7.7 Trillion Dollars And Counting You Ain't Seen Nothing Yet Citibank Flips The Bird To American Taxpayers Citizens’ Economic Stimulus Plan US drug enforcement agency complicit in drug trade, says Morales: Morales says evidence will be presented to President Obama: Bolivian leader Evo Morales on Thursday accused the US government of encouraging drug-trafficking as he explained his decision to banish the US Drug Enforcement Administration (DEA). Britain set to slash tax on goods and services: Britain was Monday expected to announce a cut in value added tax (VAT) to 15 percent from 17.5 percent to stimulate spending on goods and services as the nation faces recession. Obama may delay tax-cut rollback for wealthy: - President-elect Barack Obama may consider delaying a campaign promise - to roll back tax cuts on high-income Americans - as part of his economic recovery strategy, two aides said on Sunday. Citigroup Gets U.S. Rescue From Losses, Cash Infusion : The $20 billion of new cash comes on top of a $25 billion infusion the bank received last month under the Troubled Asset Relief Program, passed by Congress to shore up the financial industry. All US Financials Will be Nationalized in a Year: Manager: It's not preferable, but all major U.S. financial companies will eventually be under government control because the alternative is so much worse, Hugh Hendry, chief investment officer at hedge fund Eclectica Asset Management, said Friday. US October home price drop is new record: Today’s figures compare with the 4.86 million level reached in June, the lowest in a decade and 33 percent below the record reached in September 2005. Resales have fluctuated around a 4.96 million rate this year.
The Cost Of "Rescuing" The US Financial System
By Hamilton Nolan
US government has pledged more than $7.7 trillion of our tax dollars to "rescue" the financial system. How much is 7.7 trillion? Continue
"The problems we face today cannot be solved by the minds that created them" Albert Einstein
By Mike Whitney
It is vital to realize that markets are never under some obligation to stop falling merely because they have already fallen by an ungodly amount. It also is vital to explore how bad the worst-case scenario can get and to think about how you would respond if it comes to pass. Continue
By The New York Crank
Last week, while Congress was engineering a bailout package of the taxpayers’ money to rescue Citibank and save the economy, Citibank was sending out notices to its cardholders of a new and usurious policy — a policy that could drown consumers and help sink the economy. Continue
Stop Paying Credit Card Debt
By Richard C. Cook
Almost nothing has been done to help the consumers within the producing economy who have lost trillions of dollars in the stock market crash, seen the value of their homes fall in many cases below what they owe on their mortgages, and lost jobs or health benefits through the escalating recession. Continue
Monday, 24 November 2008
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