Obama's Economic Team Will Ruin the U.S. the Way they did Russia in 90s
• YouTube.comIn this 10 minute interview Michael Hudson rips the Obama administration and explains how the US has become a kleptocracy run by the oligarchs...
Contents Pages by Subject
Obama Administration
Chris Hedges: It’s Obama’s War Now
• TruthDig.comBarack Obama has shown that he is as capable of doublespeak as any other politician when he announced an end to the war in Iraq. Combat troops are to be pulled out of Iraq by August 2010, he said, but some 50,000 occupation troops will remain behind.
Health of the State
• Jim Bovard for LewRockwell.comPresident Obama promised, “We will make the immediate investments necessary to ensure that within five years all of America’s medical records are computerized.”
More on earmarks: Obama's chief of staff has some in bill
• McClatchy NewsEven though President Barack Obama has repeatedly pledged to ban congressional earmarks, White House Chief of Staff Rahm Emanuel has 16 such projects, worth about $8.5 million, in the bill the Senate is scheduled to begin debating Tuesday.
Trade nominee is 4th Obama pick to owe back taxes
• APAnother Obama administration nominee has tax troubles. This time, it's Ron Kirk, the president's choice to be U.S. trade representative. Kirk owes an estimated $10,000 in back taxes from earlier in the decade and has agreed to pay them
Nouriel Roubini: Final Cost of AIG Bailout Over $250 Billion?
• CNBC.com in Hong Kong, ChinaWell it's not just a bailout of the shareholders of AIG, but a bailout of the counterparties to AIG, their creditors like GS, ML and every bank and broker here and in Europe, and without all this $160 billion dollars --- all these institutions wo
The US Deficit in Global Perspective
• Ritholtz.com/blog/If the government fails in securing funding, a very high probability of systemic collapse.”
Paul Craig Roberts: A Banana Republic By 2012?
• Informationclearinghouse.infoPresident Obama has presented the most irresponsible budget in US history. His fiscal year 2010 budget projects federal spending of $3.5 trillion and a federal deficit of $1.75 trillion. In other words, 50 percent of the government’s budget consists
Obama Administration Sends Mixed Signals on Iran’s Nuke Capability
• Antiwar.comOn CNN, Admiral Michael Mullen declared that Iran had enough nuclear fuel to make a bomb, adding that “Iran having nuclear weapons, I’ve believed for a long time, is a very very bad outcome - for the region and for the world.”
Black Hole Alert: AIG to Get as Much as $30 Billion More
• NakedCapitalism.comBefore you say, "they can't do that", recall the effective confiscation of gold in the Great Depression. rationing, wage and price controls, the suspension of habeus corpus. There is a good deal that the Feds could do if they chose to,
'We Will Recover' - President B. Obama... No We Won't Says G. Celente
• Rense.comWhat is a Confidence Man and what makes us say President Obama is conning the public? A con man succeeds by gaining the confidence of the victim. In this case the victim is the taxpayer
Denninger: The Underlying Fraud In Banking
• Market-Ticker.Denninger.netThis is not some abstract failure in the market - this is a series of actions that have been taken with the full intention of screwing you, by both Democrats and Republicans, so that a handful of robber barons masquerading as capitalists do not have
President's budget results in total debt-to-GDP ratio of 96% and rising by 2010
• blownmortgage.com/The source of all these bailouts, aid packages, stimulus, and so on is primarily funded by one thing: borrowing. Here’s what I found when perusing through the headlines today:
Big Banks: "Our Tier 1 Ratio Is Strong!"
• Market-Ticker.Denninger.net/Take the large-cap companies that have held up "reasonably well" thus far and also are "legacy" firms - that is, firms that have been around for a long time and thus have pension obligations on their books. Zero the stock price of
Obama Administration to Control College Student Loans
• Bloomberg.comObama’s proposal to make the government the sole provider of federally backed college lending threatens to diminish Sallie Mae and leave it a servicer and debt collector...
Obama's Bank Bailouts Lead to More Taxes, Possible Capital Flight
• evilspeculator.com/This country is broken and the pirates are running off with the loot. For some reason we are running after them begging to take our last pennies and then to throw us off a cliff.
Geithner's 19 Bank Bailout Plan: Burning Untold Taxpayer Dollars
• DoctorHousingBubble.comIf this plan stays and we go forward with this, we can forget about nationalization since so much money will be given into the furnace that is our financial sector. That is, we will burn through our capital and it will be too late.
CIA Adds Economy To Threat Updates
• infowars.com/ & Washington PostThe addition of economic news to the daily roundup of terrorist attacks and surveillance reports appears to reflect a growing belief among intelligence officials that the economic meltdown is now preeminent among security threats facing the United St
NSA under Obama aims to expand power to eavesdrop on Americans
• Rawstory.comThe spy shop that brought you the Bush administration's warrantless wiretapping program wants to expand its power under President Barack Obama, the nation's top intelligence chief told Congress Wednesday, in a little-noticed intelligence grab
No He Can't
• Anne Wortham for LewRockwell.comDr. Wortham is author of The Other Side of Racism: A Philosophical Study of Black Race Consciousness which analyzes how race consciousness is transformed into political strategies and policy issues.
Michael Shedlock: Dear Mr. President, With All Due Respect ....
• Michael Shedlock / MishMr. President, Fannie Mae Reported A Fourth Quarter Loss Of $25.2 Billion. Can you please tell us where you draw the line on taxpayer bailouts of Fannie Mae? Freddie Mac? AIG? Mr. President is there a line anywhere, on anything?
Citigroup: World’s Worst Investment to Get Even Worse
• Ritholtz.com/blog/Well, the higher investment stake creates an enormous incentive for John Q. Public to continue to pour money into Citi, regardless of valuation. The inept banking giant then has access to infinite amount of capital, courtesy of you, the 1040 filers.
Obama's Plan: Treasury to Give Banks Unlimited Cash Refills
• AfterDowningStreet.orgThere’s no price tag on the CAP, at least until the stress tests are over in April. If most of the 19 banks were determined to need additional capital, the Obama administration would have to seek much more Wall Street bailout money from Congress.
Fannie Mae loses $25.2 billion in one quarter, asks for bailout
• Rawstory.comTroubled US mortgage finance giant Fannie Mae said Thursday it lost almost 60 billion dollars last year and asked the Treasury Department for a further 15.2 billion dollars in aid.
"The Tiananmen Square Massacre didn't go nearly far enough"
• ReasonFormer US Ambassador Chas Freeman is tapped as the next chairman of the National Council of Intelligence. And while there is grumbling about his ties to the Saudi royal family and his views on Israel, this uncovered is pretty stunning:
Obama's AIG Rescue May Include Credit-Default Swap Backstop
• Bloomberg.com“Counterparties around the world continue to have significant exposure to AIG, and market conditions continue to be fragile and sensitive to the potential disorderly failure of AIG,” said the Federal Reserve. Can you say China...
Democrats Introduce Public National Service Bills
• PrisonPlanet.comIn his book, “The Plan: Big Ideas for America,” Emanuel writes: “It’s time for a real Patriot Act that brings out the patriot in all of us. We propose universal civilian service for every young American. Americans between the ages of 18 and 25 will b
Rahm Emanuel Doesn’t Pay Taxes, So Why Should You?
• PrisonPlanet.com“The Rahm Emanuel and Amy Rule Charitable Trust was formed in 2002, when the Chicago lawmaker was first elected. The former Clinton White House aide and his wife, Amy Rule, are its only donors.”
Obama's budget projecting $1.75 trillion deficit this year
• Azcentral.comEven with all the savings, the cost of the $787 billion economic stimulus bill will push the deficit for this year to $1.75 trillion, a level - as a percentage of the economy - not seen since World War II.
Mish: Bernanke's Boiled Frog Plan To Recapitalize Banks
• Michael Shedlock / MishExpect taxpayers to be forced into supporting Citigroup at substantially above market prices. Remember, taxpayers are on the hook for $300 billion in debt guarantees for which we got a lousy $7 billion in preferred shares.
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