US News Round-up: Economy
December 9, 2008, 7:36 am
Filed under: business, collapse, colonialism, consumerism, corporate corruption, economy, news, politics


“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.” Thomas Jefferson, Letter 1802 to Secretary of the Treasury, Albert Gallatin



31.5 Million Americans On Food Stamps – Survival Acres 12/4/08

America Out of Work – Alternet 11/27/08

Unemployment is soaring and it may be March before we feel the first dollar of an Obama recovery plan.

While Some of Us Are Hoping for Change, Others Are Literally Starving for It – Alternet 11/27/08

The swelling numbers waiting outside homeless shelters and food pantries around the country have grown by at least 30 percent since the summer.

Study: Poverty hitting suburbs – Raw Story 11/28/08

‘…where a majority of America’s metropolitan poor now live.’

Americans’ Food Stamp Use Nears All-Time High – Cryptogon 11/27/08

Living the Good Life on $5,000 a Year – Alternet 11/25/08

U.S. consumers cut spending by the most in 28 years – Houston Chronicle 11/25/08

Consumers get their bailout…sort of – CNN 11/25/08

The government’s latest entry in the alphabet soup cooked up to solve the credit crunch is here. Ladies and gentlemen, behold the TALF!

Food for Guns program – Ohio Beacon 10/24/08

Child hunger in US rose by 50 percent in 2007 – Global Research 11/21/08 

MIddle Class Ever More Squeezed – Miller McCune 11/24/08


Corporate Mergers, Bailouts and other signs of economic collapse

All US Financials Will be Nationalized in a Year: Manager – CNBC 11/21/08


New Zealand: Currency Swapline with U.S. Federal Reserve  – Cryptogon 12/2/08

KiwiCanDo has been investigating the recent and unprecedented agreement between the Reserve Bank of New Zealand and the U.S. Federal Reserve with regard to the creation of a US$15 billion currency swapline. The Fed has asked the New Zealand Reserve Bank authorities to keep the details of the agreement a secret.

FDIC Graphs Show the Extent of Fiancial Crisis  – Your Mortgage or Your Life 11/25/08

Bailout Contractors Hired By Treasury Not Subject To Conflict Of Interest Rules – TPMuckraker 12/2/08

Treasury relies on its financial agents and contractors to disclose conflicts of interest. Treasury officials stated that while under current procedures, they might not know if an agent or contractor did not disclose a conflict, they believed that the consequences for nondisclosure were sufficiently severe to deter such behavior.

Bank Eat Bank: Bailout Encourages Mergers, and Paulson Decides who Lives and Who Dies – Alternet 11/24/08

Mass Unemployment in Financial Services Industry? Citigroup cuts 50,000 jobs  – Global Research 11/19/08

Fed will buy up to $600B in mortgage-backed assets – USA Today 11/25/08

Bailout costs more than Marshall Plan, Louisiana Purchase, moonshot, S&L bailout, Korean War, New Deal, Iraq war, Vietnam war, and NASA’s lifetime budget — *combined*!  – BoingBoing 11/25/08

Norquist Requests $700b in TARP Bailout Funds for Tax Cuts for Wealthy – TaxProf blog 11/19/08

Bailout – Treasury Secretary Paulson Threatened Reps with Martial Law  – Macedonia Online 11/23/08

Sen. James Inhofe (R-Ok.) said yesterday that it was Treasury Secretary Henry Paulson who personally told Congressmen that there would be martial law in America if they did not pass the bailout of the banks as demanded by the Bush Administration. On Oct. 2, Rep. Brad Sherman (D-Calif.) said on the House floor that “Many of us were told in private conversations that if we voted against this bill on Monday the sky would fall, the market would drop two or three thousand points the first day, another couple of thousand the second day, and a few members were even told that there would be martial law in America if we voted no.”

Some Pushing For More Oversight Of Federal Reserve Lending – TPMuckraker 11/25/08

Bailouts Dwarf Spending on Climate and Poverty Crises – Alternet 11/25/08

Neglecting aid to the developing world, and fixating on the financial mess, will negatively affect Western nations.

It’s official: US is in recession (AP)  – Yahoo 12/1/08

The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said

Manufacturing index drops to 26-year low (AP)  – Yahoo 12/1/08

Fed clears BofA/Merrill deal – Raw Story 11/26/08

 On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Federal Reserve Bank of its power to loan money to the United States Federal Government at interest. With the stroke of a pen, President Kennedy declared that the privately owned Federal Reserve Bank would soon be out of business. The Christian Law Fellowship has exhaustively researched this matter through the Federal Register and Library of Congress. We can now safely conclude that this Executive Order has never been repealed, amended, or superceded by any subsequent Executive Order. In simple terms, it is still valid. 

Colossal Financial Collapse: The Truth behind the Citigroup Bank “Nationalization”  – Global Research 11/24/08

US seeks 300 billion dollars from Gulf states: report – AFP/Yahoo 11/20/08

U.S. Pledges Top $7.7 Trillion to Ease Frozen Credit  – Bloomberg 11/24/08

Treasury May Not Make Banks Report Back On How They’re Spending Bailout Money – TPMuckraker 12/2/08

Citigroup, recent ‘bailout’ recipient, now selling more risky derivatives – George Washington blog 11/25/08

FDIC adds 54 more banks to its ‘problem list’ – Implode Explode 11/25/08

FDIC Says 171 Banks on Watch List – Reuters/AOL 11/25/08 

Meltdown far from over, new mortgage crisis looms – AP 11/28/08

Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same events poisoning the housing market.  Hotels in Tucson, Ariz., and Hilton Head, S.C., also are about to default on their mortgages.  That pace is expected to quicken. The number of late payments and defaults will double, if not triple, by the end of next year, according to analysts from Fitch Ratings Ltd., which evaluates companies’ credit. 

If the Fed were a commercial bank, it might be declared insolvent – Credit WriteDowns 11/29/08 

US will guarantee up to $1.4T in bank debt – AP/Int’l Herald Tribune 11/22/08

US has nationalized nearly 100 banks – Bailout Sleuth 11/22/08

Defecit could hit $1 trillion this year – Raw Story 11/25/08

US Fed unveils new $800bn rescue – BBC 11/25/08

Economy: Biggest GDP drop in 7 years – CNN 11/25/08 

Breaking: Consumer prices drop most in 61 years… – Raw Story 11/19/08

Schwarzenegger declares fiscal emergency in California – CNN 12/1/08



Citigroup says gold could rise above $2,000 next year as world unravels  – Telegraph, UK 11/27/08

German Weimar Republic in the early 1920s and the U.S. – Troubling similarities – NowAndFutures.com

Financial Disaster will lead to civil disorder in 2009 or 2010, internal Citibank memo – Prison Planet 11/29/08
A Shopping Guernica Captures the Moment – NYTimes 11/29/08

When 200 frantic shoppers trampled a Wal-Mart employee to death, it was a tragedy, yet it did not feel like an accident.

Mitt Romney: Let Detroit go bankrupt – Raw Story 11/19/08

USA: Proposals to Confiscate Workers’ Personal Retirement Accounts  – Global Research 11/19/08

Should Middle East Funds Own U.S. Banks? – ABC 7/18/08

John F. Kennedy vs The Federal Reserve – The Truth Seeker 1/21/08


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