Associated Press Writer= WASHINGTON (AP) — The Senate on Tuesday passed a $10 billion measure to maintain unemployment benefits for the long-term jobless and provide stopgap funding for highway programs after a holdout Republican dropped stalling tactics that had generated a Washington firestorm.
Some might say Jon Brumit overpaid when he stumped up $100 (£65) for a whole house. Drive through Detroit neighbourhoods once clogged with the cars that made the city the envy of America and there are homes to be had for a single dollar.
The word on Capitol Hill is that Senators Chris Dodd, D-Connecticut, and Bob Corker, R-Tennessee, are scheming to lose the proposed Consumer Financial Protection Agency (CFPA) -- the office that President Obama and progressive reformers have proposed to protect Americans from the rapacious abuses of big banks and credit card companies -- within the Federal Reserve bureaucracy.
Whether it's textiles in the Carolinas, paper in New England or steel in the Midwest, most industrial cities and mill towns "are on pins and needles," says Donald Schunk, an economist at Coastal Carolina University. "Day to day, week to week, any manufacturing facility seems vulnerable. People don't know if they'll be there."
The United States must embrace a blend of tax increases and spending cuts to rein in its deficit or face a potentially crippling debt crisis like the one in Greece, a top US lawmaker warned Monday.
New York’s Metropolitan Transportation Authority is preparing to adopt a savage round of service cutbacks and new attacks on the jobs and wages of transit workers, adding to the suffering in the midst of the biggest economic slump since the Great Depression of the 1930s.
A debate on the Senate floor Monday over unemployment compensation crystallized, at least for a moment, the divide between the two parties in Washington. Sen. Jon Kyl of Arizona, the Republican whip, argued that unemployment benefits dissuade people from job-hunting "because people are being paid even though they're not working."
Is there enough evidence to indict Ben Bernanke and Alan Greenspan on charges that they aided and abetted the banks and other financial institutions in the sale of fraudulent loans to investors? That depends on whether there is sufficient proof to show whether the two men KNEW that the nation's lenders were engaged in large-scale predatory lending and chose to do nothing. As we'll see, both Greenspan and Bernanke were warned repeatedly about the mortgage/derivatives scam by credible professionals and industry regulators, but failed to act.
Inaction by the US Senate last week will result in the cutoff of extended unemployment benefits and COBRA health care coverage to more than one million workers. The cutoff, which began to take effect Sunday night, demonstrates the unbridgeable social gulf between the working class and the denizens of Capitol Hill, both Democrats and Republicans.
“a situation exists in which it may be in the interests of the United States to seek a ‘cold war’ situation with Russia and China as a pretext for defaulting on its external debt, attacking Iran, taking direct control of all Middle Eastern oilfields and effective control of Europe”.
Throughout this report, I have presented statistical and fact-based evidence to demonstrate that a strategic attack has been launched against 99% of Americans. Despite the efforts of the mainstream media and most current politicians, awareness of this reality is spreading throughout the United States. A recent Rasmussen poll found that only 21% of Americans think that the government has the consent of the governed. An Opinion Research Corp. survey revealed that 86% believe “the system of government is broken.”
The International Monetary Fund wants more power to police the global financial system and a bigger role in emergency financing, managing director Dominique Strauss-Kahn said Friday. In a speech to the Bretton Woods Committee, a finance reform think tank in Washington, D.C., he claimed that a stronger IMF also warrants a new global reserve currency that would serve as an alternative to the U.S. dollar.
How did the big banks nearly take down the entire economy and still continue to profit? Nobel Prize-winning economist Joseph Stiglitz explains. Bankruptcy is a key feature of capitalism. Firms sometimes are unable to repay what they owe creditors. Financial reorganization has become a fact of life in many industries.
First-time jobless benefit claims last week rose to their highest level since the week ending November 14, according to the US Labor Department. The new jobless benefit numbers, together with other data, show that there is no economic recovery for the broad ranks of American workers.
Various political demagogues and Wall Street interests have mounted a campaign to convince Americans that despite persistent massive unemployment for the foreseeable future, more than 15 million people underwater on their home mortgages, and two unnecessary wars, what we really should be worried about is America's national debt.
Once this fact becomes common knowledge, it will probably mean jail time for several leading Goldman executives and the end of the firm. One of the best lessons I've learned over my career as an investment analyst is the myth of excellent management or "great execution" is really just that – a myth.
On Wednesday, Federal Reserve Chairman Ben Bernanke warned Congress that the Federal Reserve does not plan to "print money" to help Congress finance the exploding U.S. national debt. In fact, Bernanke told Congress that the U.S. could soon face a debt crisis as bad as the one in Greece if the U.S. government does not get things in order financially. This represents a fundamental change in policy for the Federal Reserve, because they have been enabling the massive borrowing by the U.S. government over the past couple of years by "buying" the majority of new U.S. government debt that has been issued. But now the fat cats over at the Federal Reserve have apparently changed their minds. Using uncharacteristic bluntness, Bernanke told Congress that the Federal Reserve is "not going to monetize the debt".
Depending on extended unemployment benefits to see you through the Great Recession? You'd better not: The Senate failed to push back the Feb. 28 deadline to apply for this safety net.
The pound slid to new lows on Friday after it emerged that an apparent improvement in Britain's growth late last year disguised the fact that the Office for National Statistics has actually cut its estimate of Britain's economic output.
In in a bid for corporate support on the eve of his televised health care summit with Republicans, President Obama on Wednesday told top CEOs gathered at the Business Roundtable that his health care reform would improve the competitiveness of their firms.
We have heard it all before: America is the world’s only superpower, the US military is unrivaled, and it’s GDP thriving. But what you don’t hear is that our economy is not supported by wealth accumulation or production, it is heavily propped up on borrowed money. The US is currently standing on a rug of insecurity that at any time can be pulled out from under us by foreign creditors who own the national debt and are financing our government.
Ongoing Congressional investigations into the AIG bailout have put the incestuous and murky relationship between the Federal Reserve and Wall Street in the spotlight--and put Treasury Secretary Timothy Geithner and Fed chair Ben Bernanke in the hot seat.
The US is heading for a debt-driven “financial meltdown” within five to seven years, according to Judd Gregg, the outgoing Republican senator for New Hampshire. In a robust and at times testy video interview for the Financial Times’s View from DC series, Mr Gregg also complimented China for showing rising alarm about the US’s mounting levels of public debt.
Billionaire financier Jim Rogers, former George Soros partner, predicts GB Pound is on the brink of a collapse, foreshadowing a huge global economic shakedown, worse than 2008/9. The UK Pound is on the brink of a collapse which will herald a downturn worse than 2008/9, it could well happen within weeks and the British government is powerless to prevent it. And this in turn will foreshadow a global economic winter that could come before the end of 2010 and make the last two years seem like a mild spring day.
NEW YORK (CNNMoney.com) -- The number of Americans filing for initial unemployment insurance surged to just below the 500,000 level last week, and have climbed more than 12% over the past two weeks, the government said Thursday. There were 496,000 initial job claims filed in the week ended Feb. 20, up 22,000 from a revised 474,000 the previous week, the Labor Department said in a weekly report. The prior week, there were 442,000 claims filed.
With the eruption of the European sovereign debt crisis, a new category has emerged in the bourgeois press—“profligate countries.” Commentaries routinely brand entire populations—beginning with the Greeks but extending well beyond—as having been living beyond their means. They must now suffer the consequences.
The number of new claims for unemployment benefits jumped unexpectedly last week as heavy snows caused layoffs to rise. The number of new claims for unemployment benefits jumped unexpectedly last week as heavy snows caused layoffs to rise. In addition, many state agencies in the mid-Atlantic and New England regions that process the claims were closed due to the storms and are now clearing out backlogs, a Labor Department analyst said. The department said Thursday that first-time claims for unemployment insurance rose by 22,000 to a seasonally adjusted 496,000. Wall Street analysts polled by Thomson Reuters expected a drop to 455,000. Bad weather can cause job losses in construction and other industries sensitive to weather.
It was an exchange largely ignored by the corporate media. Rep. Ron Paul asked Fed mob boss Ben Bernanke about $12 billion in cash. Paul said “a lot of cash was passed through — and a lot of people suppose it was passed through the Federal Reserve — when there was a provisional government [in Iraq] after the 2003 invasion. That money was not appropriated by the Congress as required by law.”
The president of Japanese automaker Toyota has appeared before US politicians in Washington to answer questions and apologise for the recall of millions of cars deemed unsafe. "I'm deeply sorry for any accident that Toyota drivers have experienced," Akio Toyoda told US congress members on Wednesday.
If we’re lucky, Thursday’s summit will turn out to have been the last act in the great health reform debate, the prologue to passage of an imperfect but nonetheless history-making bill. If so, the debate will have ended as it began: with Democrats offering moderate plans that draw heavily on past Republican ideas, and Republicans responding with slander and misdirection.
With the number of US households requesting home heating assistance reaching a record for the third consecutive year, state officials have warned that they may begin to refuse further applications unless Congress allocates more money for the Low Income Home Energy Assistance Program, or LIHEAP.
When it comes to financial matters, it's just good business to consider the enemy of your friend a potential ally in the future.
Sales of new homes plunged to a record low in January, underscoring the formidable challenges facing the housing industry as it tries to recover from the worst slump in decades. The Commerce Department reported Wednesday that new home sales dropped 11.2 percent last month to a seasonally adjusted annual sales pace of 309,000 units, the lowest level on records going back nearly a half century. The big drop was a surprise to economists who were expecting a 5 percent increase over December's pace.
Citibank’s recent announcement that it may require seven days notice prior to honoring withdrawals is just the latest small brushstroke on a much larger canvas being painted by the banking system and the US government. The broader picture is shocking for those watching as it comes into view. Americans must heed Martin Luther King’s warning, “today our very survival depends on our ability to stay awake.”
Treasury Secretary Tim Geithner made an appearance alongside IRS Commissioner Doug Shulman at the Joe Stack crash site in Austin, Texas. Their purpose was straightforward– to grandstand over an attack on a government agency and to set the scene for demonizing “anti-government beliefs.” The event was tightly controlled. Despite Geithner’s being a public figure, and setting the location along a public roadway, real media outlets were kept away on the premise that is was a private event by “invitation” only. This meant that only trusted network news stations were welcomed through. The Treasury Department, who ran the event, placed further restrictions on media access by setting a registration deadline:
There is an astonishing lack of anger among liberals, progressives and radicals who have abandoned emotion to the right. Our role model continues to be not FDR, still less Malcolm X, but our "bipartisan" and apparently tone-deaf President Obama. In this second or third year of a devastating depression, not just recession, that has inflicted an epidemic of suffering on the lower half of the American nation, Obama is very busy being fluent and civil while being essentially untouched by the rage felt by so many of us. Our world, as we have known it, is being annihilated, and nobody in power shows signs of giving a damn.
The number of "problem" U.S. banks jumped 27 percent during the fourth quarter of 2009 to 702, the highest level since 1993 and a sign the industry's recovery is still shaky, regulators reported on Tuesday. The Federal Deposit Insurance Corp said the industry overall eked out a profit of $914 million for the quarter, benefiting from a healing economy, but said the improvement was concentrated in the largest banks.
Good news, Americans are "downbeat about today. Upbeat about tomorrow," says the latest USA Today/Gallup Poll. "Americans feel battered by hard times, record home foreclosures, stubbornly high unemployment rates and war." And yes, we are "fed up with Washington and convinced more than 3 to 1 that the nation is heading in the wrong direction," yet there's "confidence that there will be better times ahead, that the classic American dream endures and hasn't been extinguished. It's not even at its low ebb." Why? Because we're in denial!
The value of Sterling plunged this afternoon after Bank of England chief Mervyn King told told MPs that Britain may have to print more money to boost the country's fragile economic recovery. Mr King sent the Pound into a fresh slump against the U.S. dollar after he admitted the Bank might extend its £200billion quantitative easing programme.
U.S. consumer confidence fell in February to the lowest in 10 months, as consumers' short-term outlook for the jobs market worsened, according to a private report released Tuesday. The Conference Board, an industry group, said its index of consumer attitudes fell to 46.0 in February from a revised 56.5 in the prior month. February's reading is the lowest since April 2009.
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