record near $141 on supply worries... OPEC warns...

The Shrinking Influence of the US Federal Reserve
By Gabor Steingart in Washington

Humiliation for Mr. Dollar: Ben Bernanke, the chairman of the United States Federal Reserve Bank, faces a general investigation by the International Monetary Fund. Just one more example of the Fed losing its power. Continue

Lawmakers Cash In As Lobbyists

By Jim Hightower

Old Congress critters never die; they just flitter away to K Street. - Take Dennis Hastert. Actually, he’s already taken. The longtime Republican lawmaker retired last November, but rather than return to Illinois, he has alighted just a few blocks from the Capital at the blue-chip lobbying firm of Dickstein Shapiro. The firm lured Hastert with more than half a million bucks in annual pay. Continue

More oil will not bring price down-Saudi king: Oil prices would not ease even if production were raised because speculation and taxes are behind the soaring market, Saudi Arabia's King Abdullah was quoted as saying in a Kuwaiti newspaper on Tuesday.

Financial Telegraph predicts complete meltdown of US banking system: All Belgian newspapers opened yesterday with disaster headlines, giving wide coverage to the free fall of the bank insurer's stock. ’Fortis crashes,' 'Disaster day for Fortis,’ and ’Fortis loses 5.3 billion,' reported three leading newspapers on their respective front pages.

Gold getting ready for another big move: Jim Sinclair became fabulously wealthy when he called the great gold bull in the late 1970's, selling out at the top. He's the dean of the gold bugs, and gives his advice away for FREE at his web site. He posted a bulletin today where he thinks the gold is getting ready for its assault on $1600.

US Stock Market Posts Worst Monthly Decline since 1930s: Analysts say record oil prices and continuing fears about the U.S. economy have helped push the Dow Jones Industrial Average to its worst month since the Great Depression of the 1930s. VOA's Mil Arcega reports.

Stocks tumble as risk aversion grips markets: Tumbling European and U.S. banking shares soured equity markets on Tuesday as the second half of 2008 started with a heavy aversion to risk spurred by surging oil and inflation fears.

Ford June U.S. sales drop 28.1%: Ford Motor Co. (F: News, Chart, Quote ), the third largest U.S. automaker, said Tuesday that its June U.S. vehicle sales dropped 28.1% from a year ago, hurt by sharp decline in sales of trucks and sport utility vehicles amid higher gasoline prices and the ongoing slump in consumer confidence.

Utah company puts operations on hold due to food and fuel prices: For what it takes to produce a turkey right now, it will cost the growers 15 percent more than their break-even point. And with millions of turkeys produced here every year, it would mean losses in the millions of dollars.

Anatomy Of A Bank Failure

FL Adds To States Suing Countrywide

Petrofraud And The New Depression

Rothshilds' IMF To Audit The US Financial System

Dow Ends Worst First Half Since 1970

The Dow-Crash, The Dollar, Gold, And WAR

Bank Implode-O-Meter - End Game Of Modern Banking

UK Savings Rate Sinks To 49 Year Low

Tuesday, July 01, 2008

More economic issues

PUMP: Fed auctions $75 billion to ease credit stresses...Oil passes $143 on Middle East tensions... OPEC concerns about future demand...FORD LEADS TERRIBLE MONTH FOR AUTOMAKERS; 28% SALES DROP... GM holds off TOYOTA... SUVs R.I.P... GET USED TO IT

Invisible Hand: Washington Role in Iraq Oil Deal Revealed

Signed, sealed, delivered, and for US & British Oil, it's like they never left. And the lives spent, & trillion or so handed over to pals is worth every dime of it. Of course, it won't do a thing for 99% of the people here, but hey, that's all we live for, to serve corporate agendas.

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The coming economic collapse of the United States

The Great Depression will look like a small blip compared to the economic collapse the United States is about to suffer, according to several experts. But Congress refuses to listen and do what’s necessary to stave off disaster.

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More economic issues

Global stocks close dismal 1st half, outlook grim...OPEN... Iraq fails to sign contracts with global oil majors... Prices end down after topping $143 barrel...

"We're Entering a Two Economy Society.
There is No Force Opposing Financial Polarization":

Interview with Michael Hudson

By Mike Whitney

As Aristotle said, democracy is the political stage immediately preceding oligarchy. That's what the economy is now evolving into. Continue

IMF Finally Knocks on Uncle Sam's Door

By David HIrst

The fact that the IMF is knocking on the very doors of its parents and waving legal papers about who lost the house, the car and the kids will, if the past is anything to go by, be buried in the US by pom-pom waving on CNBC telling all what a great time it is to buy. Continue

Oil prices fluctuate after passing $143 a barrel: Oil prices fluctuated Monday, surging past $143 a barrel for the first time and then falling back as a rising dollar prompted some investors to sell. Meanwhile, the price of gas at the pump hit another record high.

Intervention Will Not Stop The Dollar’s Slide: This week the Federal Reserve took a step closer to acknowledging reality. Unfortunately it didn’t let that admission move it from a policy course firmly guided by fantasy.

Petrofraud And The New Depression

Rothshilds' IMF To Audit The US Financial System

Dow Ends Worst First Half Since 1970

The Dow-Crash, The Dollar, Gold, And WAR

Bank Implode-O-Meter - End Game Of Modern Banking

UK Savings Rate Sinks To 49 Year Low