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Economy - Economics USA

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Reuters

The U.S. government rang up a $94.32 billion budget deficit in June, a record for the month, as the price tag for efforts to prop up the economy, banks and automakers mounted while revenues weakened.

The Treasury Department said on Monday that June marked the ninth straight month in which the government had run a deficit. In June 2008, the budget enjoyed a $33.55 billion surplus.

Through the first nine months of fiscal

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korpisworld.blogspot.com

It looks like one can make an honest living out of frivolous lawsuits.

Last Wednesday, an article was published revealing that our Federal government was hit with 489,000 lawsuits stemming from the 2005 Katrina disaster totaling $3,014,170,389,176,41. That's 3 + QUADRILLION dollars. Being a math teacher, I occasionally come across very large numbers (not when counting my paycheck), but even I had forgotten what comes after a billion. Because of this beyond-astronomical number, I will not likely soon forget that it is quadrillion.

After my initial shock at such an unfathomably huge dollar amount that was, I did the math to find the AVERAGE amount of each lawsuit, hoping this would bring the number into the realm of reasonableness--it didn't. With 489,000 claims, that comes out to a staggering 6,163,947,626 per person. THAT'S 6.1 BILLION DOLLARS EACH FOR ALMOST HALF A MILLION PEOPLE!!!!! That's equivalent to EVERYONE in Atlanta, Georgia

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arclein

We are six months on and the only thing that has subsided is that abject fear of a few months past. In the meantime the bad news just keeps rolling in as unemployment and prime foreclosure inventory climbs. In the meantime take a sober look at his agenda as seen through the eyes of Rex Murphy and understand that what is been shoveled into the system is decidedly odd and perhaps completely misses the point of the present economic catastrophe. In fact it has nothing to do with it.

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Reuters

Under normal circumstances, Goldman Sachs might be afforded a moment of gloating as it struts toward what could be a banner earnings announcement just 9 months after being roiled by Wall Street's worse crisis since the Great Depression. But these aren't ordinary times for the biggest U.S. investment bank, which lately has faced a torrent of unwanted publicity stemming from 

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Washington Post

The Obama administration is developing an initiative to take money from the $700 billion rescue program for the banking system and make it available to millions of small businesses, which officials say are essential to any economic recovery because they employ so many people, according to sources familiar with the plan.

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Reuters

The U.S. Treasury Department allowed 11 smaller banks to repurchase stock warrants at only 66% of their market value, passing up about $10 million of taxpayer profits from government bailouts.

The Congressional Oversight Panel said the government could lose $2.7 billion if it accepts similar valuation levels on warrants repurchased by remaining banks that received government capital injections.

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Stop the ACLU

It is amazing how failure can make people lose hope in Mr. Popularity’s promised change. The Rasmussen Reports daily Presidential Tracking Poll for Thursday shows that 30% of the nation’s voters now Strongly Approve of the way that Barack Obama is performing his role as President. Thirty-eight percent (38%) Strongly Disapprove giving Obama a Presidential Approval Index rating of –8. The President’s Approval Index rating has fallen six points since release of a disappointing jobs report last week (see trends). Thirty-nine percent (39%) now give the President good or excellent marks for handling the economy while 43% say he is doing a poor job. Those are by far his lowest ratings yet on the economy … Overall, 51% of voters say they at least somewhat approve of the President’s performance so far. Forty-eight percent (48%) now disapprove. Wow, Barack! Looks like you own the recession! The ol’ days of blaming Bush seem to be over.

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LewRockwell.com - Jim Powell

President Warren Gamaliel Harding's reaction to the extreme recession of 1921: Cut federal spending by half, cut federal taxes by a third, and pay off debt. The Federal Reserve's reaction during this time, from what I've read, nothing at all.   The results: A landmark case and impeccable example of how rational economics without government interference is the only viable solution.

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