Archive for the 'Economy' Category
Peter Schiff on CNN International
December 14th, 2008It’s all stuff that you’re familiar with, but watch what happens at the end of the clip. (Woops!)
Obama’s Economic Team Planning for Global Economic Collapse
December 13th, 2008“There’s going to be a crisis come along on the 21st or 22nd of January that we don’t even know about right now.” —Colin Powell, October 2008 Mmm hmm. Via: The Atlantic: It’s quite unsettling to talk to members of Barack Obama’s transition teams these days, especially those who are helping with the economics portfolio. […]
‘Already Bankrupt’ GM Won’t Be Rescued by U.S. Loan
December 13th, 2008I’m not as convinced as these guys in the piece below. This is already a make-it-up-as-you-go kind of show. Why couldn’t Hank and Ben just wave their magic wands and declare that GMAC qualifies as a bank, or whatever other damn thing they want to call it? Via: Bloomberg: For General Motors Corp., the question […]
U.S. Treasury Standing By to Begin Nationalization of Big 3 Automakers
December 12th, 2008Fear not, Comrade! The U.S. Government’s Ministry of Shitty Automobiles will begin drawing up plans for the Zaporozhets Liberty soon enough. Via: AFP: The US Treasury said Friday it is “ready” to avert the collapse of the Big Three US automakers until Congress can address their problems, a spokeswoman said Friday. “Because Congress failed to […]
Fed Refuses to Disclose Recipients of $2 Trillion in Lending
December 12th, 2008Well, any guesses as to where this $2 trillion went!? Via: Bloomberg: The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral. Bloomberg filed suit Nov. 7 under the U.S. Freedom […]
Former Chairman of the Nasdaq Stock Market Ran $50 Billion Hedge Fund as Ponzi Scheme
December 12th, 2008I couldn’t make it up. I routinely use the term Ponzi Scheme to describe financial matters, but this one takes the cake for sure. How many more hedge funds are Ponzi Schemes? I know. I know. The peanut gallery will howl, “All of them.” Seriously, how many of them are no shit, top to bottom, […]
Bank of America to Cut Up to 35,000 Jobs
December 12th, 2008Via: Reuters: Bank of America Corp said on Thursday it plans to eliminate 30,000 to 35,000 jobs over three years, reflecting its pending purchase of Merrill Lynch & Co and weaker business activity stemming from the economic recession. The cuts could affect as much as 11.4 percent of the combined companies’ workforce of about 308,000 […]
Jim Rogers: Most Big U.S. Banks “Bankrupt”
December 12th, 2008Via: Reuters: Jim Rogers, one of the world’s most prominent international investors, on Thursday called most of the largest U.S. banks “totally bankrupt,” and said government efforts to fix the sector are wrongheaded. Speaking by teleconference at the Reuters Investment Outlook 2009 Summit, the co-founder with George Soros of the Quantum Fund, said the government’s […]
Win: Republic Windows Workers Get Paid What They’re Owed
December 11th, 2008Let’s take a look at different ways of getting through to management. From 1999 to early 2002, I was the head of information technology for a doomed startup company. I didn’t take vacation time, and I stupidly believed management when they said that I’d be paid later. As they went into crisis mode, all the […]
Bratislava Resident Renounces American Citizenship, Becomes Stateless Person
December 11th, 2008Via: nostate.com: Citing US war, human rights abuses, rapacious state capitalism and hypocrisy, Bratislava resident Michael Gogulski announced today that he has renounced his United States citizenship and become a stateless person as a means of “political divorce”. Gogulski, 36, renounced his citizenship on 8 December 2008 at the American embassy in Bratislava, surrendering his […]
