Another Real Estate Crisis Is About To Hit Political Interference Seen in Bank Bailout Decisions:
By Paul Craig Roberts
The growth of debt has outpaced the growth of real output. Yet, the solution offered by Obama’s economic team is to expand debt further. This is not surprising as Obama’s economic team consists of the very people who brought on the debt crisis. Now they are going to make it worse.Continue
By DAMIAN PALETTA and DAVID ENRICH
Barney Frank Goes to Bat for Lender, and It Gets an Infusion. Continue
First 100 Days: Manufacturing a dream and a recovery: Nearly one in four manufacturing jobs has vanished since 2000, and 40,000 factories have closed since 1998. Last year, manufacturing accounted for nearly a third of all lost jobs in the U.S., while factory orders plummeted to record lows.
Jobless claims surge and housing starts tumble: The worst financial crisis since the Great Depression of the 1930s is forcing companies to slash jobs, creating a vicious cycle for an economy mired in a year-long recession.
Despite billions, banks still teeter on the brink: Wall Street is losing faith in Washington's efforts to fix the financial crisis. As bank losses pile up and bank stocks plunge, investors have an urgent question for the new Obama administration: What's the plan?
House Rejects Obama's Request For Rest Of TARP: President Barack Obama's economic recovery plan, including proposals to award a $500 tax credit to most workers and to help the laid-off hang onto their health insurance, met Republican resistance Thursday as it began moving through the House.
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