States want their own federal financial bailout
• McClatchy NewsLed by California with a $28 billion hole in its budget, 41 states are in financial trouble, and many of their leaders are looking to Congress to bail them out. [What's in yer wallet?]
Contents Pages by Subject
Economy - Economics USA
Mayors of Philadelphia, Phoenix seek bailout share
• Breitbart.comThe mayors—Michael Nutter of Philadelphia, Shirley Franklin of Atlanta and Phil Gordon of Phoenix—made their request in a letter to Treasury Secretary Henry Paulson.
Spam Turns Serious and Hormel Turns Out More
• New York TimesThe economy is in tatters and, for millions of people, the future is uncertain. But for some employees at the Hormel Foods Corporation plant here, times have never been better. They are working at a furious pace and piling up all the overtime they wa
Kashkari Accused Of Bailout Bait and Switch During Angry Hearing - Part 1
•Kashkari Accused Of Bailout Bait and Switch During Angry Hearing
DENNIS KUCINICH GRILLS NEEL KASHKARI ON BAILOUT SCAM
• YouTubeNovember 14, 2008 Kucinich (D-OH) Domestic Committee meeting with Kashkari Treasury Department Use of Government Assistance Funds (And Obama's position???)
Kashkari Says Treasury Approving 20 Bank Stakes Today (Update3)
• Bloomberg.comNov. 14 (Bloomberg) -- The U.S. Treasury is about to approve capital injections into 20 more banks, said Neel Kashkari, the department's assistant secretary in charge of a $700 billion bank-rescue plan.
Paulson says Banking System has been Stabilized
• LA TimesI believe the banking system has been stabilized. No one is asking themselves anymore, is there some major institution that might fail and that we would not be able to do anything about it. So I think that is a positive.
Eclipse Aviation Employees Will be Paid
• Aero-News NetworkA message at the 800 number given to employees Thursday states that money will be in their checking accounts by Tuesday. It appears this funding was not the reported $200-$300 million Eclipse needs to continue operations.
GM Collapse Would Cost U.S. Up to $200 Billion, Forecaster Says
• Bloomberg.comGeneral Motors Corp., seeking a federal bailout as its cash dwindles, would cost the government $200 billion should the biggest U.S. automaker be forced to liquidate, a forecasting firm estimated.
Insurer Hartford Financial: To become a S&L to access billions from T.A.R.P.
• Calculatedrisk.blogspot.comStruggling insurer Hartford Financial Services Group Inc. announced it has applied to convert to savings-and-loan status and said it will buy Federal Trust Corp. for $10 million.
Citigroup Job Cuts Could Reach 35,000
• CNBC.comThe cuts could result in a loss of roughly 35,000 jobs, based on the bank's reported 352,000-person workforce as of Sept 30. Citigroup has already cut 23,000 jobs this year. Additional reductions would come from layoffs
Silicon Valley: Santa Clara County Housing Underwater!
• viewfromsiliconvalley.comThis map gives you a good idea how bad the housing market is in one of the highest income areas of the country.
Government did it, only government can save us
IOUSA The MovieI.O.U.S.A.: 30-minute condensed version: Learn about the $53 trillion our government owes in financial obligations to foreign investors and to every single American in the form of pensions, health benefits, Social Security and Medicare.
Entered By: Powell Gammill
Shantytowns Spring Up in Major US Cities
• Minyanville.comRising unemployment and widespread foreclosures have left many homeless and living in tents and makeshift huts in cities around the nation. It’s a scene not seen since the “Hoovervilles” of the Great Depression.
U.S. cities seek federal help to ease economic crisis
• news.yahoo.comPhiladelphia, Phoenix and Atlanta are asking U.S. Treasury Secretary Henry Paulson to release funds from the $700 billion financial bailout authorized by Congress last month.
Freddie Mac Seeks Government Aid After $25.3B Loss
• Washington PostThe McLean-based company said that it lost $25 billion from July through September, and that as a result it was, in essence, broke -- with its liabilities exceeding its assets by $13.8 billion.
October Retail sales plunge by worst drop on record
• Rawstory.com"Retail sales plunged by the largest amount on record in October as the financial crisis and the slumping economy caused consumers to sharply cut back on their spending.
Analysts Predict Hyper-Inflation To Push Gold To $2000, Oil to $300 Within Months
• PrisonPlanet.comJohann Santer, MD at Superfund Financial Hong Kong told CNBC that he expects to see gold climb from its current position at $710 to a whopping $1500-$2000 an ounce within the next three months.
G20 To Begin Implementation Of Global Financial Dictatorship
• PrisonPlanet.comG-20 conference will set in motion plans for a new world economic order, and the centralization of financial power into an internationalist inner circle of regulators completely above oversight or accountability.
Soros says deep recession inevitable, depression possible
• YahooWASHINGTON (Reuters) – George Soros, chairman of Soros Fund Management, testified at a House Oversight and Government Reform Committee hearing on Thursday.
Chances Dwindle on Bailout Plan for Automakers
• New York TimesBut while Democrats said the stimulus measure would wait until President-elect Barack Obama takes office in January, some industry experts fear that one of the Big Three automakers will collapse before then,
FDIC Details Plan To Alter Mortgages
• Washington PostOfficials at the Federal Deposit Insurance Corp. yesterday detailed a plan to prevent 1.5 million foreclosures in the next year by offering financial incentives to companies that agree to sharply reduce monthly payments on mortgage loans.
Aid to Fannie, Freddie May Top Expectations
• Washington PostThe first of the Bush administration's major financial takeovers, the seizure of Fannie Mae and Freddie Mac, is poised to get more expensive and some analysts are warning it may ultimately cost more than the government has suggested.
Stocks stage huge rebound; Dow jumps 553 points
• Associated PressInvestors did an abrupt turnaround on Wall Street Thursday, muscling the Dow Jones industrial average up more than 550 points after driving it down near its lows for the year on a stream of negative economic and corporate news.
Chicago Prepares For Mass Layoffs: Mayor Daley
• Michael Shedlock / Mish"This is going to be all year, so it's going to be a very frightening economy," Mayor Daley said. "Each one tells me what they're laying off, and they're going to double that next year. We're talking huge numbers of per
The Axe Falls At Cessna: 665 Employees To Be Laid Off
• Aero-News NetworkCessna Aircraft Company had some unwelcome news for employees Wednesday. Approximately 665 workers will soon be handed their walking papers at the planemaker's facilities in Wichita, KS and Bend, OR.
Eclipse Aviation Stops Honoring Paychecks
• Aero-News NetworkBarring a financial miracle, it appears to be another nail in the coffin for Eclipse Aviation. The struggling planemaker told third shift workers Thursday morning their paychecks due on the 15th of this month will not be honored.
Nouriel Roubini: The Worst Is Not Behind Us
• Forbes.comObama will inherit an economic and financial mess worse than anything the U.S. has faced in decades: the most severe recession in 50 years; the worst financial and banking crisis since the Great Depression...
Federal Regulators nix credit card debt forgiveness plan for average families
• news.Yahoo.comAn unusual alliance of financial industry interests and consumer advocates, represented by the Financial Services Roundtable and the Consumer Federation of America, made the request to the Treasury Department agency on Oct. 29.
U.S. Jobless Claims Reach Seven-Year High of 516,000
• Bloomberg.comThe Labor Department reported that jobless claims last week increased by 32,000 to a seasonally adjusted 516,000. That is the highest total since just after the Sept. 11 terrorist attacks and second-highest since 1992.
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