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One Man’s Failure

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Posted on May 13, 2014 READ MORE



The 90 Companies Most Responsible for Climate Change

Researcher Richard Heede says the people to blame for our planet’s environmental demise “could all fit on a Greyhound bus or two”; Jeremy Scahill proves time and time again he is not the White House’s favorite journalist; meanwhile, exposure to the arts does have a positive effect on intelligence after all. These discoveries and more after the jump.

Posted on Nov 25, 2013 READ MORE



Shutterstock graphic of stocks falling.

Wall Street Doesn’t Like What Fed Chairman Has to Say

The Federal Reserve will continue to buy bonds at a rate of $85 billion a month, but Chairman Ben Bernanke said better economic indicators mean the central bank could end its quantitative easing policy in 2014.

Posted on Jun 19, 2013 READ MORE



Flickr / SimplySchmoopie (CC-BY-SA)

Europe’s Plight Chills Year-End Market Predictions

Traditionally, the holiday season brings good tidings for the stock market, too. There’s even something called “the Santa rally,” we learned from this Wall Street Journal article. Neat! But this year, with trouble on the European front and the ongoing recession (yes, that reads “recession”) at home, there may be less to look forward to, or so market forecasters fear.

Posted on Nov 25, 2011 READ MORE



Wikimedia Commons / Rafy

At Least 23 Killed in Trio of Explosions in Baghdad

On Thursday, 23 people were reported killed and at least 82 wounded in a series of three bombs that detonated in a crowded market in south Baghdad, according to the BBC.

Posted on Jun 23, 2011 READ MORE



Flickr / Casey Serin (CC-BY)

Home Sales Bump Up in September

At long last, a little good news from the real estate market: The National Association of Realtors reported a 10 percent rise in existing home sales in September, but buyers are still skittish about foreclosures and the country’s job problems figure into the long-term prognosis as well.

Posted on Oct 25, 2010 READ MORE



Flickr / clementine gallot (CC-BY)

Nobel Prize in Economics Plays on Timely Theme

This year’s Nobel Prize in economics goes to a triumvirate of researchers—MIT’s Peter Diamond, Northwestern University’s Dale Mortensen and Christopher Pissarides of the London School of Economics—whose work focuses on a subject that’s all too apropos these days: unemployment.

Posted on Oct 11, 2010 READ MORE


SEC building
Wikimedia Commons / AgnosticPreachersKid

More Stocks Subject to SEC ‘Circuit-Breaker Rule’

Remember that crazy time back in May when the Dow Jones unexpectedly dropped by almost 1,000 points in only half an hour? Well, the SEC has finally worked in some protection against such sudden plunges by expanding the number of stocks subject to its current “circuit-breaker rule.”

Posted on Sep 12, 2010 READ MORE



AP / Alaa al-Marjani

Blasts Rock Iraq, Kill 55

Only a few hours after U.S. soldiers transferred combat duties to Iraqi security forces, a series of explosions in Basra on Saturday and in Ramadi and Fallujah on Sunday lit up Iraq, killing at least 55 and wounding many others.

Posted on Aug 8, 2010 READ MORE



Apple Passes Microsoft to Become the World’s Biggest Tech Company

Apple fan-boys and -girls, rejoice. The iCorporation is now worth more than the dreaded Microsoft. But don’t get too excited: Bill Gates’ gang has a few ideas to get back in the game, and some bloggers claim that Google, whose Android is outselling the iPhone, “has leapfrogged” Apple in terms of innovation. (continued)

Posted on May 26, 2010 READ MORE



Flickr / The City Project

Saving Olvera Street

Culture and history matter, even if it costs money. Someone should tell that to the city of Los Angeles, which is raising rents on the merchant tenants of Olvera Street, a Mexican-heritage historical site downtown that is currently undergoing privatization.

Posted on Apr 16, 2010 READ MORE


Obama’s Nuclear Option

President Obama’s publicly financed resuscitation of the nuclear power industry in the U.S. is bound to fail, another taxpayer bailout waiting to happen.

Posted on Feb 16, 2010 READ MORE


Lahore bombings
bbc.co.uk

Market Bombings Kill at Least 36 in Pakistan

Two bomb blasts ripped through a busy market in Lahore, Pakistan, on Monday evening, killing at least 36 people and injuring about 100. The bombs were reportedly set off via remote control, and the explosions came on the heels of a suicide bombing in Peshawar that killed at least 10 earlier in the day.

Posted on Dec 7, 2009 READ MORE


home sales

Home Sales Jump 10.1% in October

Other market sectors are another story, and this story may also change in coming months, but let’s have some good news about the residential real estate market, shall we? Right: The Associated Press is reporting that home sales rose more than 10 percent in October from their September levels, largely due to tax incentives, and November may continue along this trend.

Posted on Nov 23, 2009 READ MORE


employment
haldimandcountyhydro.ca

White House: Stimulus Made, Saved Nearly 650,000 Jobs

The White House sounded a triumphant note Friday about the success of the economic stimulus in salvaging and creating close to 650,000 jobs in recent months, but some Republicans, along with the AP, are questioning the accuracy of the government’s figures.

Posted on Oct 30, 2009 READ MORE



Federal Reserve

Bernanke Talks of Better Economic Times Ahead

After seemingly endless months of relentlessly distressing financial reports, Federal Reserve Chairman Ben S. Bernanke said Friday that the economic news is looking up on both the national and global economic fronts, and that “prospects for a return to growth in the near term appear good.”

Posted on Aug 21, 2009 READ MORE


ENTER_ALT_TEXT

Rational? Don’t Bet on It

Jon Stewart interviews Justin Fox, columnist for Time magazine and author of “The Myth of the Rational Market: A History of Risk, Reward and Delusion on Wall Street.” He suggests (gasp!) that markets aren’t rational and human behavior cannot always be predicted. Check out this clip from last night’s “Daily Show.”

Posted on Jul 2, 2009 READ MORE


Bernanke
AP photo / Susan Walsh

Bernanke Gets Our Hopes Up

The good news: Federal Reserve Chairman Ben Bernanke believes the U.S. economy may show signs of bouncing back before 2010—yay! The bad news: Bernanke also believes that aftershocks from the recession may continue to wreak havoc for a good while to come—sigh.

Posted on May 5, 2009 READ MORE


Soros
bloggernews.net

Soros Laughing All the Way to the Bank

Not many big hitters from the financial sector have managed to stay afloat, let alone turn a profit, since the economic crisis kicked in, but George Soros has done quite well for himself. Soros made $1.1 billion last year, and he’s not even at the top of the list of hedge fund managers who beat the odds in 2008.

Posted on Mar 26, 2009 READ MORE


The Geezer Gang Is Staying on the Job

Amid the talk of generational conflict in these depressed times, there’s a chance for the boomer generation to make a virtue—or a revolution—out of the necessity of working longer.

Posted on Mar 19, 2009 READ MORE


The Point of Pointing Fingers

Obama speaks disdainfully of “ideology,” but there comes a time when first principles need to be articulated. Conservatives have entered this fight with guns blazing while progressives have hidden behind a Maginot Line armed only with the word pragmatism.

Posted on Mar 11, 2009 READ MORE



Flickr / chakote

Good Economic News, for a Change

The Dow had a big day on Tuesday, leaping 379 points after Citibank reported two months of profits and Fed chief Ben Bernanke indicated the banks could have some wiggle room in the accounting of their junk assets. The day may have ended with high-fives on Wall Street, but there’s good reason to stay gloomy.

Posted on Mar 10, 2009 READ MORE



Wikimedia Commons / Paul Sparkes

Dow Slides Below 7000, No End in Sight

The Dow Jones industrial average fell to 6763.29 Monday. In less than a year and a half, the market has lost more than half of its value. More bad news from the financial sector has some analysts worried that rock bottom is still a long way away.

Posted on Mar 2, 2009 READ MORE


Turn a Harsh Light Onto the Banks

It’s reaching the point where desperate measures—brutal honesty and complete transparency—may be the only way to bring the economy out of its kamikaze dive. If so, this won’t be pretty.

Posted on Feb 23, 2009 READ MORE



collage: Flickr (epicharmus) / Google

Dow and Out on Wall Street

The Dow hasn’t been this low since “Titanic” won Best Picture, appropriately enough. Investors, apparently convinced the worst is yet to come, sent stocks tumbling to a 12-year low on Monday. The Dow sank to a depth of 7114.78.

Posted on Feb 23, 2009 READ MORE


Downward Automobility

It makes sense to prop up ailing carmakers. Allowing GM and Chrysler to go bankrupt could be a triggering event that might make a very bad economy much worse.

Posted on Feb 18, 2009 READ MORE


The Downside of Bipartisanship

Remember this, President Obama: There are few Washington traditions as annoying as the cultish worship of bipartisanship, for it ignores the simple fact that sometimes one party gets things disastrously wrong.

Posted on Jan 22, 2009 READ MORE


Faith Amid the Ruins of Faith

After the collapse of trust in every sort of expert—after lenders financed houses for people who couldn’t afford them, bankers created systems they couldn’t even describe and, finally, we hear, Bernie Madoff ripped off even his high school friends—there is a residue of resilience.

Posted on Jan 22, 2009 READ MORE



Wikimedia Commons

Congress Sings the Bailout Blues

Want to know where the $350 billion banking bailout went and why it hasn’t done a bit of good? Read, and weep over, this little-noticed report from the congressional panel set up to monitor the Treasury Department’s distribution of our taxpayer funds.

Posted on Jan 18, 2009 READ MORE



amazon.com

Andrew Nagorski on the Bolsheviks’ Crimes

There was a time when Russia was an economic power on the rise. Sean McMeekin’s new book, “History’s Greatest Heist: The Looting of Russia by the Bolsheviks,” explains what nipped that growth in the bud.

Posted on Jan 2, 2009 READ MORE


The 21st Century Is Finally Here, a Bit Behind Schedule

Social and political epochs rarely end precisely on schedules provided by calendars. The outcome of this year’s election means that 2009 will, finally, mark the beginning of the 21st century.

Posted on Dec 31, 2008 READ MORE


Bush Bailed Out
The New York Times / Doug Mills

To the Bailoutmobile!

In an avowed effort to save capitalism from itself, President Bush announced Friday that he would throw the Big Three failing auto companies a $17.4 billion lifesaver, siphoning that money from the initial $700 billion bailout slush fund authorized by Congress in October.

Posted on Dec 19, 2008 READ MORE


Killing the Big 3 Would Be Nuts

Despite the popular myth, lemmings don’t really hurl themselves off a cliff to reduce their numbers. That sort of behavior is seen only among Republicans in the Senate, who gave us a demonstration when they torpedoed legislation to bail out the auto industry.

Posted on Dec 15, 2008 READ MORE


Sony
Flickr / Ian Muttoo

Sony Paring Its Work Force by 8,000

Japanese technology giant Sony Corp. announced Tuesday that it is planning to slash 8,000 jobs—or about 4 percent of its global work force— in response to the deepening international economic crisis.

Posted on Dec 9, 2008 READ MORE



AP photo / Douglas Healey

The Best and the Brightest Led America Off a Cliff

The multiple failures that beset the country can be laid at the feet of our elite universities. Harvard, Yale, Princeton and Stanford, along with most other elite schools, do a poor job educating students to think. They focus instead on creating hordes of competent systems managers.

Posted on Dec 8, 2008 READ MORE



Warren I. Cohen on China’s ‘Factory Girls’

There’s a revolution underway in Chinese culture as young women flock from villages to factory employment in the cities, leaving traditional values behind.

Posted on Dec 5, 2008 READ MORE



Wikimedia Commons / mlb.com

Bailout Ballpark

The U.S. taxpayer is on the hook for more than $300 billion of Citigroup’s junk investments, so where did the ailing bank find $400 million to put its name on the New York Mets’ new stadium?

Posted on Dec 4, 2008 READ MORE


Recession St.
whatpricejusticeblog.com

No Kidding: U.S. Economy in Recession

While it’s great that it has finally been acknowledged, the National Bureau of Economic Research’s announcement on Monday that the U.S. is officially in a recession is old news—even by the bureau’s own estimation. Updated

Posted on Dec 1, 2008 READ MORE


Obama’s Shrewd Choices

Barack Obama’s appointees will implement the Obama program, not only because that is what he tells them to do but because that is what they have come to believe is best for the country.

Posted on Nov 26, 2008 READ MORE


Escape Foreclosure
publicradio.org

Fed Faces Mortgage Challenge

The mortgage market got a lift following Tuesday’s announcement that the Federal Reserve was throwing in with a $600 billion resuscitation bid, but as Fortune’s Colin Barr points out, history offers at least two examples that the road ahead could be rocky.

Posted on Nov 25, 2008 READ MORE



White House / Paul Morse (altered)

No One In Charge

Having two presidents is starting to feel like having no president, and that’s the situation we’ll face until Inauguration Day. Heaven help us.

Posted on Nov 24, 2008 READ MORE


Chrysler plant
AP photo / Carlos Osorio

Steering Clear of Disaster in Detroit

If jobs weren’t disappearing and a depression threatening, it would be easy and satisfying to send the American auto industry into bankruptcy or liquidation. But this isn’t the time to make Chrysler, General Motors and Ford pay for their years of failure and shortsightedness.

Posted on Nov 20, 2008 READ MORE



finance.google.com

Dow-nward Spiral

In a little over two weeks, the Dow has tumbled more than 2,000 points as bad economic news continues to pile up. Word on Thursday that jobless claims hit a 16-year high, combined with a dreary outlook for Detroit and a lack of confidence in major financial institutions, helped drive the DJIA down to 7,552.29.

Posted on Nov 20, 2008 READ MORE


ENTER_ALT_TEXT
washingtonpost.com

Running on Empty

Republican Sen. Richard Shelby seems to be one of the only real capitalists left on Capitol Hill. The Alabaman argued Wednesday that U.S. auto firms should be left to the realities of the market, letting companies like Ford, GM and Chrysler go bankrupt and forcing the failing industry to carry out what Shelby believes are much-needed reforms.

Posted on Nov 19, 2008 READ MORE



Flickr / Brave New Films

A Wal-Mart Christmas for a Wal-Mart Country

The giant discounter is the only store where hard-squeezed consumers can afford to buy anything, and so it has kept posting sales gains amid the retail bloodbath.

Posted on Nov 18, 2008 READ MORE



tickertapedigest.com

What Goes Down ... Dow Up 10 Percent

The Dow shot up 889.35 points on Tuesday, a welcome respite from Wall Street’s month of plunges. Things could still get a lot worse: While some buyers snapped up what looked like bargain stocks, others said they expected a major drop before things get better.

Posted on Oct 28, 2008 READ MORE



White House / Shealah Craighead

Greenspan Admits Ideological Flaw

The former Fed chair told angry lawmakers on Thursday that after 40 years of buying into free-market ideology he had “found a flaw.” Rep. Henry Waxman told Greenspan “our whole economy is paying the price” because he ignored advice and resisted regulation.

Posted on Oct 23, 2008 READ MORE



commons.wikimedia.org

Brokers Gone Wild: Market Closes Up

The Dow gained 401.35 points Thursday but had volatile swings through most of the day. Investors, The Wall Street Journal reports, are still trying to figure out what stage of suck the economy is in.

Posted on Oct 16, 2008 READ MORE



commons.wikimedia.org

What Goes Up ... Dow Plummets 733

It seems like only a couple of days ago that the Dow jumped 936 points. The market went back to freaking everyone out on Wednesday, with a sobering drop of 733.08 points. Stimuli and bailouts aside, it appears that we’re in for a substantial recession.

Posted on Oct 15, 2008 READ MORE


The GOP Identity Crisis

Can any Republican candidate claim with a straight face to represent the party of small government? For that matter, can any Republican candidate plausibly explain what the party is supposed to stand for these days?

Posted on Oct 13, 2008 READ MORE


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