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Tag: Economy

What McCain and Obama Don’t Know

Uncertainty is the backdrop for a presidential campaign whose last month is being conducted over the shakiest terrain. What we didn’t know yesterday, last week, last month suddenly reshapes the contours of our lives.

Posted on Oct 8, 2008 READ MORE


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Square, Category Page

The Real Stars of the Debate

In the second presidential debate, the questioners seemed to understand better than either candidate that we are in the midst of a national emergency as grave and possibly more far-reaching than the terrorist attacks of Sept. 11, 2001.

Posted on Oct 8, 2008 READ MORE


Obama
AP photo / Madalyn Ruggiero

Obama Leads by 11

Democratic presidential candidate Barack Obama has pulled significantly ahead of Republican rival John McCain, taking an 11-point lead after Tuesday night’s presidential debate, according to the latest Gallup Poll.

Posted on Oct 8, 2008 READ MORE



Democrats as Big Brother?

A lobbying powerhouse with an emphatically pro-Republican political action committee is pounding Democratic Senate candidates for supporting legislation that would make it easier for workers to unionize. The ads portray Al Franken in Minnesota and Tom Allen of Maine as backing Big Brother-style surveillance of American workers.

Posted on Oct 8, 2008 READ MORE



starwoodhotels.com

AIG Execs Enjoy Sun and Fun on Your Dime

What’s $85 billion if you don’t get to spend it? Just days after taxpayers saved AIG from ruin, executives of the insurance giant spent $440,000 pampering themselves at the exclusive St. Regis resort in Monarch Beach, Calif.

Posted on Oct 8, 2008 READ MORE


Nashville debate

2008 Presidential Debates, Round Two

Tuesday night marked the second debate between John McCain and Barack Obama, moderated by NBC’s Tom Brokaw at Belmont University in Nashville, Tenn. While Brokaw struggled to stick to the script, the two candidates fielded questions about the current economic catastrophe and American foreign policy.

Posted on Oct 8, 2008 WATCH & LISTEN


Obama and McCain debate
AP photo / Charles Dharapak

Obama Wins in Nashville

As was the case in the first presidential debate, Barack Obama emerged from Tuesday night’s confrontation with John McCain in Nashville, Tenn., in command of the situation. The Democratic nominee looked calm, confident and presidential as he won their second contest.

Posted on Oct 7, 2008 READ MORE


Nowhere for McCain to Go

Tuesday night’s debate, a town-hall discussion dominated by economic questions, made it clear that John McCain’s effort to change the campaign’s focus to the culture wars of the 1960s is not going to work.

Posted on Oct 7, 2008 READ MORE


Republican Economic Policies Don’t Add Up

Many Americans believe, despite the current financial crisis, that Republicans are generally better at managing the economy. History tells a very different story.

Posted on Oct 6, 2008 READ MORE


Weapons of Mass Distraction

John McCain and Sarah Palin are going to try their best to make us talk about anything but the big issues facing our country, because most Americans think Barack Obama’s solutions are better.

Posted on Oct 6, 2008 READ MORE


Richard Fuld Jr.
World Economic Forum / Remy Steinegger

Lehman Bros. Paid Execs Millions as Company Tanked

On Monday, the House Oversight and Reform Committee took a look into the collapse of Lehman Brothers as part of a larger review of the factors leading to the current economic crisis, and it wasn’t a pretty sight. Judging by the committee’s account, leaders at Lehman Bros. disregarded key warnings of impending trouble and cut hefty checks for their fellow executives even as the firm teetered on the brink of disaster.

Posted on Oct 6, 2008 READ MORE



AP photo / Susan Walsh

Dennis Kucinich on the Democrats’ Bailout Betrayal

The passing of the $850-billion bailout pulled the plug on the New Deal. The Great Society is now gasping for air, mortally wounded, coughing up blood. It will not recover. It was murdered by the Democratic Party.

Posted on Oct 5, 2008 READ MORE



news.bbc.co.uk

Europe Catches Bailout Fever

European leaders decided against a joint bailout of the Continent’s financial system, but that hasn’t stopped individual governments from trying to save failing and financially shaky institutions. The German government, which has been highly critical of U.S. economic mismanagement, just backed a $68-billion deal to save one of its biggest banks.

Posted on Oct 5, 2008 READ MORE



Flickr / buddhakiwi

McCain Sticks With Terrorist Claim Despite Media Criticism

“Americans need to ask themselves if they’ve ever befriended an unrepentant terrorist,” says McCain spokesman Tucker Bounds. The AP called similar remarks by running mate Sarah Palin “racially tinged” and Time said the claim was “simply wrong,” but the McCain campaign shows no signs of backing down from its new strategy.

Posted on Oct 5, 2008 READ MORE


presidential pins
AP Photo/Jae C. Hong

Economy Changing the Game for Obama, McCain

With just a month to go before the presidential election, the Obama and McCain campaigns are making some strategy changes in reaction to the seismic shifts that shook the economy over recent weeks. The forecast currently looks better, to some analysts, for Obama than McCain, but McCain’s supporters don’t see it that way.

Posted on Oct 4, 2008 READ MORE


Pelosi Happy, With Pen
The New York Times / Doug Mills

The Bailout: Take Two

On Friday the House approved, after initially rejecting, the $700-billion bailout package for the financial industry in what is likely to be the most expensive government intervention in the nation’s history. This, of course, only slightly surpasses another notable “government intervention”—the nearly $600 billion spent in the war in Iraq.

Posted on Oct 3, 2008 READ MORE


Unemployment Rate
bls.gov

How Can These Fundamentals Be Called Strong?

A government report released Friday morning leaves little room for any defense of the failed policies of the Bush administration or any belief in the economic wisdom of John McCain, whose erroneous assertion that the “fundamentals of the economy are strong” failed to mention a 6.1 percent unemployment rate, up nearly two percentage points since 2007.

Posted on Oct 3, 2008 READ MORE


A Welcome Pause Before the Bailing Starts

We all owe a debt of thanks to the skeptics who refused to be steamrollered by the Bush administration’s $700-billion financial bailout plan until we at least had some understanding of what we were doing and why.

Posted on Oct 2, 2008 READ MORE


Nicolas Sarkozy
Newsday

European Leaders Prepare for Economic Meetings

Leaders from France, Italy, Great Britain and Germany are planning to meet on Saturday in preparation for a European finance summit to be held in Washington next week. French President Nicolas Sarkozy, who shot down reports on Thursday that France was proposing a hefty European bailout package, invited the other three heads of state to the pre-summit huddle in Paris.

Posted on Oct 2, 2008 READ MORE



collage: realclearpolitics.com / destination360.com

Florida Republicans Hold Secret Meeting

With several new polls showing Florida breaking for Barack Obama, the state’s GOP leadership convened a secret meeting of top party and campaign officials. Florida GOP Chair Jim Greer, who organized the powwow, said, “It was just to ensure the ship is on its proper course. ...”

Posted on Oct 2, 2008 READ MORE


Broke









Posted on Oct 2, 2008 ENLARGE


Making the Bailout Less Toxic

The initial failure to pass bailout legislation reflected a political system as bereft of confidence as the financial markets.

Posted on Oct 1, 2008 READ MORE



Flickr / Qfamily

Bailout Bill Skates Through Senate

Well, that was easy: While the House had to contend with round-the-clock negotiations and a last-minute revolt, the Senate just threw more money at the problem. That was enough for 74 lawmakers to say yes to the $810-billion package. The House will take another crack at it on Friday.

Posted on Oct 1, 2008 READ MORE



White House / Susan Sterner

Senate Fattens Up Bailout Package

The House couldn’t swallow the $700-billion bailout proposal, so the Senate added about $100 billion of incentives—mostly in the form of tax cuts. The Senate will vote on the proposal tonight and the House could decide as early as Friday whether $700 billion is too much, but $800 billion is just about right.

Posted on Oct 1, 2008 READ MORE


Invasion of the Sea-Smurfs

If the economy does collapse, if people can’t go down to the bank to withdraw their savings, or get cash from an ATM, there may be serious “civil unrest,” and the 3rd Infantry Division’s 1st Brigade Combat Team may be called upon sooner than we imagine to assist with “crowd control.”

Posted on Oct 1, 2008 READ MORE


Pelosi speech
youtube.com

Republican House Members Say Pelosi’s Speech Didn’t Sway Them

Despite House Minority Leader John Boehner’s claim, backed up by other Republicans in Congress, that the bailout bill might have passed were it not for meddling House Speaker Nancy Pelosi’s bombastic speech on Monday, others from within GOP ranks beg to differ.

Posted on Sep 30, 2008 READ MORE


Blame Game









Posted on Sep 30, 2008 ENLARGE


The Liberator









Posted on Sep 30, 2008 ENLARGE    



commons.wikimedia.org

McCain Campaign Challenged by Economic Crisis

John McCain’s bid to put his campaign on hold in order to wing his way to Washington last week was intended to make him seem ready for action in a crisis but may have resulted in a “political dead end” for the Arizona senator after Monday’s bailout bomb, according to the Associated Press.

Posted on Sep 30, 2008 READ MORE


McCain Is Guilty Enough

Americans are reluctant to make John McCain pay for George W. Bush’s sins, but with so many crises on so many fronts, the country can’t afford to cut him any slack.

Posted on Sep 30, 2008 READ MORE


Bush Favors Bankers Over Soldiers

By grotesque mischance, $700 billion—the cost of George Bush’s Wall Street rescue plan—is about the same figure the president has squandered on his preposterous war in Iraq, the war we have now apparently “won” thanks to the “surge.”

Posted on Sep 29, 2008 READ MORE


Obama
AP Photo / Alex Brandon

Obama Has the Edge After First Debate

Even though the American mainstream media pronounced Friday’s presidential debate between Barack Obama and John McCain a draw, the UK’s Guardian newspaper tallied up some poll results and found that Obama has gained an edge over McCain as the candidates head into their final month of campaigning.

Posted on Sep 29, 2008 READ MORE



montage: White House / Wikimedia Commons

Robert Scheer on the Bailout Bomb

The Dow dropped more than 777 points on the news that the House had voted down the $700-billion bailout proposal, so why does our editor think it’s “a great moment for American democracy”?

Posted on Sep 29, 2008 READ MORE


Pelosi

Pelosi: ‘The Party Is Over’

Did Nancy Pelosi’s speech just before the House vote on the proposed bailout on Monday lead to the bill’s demise? Let’s hope our legislators aren’t so susceptible that an 11th-hour speech would reverse their positions vis-à-vis a $700-billion measure. Here’s a clip of the House speaker’s comments on the floor.

Posted on Sep 29, 2008 WATCH & LISTEN



White House / Eric Draper

House Defies Leadership, Rejects Bailout

When it came to a showdown in the House, the $700-billion bailout scheme was considered to be as toxic as the securities it was supposed to save us from. Democrats and Republicans broke ranks Monday to vote down the measure, 228-205, against the wishes of both parties’ leaders.

Posted on Sep 29, 2008 READ MORE


Obama and McCain debate in Mississippi

Obama and McCain Face Off in First Presidential Debate

Thankfully, Jim Lehrer wasn’t left at the moderator’s podium on Friday, as both Barack Obama and John McCain showed up for their scheduled presidential debate at the University of Mississippi to field questions about the economy and foreign policy.

Posted on Sep 28, 2008 WATCH & LISTEN


Paulson in negotiations
AP photo / Lauren Victoria Burke

Bailout Deal (Almost) Done

Early Sunday morning brought word that the end of the drawn-out bailout negotiations between warring factions of the federal government might finally be at hand, although the House and Senate had not yet officially approved terms of the proposed plan. Updated

Posted on Sep 27, 2008 READ MORE


Left, Right & Center

‘Left, Right & Center’: Bailout Bluster and Debate Mania

Is Obama looking at a landslide? Did McCain’s campaign suspension shake up the odds? Who’s to blame for our economic woes? Answers to these questions and more on this week’s show.

Posted on Sep 26, 2008 WATCH & LISTEN



house.gov

Pelosi Claims ‘Great Progress’ on Bailout Deal

Just a day after negotiations seemed to break down, House Speaker Nancy Pelosi struck a confident tone. So did Rep. Barney Frank, who threw in some of his patented sass: “Now that Sen. McCain is safely in Mississippi, we can get to serious work.”

Posted on Sep 26, 2008 READ MORE



wamu.com

Say Goodbye to WaMu

JPMorgan Chase added to its failed financial behemoth collection by gobbling up the deposits of Washington Mutual, which set a record for the biggest U.S. bank failure Thursday. According to the FDIC and Chase, bank customers have nothing to worry about.

Posted on Sep 26, 2008 READ MORE


Fundamentals









Posted on Sep 25, 2008 ENLARGE


The American Ream









Posted on Sep 25, 2008 ENLARGE    


How McCain’s Grandstanding Sidelined the Bailout Deal

John McCain’s sudden intervention in Washington’s deliberations over the Wall Street bailout could not have been more out of sync with what was actually happening.

Posted on Sep 25, 2008 READ MORE


McCain Has a Meltdown of His Own

John McCain is rapidly making his temperament an inescapable issue in the presidential campaign. Does the nation really want so much drama in the White House?

Posted on Sep 25, 2008 READ MORE


Back in the USSR

In the late 1990s, Washington was in the throes of a deregulatory orgy. Many lampooned Rep. Bernie Sanders’ opposition to the grotesquerie, and his notoriety as the only self-described socialist in Congress. Nobody guessed that in a few years our country would become the United States’ Socialist Republic.

Posted on Sep 25, 2008 READ MORE



Collage: commons.wikimedia.org / senate.gov

Bailout Plan Misses Out on Photo Op

“This meeting is an attempt to move the process forward,” President Bush declared Thursday, but it seems the White House gathering of congressional leaders and presidential candidates might have achieved the opposite effect. Lawmakers had agreed to a bailout outline earlier in the day, but the afternoon’s “political theater,” as Christopher Dodd put it, has raised doubts about the deal.

Posted on Sep 25, 2008 READ MORE


foreclosure
AP photo / Reed Saxon

Lose Your Home, Lose Your Vote

The tanking economy is screwing over citizens both as homeowners and voters. The past two years have seen more than 1 million people lose their homes through foreclosure, and November’s election may see the same people also disqualified from voting due to election laws requiring official notification of voters’ new addresses.

Posted on Sep 25, 2008 READ MORE


BBT
finfacts.ie

Hustling Toward a Bailout Compromise

Following days of hype-work by the Bush administration to scare taxpayers into paying for Wall Street’s failures, support for the $700-billion bailout seems to be gaining steam. Analysts believe the final bailout plan, expected in a day or two, may look eerily similar to Bush’s initial proposal, with some slight changes.

Posted on Sep 25, 2008 READ MORE


A Special Prosecutor for Wall Street

Before this is over, we will need a special prosecutor with an ample budget to find, prosecute and imprison the criminals responsible for this disaster and ultimately deter such criminals in the future.

Posted on Sep 24, 2008 READ MORE


Whatever Happened to Personal Responsibility?

Why is a welfare mother to blame for her poverty while Wall Street fat cats can count on the federal government for $700 billion?

Posted on Sep 24, 2008 READ MORE


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