Archive for the 'Economy' Category
Homelessness Rising; Shelters Overwhelmed
December 14th, 2008Via: Reuters: Homelessness and demand for emergency food are rising in the United States as the economy founders, a report said on Friday, and homeless advocates cautioned many cities were not equipped for the increase. A survey by the U.S. Conference of Mayors showed that 19 of 25 cities saw an increase in homelessness in […]
ECUADOR DEFAULTS
December 14th, 2008Via: Reuters: President Rafael Correa declared a default on Ecuador’s foreign sovereign bonds on Friday, vowing to fight “monster” debt-holders in court in one of most aggressive moves against investors in the region for years. Ecuador’s dollar-denominated debt prices plunged on news of its second default in a decade and the first in Latin America […]
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 […]
