Archive for the 'Collapse' Category
Banks Not Disclosing What They Did with Bailout Cash
December 22nd, 2008Total, blatant, shameless, top to bottom fraud. Via: AP / CNBC: It’s something any bank would demand to know before handing out a loan: Where’s the money going? But after receiving billions in aid from U.S. taxpayers, the nation’s largest banks say they can’t track exactly how they’re spending the money or they simply refuse […]
Bank of Spain Chief: World Faces “Total” Financial Meltdown
December 22nd, 2008Via: AFP: The governor of the Bank of Spain on Sunday issued a bleak assessment of the economic crisis, warning that the world faced a “total” financial meltdown unseen since the Great Depression. “The lack of confidence is total,” Miguel Angel Fernandez Ordonez said in an interview with Spain’s El Pais daily. “The inter-bank (lending) […]
Toyota Forecasts Its First Operating Loss in 71 Years: “We’re facing an unprecedented emergency situation. Unfortunately, we can’t see the bottom.”
December 22nd, 2008Via: Bloomberg: Toyota Motor Corp., the world’s second-largest automaker, forecast its first operating loss in 71 years on plummeting demand, prompting Moody’s Investors Service to consider downgrading the company’s top-rated credit. The carmaker will post a 150 billion yen ($1.7 billion) loss in the year through March, it said in a statement today, scrapping a […]
Israeli Blockade ‘Forces Palestinians to Search Rubbish Dumps for Food’
December 21st, 2008Via: Guardian: Impoverished Palestinians on the Gaza Strip are being forced to scavenge for food on rubbish dumps to survive as Israel’s economic blockade risks causing irreversible damage, according to international observers. Figures released last week by the UN Relief and Works Agency reveal that the economic blockade imposed by Israel on Gaza in July […]
Madoff Can’t Leave Apartment, Prosecutors Fear ‘Harm or Flight’
December 20th, 2008Mmm hmm. Via: Bloomberg: Bernard Madoff, accused in a $50 billion investment fraud, was placed under 24-hour house arrest in his $7 million New York City apartment after prosecutors warned of his “harm or flight.” Madoff, 70, had been subject to electronic monitoring and a 7 p.m. curfew under a Dec. 17 court order. Now […]
Schwarzenegger Orders Unpaid Leave for State Workers
December 20th, 2008Via: Bloomberg: California Governor Arnold Schwarzenegger today ordered all state workers to take two days of unpaid leave each month to conserve money amid a record budget deficit and a legislative impasse over how to fix it. The furloughs will begin in February and will last through June 2010, Schwarzenegger said in an executive order. […]
Las Vegas: Hundreds Line Up for Shot at Fewer Than 50 Jobs at New Fast-Food Store
December 20th, 2008Via: Las Vegas Sun: If president-elect Barack Obama could have stepped out of the flat-screen TV on the wall of the Holiday Inn Express on Rainbow Boulevard on Monday, he would have come face to face with the stark reality of the economy. As rain pelted the roads and Obama announced more Cabinet appointments, close […]
Four Really, Really Bad Scenarios
December 18th, 2008I found this one most interesting. Via: Politico: The Alternate-Dollar Nightmare “The Number One vulnerability is the dollar itself,” Rickards concluded. “We’re printing them and shoving them out the door, and the Fed is basically out of bullets. So why hasn’t the dollar collapsed? The short answer is, global investors don’t have any other choice.” […]
Chrysler to Shut All Factories for a Month, GM Will Shut 20 Factories for Part of Q1
December 18th, 2008It’s snowballing now. Via: New York Times: Chrysler said Wednesday that it would close all its factories for at least one month, starting at the end of this week, in response to plunging vehicle sales in the United States. Chrysler said Wednesday that it would close all its factories for at least one month, starting […]
Change We Can Believe In: Obama Chooses Monsanto Creature, Tom Vilsack, for Secretary of Agriculture
December 18th, 2008The fever dream reality of the Obama hive mind goes something like this: Obama is just pretending to be evil so that he can get into power, but then the Hope and Change, etc. will flow. —The Cognitive Mechanism Behind Political Fundamentalism… And Probably Lots of Other Fundamentalisms We have just lost cabin pressure, and […]
