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These pages list the most recent news stories reported by the readers and editors of Freedom's Phoenix:
The first 12 months of the U.S. recession saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed. The world’s largest economy contracted 1.9 percent from the fourth quarter of 2007 to the last three months of 2008, compared with the 0.8 percent drop previously on the books, the Commerce Department said today in Washington
Here at Casey Research, we've been watching the actions of foreign holders of U.S. dollars as closely as a Las Vegas pit boss watches a card player on a $1 million winning streak. Many of those in the deflation camp largely, or entirely, ignore the potential role these foreign holders may play in the drama now unfolding. But in fact, foreigners have, over the last decade, been by far the single most important source of buying for U.S. Treasuries. Given the Treasury's need to flog on the order of $3 trillion worth of its unbacked paper this year just to keep the government's doors open - and that is a four- or fivefold increase over 2008 - the foreign buyers not only have to show up for the Treasury auctions, they have to show up in droves.
This article won't talk about how Uncle Sam has taken majority ownership in a number of financial giants and car companies. Everyone knows about that. There are a lot of other reasons the market is not free. For example, Two new quotes show that Uncle Sam has replaced individual investors. As bond king Bill Gross says: (As I wrote last September, the government's involvement in the economy has become a lot like the movie "Weekend at Bernie's").
Follow the Money! Goldman (Government Sachs) knows how to hold em and how to fold em! GE was nearly BROKE but with Govt. Sachs having huge interests in the bogus Crap and Tax and knowing that GE will make out $$$ well lookey here!
A senior House Democrat threatened banks if they don't volunteer to save more homeowners from foreclosure, Congress will make them. Rep. Barney Frank said Congress will revive legislation that would let bankruptcy judges write down a person's monthly mortgage payment if the number of loan modifications remain low. Frank, chairman of the House Financial Services Committee, also said his committee won't consider legislation to help banks lend unless there is a "significant increase" in mortgage modifications.
Citigroup (C) is considering paying a $100 million bonus -- to one guy. This is the same Citigroup that received $45 billion in bailout money. The same Citigroup that will soon be 34% owned by the U.S. government. The same Citigroup that has lost 95% of its share value since 2007.
Fitch's has found that JP Morgan Chase, Bank of America, Goldman Sachs, Citigroup, and Morgan Stanley together hold 80% of the country's derivatives risk, and 96% of the exposure to credit derivatives: About 80% of the derivative assets and liabilities carried on the balance sheets of 100 companies reviewed by Fitch were held by five banks: JP Morgan Chase, Bank of America, Goldman Sachs, Citigroup, and Morgan Stanley. Those five banks also account for more than 96% of the companies' exposure to credit derivatives. Geithner's new rules would allow the over-the-counter market to boom again, orchestrated by global giants that will continue to be "too big to fail" (they may have to be rescued again someday, in other words). And most of it will still occur largely out of sight of regulated exchanges... The old culture is reasserting itself with a vengeance. All of which runs up against the advice now being dispensed by many of the experts who were most prescie
MEXICO CITY — The Obama administration has pulled the plug on an electronic billboard outside the American diplomatic mission in Havana that was used to tweak the Cuban government with pro-democracy messages and became a symbol of the bad blood between the two countries.
As Barack Obama and henchman Rahm Emanuel makes another pitch for the tax payer dollar by convincing us all is well American’s continue to lose jobs and homes. Clearly the people to have benefited from these bail-outs and give-a-ways were members of the House of Representatives and Congress. Both sides of the isle were enriched and their retirement accounts secured regardless of the rhetoric the Dems and Reps spewed to the public. With the main stream media owned part and parcel by the very corporations pining for a One World Order we got a sugar frosted “crap sandwich” generations in the future will be paying off. Democracy has already past into history since the voice of the people has been placed on ignore as the Constitution becomes nothing more than a piece of paper. The one thing both the Democratic and Republican parties have done was systematically divide the people then conquer a nation from within. The reality of how deeply invested our so called politicians were in all t
As Barack Obama and henchman Rahm Emanuel makes another pitch for the tax payer dollar by convincing us all is well American’s continue to lose jobs and homes. Clearly the people to have benefited from these bail-outs and give-a-ways were members of the House of Representatives and Congress. Both sides of the isle were enriched and their retirement accounts secured regardless of the rhetoric the Dems and Reps spewed to the public. With the main stream media owned part and parcel by the very corporations pining for a One World Order we got a sugar frosted “crap sandwich” generations in the future will be paying off. Democracy has already past into history since the voice of the people has been placed on ignore as the Constitution becomes nothing more than a piece of paper. The one thing both the Democratic and Republican parties have done was systematically divide the people then conquer a nation from within. The reality of how deeply invested our so called politicians were in all t
China’s premier diplomat Hillary Clinton *likened North Korea to a child in need of attention in yet another sugar coated response to China’s ally. In spite of the fact North Korea threatened nuclear war, aimed rockets at sovereign US soil and holds hostage two American girls she continues to pussy foot and coddles anything China. It is more than obvious she has a second agenda with China and has no business being secretary of anything. It should have been more than clear she was useless and failed dismally in Indonesia when she could not muster a meeting with the leadership of the Muslim people, her primary mission. Her statement pitting the concerns for human rights in Asia on the ignore list while placing economics above all else should have been a red flag. Her diplomatic failures far outweigh her usefulness yet the media continues to promote her and anything Obama. Facts are marred with endless lines of rhetoric and bold faced lies proving ‘Big Brother’ and double speak prevail
The city of Pembroke Pines, FL. appears to have accidentally leaked financial information for the private automated ticketing company American Traffic Solutions. (If they aren't doing anything wrong, what do they have to worry about, right?)
In a startling admission, the Washington Post says "Some fear NY Fed too heavily influenced by Wall Street." (I wonder who those "some people" would be?)
Defending the government's handling of the economic crisis last year, former Treasury secretary Henry Paulson said Wednesday that the Bush administration's responses were not perfect but "saved this nation from great peril." Okaaaaaaay....
Arizona told by Federal Government: Shut Kyl up, or face being ostracized and ridiculed...
The Obama administration is firing back at Sen. Jon Kyl for calling for an end to economic stimulus spending, and it's aiming where it hurts the most — at home in Arizona. The White House on Tuesday released letters from four cabinet secretaries to Arizona Gov. Jan Brewer, a Republican, citing Kyl's comments and outlining transportation, housing, Indian education and other projects in his home state they said would be eliminated if the senator has his way.
General Electric, the world's largest industrial company, has quietly become the biggest beneficiary of one of the government's key rescue programs for banks. At the same time, GE has avoided many of the restrictions facing other financial giants getting help from the government. The company did not initially qualify for the program, under which the government sought to unfreeze credit markets by guaranteeing debt sold by banking firms. But regulators soon loosened the eligibility requirements, in part because of behind-the-scenes appeals from GE.
Ed Whtitacre admits he knows nothing about cars. And he was not a particularly outstanding CEO at AT & T. But that kind of thing is irrelevant. He has been named as the new CEO of General Motors because he is a reliably compliant government stooge.
The congressional panel investigating what happened to all that bank bailout money has issued a subpoena to the Federal Reserve, asking them to hand over all documents relating to the takeover of Merrill Lynch by the Bank of America....
There are signs that the economy might be recovering. This optimism may turn out to be unfounded. Or it may turn out to be justified. But the reason I mention that only $36 billion of the stimulus has been spent in the first 3+ months since the stimulus bill passed is to remind people that we were told that we needed to spend $787 billion urgently without discussion or thought to save the economy and that the reason it would work was because It—and "it" is the spending of this enormous sum of money—would create jobs. It would create jobs by stimulating aggregate demand in the face of a slump in consumer spending. If indeed the economy does recover—the so-called V shaped recovery, then it cannot be via this increase in aggregate demand caused by government spending.
There are still a few people who refuse to become victims of the current wave of government kleptomania--namely the governor and treasurer of Indiana, who on behalf of the teachers and police officers pension funds, are challenging the Obama administration's bullying in the Chrysler bankruptcy. The Second Circuit has stayed the sale of Chrysler and will hold a hearing Friday morning
It must be said, that like the breaking of a great dam, the American decent into Marxism is happening with breath taking speed, against the back drop of a passive, hapless sheeple, excuse me dear reader, I meant people.
Exposing the “con” in the confidence game, how profits are privatized and losses socialized, how the rule makers bend and break the rules to enrich themselves and their financial backers, a new film skillfully identifies key aspects of the systemic n
Dambisa Moyo is a beautiful, Zambian-born, Harvard educated economist who is sick of being victimized by Hollywood celebrities and foreign aid. In her book "Dead Aid" Ms. Moyo explains why foreign aid is not working and how there is a bette
Henry Paulson, describing nine U.S. banks as “central to any solution” of the credit crisis, told their leaders to take government aid or be forced to by regulators, according to a memo his staff prepared for a private meeting in October.
Something strange is stirring. Even the young are joining the chorus of concern that this tarnished giant is part of a financial oligarchy that holds the US in its grip,
“I think we’ve been pretty forthcoming,” Ashooh said. “AIG is not a simple organization. We’re answering the question that we think we’re being asked.”
The man in charge of administering the bailouts is Treasury Secretary Timothy Geithner, who served as a staff member of the New York City-based Council on Foreign Relations
Wonder why GE's media outlet, MSNBC, is smearing 'teabaggers' as racist rednecks?
Prices cannot be lowered to move inventory without the banks hugely expanding their losses. Right now they are working off what inventory the banks can finance and sell.
