Keeping a jaundiced eye on the corporate media.
Posted in Corporate Statism, Our Booming Economy, Recession Depression on Apr 15th, 2008
AS go the malls, so goes middle-class America. And now, there go the malls:
Since last fall, eight mostly midsize chains — as diverse as the furniture store Levitz and the electronics seller Sharper Image — have filed for bankruptcy protection as they staggered under mounting debt and declining sales.
But the troubles are quickly spreading to […]
Posted in Corporate Statism, Our Booming Economy, Politics As Usual, Recession Depression, Republicans Are Good With Money on Apr 10th, 2008
Paul Krugman cites a list of market measures, and says:
All of this involves fear of defaults by banks — despite what look from here (central New Jersey) like utterly clear signals from the Fed that bank debts will be socialized if necessary. I’m puzzled, and worried.
Posted in Class War, Our Booming Economy, Recession Depression on Mar 27th, 2008
If you have anything to spare, this is a really good time to give money to your local food bank:
ALTADENA, California (CNN) — When she was laid off in February, Patricia Guerrero was making $70,000 a year. Weeks later, with bills piling up and in need of food for her family, this middle-class […]
Posted in Corporate Statism, Our Booming Economy, Recession Depression, Republicans Are Good With Money on Mar 25th, 2008
For everyone as a result of the mortgage crisis:
A glut of foreclosed homes of historic proportions is starting to drive down U.S. home prices faster as lenders put more properties on the market and buyers show signs of interest.
The ability of America’s lenders to manage this fire sale will be crucial to determining how long […]
Posted in Class War, Fuck the Poor, Our Booming Economy, Recession Depression on Mar 21st, 2008
Yeah, there’s not a lot of fat there to cut:
Inflation is walloping Americans with low and moderate incomes as the prices of staples have soared far faster than those of luxuries.
The goods and services Americans consumed in February were 4 percent more expensive than they were a year earlier. But there is a big divide […]
Posted in Class War, Corporate Statism, Dirty Rotten Scoundrels, Fuck the Poor, Our Booming Economy, Politics As Usual, Recession Depression, Republicans Are Good With Money on Mar 19th, 2008
E.J. Dionne:
Never do I want to hear again from my conservative friends about how brilliant capitalists are, how much they deserve their seven-figure salaries and how government should keep its hands off the private economy.
The Wall Street titans have turned into a bunch of welfare clients. They are desperate to be bailed out by government […]
Posted in Class War, Corporate Statism, Dirty Rotten Scoundrels, Fuck the Poor, Our Booming Economy, Politics As Usual, Recession Depression, Republicans Are Good With Money on Mar 17th, 2008
Athenae on the Bear Stearns bailout:
Let me ask a couple of questions here.
Does Bear Stearns have a big screen TV?
What about bling? Any bling they could sell?
Couldn’t Bear Stearns just get a job, already? I mean, I know of six or seven places that are hiring. I don’t know what they pay, but surely it […]
Posted in Class War, Corporate Statism, Dirty Rotten Scoundrels, Our Booming Economy, Politics As Usual, Recession Depression, Republicans Are Good With Money on Mar 16th, 2008
You see, Grover, a government less obsessed with its worship of the free market could have averted this. Welcome to the post-regulatory economy!
We should hold all Republicans as complicit in this global disaster:
Wall Street is bracing itself for another week of roller-coaster trading after more than $300bn (£150m) was wiped off the US equity markets […]
Posted in Corporate Statism, Dirty Rotten Scoundrels, Our Booming Economy, Politics As Usual, Recession Depression, Republicans Are Good With Money on Mar 16th, 2008
The proverbial shit has indeed hit the proverbial fan.
Posted in Our Booming Economy, Recession Depression, Republicans Are Good With Money on Mar 13th, 2008
But hey, how about Britney?
Yet another shoe(s) has dropped, as several large hedge funds imploded, leading to global bourses being pressured overnight.
According to the Times of London, several hedge funds with assets of more than $4 billion (£2 billion) were on the brink of collapse last night or had halted withdrawals, despite moves by the […]
Posted in Corporate Statism, Dirty Rotten Scoundrels, Fuck the Poor, Our Booming Economy, Recession Depression on Mar 11th, 2008
It’s becoming clearer by the day that many of these mortgage companies were engaged in fraud as a matter of routine:
WASHINGTON — Federal investigators probing the business practices of Countrywide Financial Corp. are trying to figure out what Countrywide knew — or in some cases didn’t know — about the incomes and assets of […]
Posted in Our Booming Economy, Recession Depression on Mar 7th, 2008
Here we go again:
WASHINGTON - Employers slashed jobs by 63,000 in February, the most in five years, the starkest sign yet the country is heading dangerously toward recession or is in one already.
The Labor Department’s report, released Friday, also showed that the nation’s unemployment rate dipped to 4.8 percent as hundreds of thousands of people […]
Posted in Our Booming Economy, Recession Depression on Mar 7th, 2008
First mortgages, now cars.
Posted in Corporate Statism, Our Booming Economy, Recession Depression on Mar 7th, 2008
Not good:
The credit markets came under renewed stress Thursday as investors sought absolute safety and even moved away from debt issued by Fannie Mae and Freddie Mac, the government-sponsored mortgage lending enterprises.
The intensifying credit crisis came as one regulator, Timothy F. Geithner, the president of the Federal Reserve Bank of New York, said that some […]
Posted in Class War, Corporate Statism, Dirty Rotten Scoundrels, Fuck the Poor, Our Booming Economy, Recession Depression on Mar 6th, 2008
Thanks, BushCo!
NEW YORK (AP) — Americans’ percentage of equity in their homes fell below 50 percent for the first time on record since 1945, the Federal Reserve said Thursday.
Homeowners’ portion of equity slipped to downwardly revised 49.6 percent in the second quarter of 2007, the central bank reported in its quarterly U.S. Flow of […]
Posted in Class War, Corporate Statism, Fuck the Poor, Our Booming Economy, Recession Depression on Mar 6th, 2008
Thanks, BushCo!
WASHINGTON (Map, News) - Home foreclosures soared to an all-time high in the final quarter of last year, underscoring the suffering of distressed homeowners and the growing danger the housing meltdown poses for the economy.
The Mortgage Bankers Association, in a quarterly snapshot of the mortgage market released Thursday, said the proportion of all mortgages […]
Posted in Corporate Statism, Dirty Rotten Scoundrels, Our Booming Economy, Politics As Usual, Recession Depression on Mar 5th, 2008
Now, imagine how bad it is that the Bush administration is even talking about this:
WASHINGTON — However much they might oppose it on ideological grounds, the Bush administration and the Federal Reserve are inching closer toward a government rescue of distressed homeowners and mortgage lenders.
Ben S. Bernanke, the Fed chairman, told a group of bankers […]
Posted in Corporate Statism, Our Booming Economy on Mar 4th, 2008
And yet, I guarantee this still won’t prevent massive layoffs:
Unlike most American consumers, whose failure to save has exasperated economists for years, the typical American corporation has increased its savings so sharply that it probably has enough cash on hand to completely pay off its debts.
That should be good news in an economy unsettled by […]
Posted in Class War, Corporate Statism, Dirty Rotten Scoundrels, Fuck the Poor, Our Booming Economy on Mar 3rd, 2008
See, everyone knows the solution to economic problems is to get an education so you can get a good job!
Oh. Never mind:
Many college students across the nation will begin to see higher costs for loans this spring, while others will be turned away by banks altogether as the credit crisis roiling the U.S. economy spreads […]
Posted in Class War, Fuck the Poor, Our Booming Economy, Politics As Usual, Recession Depression on Mar 3rd, 2008
Even though this AP story is written by the notorious Nedra Pickler, we now learn that yes, there was indeed an actual conversation on NAFTA between the Obama campaign and Canadian officials. But this conversation (that, until recently, never actually happened) is now all just a misunderstanding. And see, they weren’t just blowing smoke up […]
Posted in Corporate Statism, Fuck the Poor, Our Booming Economy, Recession Depression on Mar 3rd, 2008
I’m not convinced that “hope” and “change” are going to solve this woman’s problems:
For more than a decade, Dorothy Thomas, 49, an African-American and a mother of two, worked as an administrative assistant at various health care centers in Northern California. In her last job, she earned $16 an hour, as well as benefits, […]
Posted in Corporate Statism, Our Booming Economy, Recession Depression on Feb 28th, 2008
Link:
Can the Fed head this danger off? In a subsequent piece, Prof Roubini gives eight reasons why it cannot***. (He really loves lists!) These are, in brief: US monetary easing is constrained by risks to the dollar and inflation; aggressive easing deals only with illiquidity, not insolvency; the monoline insurers will lose their credit ratings, […]
Posted in Our Booming Economy, Recession Depression on Feb 22nd, 2008
McMansions.
Posted in Our Booming Economy, Recession Depression on Feb 15th, 2008
Wanna bet?
Posted in Corporate Statism, Our Booming Economy, Recession Depression, Republicans Are Good With Money on Feb 14th, 2008
Coming to a town near you:
A collapse in confidence in a $330bn corner of the debt market has left US municipalities and student loan providers facing spiralling interest rate costs.
The implosion of the so-called auction-rate securities market - amid worries that bond insurers guaranteeing much of this debt could face rating downgrades - is the […]
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