US Economic Situation Deteriorating Daily
December 29, 2008, 8:30 pm
Filed under: business, collapse, corporate corruption, domestic news, economy, news, politics, poverty

Biden: U.S. Economy in Danger of ‘Absolutely Tanking’  – ABC 12/20/08

Homelessness, hunger rise in US – Raw Story 12/12/08

From Canned Goods to Fresh, Food Banks Adapt – NYTimes 12/10/08

Food banks are preparing ready-to-eat meals, opening their own farms and handling much more fresh produce.

Coming soon, 1m layoffs per month: Firm – Raw Story 12/7/08

Employers cut 533K jobs in Nov., most in 34 years (AP)  – Yahoo 12/5/08 

Report: Recession has 43 states facing financial trouble – CNN 12/11/08

The FDIC is running out of cash.  Quickly. – Option Armageddon 12/20/08

Federal Reserve Wants to Issue Debt  – Charting Stock 12/10/08

The WSJ reports that Federal Reserve is now said to be thinking of issuing it’s own debt. The concept could include selling bills or some other form of notes. This would be the first time in history for such an action  be taken.  The mainstream media has already begun to sell the idea to the public citing that the action would give the fed more “Flexibility to stabilize the market.” No specifics as to how this would be achieved.  Why would the federal reserve need to issue debt? Why does the “Lender of last resort” need to borrow money? They have monopolistic control over the US currency and print money at will.  What would these new bonds be backed by? The full faith and credit of the United States? The federal reserve is independent of the Unites States.  Does the Federal Reserve have any constitutional authority to issue bonds? I know that’s sill to ask considering that the entire federal reserve system is unconstitutional.  The media needs to ask these questions and we must demand them answered. 

Report: Pentagon Pro-Troop Group Misspent Millions. – BoingBoing 12/12/08

A Defense Department project, supposedly designed to support U.S. troops, was used instead to channel millions of dollars to personal friends and allies of its chief

Report: Bush masked cost of wars that could top $1.7 trillion – Raw Story 12/16/08

In lean times, SoCal residents trade guns for eats – USA Today 12/7/08

NOT a good idea…

All Social Classes Pawning Valuables To Make Ends Meet! – Reuters 12/15/08

Collapse of Pension Funds: The End of Retirement? – Global Research 12/13/08

Safety Deposit Boxes Confiscated – ABC via MeltDown 2011 12/5/08  

Foreclosures soar 76% to record 1.35 million – CNN 12/6/08

Record 10% of U.S. homeowners in arrears or foreclosure – LA Times 12/5/08

Cash-strapped states weigh selling roads, parks (AP)  – Yahoo 12/27/08

California Eyes IOUs for Second Time Since Depression  – Bloomberg 12/5/08 

Schwarzenegger Orders Unpaid Leave for State Workers  – Bloomberg 12/19/08

California Governor Arnold Schwarzenegger today ordered all state workers to take two days of unpaid leave each month to conserve money amid a record budget deficit and a legislative impasse over how to fix it.  The furloughs will begin in February and will last through June 2010, Schwarzenegger said in an executive order. He also ordered all departments to cut 10 percent of their workforce costs, through firings if necessary… The furloughs would amount to a 10 percent pay cut, Chris Voight, executive director of the California Association of Professional Scientists, a group that represents about 3,000 scientists working for the state. The association and the Service Employees International Union announced they will sue to block the furloughs and any layoffs, which they said would violate collective-bargaining deals.

Jim Rogers calls most big U.S. banks “bankrupt” – Reuters 12/11/08

Emergency Storage Food Among Products in Highest Demand – PRWeb 12/6/08

Public transport rises even as gas price falls – Raw Story 12/8/08

Japanese Rating Agency Chief Recommends Marshall Plan for US – Implode Explode 12/24/08

Japan Should Scrap U.S. Debt; Dollar May Plummet, Mikuni Says  – Bloomberg 12/24/08 

China says lending to US will not go on forever – AFP/Yahoo 12/17/08

Fed authorizes Chinese bank to operate in U.S. – Raw Story 12/8/08

Japan’s roadmap for the U.S. economy – Raw Story 12/19/08

Financial groups’ problem assets hit $610bn – Financial Times, UK 12/10/08

The biggest US financial institutions reported a sharp increase to $610bn in so-called hard-to-value assets during the third quarter, raising concerns about the hidden dangers lurking on balance sheets 


Feds hide bailout recipients’ names – Raw Story 12/12/08

75+ groups demand bailout transparency – Raw Story 12/8/08 

Fear triggers gold shortage, drives US treasury yields below zero  – Telegraph, UK 12/12/08

Wall Street sets the Stage for the Next Big Heist – Global Research 12/20/08

Automakers to get $17.4 billion in government aid (Reuters)  – Yahoo 12/19/08

“Car Czar” Will Become World’s Most Powerful Ad Executive – PRWatch 12/9/08

US property developers call for government aid – Guardian, UK 12/22/08

On American workers’ ‘downward mobility’ – Raw Story 12/21/08

AP study finds $1.6B went to bailed-out bank execs (AP)  – Yahoo 12/21/08

Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.

The Five Most Wanted Rip-off Artists from Wall Street and Washington – Alternet 11/3/08

An Aerial Tour of the Homes of Bernie Madoff and the Bailed-Out Bankers – WowOWow 12/18/08

The Argentine debt crisis & its US parallel – Implode Explode 12/24/08 

The economic Civil War – Salon 12/18/08

The South’s attempt to kill the North’s auto industry is the latest battle in an ongoing conflict. It’s time for a Third Reconstruction to put an end to it.


SEC Report: Employees Browsed Porn, Ran Private Businesses – ProPublica 12/19/08

Madoff SEC Whistleblower Report From 2005 – Implode Explode 12/24/08

TARP This: Paulson Bailout Riddled with Deception  – Global Research 12/23/08

Kwanzaa is more relevant than ever in recession – The Progressive 12/22/08  

The seven-day Afrocentric holiday from Dec. 26 through Jan. 1 is a period of rededication to basic principles we can all embrace. Some are especially relevant for surviving a deep recession.

Kissinger Calls For New International System Out Of World Crises  – Prison Planet 12/19/08  

Video: Bubble Architects & Profiteers – via Implode Explode 12/13/08


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