Showing posts with label bankrupt. Show all posts
Showing posts with label bankrupt. Show all posts

Wednesday, December 21, 2011

signs point to economic rise at end of 2011, but experts see false dawn

signs point to economic rise at end of 2011, but experts see false dawnfrom nytimes: As the fourth quarter draws to a close, a spate of unexpectedly good economic data suggests that it will have some of the fastest and strongest economic growth since the recovery started in 2009, causing a surge in the stock market and cheering economists, investors and policy makers.

In recent weeks, a broad range of data - like reports on new residential construction and small business confidence - have beaten analysts’ expectations. Initial claims for jobless benefits, often an early indicator of where the labor market is headed, have dropped to their lowest level since May 2008. And prominent economics groups say the economy is growing three to four times as quickly as it was early in the year, at an annual pace of about 3.7 percent.

But the good news also comes with a significant caveat. Many forecasters say the recent uptick probably does not represent the long-awaited start to a strong, sustainable recovery. Much of the current strength is caused by temporary factors. And economists expect growth to slow in the first half of 2012 to an annual pace of about 1.5 to 2 percent.

Even that estimate could be optimistic if Washington lawmakers fail to extend aid for the long-term unemployed and a payroll tax cut for the United States’ 160 million wage earners.

At stake is about $150 billion, the bulk of which would go to middle-class families and the unemployed. If Congress does not pass the measures, economists say, it would significantly weaken growth from already-damped levels anticipated early in the new year.


related econocrash updates:
getting worse: 40 ways america is in decline*

economy contributes to slowest population growth rate since 1940s*
video: automaker saab files for bankruptcy in sweden*

Monday, November 21, 2011

super congress debt committee an unsurprising fail

deficit supercommittee officially admits failure
super congress debt committee an unsurprising failfrom 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*

Tuesday, September 27, 2011

latest government shutdown crisis averted... for a month

from dpa: The US Senate passed a spending measure late Monday that for the third time this year averted a government shutdown over spending disagreements. A request for additional emergency money had threatened to bring the US government to a standstill again amid wrangling in Congress, until Senate leaders announced an agreement that avoided the issue altogether. The Senate passed 79-12 a short-term funding measure that will keep the government running through mid-November. The upper chamber of Congress avoided a looming shutdown over a request for additional money for the Federal Emergency Management Agency (FEMA). The agency had earlier said it needed additional money to make it through the fiscal year. But the disaster agency indicated Monday that it might be able to stretch its budget through to the end of week, when the budget year ends.

related econocrash updates:
fed plans to identify 'key bloggers'*
'super committee' meets in super secret*
banks to make customers pay debit card fee*
record low new home sales in 2011*
nine american cities going broke*
video: hallmark's new job loss greeting card*

Tuesday, September 13, 2011

poverty rate rises as incomes decline

poverty rate rises as incomes declinefrom cnnmoney: Amid a still struggling economy, more people in America fell below the poverty line last year, according to new census data released Tuesday. The nation's poverty rate rose to 15.1% in 2010, its highest level since 1993. In 2009, 14.3% of people in America were living in poverty. "The results are not surprising given the economy," said Paul Osterman, a labor economist at MIT. "You would expect with so many people unemployed, the poverty rate would go up. It's just another sign of what a difficult time this is for so many people." About 46.2 million people are now considered in poverty, 2.6 million more than last year. The government defines the poverty line as income of $22,314 a year for a family of four and $11,139 for an individual. The Office of Management and Budget updates the poverty line each year to account for inflation.

related econocrash updates:
poverty in america: a special report*
obama jobs plan: 10 reasons it's a bad joke*
20 signs of imminent financial collapse in europe*
here's why everyone's thinking that greece might default*
student loan default rate highest in 14yrs*
jpmorgan pays $88m in fines for trading with enemies*
ubs $2b 'rogue trade' suspect held in london*

Monday, July 18, 2011

obamessiah threatens 'armageddon', warns US 'running out of time'

meanwhile, moody's suggests US eliminate debt ceiling...
obamessiah threatens 'armageddon', warns US 'running out of time'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*

Tuesday, March 22, 2011

US 'approaching' insolvency, fix to be 'very painful'

US approaching insolvency, fix to be 'very painful'from reuters: The United States is on a fiscal path towards insolvency and policymakers are at a "tipping point," a Federal Reserve official said on Tuesday. "If we continue down on the path on which the fiscal authorities put us, we will become insolvent, the question is when," Dallas Federal Reserve Bank President Richard Fisher said in a question and answer session after delivering a speech at the University of Frankfurt. "The short-term negotiations are very important, I look at this as a tipping point." But he added he was confident in the Americans' ability to take the right decisions and said the country would avoid insolvency. "I think we are at the beginning of the process and it's going to be very painful," he added. Fisher earlier said the US economic recovery is gathering momentum, adding that he personally was extremely vigilant on inflation pressures. Fisher added that the U.S. Federal Reserve had ways to tighten its monetary policy other than interest rates, including by selling treasuries, changing reserves levels and using time deposits.

related econocrash updates:
supreme court denies effort to bar details of fed bailout*
financial times on 'how china should rule the world'*
detroit sets national record for population loss*
toyota tells US plants 'prepare to shut down'*
mccaskill admits failure to pay taxes on plane*
liberty dollar creator convicted in federal court *
billionaires flourish, inequalities deepen as economies 'recover'*
video: warren buffet says japan crisis creates 'buying opportunity'*

Monday, February 14, 2011

obamessiah releases $3.73t budget; phony partisan squabbling begins

as tax revenues drop, US borrows 40¢ of every dollar spent
obamessiah releases $3.73t budget; phony partisan squabbling beginsfrom voanews: One key reason that U.S. President Barack Obama, his Democratic Party allies in the Congress and rival Republicans are squabbling over the budget is that the budget deficit is expected to hit its highest level in decades. Newly published budget documents say the deficit is forecast to hit 10.9 percent of the gross domestic product in 2011. Many economists say deficits above 3 percent are not sustainable. Mr. Obama's proposed budget is supposed to cut the deficit to a bit over 3 percent by 2015 with a combination of spending cuts and tax increases. Those proposed reductions would cut billions of dollars from 200 programs, including some that help poor people pay heating bills and others that help cities build water treatment facilities. The revenue increases would come from ending some tax breaks for the wealthiest Americans and oil companies.

related econocrash updates:
video: borders files bankruptcy, closing up to 275 stores*
a disillusioned 99'er shares his disappointment with the american dream, welcomes death*
south carolina may adopt own currency*
'quarantines, mass evacuations, warrantless searches, slaughter of infected animals': a legal manual for an apocalyptic new york*
video: as wisconson shuts govt down, are americans finally reacting to economic rape?*

related obamessiah updates:
ron paul wins cpac presidential straw poll*
fox news passes off cpac 2010 footage of boos for ron paul as from cpac 2011*
sen. scott brown says he was abused by camp counselor as a child*
justice thomas silent on the bench for 5 years*
video: hillary heckled during speech*
veteran bloodied, bruised & arrested for standing silently*
ray mcgovern beaten as hillary smiles, talking about egyptian rights abuses*

Thursday, December 30, 2010

new world next week - dec30

new world next week: episode058 -
cyberwar on, banks fail, new year predictions



new world next week - dec30Welcome back one last time in 2010 to New World Next Week - the video series from Corbett Report & Media Monarchy that covers some of the most important developments in alternative news & open-source intelligence. This week:
Story #1: 2010 The Year The Internet Went to War
Related: Greenwald Challenges Wired on Refusal to Publish Manning Evidence

Story #2: 2010 Worst Year for Bank Failures Since 1992
Background: Inside the Global Banking Intelligence Complex

Story #3: 2011 - What's Coming
Related: Gerald Celente - Trends, Not Predictions for 2011
Related: Bob Chapman - 2011 Is Going to Be a Very Bad Year
Related: Daniel Estulin - Predictions 2011

Bonus: Media Monarchy Interview w/ Red Ice Radio on Wikileaks, Assange & The Pirate Party
Media Monarchy Mixtape007: Winter Wondaland & The Best of 2010
Subscribe to NewWorldNextWeek.com to get hi-quality episodes to download, burn & share. And as always, stay up-to-date by subscribing to the feeds from Corbett Report here & Media Monarchy here. Thank you.

download audio version of 'new world next week'*

previous episode: dec16 - medieval climate change, obamacare unconstitutional, gootube censorship

Wednesday, August 18, 2010

econocrash: hindenburg omen & the ecstasy of empire

dreaded 'hindenburg omen' will play out within weeks
from paul joseph watson: UBS Financial Services Director Art Cashin says that we’ll know within 3 or 4 weeks whether the dreaded Hindenburg Omen, a set of market factors that precede a stock market collapse, will unfold as many are now predicting. The Hindenburg Omen, named after the May 1937 Hindenburg disaster during which the German zeppelin LZ 129 Hindenburg suddenly caught fire and was destroyed, is a technical analysis that, when fulfilled, portends a greater likelihood of a stock market collapse. Although conditions for the Hindenburg Omen have been met previously without a subsequent stock market crash, there has never been an actual crash without it being preceded by a Hindenburg Omen.

related econocrash updates:
the purpose behind engineered economic collapse*
video: cnn mentions paul craig roberts' article:
the ecstasy of empire - 'without a revolution, americans are history'*
china & japan hold $1.6t in US debt*
china passes japan as 2nd-largest economy*
video: china swallows obama stimulus meant for US economy*
soros bailing out of US stock market*
stimulus funds go to states that need them least*
US says bankruptcies reach nearly 5yr high*
patent office has backlog of 700,000 applications & a 3yr wait*
budgets tight, school supply lists go beyond glue sticks*
wal-mart quietly raises prices*
homeless man lived in new jersey library for nearly 2 weeks*

Tuesday, July 06, 2010

expect 400k government layoffs at state, local level

expect 400k government layoffs at state, local levelfrom usatoday: Here's another headwind for a sputtering job market: State and local governments plan many more layoffs to close wide budget gaps. Up to 400,000 workers could lose jobs in the next year as states, counties and cities grapple with lower revenue and less federal funding, says Mark Zandi, chief economist for Moody's Economy.com. The development could slow an already lackluster recovery. Friday, the Labor Department said employers cut 125,000 jobs, mostly because 225,000 temporary U.S. Census workers completed their stints. The private sector added 83,000 jobs, fewer then expected, as the jobless rate fell to 9.5% from 9.7%...

Tuesday, April 27, 2010

econocrash: fortune, fail & the fed + geopolitiks update

chris ware's rejected fortune cover paints honest,
dismal picture of american capitalism

chris ware's rejected fortune cover paints honest, dismal picture of american capitalismfrom huffpo: When Fortune magazine asked comic book artist and Oak Park resident Chris Ware to design the cover of their "Fortune 500" issue, they were probably not expecting his "beautiful and Marxist" interpretation of modern capitalism. Chicagoist reported Friday that Ware was asked to design the May cover of the magazine, but his final product, which featured "Guantanamo Bay prisoners, Mexican factory workers, and a few potshots at business execs and money-grubbing politicians" was apparently not what Fortune had in mind--they killed the cover. Still, a high-resolution version of the Ware cover is making its rounds on the Internet - and fans are delighted.


Wednesday, March 24, 2010

wall street despised in poll showing most want real regulation

wall street despised in poll showing most want real regulationfrom bloomberg: Americans are leery about creating a new federal agency to make consumer-protection rules for mortgages and credit cards and would prefer to enhance the existing powers of banking regulators. Most people interviewed in the Bloomberg National Poll say they don’t like Wall Street, banks or insurance companies and favor letting the government punish bankers who helped cause the worst financial crisis since the Great Depression. Almost seven out of 10 people surveyed support using current bank regulators for consumer protection, backing positions held by the financial industry and Republicans over President Barack Obama’s proposal to establish an independent agency. The poll’s findings come as the White House and congressional Democrats pivot to focus more election-year attention on an unpopular political target - banks and Wall Street - following this week’s victory on health-care legislation.

related/updates:
people trust banksters less than random people on the street*
regulators shut 7 banks in alabama, georgia, minnesota, ohio & utah; 37 in 2010*
tax-refund law could benefit jpmorgan*
the end of saturday mail draws closer*
72% of dems, 84% of reps and 80% of indies
think economy could collapse (as if it hasn't already)
*

madoff geeks charged for writing book-cooking code*
appeals court orders fed to release bank bailout records*
explain why you sold uk's gold, gordon brown told*
video: paul schools geithner on austrian economics*
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