G.M. to Close Hummer After Sale To China Fails
Posted on 25. Feb, 2010 by Shera Crossan in Business & Finance, Economy, Politics, Shera Crossan
General Motors said on Wednesday that it would shut down Hummer, the brand of big sport utility vehicles that became synonymous with the term gas guzzler, after a deal to sell it to a Chinese manufacturer fell apart.
The buyer, Sichuan Tengzhong Heavy Industrial Machines, said in a statement that it had withdrawn its bid because [...]
Thousands of Illegal Immigrant Squatters Allowed To Stay In UK “indefinite leave to remain”
Posted on 22. Feb, 2010 by Shera Crossan in Economy, Foreign and Domestic Intelligence, Immigration, Shera Crossan
The Telegraph reports that thousands of illegal immigrants have been granted what the paper describes as “squatters’ rights” to remain in Britain permanently after proving they have lived here for 14 years.
A little-known rule, introduced in 2003, allows illegal immigrants to claim “indefinite leave to remain” if they manage to live in Britain’s black economy for [...]
China Dumping US Treasurys;
Posted on 19. Feb, 2010 by Shera Crossan in Economy, Foreign and Domestic Intelligence, Politics
The report that China is lightening its load of US treasury debt, open as it is to multiple interpretations, is the sort of thing that keeps markets interesting.
The $34 billion drop in its holdings is a substantial chunk of change by anybody’s reckoning and deserves to be taken seriously. At least it deserves to be [...]
‘GOP BILL AIMS TO PROHIBIT ANCHOR BABIES’
Posted on 17. Feb, 2010 by Shera Crossan in Economy, Immigration, Politics
They’re finally starting to get it! At least some of them. A bill by California Representatives Howard P. “Buck” McKeon, R-Santa Clarita and Rep. Gary Miller, R-Brea aims to prohibit anchor babies from being given US citizenship unless at least one parent is a legal citizen. It’s about damn time! This is a bill with [...]
‘IMPEACH OBAMA’ Billboard Popular Spot For Motorists
Posted on 15. Feb, 2010 by Nathaniel Bacon in Business & Finance, Economy
OSHKOSH WISCONSIN — A controversial billboard along Highway 41 is catching people’s attention. It calls for President Obama to be removed from office.
The spot, near the Oshkosh Correctional Institute, is also becoming a popular spot for motorists to pull over and snap a picture.
“The sign kind of struck me as forceful. I was driving up [...]
The Unwinding: Stick a Fork in it, The Dollar is Done
Posted on 14. Feb, 2010 by Nathaniel Bacon in Business & Finance, Economy
News junkies, currency buffs, and economists of an Austrian tilt have been having quite an entertaining few weeks. Between massive blizzards from Virginia to New England, another baseless Dollar rally, and the hilarious notion that a little Greek debt could unwind the Euro, there certainly has been plenty to talk about. These ‘black’ swan’ events [...]
Barack Hussein Obama Quietly Signs Bill Allowing More US Debt
Posted on 13. Feb, 2010 by Nathaniel Bacon in Economy
President Barack Hussein Obama has signed legislation lifting the cap on government borrowing to $14.3 trillion. The new law also puts in place budget rules to curb growing annual deficits. Known as “paygo”—–for “pay as you go”—-the rules require future spending increases or tax cuts to be paid for with tax increases or other spending [...]
Who Is Homeland Security Kidding?
Posted on 12. Feb, 2010 by Shera Crossan in Economy, Foreign and Domestic Intelligence, Immigration, Shera Crossan
The population of illegal immigrants in the U.S. has fallen by 1 million in the past two years due to a combination of the recession and increased law enforcement, according to the latest estimate by the Department of Homeland Security.
“I strongly disagree with the number of immigrants they say are living here,” said Jim Gilchrist, [...]
Study: More Negroes Receiving Food Assistance
Posted on 12. Feb, 2010 by Nathaniel Bacon in Economy, Health, Race
GETTING UP FIVE MORNINGS A WEEK to go to work appears to be the norm for many including Lewis Jefferson, however, standing in line to receive free food on the sixth day wasn’t supposed to be part of the equation. Jefferson is part of the growing number of African-Americans living with “food insecurity”—–being unable to [...]
Dying Populations and the Bankrupt PIGS of Europe
Posted on 12. Feb, 2010 by Nathaniel Bacon in Economy, Europe News, Immigration, Patrick Buchanan
They are called the PIGS—–Portugal, Ireland, Greece, Spain. What they have in common is that all are facing deficits and debts that could bring on national defaults and break up the European Union. What brought the PIGS to the edge of the abyss?
All are neo-socialist states that provide welfare for poor people, generous unemployment, universal [...]
New Credit Card Fees Coming
Posted on 10. Feb, 2010 by Rob Belatucadros in Economy, Politics, Rob Belatucadros, Top Stories
With new regulations starting in less than a month, you may need to take stock of your credit card portfolio to determine which cards’ terms are changing to your benefit and which feature changes that can hit you in the wallet.
The most important thing to do, says Lauren Bowne, staff attorney at San Francisco-based Consumers [...]
Least-Trusted Banks in America
Posted on 10. Feb, 2010 by Rob Belatucadros in Economy, Politics, Rob Belatucadros, Top Stories
The bottom seven of this year’s rankings, first to last, are Bank of America, Chase, Capital One, TD/Commerce, Fifth Third, Citibank, and in last place, HSBC.
Among Bank of America customers, 33 percent agreed with the statement above, while 31 percent of Chase customers agreed, 29 percent of Capital One customers agreed, 28 percent of TD/Commerce [...]
2 Billion Stimulus Dollars And 6000 Jobs… Made in China
Posted on 10. Feb, 2010 by Shera Crossan in Audio-Video, Economy, Politics, Science and Technology
Immigrants Scream Discrimination Over Being Fired At Wal-Mart
Posted on 09. Feb, 2010 by Shera Crossan in Economy, Immigration, Race, Shera Crossan, Top Stories
A small group of West African men who came to the Rockies in search of economic opportunity are embroiled in a dispute with Wal-Mart, accusing it of a raft of discriminatory actions. Most say they were dismissed because supervisors wanted to give their jobs to local people in need of work.Wal-Mart, which has a history [...]
Breaking Down Obama’s Budget
Posted on 02. Feb, 2010 by Rob Belatucadros in Economy, Politics, Rob Belatucadros, Top Stories
Perhaps the most obvious of financial truisms is that there’s no such thing as a one-size-fits-all national budget. And with the economic forecast looking more incoherent than ever, it’s also the most problematic of truisms for President Barack Obama and his $3.8 trillion spending plan for 2011.
On the one hand, the economy is stumbling back [...]
Obama Projects Optimism Over Deficit But Numbers Tell Another Tale
Posted on 02. Feb, 2010 by Nathaniel Bacon in Economy, Nathaniel Bacon, Politics
WASHINGTON — In a federal budget filled with mind-boggling statistics, two numbers stand out as particularly stunning, for the way they may change American politics and American power. The first is the projected deficit in the coming year, nearly 11 percent of the country’s entire economic output. That is not unprecedented: During the Civil War, [...]
TARP Inspector General: Bailout Goals Still Unmet
Posted on 01. Feb, 2010 by Nathaniel Bacon in Business & Finance, Economy, Politics
The government’s top bailout cop said Sunday that more than a year after the financial crisis hit, many of the goals of Washington’s $700 billion bank rescue program remain unmet and that policymakers still have not addressed fundamental problems that triggered the crisis, leaving the financial system vulnerable to another collapse.
In a 224-page quarterly report [...]
Paulson Says Russia Urged China to Dump Fannie, Freddie Bonds
Posted on 29. Jan, 2010 by John Fife in Economy
Jan. 29 (Bloomberg) — Russia urged China to dump its Fannie Mae and Freddie Mac bonds in 2008 in a bid to force a bailout of the largest U.S. mortgage-finance companies, former Treasury Secretary Henry Paulson said.
Paulson learned of the “disruptive scheme” while attending the Beijing Summer Olympics, according to his memoir, “On The [...]
US and allies hoping $500m will win Taliban over
Posted on 28. Jan, 2010 by Shera Crossan in Economy, Foreign and Domestic Intelligence, Shera Crossan, War Coverage
The United States and its allies are expected to set up a $500 million integration fund at a conference in London this week to lure Taliban fighters to join the political mainstream. “We are going to go to London to affirm our international support for it,” said US special envoy Richard Holbrooke. “Money will be [...]
Ship California’s Illegal Immigrant Prisoners Back To Mexico, On Tax Payers Dollar
Posted on 26. Jan, 2010 by Shera Crossan in Economy, Immigration, Shera Crossan
(Jan. 26) — Gov. Arnold Schwarzenegger says California should consider paying Mexico to build facilities to house some of his state’s illegal immigrant prisoners.
“We can do so much better in the prison system alone if we can go and take inmates, for instance 20,000 inmates that are illegal immigrants that are here, and get them [...]
Oregon Tax Vote Shows States’ Plight
Posted on 24. Jan, 2010 by John Fife in Economy
PORTLAND, Ore.—Voters in this state will consider two new tax-increase measures on Tuesday, the culmination of a battle that has unfolded in the state against the backdrop of low state revenue and high unemployment.
The twin ballot measures are serving as a gauge of anti-business populism and highlight a nationwide debate over whether to fix state [...]
Banks Shut in Fla., Mo., NM, Ore., Wash.
Posted on 24. Jan, 2010 by Rob Belatucadros in Economy, Foreign and Domestic Intelligence, Rob Belatucadros, Top Stories
WASHINGTON (AP) – Regulators shut down banks Friday in Florida, Missouri, New Mexico, Oregon and Washington, bringing to nine the number of bank failures so far in 2010, following 140 closures last year in the toughest economic environment since the Great Depression.The Federal Deposit Insurance Corp. took over the five banks: Charter Bank, based [...]
2009 airline revenue: Worst drop ever
Posted on 20. Jan, 2010 by John Fife in Economy
NEW YORK (CNNMoney.com) — The airline industry suffered its largest drop ever in passenger revenue last year as a weak economy grounded many would-be travelers, an industry group said Wednesday.
The Air Transport Association of America said total passenger revenue for the major U.S. carriers fell 18% in 2009 versus the year before. It was the [...]
Who is Left Holding the Bag on US Debt?
Posted on 20. Jan, 2010 by Nathaniel Bacon in Business & Finance, Economy
As the US government spends an unprecedented amount of money to fix the nation’s economy, there is an equally great need to raise the cash to pay for it. This is accomplished through borrowing, whereby Uncle Sam sells Treasury securities of varying maturity.
For investors, the government bills, notes and bonds are considered a safe financial [...]
Polls close in crucial Massachusetts Senate race
Posted on 19. Jan, 2010 by Shera Crossan in Economy, Events, Politics, Shera Crossan
Polls closed in a tight Massachusetts race for the U.S. Senate on Tuesday that could threaten passage of President Barack Obama’s legislative agenda and scuttle his push for a sweeping healthcare overhaul.
What once looked likely to be an easy Democratic victory has turned into a desperate scramble after a surge by the Republican, state Senator [...]
New sharia row over Chancellor’s plans for ‘Islamic bonds’
Posted on 17. Jan, 2010 by Shera Crossan in Business & Finance, Economy, Feedback, Immigration
A new sharia law controversy erupted last night over Government plans to issue special “Islamic bonds” to pay for Gordon Brown’s public-spending programme by raising money from the Middle East. Britain is to become the first Western nation to issue bonds approved by Muslim clerics in line with sharia law, which bans conventional loans [...]
Wall Street to Pay Record $145B in Bonuses
Posted on 16. Jan, 2010 by Rob Belatucadros in Business & Finance, Economy, Rob Belatucadros
To be sure, the banks are on track to post a year of record revenue — $449.6 billion, according to The Journal – but critics say that’s thanks largely to the Federal Reserve’s easy money policies and other government programs designed to support the banking system after the near collapse and bailouts of 2008.
2009 “was [...]
Credit-card firms profit from Haiti donations
Posted on 14. Jan, 2010 by Rob Belatucadros in Economy, Rob Belatucadros, Top Stories
As a massive human tragedy unfolds in Haiti, relief organizations are soliciting credit-card donations through their hotlines and websites. About 97 percent of these donations will actually make it to the designated organizations — but the other 3 percent will be skimmed off by banks and credit card companies to cover their “transaction costs.”
Thanks to [...]
Obama: ‘We want our money back’
Posted on 14. Jan, 2010 by Rob Belatucadros in Economy, Rob Belatucadros, Top Stories
WASHINGTON (AP) — President Barack Obama told banks Thursday they should pay a new tax to recoup the cost of bailing out foundering firms at the height of the financial crisis. “We want our money back,” he said.
In a brief appearance with advisers at the White House, Obama branded the latest round of bank bonuses [...]
The Coming Food Shortage
Posted on 14. Jan, 2010 by Rob Belatucadros in Economy, Rob Belatucadros, Top Stories
Global food prices are rising again with the United Nations Food and Agriculture Organisation (FAO) food price index hitting 168 points in November, the fourth consecutive month of increase and the highest since September 2008.
While this is still about 21 per cent lower than the most recent peak in June 2008 when the index hit [...]
Retail Sales fall unexpectedly, jobless claims up
Posted on 14. Jan, 2010 by Nathaniel Bacon in Business & Finance, Economy
WASHINGTON (Reuters) — U.S. CONSUMERS unexpectedly curbed their Christmas spending in December and more people filed claims for jobless benefits last week, casting fresh doubt on the economic recovery once government support fades.
The Commerce Department said on Thursday retail sales fell 0.3 percent last month, the first decline since September, as consumers spent less on [...]
FDIC pushes to rein in executive pay at banks
Posted on 14. Jan, 2010 by Shera Crossan in Business & Finance, Economy, Foreign and Domestic Intelligence, Shera Crossan
The Federal Deposit Insurance Corp. advanced a proposal Tuesday to penalize banks for risky compensation practices despite public opposition from other federal banking agencies, exposing tensions among senior officials over the government’s proper role in shaping pay practices.
Popular outrage over Wall Street paydays has failed to generate significant momentum in Washington to limit the amounts [...]
IRS Loses in Tax Court
Posted on 12. Jan, 2010 by Rob Belatucadros in Business & Finance, Economy, Foreign and Domestic Intelligence, Israel & Jewish Issues, Politics, Rob Belatucadros, Top Stories
Few taxpayers decide to go toe to toe with the IRS as Ms. Singleton-Clarke did, arguing her case without a lawyer. For good reason: In 2009, individuals won only about 10% of about 300 such cases, according to data from Tax Analysts. Ms. Singleton-Clarke fought her case in Tax Court, a venue where taxpayers don’t [...]
Colorado’s minimum wage becomes 1st in US to drop
Posted on 01. Jan, 2010 by Shera Crossan in Business & Finance, Economy, Feedback, Politics
DENVER – Colorado’s minimum wage will drop slightly in the new year — the first decrease in any state’s minimum wage since the federal minimum was adopted in 1938.
Colorado’s wage is falling 3 cents an hour, from $7.28 to the federal level of $7.25. That’s because Colorado is one of 10 states that tie the [...]
Along U.S.-Mexico Border, a Torrent of Illicit Cash
Posted on 26. Dec, 2009 by Shera Crossan in Business & Finance, Economy, Foreign and Domestic Intelligence, Hidden Crimes, Immigration, Shera Crossan
LAREDO, Tex. — The streets of Laredo are awash in money, stacks of grimy bills tainted with cocaine residue, wrapped in plastic and stowed in secret compartments built into the trucks, buses and cars that flow south over the Mexican border daily like a motorized river.
Customs officials have discovered a host of ingenious hiding places, [...]
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