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Tag: Economy

The Ups and Downs of Electability

Now that the presidential field has been winnowed to four—barring a miraculous return by one of the contestants recently voted off the island—the new national pastime is gaming the electability factor.

Posted on Jan 31, 2008 READ MORE


Ten Months Too Long

Bush may be a lame duck, but he’s also a president who has shown an unparalleled capacity to blow it.

Posted on Jan 31, 2008 READ MORE


FBI to Investigate Mortgage Crisis

The FBI has announced an investigation into the practices of more than a dozen companies related to the subprime mortgage crisis that has destabilized the American and global economies. The Securities and Exchange Commission has already launched investigations of its own, and though it’s nice to see the authorities crack down on improper practices, it would be nice to have some oversight before there was a crisis.

Posted on Jan 29, 2008 READ MORE


Bush Goes Out With a Thud

George W. Bush, the president who lied America into a war that will end up costing trillions of dollars, scolded the Democratic-controlled Congress in his final State of the Union address on Monday for undermining “the people’s trust in their government” with too many pet projects. Now that’s chutzpah, coming from a man who never met a spending bill he didn’t like unless it had to do with stem cells and sick children.

Posted on Jan 29, 2008 READ MORE


An Economic Bridge to Nowhere

House Republicans were able to keep an extension of unemployment benefits out of the recently announced stimulus package, which is too bad, since it’s one measure that would actually help the ailing economy.

Posted on Jan 28, 2008 READ MORE


Sorry State of the Union

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Posted on Jan 28, 2008 READ MORE


Economy Takes Priority in Bush’s Last State of the Union Speech

Sometimes it’s useful to let a story’s own lead speak for itself. Take, for example, the doozy of a question that opens Sheryl Gay Stolberg’s New York Times article about Bush’s economic focus in Monday’s State of the Union address: “Will George W. Bush be remembered as the president who lost the economy while trying to win a war?”

Posted on Jan 27, 2008 READ MORE


Kerviel
Societe Generale

The Man Who Lost $7.2 Billion

How did a 31-year-old low-level bank trader with limited access lose five times as much money as the worst rogue trader ever? That’s the question European authorities and Societe Generale, France’s second-largest bank, are trying to answer.

Posted on Jan 25, 2008 READ MORE


book cover

Chalmers Johnson on the Myth of Free Trade

A powerful new book by a young South Korean-born economist at Cambridge University provides a compelling critique of the contradictions and hypocrisies of globalization and neoliberalism. The perfect antidote to the nostrums of Thomas Friedman.

Posted on Jan 24, 2008 READ MORE


The Stimulus Swindle

Stimulus—you’ve probably heard this nebulous, scientific-sounding word this week. Every politician suddenly wants economic “stimulus,” and wants you to think this “stimulus” is unequivocally good.

Posted on Jan 24, 2008 READ MORE


State of the Union

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Posted on Jan 24, 2008 READ MORE


That Dismal Democratic Debate

Supporters of one Democratic candidate or another may insist that their man or woman won last Monday’s debate in South Carolina, but in their hearts most viewers could only have been disappointed by its childish tenor and puerile content.

Posted on Jan 23, 2008 READ MORE


Too Little Too Late

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Posted on Jan 23, 2008 READ MORE


Ignoring Our Economic Achilles’ Heel

While the president and Congress consider a cure for the Bush economy, they should look to the root of the problem: stagnant incomes.

Posted on Jan 22, 2008 READ MORE



news.bbc.co.uk

World Markets Dive Amid U.S. Economy Fears

Stock markets across the world Monday suffered the worst losses since Sept. 11, 2001. The drop prompted analysts to theorize that investors have major doubts about the ability of the proposed stimulus package to mend the American economy.

Posted on Jan 21, 2008 READ MORE


dollar
brokerforyou.com

Bush Plans Economic Intervention

What to do about the slumping U.S. economy? President Bush may disagree with congressional Democrats on dozens of issues, but he seems to agree with their call for some kind of temporary stimulus measure to be implemented as soon as possible. Bush’s potential bailout plan will likely focus on income tax rebates to inspire Americans to go out and spend for their country.

Posted on Jan 18, 2008 READ MORE


NYSE
AP photo / Richard Drew

Dow Drops Over 300 Points

Winter 2008 is shaping up to be a gloomy season for the American economy, with mounting concerns over subprime mortgage prices and a plunging stock market.  Thursday was a particularly dreary day on Wall Street, with the Dow Jones industrial average down 307 points and the Standard & Poor’s 500 falling almost 3 percent.

Posted on Jan 17, 2008 READ MORE


Citigroup sign
marketplace.publicradio.org

When Losing $10 Billion Is a Relief

You know the economy is in trouble when investors and analysts are relieved that Citigroup lost only $9.83 billion in the last quarter of 2007. The banking giant managed to squeeze a few billion out of Abu Dhabi and Singapore, and will still pay a dividend on its stock, so for now the mood is upbeat.

Posted on Jan 15, 2008 READ MORE


No Time to Argue About the Economy

With the economy teetering on recession, there’s a way out of the usual political impasse, if the politicians want to find it.

Posted on Jan 15, 2008 READ MORE



Doug Henwood on Robert Kuttner’s ‘The Squandering of America’

Just how sick is the U.S. economy? Just how deep is the divide between the super-rich and the rest of us? Just how bad would a meltdown of our political economy be? And what, if anything, can be done about it?

Posted on Jan 10, 2008 READ MORE


Kucinich
AP photo / Jim Cole

One True Voice on the Trail

Why isn’t Dennis Kucinich treated as a viable candidate? Because, Hedges argues, it’s all too easy for the comfortable to dismiss him.

Posted on Jan 7, 2008 READ MORE


The 2000 Election All Over Again

If we seemed doomed to refight the battles from eight years ago, perhaps it’s because Al Gore’s warnings about a Bush presidency turned out to be so prescient.

Posted on Jan 2, 2008 READ MORE


Fed Steps Into Mortgage Mess

The term “subprime mortgage” has certainly been in heavy rotation in recent months, and economic panic has spread as a result of lenders playing fast and loose with their home-lending criteria, causing chaos in the mortgage market.  Enter the Federal Reserve to try to undo some of the damage and prevent a recurrence.

Posted on Dec 18, 2007 READ MORE


supercapitalism

Benjamin Barber on ‘Supercapitalism’

Can an overheated market remedy an underachieving democracy?  Can the public interest be served by an economic engine in which corporate rivals use government to quash their competitors?  These and other questions are the subject of a provocative new book by Robert Reich, labor secretary under President Clinton.  Benjamin Barber, author of “Jihad vs. McWorld” and “Consumed,” takes a close look at Reich’s argument.

Posted on Dec 13, 2007 READ MORE


Climbing Out of the Oil Ditch

After a generation of self-indulgence, America is very close to taking a big step away from foreign oil and all of the environmental and security problems we’ve come to associate with that phrase. Now, if we can just keep the energy industry at bay… .

Posted on Dec 11, 2007 READ MORE


The Not So Almighty Dollar

Talk about how the almighty have fallen. The dollar is headed downhill faster than Bode Miller on a set of rocket skis. Think nose dive. Plummetville. Plunge City. Belly Floppo Rama. Recession is such an ugly word.

Posted on Dec 2, 2007 READ MORE


flags at the capital
AP photo / Gerald Herbert

America in the Time of Empire

All great empires and nations decay from within. By the time they hobble off the world stage, overrun by the hordes at the gates or vanishing quietly into the pages of history books, what made them successful and powerful no longer has relevance.

Posted on Nov 26, 2007 READ MORE


Land of Broken Dreams

We think of the United States as a land of unlimited possibility, not so much a classless society, but as a place where class is mutable—a place where brains, energy and ambition are what counts, not the circumstances of one’s birth. But three important new studies suggest that Horatio Alger doesn’t live here anymore.

Posted on Nov 22, 2007 READ MORE


What Would Jesus Buy?

“Rev. Billy” wants you to stop shopping. He’s the brainchild of an anti-consumerism activist and the subject of a new movie that takes a hard and entertaining look at our shopping-addicted culture just in time for “Black Friday.”

Posted on Nov 20, 2007 READ MORE


Money Problems

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Posted on Nov 20, 2007 READ MORE


central park
zdnet.com

The New British Invasion

With the dollar getting weaker all the time, the ailing housing market is getting a little relief from an unexpected source: foreigners. Brits in particular have been tempted by bargain homes in glamorous locales such as Manhattan, where one-third of all new condominiums are selling to foreign buyers.

Posted on Nov 18, 2007 READ MORE


Thanksgiving Blues

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Posted on Nov 16, 2007 READ MORE


Taj Mahal
news.bbc.co.uk

India Snubs the Dollar

The dollar has simply fallen too low for India, which will no longer accept the greenback at its many tourist sites, including the Taj Mahal. Tourism ministry officials said they had to move quickly in order to protect Indian revenues from the dollar’s free fall. Remember when the dollar was like gold in the developing world?

Posted on Nov 16, 2007 READ MORE


stock prices
AP photo / Katsumi Kasahara

Paul Krugman on the ‘Conscience of a Liberal’

The New York Times columnist brings his liberal conscience and economic expertise to bear on the housing crisis and sheds light on the dirty secret behind many political victories by conservatives: “The consistent source of [Republican] success has been race.”

Posted on Nov 16, 2007 READ MORE


What Are We Fighting For?

It’s time that we subject the Iraq war to the same cost-benefit analysis that we are called upon to impose on other government endeavors. We are supposed to repeal or revise domestic programs that don’t work. Shouldn’t a troubled war policy be treated the same way?

Posted on Nov 15, 2007 READ MORE


Take the Cost of the War and Double It

According to the calculations of congressional Democrats, the wars in Iraq and Afghanistan have already cost about $1.5 trillion. That’s nearly double the (already staggering) $804 billion that’s been appropriated or requested. Lawmakers arrived at the revised estimate by considering larger economic factors, including interest on debt and health care costs for wounded veterans.

Posted on Nov 13, 2007 READ MORE


It’s Still the Economy, Stupid

Sometime before the average price of gas topped the $3-a-gallon mark,  an inevitable moment arrived. The economy beat Iraq as the issue of most concern to Americans.

Posted on Nov 13, 2007 READ MORE


Al Gore
guardian.co.uk

Gore Puts Venture Money Where His Mouth Is

Al Gore’s Generation Investment Management has teamed up with venture capital heavyweight Kleiner Perkins Caufield & Byers to try to close the “significant gap between the capital needed and the capital currently deployed to create enduring solutions to the climate crisis.” The alliance will have a global focus and will seek to multiply by “many times” the $200 million already invested by KPCB in green projects.

Posted on Nov 12, 2007 READ MORE


Monopoly Money

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Posted on Nov 11, 2007 READ MORE


Driving the Masses Mad

Bush Derangement Syndrome is now a full-blown epidemic. George W. apparently has reduced more of his fellow citizens to sputtering rage than any other president since opinion polling began, with the possible exception of Nixon.

Posted on Nov 8, 2007 READ MORE


stock prices
AP photo / Katsumi Kasahara

Paul Krugman on the ‘Conscience of a Liberal’

New York Times columnist Paul Krugman brings his liberal conscience and economic expertise to bear on the housing crisis and sheds light on the dirty secret behind many political victories by conservatives: “The consistent source of [Republican] success has been race.”

Posted on Nov 6, 2007 READ MORE


Bill Maher

Maher Calls for a Middle-Class Uprising

The “Real Time” host takes aim at the über-rich, as well as the disadvantaged who vote against their own economic self-interests, because “In America it’s not the haves and have nots, it’s the haves and been hads.”

Posted on Nov 4, 2007 READ MORE


Rich Government, Poor People

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Posted on Nov 2, 2007 READ MORE


The Rise and Fall of Stan O’Neal

It’s not surprising in the cutthroat world of Wall Street to see a big-time CEO such as Stanley O’Neal float out of the boardroom with a golden parachute. What is significant is that this grandson of a slave managed to become one of the “Masters of the Universe” in the first place.

Posted on Oct 30, 2007 READ MORE


$2.4 Trillion to Keep the Wars Going

The Congressional Budget Office has estimated that the wars in Iraq and Afghanistan could cost $2.4 trillion over the next 10 years, a figure that includes interest for putting war costs on the proverbial credit card. To date, the two conflicts have cost more (adjusted for inflation) than the Korean and Vietnam wars combined.

Posted on Oct 26, 2007 READ MORE


Hold Politicians’ Feet to the Fire

Fires rage through Southern California. Massive rainstorms drench New Orleans. The Southeast is in the midst of what could be the worst drought on record there. Atlanta could run out of water. What links these crises? Global warming.

Posted on Oct 23, 2007 READ MORE


propaganda poster
iiichan.net

China: Democracy Isn’t for Us

China plans to stick with the economic and political reforms that have brought prestige, wealth and environmental catastrophe to the country, but don’t expect Beijing to turn its back on the Communist Party completely. As the official spokesman of the 17th party congress put it: “We will never copy the Western model of political system.”

Posted on Oct 14, 2007 READ MORE


Bush Gets Tightfisted With Sick Kids

To say that George W. Bush spends money like a drunken sailor is to insult every gin-soaked patron of every dockside dive in every dubious port of call.

Posted on Oct 5, 2007 READ MORE


Blue-Collar Challenge for Democrats

The GM-UAW labor contract could prove to be a victory of innovative thinking in the private sector.  Now politicians should be clear on how they would attack the deepening problems that confront working people.

Posted on Sep 28, 2007 READ MORE


Greenspan’s Legacy

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Posted on Sep 21, 2007 READ MORE


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