Archive for the 'Economy' Category
Brother, Can You Spare a Trillion?
March 7th, 2009Via: Solari: The full page ad in Ruppert Murdoch’s Wall Street Journal for its “Future of Finance Initiative” starts off by saying that the financial system has stopped working. I completely disagree. The financial system is working for the first time since Bob Rubin and his colleagues created the “strong dollar policy” complete with gold […]
‘America’s Workers Being Clobbered by a Relentless Wave of Layoffs Unlikely to Ease Anytime Soon’
March 6th, 2009Via: AP: The nation’s unemployment rate bolted to 8.1 percent in February, the highest since late 1983, as cost-cutting employers slashed 651,000 jobs amid a deepening recession. Both figures were worse than analysts expected and the Labor Department’s report shows America’s workers being clobbered by a relentless wave of layoffs unlikely to ease anytime soon. […]
Obama Says to Buy Stocks
March 6th, 2009Via: Automatic Earth: President Obama must be starting to sweat, maybe hyperventilate and perhaps even panic. In a move that is prone to kill a political career if it turns out wrong (and it will), he suggested today that this may be a good time for Americans to buy stocks. Now, I don’t care if […]
Unemployed Place Their Bets on Casino Jobs
March 6th, 2009Via: CNN: Sometimes the best way to roll with the punches is to roll the dice. That’s Jerry Goldsmith’s attitude. The Colorado man lost his engineering job of 29 years — and the six-figure salary that went with it — and is now applying for a casino job dealing craps, blackjack, roulette and poker. “I […]
SENATE MOVES TO ALLOW FDIC TO BORROW $500 BILLION
March 6th, 2009Do you remember what the head of the FDIC said two days ago? “Banks, not taxpayers, are expected to fund the system,” Bair said. Asking for taxpayer support “could paint all banks with the ‘bailout’ brush.” And now… Via: Wall Street Journal: Senate Banking Committee Chairman Christopher Dodd is moving to allow the Federal Deposit […]
Does New Zealand Face the Fate of Iceland?
March 5th, 2009Privately, with friends and family, I’ve been referring to New Zealand as Iceland 2. The financial situation here is not quite as absurd as Iceland’s, but the comparison is legitimate because of New Zealand’s extremely high debt load. —NEW ZEALAND FOREIGN DEBT SITUATION CRITICAL: “ADJUSTMENT” IMMINENT, WILL BE FORCED ON THE COUNTRY IF NECESSARY I […]
One in 8 U.S. Households Late Paying or in Foreclosure
March 5th, 2009Via: Reuters: About one in every eight U.S. households, a record share, ended 2008 behind on their mortgage payments or in the foreclosure process as job losses intensified a housing crisis spawned by lax lending practices, the Mortgage Bankers Association said on Thursday. With unemployment at a 16-1/2-year high and rising, more borrowers will be […]
Chavez Orders Expropriation of Cargill Rice Plant
March 5th, 2009Via: AP: President Hugo Chavez ordered the expropriation of a rice-processing plant in Venezuela owned by American food giant Cargill Inc. on Wednesday because the company allegedly was not distributing rice at prices imposed by the government. The socialist leader also threatened to nationalize Venezuela’s largest food producer, Empresas Polar, amid rising tension between his […]
GM Auditors Raise the Specter of Chapter 11
March 5th, 2009Via: AP: General Motors Corp.’s auditors have raised “substantial doubt” about the troubled automaker’s ability to continue operations, and the company said it may have to seek bankruptcy protection if it can’t execute a huge restructuring plan. The automaker revealed the concerns Thursday in an annual report filed with the U.S. Securities and Exchange Commission. […]
The International
March 5th, 2009The International – Official Site Via: Wikipedia: Plot Interpol agent Louis Salinger (Clive Owen) and Manhattan Assistant District Attorney Eleanor Whitman (Naomi Watts) are determined to bring to justice one of the world’s most powerful banks, the International Bank of Business and Credit. Uncovering illegal activities including money laundering, arms trading, and the destabilization of […]
