Archive for the 'Economy' Category
DHL (Deutsche Post) to Fire 9,500 Workers in U.S.
November 10th, 2008Via: AP: Deutsche Post AG will close all of its DHL Express service centers, cut 9,500 jobs in the United States and eliminate U.S.-only domestic express shipping by land and air, the company said Monday, citing heavy losses and fierce competition. The Bonn-based company said the new round of cuts are on top of another […]
Circuit City Files for Bankruptcy Protection
November 10th, 2008Via: AP: Circuit City Stores Inc., the nation’s second-biggest electronics retailer, filed for bankruptcy protection on Monday but plans to stay open for business as the busy holiday shopping season approaches. It filed under Chapter 11 of the bankruptcy code, which will allow it to hold off creditors and continue operations while it develops a […]
Gordon Brown: Now Is the Time to Build Global Society
November 10th, 2008Via: Reuters: The international financial crisis has given world leaders a unique opportunity to create a truly global society, Britain’s Prime Minister Gordon Brown will say in a keynote foreign policy speech on Monday. In his annual speech at the Lord Mayor’s Banquet, Brown — who has spearheaded calls for the reform of international financial […]
Federal Reserve Refuses to Identify the Recipients of $2 Trillion Worth of Emergency Loans
November 10th, 2008You gotta prollem wit dat? Via: Bloomberg: The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral. Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional […]
Stunned Icelanders Struggle After Economy’s Fall
November 9th, 2008Via: New York Times: The collapse came so fast it seemed unreal, impossible. One woman here compared it to being hit by a train. Another said she felt as if she were watching it through a window. Another said, “It feels like you’ve been put in a prison, and you don’t know what you did […]
Treasury Prepares to Broaden Bailout Plan
November 8th, 2008In New Zealand, this would be called a, “Lolly Scramble.” Via: Reuters: The Treasury Department is preparing to open its $700 billion bailout package to companies outside the traditional banking sector, the Washington Post reported on Friday. The initiative would make it easier for the Treasury Department to help a broader variety of firms if […]
GM Reports Massive Loss; Nearly Out of Cash
November 7th, 2008Via: CBC News: General Motors shook an already embattled auto industry Friday as it reported a huge loss that was much worse than expected and warned it is in danger of running out of cash in the coming months. GM, the nation’s largest automaker, reported it lost $4.2 billion, or $7.35 a share, excluding special […]
Ron Paul Warns of Great Shift Toward Global Government Under Obama
November 7th, 2008Via: Infowars: Texas Congressman and 2008 presidential candidate Ron Paul has warned that the euphoria surrounding the election of Barack Obama combined with the overwhelming fear of major international crises could facilitate a cataclysmic shift toward a new world order. Appearing live on the Alex Jones show earlier today, the Congressman spoke of a feeling […]
Rahm Emanuel: One of the Biggest Recipients of Wall Street Money in Congress
November 7th, 2008Lobbying by the financial industry before and during the financial crisis has come under criticism from consumer groups, members of Congress and President-elect Barack Obama. “It’s ridiculous that the perpetrators of this mess should be the people dictating to Congress how to get out of it,” says Kathleen Day of the non-profit Center for Responsible […]
Just Three ‘Superbanks’ Now Dominate Industry
November 7th, 2008Via: MSNBC: The financial crisis that has been sweeping the globe has reshaped nearly every corner of the economy, but no industry has been altered more radically than banking. Several of the nation’s biggest banks have failed or been absorbed by healthier institutions, leaving three giant “superbanks” with an unprecedented concentration of market power: Bank […]
