Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

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Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

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Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

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Real reason for electricity blackouts hitting southern US

Real reason for electricity blackouts hitting southern US

“Large oil companies have for a decade artificially shorted the gasoline market to drive up prices,” said FTCR president Jamie Court. “Oil companies know they can make more money by making less gasoline.” The following article was written by Paul Joseph Watson. He is t

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World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

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Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

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US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

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FDIC wants your retirement cash to save banks: Bloomberg

FDIC wants your retirement cash to save banks: Bloomberg

“The FDIC is constantly looking at structures where we can get the greatest opportunity to tap into capital that we have not had the success reaching through previous disposition methods,” FDIC spokeswoman Michele Heller said in an e-mailed statement. “We welcome and work

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Canadian government admits recovery never happened

Canadian government admits recovery never happened

“Not only did their stimulus fail to create the jobs of tomorrow, it also failed to protect the jobs of today,” Scott Brison, the opposition Liberal Party’s spokesman for finance issues, said by telephone. "Most of us were shaking our heads in disbelief early last year w

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How Western society is brainwashed and crumbling

How Western society is brainwashed and crumbling

"The cultural embrace of illusion, and the celebrity culture that has risen up around it, have accompanied a growing system of casino capitalism, with its complicated and unregulated deals of turning debt into magical assets, to create fictional wealth for us, and vast wealth f

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Will we see double digit interest rates from the 1980s?

Will we see double digit interest rates from the 1980s?

"And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale." -- Thomas Jefferson Spending is

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Greenspan: credit crunch “by far the greatest financial crisis”

Greenspan: credit crunch by far the greatest financial crisis

Greenspan said that while the economy was in worse shape in the Great Depression, the recent financial crisis was potentially more harmful than that in the 1930s because “never had short-term credit literally withdrawn.” Greenspan just said that the current credit crunch

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dow chem spill
Reports like this are happening all across the country. Spending cuts have the final result of millions of more unemployed. They, in turn, reduce their buying because they are living off of Unemployment Insurance. Because of their lack of spending other companies are hurt and they cut employment.

The chemical industry is rather important for any economy because many sectors such as industries of consumer goods, telecommunications industry require chemicals that may be provided by the chemical industry. The case is no different in the U.S. In fact, growth in the chemical industry of the United States is crucial for the U.S. economy. For this reason, in the United States, many research and development companies in the field of chemistry have made billions of dollars are invested every year in order to invent new chemical processes and increase productivity the American chemical industry.

Be aware that the economy is still tanking. Look at Retail Sales, Durable Good Orders, Industrial Production, Initial Claims for Unemployment, and Mass Layoffs or Furloughs to see what is really happening with the economy.

Dow Chemical revenues slide; company cuts spending

(AP:MIDLAND, Mich.) Dow Chemical said Thursday that revenues slid in the third quarter and the company that makes the basic ingredients for everything from toys to cars is not counting on better conditions this year or next.

The company has sold billions in assets, cut thousands of jobs and slashed costs, and Dow saw a sharp increase in net income over the past three months as raw materials costs fell.

Andrew Liveris, Dow’s chairman and CEO, said the global economy was on a firmer footing, and described the recovery at home as “slow and tenous.”

The recovery right now, however, is being driven by sales in Asia, especially China, Dow said.

Dow Chemical Co., of Midland, Mich., says profit grew to $711 million, or 63 cents per share, compared with $428 million, or 46 cents per share a year ago. Excluding one-time benefits and losses, Dow earned 24 cents per share. Revenue fell 22 percent, to $12 billion from $15.4 billion.

Revenues from the infrastructure and coatings business slumped 22 percent compared with last year, though there are signs that the market is stabilizing. Revenues rose 7 percent over the past three months.

“The global economy is now on firmer footing, and, in our view, the United States economy is beginning a slow and tenuous recovery, with unemployment continuing to be a drag on consumer spending,” said Liveris. “Therefore, our 2009/2010 operating plans do not count on material improvements in market conditions, and we remain tightly focused on those factors we can control.”

Original article found at INO.com


Dow Chemical closes three plants in Louisiana

Dow Chemical Co. said that it will close three Louisiana plants as part of a shift away from basic chemicals toward the lucrative business of specialty chemicals.

The shuttering comes as part of a massive plan to cut costs after Dow bought rival Rohm & Haas in April for more than $16 billion, a deal that added massive amounts of debt to its balance sheet.

Dow expects to take a $700 million second-quarter charge as part of Wednesday’s announcement, but expects to cut costs by about $100 million a year.

The approximately 100 people who work at the plants will be offered jobs elsewhere, Dow said.

The plants make ethylene, a building block for basic chemicals like plastic and packaging. The basic chemicals market is heavily affected by price fluctuations in crude, and products are usually made and sold in large batches and at razor-thin profits.

Sourceed from Layoff Tracker

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