dak Picture of the Day: February 2009

Federal obligations exceed world GDP...Trump Resigns From Trump Entertainment Resorts Board of Directors...

STOCKS SLIP IN FRIDAY 13TH TRADES... JPMORGAN, CITI halting foreclosures...

Economic Crisis 'Top Threat to US'

By Al Jazeera

Dennis Blair said in a report to US congress on security on Thursday that the longer the economic recovery, the greater likelihood of "serious damage" to US strategic interests. Several countries in South America, Africa and the former Soviet Union were unprepared for economic crises and risked "regime-threatening stability" if the situation were to persist. Continue

Worst Than The Great Depression?

' Worst Economic Collapse Ever'

Must Watch 11 Minute Video

In 2009 were going to see the worst economic collapse ever, the Greatest Depression, says Gerald Celente, U.S. trend forecaster. He believes its going to be very violent in the U.S., including there being a tax revolt. Continue

Geithner's Debut: "Not Ready for Prime Time"

By Mike Whitney

Tuesday was Treasury Secretary Timothy Geithner's coming out party. He was supposed to outline Obama's Financial Stability Plan to the Senate Banking Committee. Wall Street was looking for clarity, but it didn't get it. Instead, they got 25 minutes of political posturing and blather. The markets went into freefall. By the end of the day, the Dow was down 382 points. It was a complete fiasco. Continue

Who is Pulling Geithner’s Strings?

By Cliff Kincaid

Treasury Secretary Timothy Geithner on Tuesday carefully read from a teleprompter and provided what his flack said was a “comprehensive” plan. It was not comprehensive in any way. It seemed so amateurish and shallow that the market dropped and commentators and senators were almost incredulous at the lack of detail. Continue

Obama’s voodoo economics

Deficit Nonchalance

By Paul Craig Roberts

The fiscal year 2009 federal budget deficit that Obama is inheriting, and adding to, will be ten times larger in absolute terms than Reagan’s biggest and a much larger share of GDP in percentage terms. Yet, economists are sending up no alarms. Continue

Obama, like Bush, is Throwing Public Money into a Black Hole

By Prof. Rodrigue Tremblay

Tuesday, February 10, may be the date when the U.S. economy officially entered into an economic depression. This was when President Obama's Treasury Secretary, Timothy Geithner, announced that the Obama administration was about to expand Bush's Secretary Paulson's $700-billion plan to rescue large U.S. banks from insolvency. Continue

Economic crisis 'top threat to US': Several countries in South America, Africa and the former Soviet Union were unprepared for economic crises and risked "regime-threatening stability" if the situation were to persist.

Eurozone economies slow sharply: This is the region's third quarterly contraction in a row and represents the Eurozone's sharpest slump since the euro was created in 1999.

Crisis sends French new poor flocking to food banks: The world financial crisis is forcing more and more once relatively comfortable French workers to seek out charity food banks and soup kitchens to get a free hot meal.

Hunger in Australia: 15% of Australian children live in jobless households and this figure has increased by 30% in the last 20 years - In Australia over a million children don't get enough to eat

Food banks forced to partner with farms, fishermen: As traditional sources of donations dry up and demand rises amid a worsening recession, food banks and their volunteers are finding creative ways to make the best of a growing challenge--while the hungry try to make less food go further.

Ailing Banks May Require More Aid to Keep Solvent: A sober assessment of the growing mountain of losses from bad bets, measured in today’s marketplace, would overwhelm the value of the banks’ assets, they say. The banks, in their view, are insolvent.

U.S. 4th-quarter housing prices fall 12% from 2007: Home prices nationally dropped 12% in the fourth quarter, the most on record, amid foreclosures and a recession that pushed buyers out of the market.

How Banks Are Worsening the Foreclosure Crisis: The bad mortgages that got the current financial crisis started have produced a terrifying wave of home foreclosures. Unless the foreclosure surge eases, even the most extravagant federal stimulus spending won't spur an economic recovery.

Stimulus: How it may affect your wallet: Here's a look at some of the provisions that will have a direct effect on individuals in their paychecks, on their tax returns, and with regard to their unemployment benefits and health insurance if they've lost a job.

The Coming Crisis - White Collar Homelessness

Paulson May Have Made $67M In Lloyds Dive

US Stocks Fall Again

US Auto Parts Industry Wants $18.5B Rescue

US Unemployment Hits 32 Yr High

Michael Moore Seeks Bankster Whistleblowers

Chrysler Faced With Equity Carve-Up

UK Bankster Arrested Over $80M Ponzi Fraud

Madoff Has 'Blood On His Hands' Over Suicide

UK Serious Fraud Office Investigates AIG

Barky Loses Second Commerce Nominee

Europe's Industrial Base May Never Recover