Wall Street banks in $70bn staff payout
Pay and bonus deals equivalent to 10% of US government bail-out package
* Simon Bowers
* The Guardian,
* Saturday October 18 2008
Financial workers at Wall Street’s top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, […]
but look at some of the sections of the proposal and other money-burning incidents from the reign of the junior king.
Thanks to Think Progress for the following tidbits.
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Sec. 8. Review: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any […]
“I’ve got to find a way yo get those stiffs off my property!”
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Foreclosures come to McMansion country
By Andy Sullivan 53 minutes ago
LEESBURG, Virginia (Reuters) - Million-dollar fixer-upper for sale: five bedrooms, four baths, three-car garage, cavernous living room. Big holes above fireplace where flat-screen TV used to hang.
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The U.S. housing crisis has come to […]
Reuters
More than 50 percent chance of U.S. recession: Greenspan
By Sonya Dowsett
Sun Apr 6, 6:15 AM ET
There is more than a 50 percent chance the United States could go into recession, former Federal Reserve chairman Alan Greenspan told El Pais newspaper in an interview published on Sunday.
However, the U.S. has not yet entered recessionary state marked […]
The Times
March 31, 2008
US credit crunch hits education as banks abandon student loans
Suzy Jagger in New York
One of America’s leading banking associations has given warning that the United States faces a growing educational apartheid as some lenders withdraw from student loans amid new evidence that the credit crisis has spread across all types of borrowing.
In […]
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…which is a lot more than he did during the Katrina fiasco.
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The New York Times
March 17, 2008
Bush, Praising Fed’s Intervention, Faces Criticism
By STEVEN LEE MYERS
WASHINGTON — As President Bush welcomed the Federal Reserve’s sweeping intervention in the financial markets, his administration faced accusations Monday that it supported the bailout of a prestigious investment bank while […]
The New York Times
March 17, 2008
JP Morgan Pays $2 a Share for Bear Stearns
By ANDREW ROSS SORKIN
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In a shocking deal reached on Sunday to save Bear Stearns, JPMorgan Chase agreed to pay a mere $2 a share to buy all of Bear — less than one-tenth the firm’s market price on Friday.As part of the […]
Capitol Hill Blue
Bush’s legacy: An America in decline
March 17, 2008 - 5:55am
President Bush’s unilateral decision to invade Iraq five years ago has not only cost America power, influence and prestige but has also plunged the nation into economic chaos and left America with lagging morale and hope for the future.
That’s the conclusion of an increasing […]
I think it’s merely an example of what happens when the leader is a rogue at best–an outlaw at worst. There are no pictures because this story is graphic enough for most humans.
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Updated 11:10 a.m. EST, Fri February 29, 2008
Rogue debt collectors — how to fight them
By Jen Haley
CNN
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(CNN) […]
I Gimped this photo in early August during President Sarkozy’s visit.
Who could have thought it would prove to be a Hip-Hop omen?
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French President Nicolas Sarkozy jogs along Lake Winnipesaukee in Wolfeboro, New Hampshire. US newspapers on Sunday avoided editorial comment on a meeting between Presidents George W. Bush of the United States and Sarkozy, […]
Bush Dismisses Iraq Recession: The War Has ‘Nothing To Do With The Economy’
Think Progress
February 18, 2007
This morning on NBC’s Today Show, President Bush denied that the there’s any link between the faltering U.S. economy and $10 billion a month being spent on the Iraq war. In fact, according to Bush, the war is actually helping […]
Oh? THAT economy!
New York Times
February 8, 2008
Weak January Dashed Retailers’ Gift-Card Hopes
By THE ASSOCIATED PRESS
Here is a sign of how shaky the economy is becoming: Wal-Mart says its shoppers are redeeming their holiday gift cards for basic items — pasta sauce, diapers, laundry detergent — rather than iPods and DVDs.
Merchants had hoped that shoppers […]
William Greider
01/11/2008 @ 3:48pm
Recession Refocuses Campaign Strategies
by The Nation
When Goldman Sachs announces recession and the Federal Reserve
chairman on the same day promises ready-to-go interest rate cuts, you
can take it to the bank: the recession is official. The 2008
campaign’s refreshing spirit–the chorus of “change, change, change”–
is joined by a more traditional theme. “Jobs, jobs, jobs.” Suddenly,
everyone […]