Archive for the 'Collapse' Category
Still Think It’s About the Bonuses? The Big Takeover
March 22nd, 2009Via: Rolling Stone: It’s over — we’re officially, royally fucked. No empire can survive being rendered a permanent laughingstock, which is what happened as of a few weeks ago, when the buffoons who have been running things in this country finally went one step too far. It happened when Treasury Secretary Timothy Geithner was forced […]
Three Oakland Police Officers Killed, One Critically Wounded After Traffic Stop
March 22nd, 2009Via: San Jose Mercury News: In the most horrific day in Oakland Police Department history, a parolee shot to death three police sergeants within two hours of one another Saturday afternoon. When officers tracked down the suspect, a fourth officer was shot and was in critical condition Saturday night. The three veteran officers killed were […]
FDIC Friday: Three Banks, Two Credit Unions Taken Over by Regulators
March 21st, 2009Via: MarketWatch: The pace of the ongoing credit crisis quickened significantly Friday when regulators seized three banks and placed two large corporate credit unions into conservatorship, citing a need to “stabilize the corporate credit union system.” Banks in Colorado, Georgia and Kansas were closed by regulators, bringing the number of bank failures this year to […]
13 Firms Receiving Federal Bailout Owe Back Taxes
March 19th, 2009It should get interesting around April 15th in the U.S… Via: AP: At least 13 firms receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes, a key lawmaker said Thursday. Rep. John Lewis, D-Ga., chairman of a House subcommittee overseeing the federal bailout, said two […]
Dollar Sharply Lower
March 19th, 2009Via: BBC: The dollar has fallen against all major currencies after the US Federal Reserve announced a plan to buy $1.2tn (£843bn) of debt to boost its economy. The dollar fell by 3.8% against the euro and by 3.6% against the pound. The US currency also declined against the yen, the Norwegian krone, the Australian […]
Scenes from the Recession
March 19th, 2009Via: Boston Globe: The state of our global economy: foreclosures, evictions, bankruptcies, layoffs, abandoned projects, and the people and industries caught in the middle. It can be difficult to capture financial pressures in photographs, but here a few recent glimpses into some of the places and lives affected by what some are calling the “Great […]
Fed to Pump Another $1 Trillion Into U.S. Economy
March 19th, 2009Via: IHT: The Federal Reserve sharply stepped up its efforts to bolster the economy on Wednesday, announcing that it would pump an extra $1 trillion into the financial system by purchasing Treasury bonds and mortgage securities. Having already reduced the key interest rate it controls nearly to zero, the central bank has increasingly turned to […]
FED TO BUY U.S. TREASURIES
March 19th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Well, guys, there it is. The main mechanism of U.S. debt financing has broken down. This is, by far, the most serious economic development to occur in my lifetime (I’m 37). What will happen, and when, as a result of this, […]
Department of Defense Ends Sale of Expended Military Brass to Remanufacturers
March 16th, 2009Kick your heels up on the crates of stuff that you were smart enough to buy beforehand because here comes trouble. Via: Shootist: It is an end-run around Congress. They don’t need to try to ban guns–they don’t need to fight a massive battle to attempt gun registration, or limit “assault” weapon sales. Nope. All […]
Bank of England: Britain Heading Towards 1930s-Style Depression
March 16th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. I’m not convinced that it’s going to be deflation. Not yet. Not with the printing presses preparing to go to afterburner. Your thoughts? Via: Telegraph: The country is displaying early symptoms of being trapped in a so-called “debt deflation trap” where […]
