California Goes Broke, Halts $3.5 Billion in Payments
By Stephen C. Webster
California, the eighth largest economy in the world, is broke. "People are going to be hurt starting today," said Hallye Jordan, speaking on behalf of the state Controller. "There's no money." Continue
The Perfect Storm
By Vladimir Putin
I just want to remind you that, just a year ago, American delegates speaking from this rostrum emphasised the US economy's fundamental stability and its cloudless prospects. Today, investment banks, the pride of Wall Street, have virtually ceased to exist. In just 12 months, they have posted losses exceeding the profits they made in the last 25 years. This example alone reflects the real situation better than any criticism. Continue
Obama suffers blow over nominees: Former Senator Tom Daschle has withdrawn his nomination as US health and human services secretary after a controversy involving unpaid taxes.
EU attacks 'Buy American' clause: The EU has increased its pressure on the US to reconsider the "Buy American" clause in the $800bn (£567bn) economic recovery package now before Congress.
Bankrolling charitable gifts: Financial firms and other companies receiving billions of dollars in federal bailout money spent hundreds of thousands of dollars to pay for meetings and charitable gifts on behalf of lawmakers.
The Whole World Is Rioting as the Economic Crisis Worsens -- Why Aren't We?: The Telegraph (UK) warned last month that protests over governments' handling of the crisis "are widespread and gathering pace," and "may spark a new revolution":
Ford and GM see big fall in sale: Sales at Ford plunged 42% last month from a year earlier, while those at GM declined even further, slumping 49%.
GM Worker: Buyout's An "Insult" : "Personally i take it as an insult that you think you could buy me for $20,000 and a car," says Trent Bogle, who works at Lansing's Delta Township plant.
Posts
