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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There is a large amount of the stimulus targeted for low income families. Two things are there:

1. Since Construction workers in the past had a substantial percentage of illegal residents doing the building, how will the stimulus money assuredly end up in American’s pockets?

2. What about the low income housing itself. Will the homes and new schools be in areas with concentrated population of illegal residents?

It is known that at one time the eVerify clause was added that stated all businesses receiving stimulus money, and that they must use eVerify to attempt to hire legal immigrants and Americans, but, that it was stripped out of the package before presenting to congress. The word was that it was stripped out because eVerify could interfere with any type of Amnesty bill that the Democrats would favor.

How can a regular person like you and I get our “cut” of the economic stimulus pie?

The IRS website says this:

Q. What do I need to do to get an economic stimulus payment?

A. All you need to do is file a federal income tax return for 2007. Even if you are not otherwise required to file a tax return, you must file a 2007 return in order to receive a payment this year. Although some filers, such as high-income filers, will not qualify for a stimulus payment, most will.

In most cases, you will fill out your return, reporting all your income, deductions and credits as you normally would. But even if you are not required to file, you must file a 2007 return to get a stimulus payment this year. Low-income workers, Social Security beneficiaries, certain railroad retirees and those who receive certain benefits from the Department of Veterans Affairs who normally don’t file may receive a stimulus payment if they do. The IRS will provide special filing instructions for those who do not otherwise have a filing requirement. The instructions will explain which lines on the tax return the filers need to complete.

Keep in mind that the government may withhold your payment if you owe them any back taxes or are on a payment plan with them, in which case instead of a check, you will receive a letter stating exactly how your stimulus payment was applied to the amount you owe.

Thousands Line Up For Stimulus Money
Stimulus Money Available For Low-Income, Homeless Detroit Residents

DETROIT – Thousands of people have lined up Tuesday for a chance at millions of stimulus dollars set aside to help Detroit’s homeless and low-income residents.

The money is available to help low-income residents from becoming homeless and homeless residents to find housing.

Some people in line falsely believed they were registering for $3,000 stimulus checks from the Obama Administration.

City officials told Local 4 that Detroit was granted $15 million to help residents pay bills and their rent or find temporary housing for the homeless.

The Detroit Planning and Development Department (PDD) is taking applications Tuesday and Wednesday for the Homelessness Prevention and Rapid Re-Housing Program.

The applications deadline is Oct. 7. Applications can be picked up in advance Tuesday at neighborhood city halls.

Central District

Coleman A. Young Municipal Center

2 Woodward Avenue – Suite 106, 48226

(313) 224-2989

Northwest District

19180 Grand River, 48223

(313) 870-0649

Northeast District

2328 East 7 Mile, Suite #2, 48234

(313) 628-2160

West District

18100 Meyers, 48221

Office: (313) 628-2190

East District

7737 Kercheval, 48214

(313) 628-2170

Southwest District

7744 W. Vernor, 48209

(313) 628-2180

All locations will close Tuesday at 5 p.m.

Local 4 has learned that the city has run out of applications at several of the city hall locations.

The remaining 5,000 applications can be picked up Wednesday at the Cobo Hall in the Riverview Ballroom from 10 a.m. to 2 p.m.

Already filled out applications can be submitted at the Cobo Hall from 10 a.m. to 2 p.m. or sent in the mail to the Detroit Planning and Development Department at 65 Cadillac Square, Suite 1400, Detroit, MI., 48226.

Applications must be postmarked by Oct. 7.

Application Guidelines

To qualify, a person must have been a resident of Detroit for more than six months, must be homeless or facing eviction and must be able to maintain housing after receiving assistance.

Also, a resident must make 50 percent less than the median area income, which would be less than $24,850 for single Detroit residents and less than $35,500 for a family of four.

No mortgage assistance will be available through this program.

Once applications are reviewed, only applicants eligible for funding assistance will receive notification from a service provider.

For more information, visit

Original article appears on MSNBC

Where is most of the stimulus money going?

CFR Corporate Members Get Lion’s Share of Bailout Funds


Newspapers are fixated upon $160 million in bonuses given to American International Group (AIG) executives. And it’s nice to know where the millions are going (note: the bonuses could have been cancelled had the federal government let the company go bankrupt, as officials should have). But where are the trillions in TARP, TALC and Federal Reserve Bank bailout funds going?

The man in charge of administering the bailouts is Treasury Secretary Timothy Geithner, who served as a staff member of the New York City-based Council on Foreign Relations before being hired in 2003 to head the New York City branch of the Federal Reserve Bank (Fed). As the vice chairman of the Fed’s Open Market Committee, Geithner is probably a poor choice to get the nation out of it’s current economic mess. He served as Alan Greenspan’s number two man at the Fed, so Geithner is as responsible as anyone for facilitating the severity of the real estate and financial bubble and its subsequent collapse. After all, the Fed was the driving force behind the asset bubble, inflating the bubble larger and larger through artificially low interest rates and an inflationary easy-money policy.

You can read the entire article at New American

Recession taking toll on family business, including Gulf Coast eatery

Siblings Georgia, Jimmy and John Roussos have spent most of their lives working in the kitchen of the restaurant their father opened in 1954. The eatery managed to survive a hurricane and other setbacks, but it wasn’t until this August that the recession took its toll, forcing Roussos Restaurant in Daphne to permanently shut its doors, Dana Mattioli of the Wall Street Journal reports. The family continues its catering business.

Original full article From the Wall Street Journal

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