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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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,

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

Content By: The Coming Depression Editorial Staff (dates cited below)
Copyright: include link to this article on top of reproduction if you use it.
Bookmark and Share
(No Ratings Yet)
Loading ... Loading ...

bankrupt federal government

Original article appears on Nasdaq.com

WASHINGTON -(Dow Jones)- Facing a midnight deadline, the U.S.?Senate Wednesday approved an emergency one-month extension of current funding levels for the federal government.

The extension is necessary because lawmakers have been unable to complete work on the 12-must pass spending?bills required to keep the various arms of the federal government running each year.

With the federal government’s fiscal year in its waning hours, all non- essential parts of the government would have been required to shut down at midnight had the extension not been agreed to.
The Senate voted 62-38 to agree to the extension.
House lawmakers voted strongly in favor of the measure last week.

President Barack Obama must sign it into law by midnight to avert the shutdown.

The extension was attached to one of the spending bills – legislation to fund Congress and its related agencies. It is the first of the dozen bills that lawmakers have finished.

As such, Democrats were accused by their Republican counterparts of putting Congress’ interests before the rest of the country’s. This bill was most likely completed first as it is the least controversial of the 12 pieces of legislation.

The minority party was also critical of the package because it includes language allowing the U.S. Postal Service to defer a $4 billion payment to its employees’ pension fund.

Original article appears at Nasdaq.com’s US Senate OKs 1-Mo Emergency Extension Of Federal Government Funding Levels

Related posts:

  1. Federal Reserve Secretary Geithner asked to resign“The public has lost all confidence in your ability to the do the job, and it is reflecting on your president.” Geithner and his Wall Street government insiders know exactly...
  2. September retail sales as slow as molassesRetail sales are an important economic indicator because consumer spending fuels a large part of first world economies. Inded, think of all persons and companies involved in the production, distribution...
  3. US government budget deficit hits 60 year high of $1.4 trillionThe US budget deficit is expected to hit a record 1.4 trillion dollars in 2009, some 950 billion dollars greater than the shortfall recorded last year, the Congressional Budget Office...
  4. Jobless rate reaches 9.8 percent in SeptemberCHRISTOPHER S. RUGABER (AP) The U.S. unemployment rate rose to 9.8 percent in September, the highest since June 1983, as employers cut far more jobs than expected. The report shows...
  5. Obama displays 2 year federal pay freeze austerity“You could always count on your increase,” said Danielle Swain of Manassas, an analyst for the foreign export service of the Agriculture Department who is nervous about the cut to...
  6. Get government out to create jobs: Ron Paul“Neither a Keynesian big spending program, nor the military-industrial complex can create long-lasting employment or economic prosperity for our country. The only way to restore both peace and prosperity is...

This entry was posted on Friday, October 2nd, 2009 at 1:20 am and is filed under Bankruptcy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Comment

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.


Under the 'fair use' rule of copyright law, an author may make limited use of another author's work without asking permission. Fair use is based on the belief that the public is entitled to freely use portions of copyrighted materials for purposes of commentary and criticism. The fair use privilege is perhaps the most significant limitation on a copyright owner's exclusive rights. "