Archive for the 'Economy' Category
FDIC Friday: Banks in Georgia, North Carolina, Kansas Closed by Regulators
June 20th, 2009Via: Bloomberg: Banks in Georgia, North Carolina and Kansas with total assets of $1.5 billion were closed yesterday, bringing this year’s tally of failures in the U.S. to 40 amid the highest unemployment in a quarter century. State regulators shut Southern Community bank of Fayetteville, Georgia and Cooperative Bank in Wilmington, North Carolina. The Office […]
Consumers Could Get Up to $4,500 Toward New Car
June 19th, 2009What did the filthy criminals on Wall Street have to buy to get their taxpayer funded bonus payments? Via: AP: Car shoppers could take advantage of government incentives worth up to $4,500 this summer to send their old gas guzzler to the scrap heap in favor of a more fuel-efficient new vehicle. President Barack Obama […]
U.S. Treasury Will Attempt to Auction a Record $104 Billion In Debt Next Week
June 19th, 2009And the Fed will just hit the BID button when nobody else will. Via: CNBC: 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. The sales will exceed the previous record of $101 billion set […]
Allen Stanford Surrenders to FBI
June 19th, 2009Via: Washington Post: R. Allen Stanford, under investigation in an alleged $8 billion fraud involving sales of certificates of deposit through his Antiguan bank, surrendered to federal agents yesterday, his attorney said. The case is one of the largest alleged financial frauds in U.S. history and comes just months after New York financier Bernard L. […]
Cash to Become Extinct as Chips Take Off
June 18th, 2009Via: News AU: CASH is accelerating down the path to extinction as new technologies threaten to mark the end of loose change within a decade. Bank and credit union bosses say cash won’t be alone, with wallets and credit cards also likely to disappear too. They told The Advertiser’s round table forum that cash and […]
New York Home Prices Forecast to Drop 40%
June 18th, 2009Via: Time: What’s it feel like to survive one hurricane only to be told that another is on the way? New York City–area homeowners are in just that spot. After the region suffered the brunt of financial-industry cutbacks, the next big wave of woe could be a nor’easter of collapsing home prices. That’s the forecast […]
“This Was a Failure of the Entire System,” Obama Said; Solution? Make the System Bigger
June 17th, 2009More ministries, Comrade. Always more ministries! In this case, we need a Ministry of Ministry Supervision. In Fiat Currency Hell, endless financial complexity allows for swindling at heretofore unthinkable levels. This may sound counterintuitive, but the purpose of expanding the regulatory machinery is to facilitate even vaster amounts of fraud. This is what happens when […]
Russia, China to Promote Ruble, Yuan Use in Trade
June 17th, 2009Via: Bloomberg: The leaders of Russia and China agreed to expand use of the ruble and yuan in bilateral trade to lessen dependence on the U.S. dollar a day after they took part in the first summit of the so-called BRIC countries. “We agreed to take further steps in this direction, including, perhaps, by adjusting […]
Fed Buying Treasuries; China Selling Treasuries
June 17th, 2009Here’s some music to accompany this post. Amazon.com Widgets Via: Reuters: The Federal Reserve is buying Treasuries maturing May 2016 through May 2019 on Wednesday, the New York Federal Reserve said on its Website. The purchase, which started at 10.16 a.m. (1416 GMT) and ends at 11 a.m. (1500 GMT), is part of the U.S. […]
Ahmadinejad Stresses Need for a New World Order
June 16th, 2009Via: PressTV: Iran’s President Mahmoud Ahmadinejad calls for the creation of a new world order in dealing with the many challenges arising in the international political arena. “What we need now is a dramatic change in world political thought,” said President Ahmadinejad in a Tuesday address to the Shanghai Cooperation Organization (SCO) in Moscow. “Western-style […]
