Archive for the 'Economy' Category
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 […]
Toronto Stock Exchange Suffers Daylong Trading Halt
December 18th, 2008Via: Bloomberg: The Toronto Stock Exchange suffered a daylong trading disruption after a computer failure prevented quotes from being disseminated, causing the worst halt for a major market since September. Most trading on Canada’s biggest stock market didn’t begin on schedule at 9:30 a.m. in Toronto, and buying and selling was halted about 20 minutes […]
Bailout Payout Tops $8 Trillion
December 17th, 2008Via: Politico: As the holiday season commences, it’s worth taking stock of the last gift that President George W. Bush and the 110th Congress have left for U.S. taxpayers. It’s a package of about $8.7 trillion dollars’ worth of potential taxpayer commitments for loans, guarantees and other bailout goodies for businesses and distressed homeowners. Amid […]
OPEC LOOKING TO CUT OIL PRODUCTION BY 2.5 MILLION BARRELS PER DAY
December 17th, 2008Via: Reuters: OPEC ministers continued their meeting on Wednesday, with the possibility of an even bigger supply cut of 2.5 million barrels per day being agreed, OPEC delegates said. “We want a big cut,” said one of the delegates. “And 2.5 is on the table and a possibility.” OPEC ministers have been focusing on a […]
Federal Reserve Sets Stage for Weimar-style Hyperinflation
December 17th, 2008Via: Engdahl: The Federal Reserve has bluntly refused a request by a major US financial news service to disclose the recipients of more than $2 trillion of emergency loans from US taxpayers and to reveal the assets the central bank is accepting as collateral. Their lawyers resorted to the bizarre argument that they did so […]
Pictures: Greek Riots
December 17th, 2008Boston Globe Research Credit: DP
Citibank’s Computers Down, Blocking Account Info
December 17th, 2008Via: AP: Customers of New York City-based Citibank have lost access to much of their account information because of a computer outage. Many of the troubled bank’s clients haven’t been able to retrieve account details online or by telephone since Tuesday afternoon. Others can access only parts of their account profiles. Citibank telephone representatives say […]
New York: Massive Tax Increases
December 17th, 2008How about actually cutting the budget!? Unthinkable. Via: New York Daily News: Gov. Paterson released a $121 billion slash-and-burn budget Tuesday morning that slams New Yorkers with 88 new fees and taxes – even on their iPods. Calling the budget the “greatest economic and fiscal challenge of our lifetimes,” Paterson acknowledged his spending plan cuts […]
Fed Rate Cut to Record Low
December 17th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. On gold, I expected more of an initial move above $850 than what actually materialized (spot hit $860.70). However, if the move is going to be sustained, it will go in waves. There’s a surge and then consolidation, surge, consolidation, etc. […]
Madoff’s “Auditing” Firm: Friehling & Horowitz, One Room Office, Three Employees
December 16th, 2008Via: Bloomberg: The auditor for Bernard L. Madoff Investment Securities LLC, whose namesake was charged in a $50 billion Ponzi scheme last week, is under investigation by the district attorney in New York’s Rockland County, a northern suburb of New York City. The New City, New York, auditing firm Friehling & Horowitz signed off on […]
