(Examiner) The repealing of the Glass-Steagall Act was heralded as one of the greatest bipartisan achievements of our time. It was passed by an overwhelming majority by both Democrats and Republicans and signed into law by President William Jefferson Clinton on November 12, 1999. The minority who spoke out against the repeal were ridiculed and […]
By Stephen Lendman Chosen to serve power, not popular interests, Obama wrecked America’s economy to save giant Wall Street banks. He’s still doing it, despite claiming he’s been out in front doing all he can. By bailing out too-big-to-fail banks and waging multiple imperial wars, he intensified social misery. As a result, Main Street is […]
Home prices are unlikely to recover before 2020 and mortgage defaults will persist for years, says a survey of bank risk managers out Friday. The Survey conducted by the Professional Risk Managers’ International Association for FICO, found that 49 percent of respondents do not expect housing prices to rise back to 2007 levels for another […]
There is a growing risk that the global economy will move from the ‘Great Recession’ into the ‘Great Stagnation’, according to economists at Goldman Sachs. By Angela Monaghan, Stagnations typically mean long periods of sluggish growth of about 0.5pc, low inflation, rising and sticky unemployment, stagnant house prices, and lower returns on shares, they said. […]
President Barack Obama’s recently unveiled $447 billion job-creating bill is “a complete joke” and won’t work because the economy needs less spending not more, says Marc Faber, editor of the Gloom, Boom and Doom report. The package is “another complete failure of Keynesian economics and corrupt interventions,” Faber tells CNBC.com. “This all amid talk of […]
(MoneyNews) Economist and former Secretary of Labor Robert Reich says that unless the government takes swift and intelligent action, the number of unemployed could soar from 25 million to 35 million, and President Barack Obama’s jobs plan doesn’t cut it. “I would rather that (Obama) came up with a jobs plan that the Republicans would […]
(TheEconomicCollapse) Most of the worst financial panics in history have happened in the fall. Just recall what happened in 1929, 1987 and 2008. Well, September 2011 is about to begin and there are all kinds of signs that the financial world is about to hit the big red panic button. Wave after wave of bad […]
If you thought that 2011 was a bad year for the world economy, just wait until you see what happens in 2012. The U.S. and Europe are both dealing with unprecedented debt problems, the financial markets are flailing about wildly, austerity programs are being implemented all over the globe, prices on basics such as food […]
With unemployment stuck above 9 percent, Washington is trying to “pivot to jobs” once again. And already the discussion feels tired. The White House’s much-hyped ideas don’t seem bold enough, and Republicans have had little to offer aside from the idea that reducing government regulation will somehow let the free market work its magic. A […]
Other countries have had downgrades and been fine so why is this different? Here’s what people don’t understand: Unlike other sovereign debt downgrades such as europe or japan that have happened, the U.S. treasury securities are unique as a substitute for cash/dollars. No other country is like this, their securities are considered risk investments not […]
