deficit supercommittee officially admits failure
from forbes:
In a statement released after the bell, the so-called budget deficit Supercommittee officially announced it failed to produce $1.2 trillion in budget cuts over the next decade. Their failure, anticipated by many, led to a substantial market plunge on Monday and will supposedly trigger the automatic sequester proposition, which is designed to enact $1.2 trillion in cuts, evenly split between defense and domestic spending.
destined to fail super committee completely fails
from washington times:
For the uninitiated, America is drowning in debt. Barack Obama is piling on debt at an exponential rate while blaming everybody else for refusing to balance the books while he spends America into bankruptcy.
debt committee calls it quits without a deal
from cnn:
Well, it's official. The congressional debt committee is so over. To no one's surprise, the bipartisan panel called it quits on Monday without reaching any agreement on debt reduction, let alone the $4 trillion "grand bargain" that budget experts say is needed at a minimum to get a handle on the country's long-term fiscal problems... The hope, of course, was that the super committee -- given extraordinary and unprecedented powers -- would tackle the tough problems facing the country's budget, such as rising health costs and an unwieldy tax code no one likes.
epic failure: the supercommittee was a super joke*
related econocrash updates:
US economic conditions are 'terrifying',
recession chances are 50%*
postal chief seeks ability to cut costs to stem losses*
mf global revelations keep getting worse*
greenberg sues US over aig takeover*
foreclosure lawyers who dressed as homeless people are now jobless people*
foreclosure firm steven j. baum to close down*
video: thom hartmann on #ows anniversary*
from wamc:
The "Occupy Wall Street" movement marked its one month anniversary Monday, as demonstrations spread to new places. But, questions remain about whether the protests can turn into political action... The various protests under the "Occupy Wall Street" theme are not centrally organized, but are unified by the belief that too much power and wealth rests in the hands of just one percent of the population. The demonstrators have tied this to all matter of social ills, including the wars in Iraq and Afghanistan, the foreclosure crisis and high unemployment.
police state updates:
state dept-funded agitator in dc advising occupy crowds*
attacks on ron paul by 'operation wall street' insiders*
#ows call for 'global governance'*
is #ows a communist movement run by socialists who wish to bring down 'free enterprise' system?*
poll: majority of zuccotti park #ows would vote for obama, again*
coming soon - 'real world: occupy wall street'?*
racial tensions at occupy philly?*
insider says “something terrible is coming… so for now, i'm getting out" of nyc*
cia officer holds mystery assignment at nypd*
govt refuses foia request for 'secret' interpretation of patriot act*
darpa hopes to sniff out who has fallen prey to dangerous ideas*
tsa expanding 'chat-downs' experiment to detroit*
video: tennessee becomes first state to 'fight terrorism' statewide:
'department of safety & homeland security partners with federal, state agencies for statewide safety operation'*
is the US declaration of independence illegal?*
econocrash:
does one 'super-corporation' run the global economy?*
coming derivatives crisis could destroy global financial system*
new reality for cities: no money for street lights, roving packs of wild dogs & open-air drug markets*
US 'misery index' rises to highest since 1983*
pennsylvania district allows advertising in public schools*
unpaid student loans top $1t*
1st-class stamp will cost 45 cents in january*
tsa spent $56.8b to keep us safe, did it work?*
napolitano says dhs authorizing illegals to work in US*
mexican trucks due to begin going deep into US*
meanwhile, moody's suggests US eliminate debt ceiling...
from afp:
US President Barack Obama pressed polarized lawmakers Saturday to avert what he called economic "Armageddon" by quickly forging a deal to prevent an early August debt default by the world's richest country. "Simply put, it will take a balanced approach, shared sacrifice, and a willingness to make unpopular choices on all our parts," Obama said in his weekly radio address. "That means spending less on domestic programs," the president explained. "It means spending less on defense programs. ... And it means taking on the tax code, and cutting out certain tax breaks and deductions for the wealthiest Americans." The US government reached its debt limit of $14.29 trillion in May, and since then the Treasury Department has used special measures to allow the government to keep paying its bills. But unless the limit is raised by August 2, the Treasury says, growing spending and debt service commitments will force a default, which would have disastrous ripple effects throughout the global financial system.
video update: bankrupting america, history of US debt ceiling*
related econocrash updates: too big to fail?:
10 banks own 77% of all US banking assets*
dear mr. obama - setting the record straight*
banks pay back tarp funds by. . .borrowing from treasury*
taxpayers lose $1.3 billion as govt. exits chrysler*
congress addressing postal service losses*
video:
borders to shut down for good after deal collapses*
mortgage 'robo-signing' continues in michigan, other states*
video:
dallas county rental voucher event leads to stampede, injuries*
from afp:
Power in the global economy is shifting from the advanced world to Asia as recovery takes hold, Davos analysts said Wednesday, as political and business elites began their annual meeting. “What is really happening is a slowdown of the western world and the growth of the emerging markets. This is a complete shift in the balance of power,” Azim Premji, chairman of Indian software major Wipro, told the opening panel. “In 10 years, the economy of the emerging world will be … equal or slightly larger than the US economy,” added the billionaire at the World Economic Forum. China’s highest ranking official at the International Monetary Fund, Zhu Min, said that global recovery was still being driven predominantly by Asian giants India and China.
related econocrash updates:
bilderberg-owned 'the economist' says:
powerful elites run things in secret, but there's no conspiracy!*
here comes $4 gas, $5 cups of coffee*
washington state joins movement for public banking*
postal service eyes closing thousands of post offices*
mapping foreclosures for sale; google maps shows epidemic*
is this what the country's going to look like after the economy collapses?*
