John Stewart interviews Peter Schiff on the Daily Show and Peter talks about how the companies that were to big to fail should have been allowed to fail so the citizens of the county would not have to foot the bill.  Peter likened the financial crisis to a car going over a cliff.   The The Obama presidency was all about changing the direction of the country.  Yet the only thing the administration has done is step on the gas

 

 

With the touch of pen to paper and a simple wire transfer, Chrysler completed its deal with Fiat on Wednesday morning, largely ending its quick trip through bankruptcy.

 

The last obstacle to an exit — a temporary stay imposed by the Supreme Court — was lifted late Tuesday, after the nine justices declined to hear a challenge of the deal by three Indiana state funds and several consumer groups.

An up and coming Wall Street executive might want to hold off on buying that condo in Aspen. The Obama administration is ready to issue broad new guidelines that would rein in pay at financial institutions.

Eager to remove incentives that they say contributed to last year's financial crisis, President Obama's economic team plans to unfurl broad executive pay principles that put a premium on long-term performance over short-term gain.

 

 

The Supreme Kleptocrats effectively declares stock holders have no recourse in the wholesale theft of their company by the Obamanator. 

 

Wholesalers slashed inventories more than expected in April as businesses struggled to get stockpiles in line with falling sales.

The Commerce Department said wholesale inventories fell 1.4% in April, more than the 1.1% decline that economists expected. It marked the 8th straight month that inventories dropped.

Sales at the wholesale level fell 0.4%

 

 

 

President Barack Obama assured the nation his recovery plan was on track, scrambling to calm Americans unnerved by unemployment rates still persistently rising nearly four months after he signed the biggest economic stimulus in history.

The sale of bankrupt automaker Chrysler LLC to a group led by Italian carmaker Fiat SpA was temporarily blocked by a U.S. Supreme Court justice, with no indication how long the delay would last.

In a one-sentence order, Justice Ruth Bader Ginsburg said the bankruptcy judge's orders allowing the sale "are stayed pending further order" by her or by the Supreme Court.

 

This link is to a graphical animation representing the net gain/loss of jobs over the last 5+ years for various geographical areas of the U.S.  If anyone is having trouble grasping the extent of the recent economic downturn, this animation will clarify things dramatically.

 

Euro Pacific Capital's Peter Schiff  and Author, "The Little Book of Bull Moves in Bear Markets" will be interviewed on The Daily Show with John Stewart 6/9/09.  This will be a great interview without all the "normal" pundits cutting off Peter when he talks about the economy.  So plug into the Matrix for this one [ED]

Stocks fell on Monday after McDonald's Corp posted lighter-than-expected monthly sales and a report that Apple Inc would price new iPhones "aggressively," signaling that consumer spending may remain a concern.

With the market in the midst of a three-month rally, investors are looking for more proof of an improving economy in order to fuel a continued advance while also becoming wary of the ongoing rise in interest rates.

 

This and other big government spending programs are turning out to have the opposite effect. Rates for mortgages and U.S. Treasury debt are now marching higher as nervous bond investors fret about a resurgence of inflation.

That's the Catch-22 threatening to make an awful housing market potentially worse and keep the economy stuck in a funk. Kick-starting the economy requires higher spending, but rising rates mean fewer Americans will be able to refinance their home loans. And some potential buyers will be shut out of the market by higher monthly payments they won't be able to afford.

 

The White House says America's employment picture is worse than the Obama administration had anticipated just a few months ago. The somber admission follows the latest jobless report showing the highest unemployment rate the United States has seen in more than 25 years.

U.S. unemployment jumped a half percent in May,

 

 

Could California become the first state in the nation to do away with welfare?

That doomsday scenario is on the table as lawmakers wrestle with a staggering $24.3 billion budget deficit.

County welfare directors are "in shock" at the very idea of getting rid of CalWORKs, which has been widely viewed as one of the most successful social programs in the state's history, said Bruce Wagstaff, director of the Department of Human Assistance in Sacramento.

"It's difficult to come up with the right adjective to react to this," Wagstaff said. "It would be devastating to the people we serve."

H.D. Palmer, a spokesman for the state Department of Finance, said California is in an unprecedented fiscal situation that has made all programs, from education to human services, vulnerable to deep and painful reductions.

"I don't

Analysts who have examined the quarterly profits and government tests say that accounting rule changes and rosy assumptions are making the institutions look healthier than they are.

The government probably wants to win time for the banks, keeping them alive as they struggle to earn their way out of the mess, says economist Joseph Stiglitz of Columbia University in New York. The danger is that weak banks will remain reluctant to lend, hobbling President

Reported By Powell Gammill

John P. McMurray made it clear to his Countrywide Financial Corp bosses that they were playing a dangerous game with risk. But they didn't listen.  Warnings from McMurray are cited often in a lawsuit filed by the U.S. Securities and Exchange Commission against Countrywide's co-founder Angelo Mozilo and two lieutenants.