Propping Up a Broken Capitalism
By Shamus Cooke
Five years ago it would be unthinkable that a harsh critique of capitalism would attract a mass audience. But this is exactly what Michael Moore’s new movie — Capitalism: A Love Story — has done. The source of Moore’s success is his willingness to focus on what the media [...]
Source: Reason
A WorldNetDaily story reports that the bill sponsored by Rep. Ron Paul (R-TX) that would call for an audit of the Federal Reserve has been “gutted” in a congressional committee. The legislation, H.R. 1207, would also close loopholes that prevent transparency of Fed actions. It currently has over 300 co-sponsors in the House.
In a [...]
Housing Rebound? Not So Fast
by Mike Whitney / November 2nd, 2009
Senate Democrats are a dogged bunch. And they’re not easily deterred from their primary duty of kowtowing the big banks. Case in point, the first-time home-buyer tax credit, the controversial bill which provides an $8,000 tax credit (re: subsidy) for new home buyers. Changes [...]
Arrest Warrant Issued for Alleged S. African Ponzi Schemer
November 1, 2009
Sydney, Australia
JTA Wire Service
An arrest warrant was issued for a Jewish South African businessman who is alleged to have duped investors in a Ponzi scheme.
Barry Tannenbaum is alleged to have defrauded investors out of $1.61 billion.
Finance Minister Pravin Gordhan said in parliament in Cape Town [...]
US Workers Starved Into Service
Common Dreams – 2009-10-23 by Sandy Leon Vest
It was only a matter of time before the nation’s skyrocketing unemployment translated into new recruits for the most powerful military force in the world.
With the official US unemployment rate at 10 percent and climbing (that’s more than 15 million people struggling [...]
ANGER STARTS TO SURFACE AGAINST THE BANKERS
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In this enlightening episode of On The Edge Keiser talks with former assistant secretary of the treasury Paul Craig Roberts. The segment with Roberts is very in depth, during it, Roberts talks about his most recent column titled, “U.S. Joins the Ranks of Failed States”.
Roberts who is credited with being the father of Reaganomics asserts [...]
Trends Research Institute Founder Predicts That the Worst Is Yet to Come
by Naresh Vissa
Recently [...]
How Did America Fall So Fast?
By Washington Blog
October 21, 2009 “Washington Blog” — In 2000, America was described as the sole remaining superpower – or even the world’s “hyperpower”. Now we’re in real trouble (at the very least, you have to admit that we’re losing power and wealth in comparison with China).
How did it happen [...]
Largest Transfer of Wealth to Financial/Political Elite in Global History
By Carl Herman
October 21, 2009 “LA County Nonpartisan Examiner” – Political “leadership” of the two oligarchy parties spin their economic policy as being for the public benefit. Professional economists increasingly cast economic policy in unprecedented harsh criticism, even calling for public demonstrations against what they claim [...]
Source: Huffington Post
WASHINGTON – The federal government has devoted $4.7 trillion to help the financial sector through its crisis, a level of assistance equal to about one-third of the overall U.S. economy, a watchdog report said Monday.
Under the worst of circumstances, the report said, the government’s maximum exposure could total nearly $24 trillion, or $80,000 [...]
WALL STREET PONZI SCHEME CONTINUES UNABATED
The Dow is at 10,000, the Federal deficit is breaking records, unemployment is skyrocketing and money is cheap ~ so let’s inflate the same debt bubble, continue Wall Street’s derivative Ponzi scheme and let Main Street take the risk while Wall Street takes the profit: Allen [...]
Source: CNN – Martina Stewart
A leading fiscal mind on Capitol Hill and a one-time Obama Cabinet pick sounded the alarm Sunday over the projected long-term financial challenges the country faces.
“This deficit is driven by us,” New Hampshire Republican Sen. Judd Gregg candidly said Sunday on CNN’s State of the Union when asked about the federal [...]
How Goldman Sachs Made $3 Billion 12 Months After We Bailed Their Lucky Asses Out
Dylan Ratigan|Oct. 18, 2009, 11:38 AM | 1,090 |17
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Tags: Wall Street, Economy, Goldman Sachs
How did Goldman, Sachs & Co. — [...]
Wow, this makes me mad:
How did Goldman, Sachs & Co. — saved a year ago by the US taxpayer — magically make $3 billion in 3 months a year later?
This as the US dollar collapses, unemployment soars and foreclosures hit a record?
Here is the Goldman, Sachs & Co. revenue break down for the past 3 [...]
Borrowing Trouble on Our Dime
by Becky Akers
by Becky Akers
Recently by Becky Akers: REAL [...]
The Rich Have Stolen The Economy
By Paul Craig Roberts
October 16, 2009 “Information Clearing House“ — Bloomberg reports that Treasury Secretary Timothy Geithner’s closest aides earned millions of dollars a year working for Goldman Sachs, Citigroup and other Wall Street firms. Bloomberg reports that none of these aides faced Senate confirmation. Yet, they are overseeing the [...]
Source: Zero Hedge
Max Keiser in his prime, discussing whether the crisis is over: “It’d not froth, it’s fraud. This is an incredible case of accounting fraud and the American peasants have got to be the stupidest people in the world today: they don’t mind becoming peasants, they don’t mind living like peasants, and if [...]
Source: MSNBC
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Student Loans are the New Indentured Servitude
By Mike Konczal
October 13, 2009 “The Atlantic” — The Wall Street Journal ran a post over the weekend about a new credit crunch among low income borrowers, noting it is now ‘payback time.’ What they didn’t go into is that their primary interviewee is drowning not on expensive cars [...]
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