Skip the Happy Talk
This Depression Is Just Beginning
By Mike Whitney
How many hundreds of banks are being kept on life-support because the FDIC is down to its last few farthings and doesn't want to ignite a panic? Continue
Regulators shut down banks in five states: Regulators on Friday shut down banks in Florida, New Jersey, Ohio, Oklahoma and Illinois, boosting to 69 the number of federally insured banks to fail this year amid the pressures of the weak economy and mounting loan defaults.
NY AG: Banks Paid Bonuses That Were Substantially Greater Than The Banks' Net Income: The report says that combined, these three firms earned $9.6 billion, paid bonuses of nearly $18 billion, and received TARP taxpayer funds worth $45 billion. Why did this happen? Because, according to Cuomo, when times were good the bankers rewarded themselves based on performance. When the economy started to sour — they decoupled the bonus structure from reality and kept rewarding themselves.
Trader on Bloomberg says markets are manipulated and volumes 'ficticious'.: Video: Joe Saluzzi talks on Bloomberg and explains how machine trading is distorting the financial markets
Subpoenas Issued to Goldman Sachs, JPMorgan, U.S. Senator Says: A Senate panel seeking evidence of fraud tied to last year’s mortgage crisis has issued subpoenas to financial companies including Goldman Sachs Group Inc. and JPMorgan Chase & Co., said U.S. Senator Tom Coburn, a Republican from Oklahoma.
Prolonged aid to unemployed is running out: 1.5 million could lose benefits by end of year, according to group's research
Pay attention to your pension because you may lose it: The drive to dismantle the welfare state has a new target. Governments have already gutted unemployment insurance and social assistance. Out-of-date labour laws make it tough to organize unions in the new, decentralized, service-based economy. Now, thanks in large part to the dynamics of the recession, pensions are under attack.
Shuttered factories, shattered lives in US rust belt: Long lines at the unemployment offices. Empty shelves at the food banks. Boarded up businesses. Homes lost to foreclosure, their contents strewn on the street.
Obama admin won't rule out raising taxes on middle class: President Barack Obama's treasury secretary said Sunday he cannot rule out higher taxes to help tame an exploding budget deficit, and his chief economic adviser would not dismiss raising them on middle-class Americans as part of a health care overhaul.
UK: Why a third of women want to give up work to look after their children: A further six in ten would like to reduce their hours to spend more time with their young ones, the Government-backed study found.
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