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Economy - Economics USA

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arclein

This article by Allan Greenspan needs no comment. The banking hole is close to two trillion dollars of which a third is plugged. The credit contraction is still ongoing and is only stalled because of no liquidity. This is well worth reading. Who is O

News Link • Global Reported By robert klein
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By BBC Business News

US Treasury Secretary Timothy Geithner has outlined far-reaching plans to strengthen government authority over the US financial system. The measures are designed to prevent the kind of systemic risk-taking among banks that has contributed to the cu

News Link • Global Reported By Lauren Roseman
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Yahoo News blog

Jake DeSantis, an executive VP at AIG, is quitting. AIG executive Jake DeSantis' resignation letter to Chief Executive Edward Liddy, the boss he has never met, was published in The New York Times and has created a firestorm across the Internet.

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Washington Post

But the rally lost steam and stocks dipped after an auction for $34 billion worth of five-year Treasury securities drew weaker demand than was expected. Those bidding on the Treasury securities were concerned about a number of factors

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I have been watching the Washington statesmen and women running around with many stupid, tried and failed economic plans. Plans that for the most part rely on spending trillions of wealth that we will borrow from another country and payback wi

Letters to the Editor • Global
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AP

The president's spending plans and deficit projections rest on the assumption that the economy will post solid growth next year after a mild, further decline this year. Many economists think that's too rosy. A look at some of his statements a

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When you actually do the math, public-private investment pools for toxic assets are nothing but naked wealth transfers from taxpayers to bank shareholders, through the FDIC.

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arthurmag.com via e-mail from Doug Nusbaum

"Using future tax dollars to give banks more money to lend out at interest is robbing from the poor to pay the rich to rob from the poor." YESSSSSS!

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Washington Post

With the braying of 328 yahoos -- members of the House of Representatives who voted for retroactive and punitive use of the tax code to confiscate the legal earnings of a small, unpopular group -- still reverberating, the Obama administration invited

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Conde Nast

The Troubled Asset Relief Program helps those banks that cater to the rich, which had no problem with subprime mortgages or other toxic assets.

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MATT TAIBBI for Rolling Stone

"It's over — we're officially, royally fucked." MATT TAIBBI for Rolling Stone - The global economic crisis isn't about money - it's about power. How Wall Street insiders are using the bailout to stage a revolution

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Washington Post

The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage

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The distraction on Capitol Hill this week has to do with the jackpot bonuses that executives at AIG recently received. The argument is over a relative drop in the bucket. The total amount of bonuses given out was $165 million.

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AP

The Obama administration took a fresh shot at ending a national paralysis in lending Monday, teaming up with investors to buy bad bank assets and ease credit for hard-pressed consumers and businesses. The program, announced by Treasury Secretary T

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