S&P is warning about a new financial meltdown - Will the US taxpayers pay a $5 trillion bailout this time?
You need to know this. It’s going to happen again and it’s going to be much worse. This is the warning issued by the S&P credit rating agency about the chances of our financial markets melting down again. In a report released on Monday, S&P analysts said, "we believe the risks from the U.S. financial sector are higher than we considered them to be before 2008."
In the run-up to the Iraq war – British Prime Minister Tony Blair called theories that the war was motivated by oil interests, “the most absurd.” But according to memos recently released by the UK newspaper the Independent – Blair’s denial is the only thing that’s absurd. The memos show that the British Trade Minister assured BP and other energy firms that they would be given generous shares of Iraq’s vast oil and gas reserves. One memo reads - "Iraq is the big oil prospect.
Democracy is on the march OUT of Michigan. Republican Governor Rick Snyder is using his new powers recently granted to him by the Republican state Legislature to take over a city – fire its elected representatives – and bust up unions and cut crucial government services. It’s part of Snyder’s plan to reduce his state’s budget deficit by putting cities that are struggling financially on a fast track to a Libertarian ut
More criminals are being named in Senator Carl Levin’s report on the causes of the 2008 financial crisis. According to the report – executives at the bank Washington Mutual were feverishly re-selling exploding mortgages to their clients – even though they knew they were completely worthless. In a 2005 memo – Washington Mutual CEO Kerry Killinger told an executive, “I have never seen such a high-risk housing market…this typically sig
President Obama delivered his big deficit-reduction speech yesterday. The President’s plan pledged to cut $4 trillion out of the deficit over the next 12 years by reducing domestic and defense spending – getting more bang for the buck in Medicare – ending the Bush tax cuts – and closing corporate tax loopholes. He also used the stage to draw a clear contrast between his plan and the Republican plan written by Paul Ryan that will lik
Our economy is screwed. Top Republicans have come forward to say they are more than willing to crash our economy by pushing back a vote on raising the debt ceiling until July. On May 16th – our nation is expected to reach its debt limit – and if no action is taken we could be facing a Greek-style implosion of our economy.
You need to know this. A budget isn't just numbers - it's a statement of morality and our values. And conservatives are showing their true colors. Republicans will likely vote on Paul Ryan’s budget this week, benefitting only the top 1% of Americans, that sells off Medicare to for-profit health insurance company leeches – hands an enormous tax cut to millionaires and billionaires – and sinks our nation deeper into debt – but t
Even though a government shutdown was averted – working class people will still be screwed over in America. A new report by Wealth for the Common Good shows that the 400 richest people in America – our nation’s oligarchs – have never had it so good and are paying the lowest taxes ever in their lifetimes.
A government shutdown at the end of the week looks all but certain now. Yesterday – a meeting between Speaker of the House John Boehner and Senate Majority Leader Harry Reid failed to produce a budget deal. Due to procedural rules in Congress – a deal needed to be reached by last night to allow for a vote before Friday when the government runs out of money.