Archive for the 'Economy' Category
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 […]
U.N. Panel Says World Should Ditch Dollar
March 19th, 2009Mmm hmm. Via: Reuters: A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar. Currency specialist Avinash Persaud, a member of the panel of experts, told […]
OIL UP 6%
March 19th, 2009Via: AP: Oil prices hit news highs for the year Thursday after a decision by the Federal Reserve to spend billions snapping up U.S. bonds sent the dollar tumbling. Oil is priced in dollars and when the U.S. currency weakens, it essentially makes crude cheaper. Benchmark crude for April delivery surged $3.39 to $51.53 a […]
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, […]
Goldman Sachs Offers Loans to “Stretched” Employees
March 18th, 2009I couldn’t make it up if I tried. Via: New York Times: Goldman Sachs got its bailout. Now some of its bankers, those aristocrats of Wall Street, apparently need a bit of a bailout too. Goldman, which accepted billions of taxpayer dollars last fall and, as learned Sunday, was also a big beneficiary of the […]
AIG: It’s Not the Bonuses. It’s That AIG’s Counterparties Are Getting Paid Back in Full
March 18th, 2009I’d bet that the choreographers of this scam assume that the average person doesn’t know the difference between million and billion. That’s the first bet. The second bet I’d make is that this entire spectacle has been concocted to shift the focus away from where the really big money is going. (Hint: Goldman Sachs.) So, […]
Obama Orders Treasury Chief to Try to Block A.I.G. Bonuses
March 17th, 2009Such concern for the taxpayers… I’d bet that the choreographers of this scam assume that the average person doesn’t know the difference between million and billion. That’s the first bet. The second bet I’d make is that this entire spectacle has been concocted to shift the focus away from where the really big money is […]
