Economy
14th March 2010
(USAToday) – States Freeze Tax Refunds
Residents eager to get their state tax refunds may have a long wait this year: The recession has tied up cash and caused officials in half a dozen states to consider freezing refunds, in one case for as long as five months. Read More Here
(DailyMail) – British law firm ‘conspired’ to hide $50bn debts of Wall St giant
A top British law firm helped stricken banking giant Lehman Brothers hide its debts in the run-up to the bank’s collapse, a report said yesterday. Read More Here
(IrishTime) – EU denies Greece bailout deal
The euro zone has not agreed a deal on financial support for heavily indebted Greece, but technical work is continuing and the Commission stands ready to act if need be, a spokesman said today. Read More Here
(InternationalForecaster) – The financial system in America is on the edge of default – Bob Chapman
The dramatic and costly undertow of deflation continues unabated, as government via fiscal policy and the Federal Reserve, by creating money and credit out of thin air, proceed to overpower this deflation with massive inflation. Read More Here
(BusinessInsider) – A Quick Reminder: Here’s The Real Problem
Here’s one of the only economic charts that really matters: Total U.S. debt to GDP (from John Mauldin).
This chart shows the trend from the end of the Civil War until now. Read More Here
(DoctorHousingBubble) – California Doing a Rendition of the Housing Industry on the Budget – $20 Billion Budget Deficit and Massive Amount of Distress Inventory
How Banks Raided the U.S. Treasury with the aid of the Federal Reserve and have Damaged Housing Further. Read More Here
(Bloomberg) – China May Face ‘Massive’ Bank Bailouts After Stimulus Program
China may be forced to bail out banks that made loans for local-government projects under the unprecedented stimulus program unleashed in 2008, according to Citigroup Inc. and Northwestern University’s Victor Shih. Read More Here
(AP) – Social Security to start cashing Uncle Sam’s IOUs
The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.
It’s time to start cashing them in. Read More Here
(CNN) – Two bank failures raise year’s tally to 30
The closures of Statewide Bank in Louisiana and Florida’s Old Southern Bank brought the number of bank failures this year to 30, according to the Federal Deposit Insurance Corp. Read More Here
(MyBudget360) – Middle Class Americans Losing Financial Ground on Retirement – As Stock Market Rebounds more Middle Class Americans Have Less Money and Fewer Jobs. How is Health Care Spending Boosting GDP a Good Thing? – Read More Here
(SilverBearCafe) – Iceland, the Mouse that Roared
I thought I heard something the other night. It was a distant sound, a low rumbling, a roar from some far off beast that had finally pronounced its presence. It woke me for a second, but it was so distant I felt no threat and simply rolled over and went back to sleep. The next morning I learned that Iceland was taking a stand. It was refusing to pay its British and Dutch debts. Read More Here
(Infowars) – U.S. Debt Clock in Real Time
The U.S. Debt Clock website has a graphic of the U.S. debt that updates in real time. It will make your head swim. Click here to be amazed… or disgusted. Read More Here
Tags: bailout, brothers, commission, debts, eu, freezing, greece, lehman, recession, refunds, states, street, tax, wall
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