All the news unfit to print for Tuesday, November 25, 2008
ICELAND MELTDOWN: CONFIDENCE PLUMMETS AS PROTESTS END IN CLASHES
AP PHOTO Video from the streets of Iceland Several hundred people clashed with police during a demonstration over the handling of the financial crisis.. Confidence in Iceland's economy plummeted in October .. Free falling Iceland looking for any hands to help it--and found a few today as $4.6 billion came from the International Monetary Fund and four other Nordid nations.
But will it be enough to save Iceland from complete meltdown?
Iceland will use the money to stabilize the krona, shore up its banks and restore confidence, the IMF said.. The Deputy Managing Director of the IMF said "Iceland is in the midst of a banking crisis of extraordinary proportions".. And now tough choices are facing many in Iceland as the economic crisis sinks in deeper..
"You've got to be kidding?!" If that was your reaction this morning to the news that the Federal Reserve was going to pump $800 billion more into the economy, then you were on the same wave length I was.. The FED's goal: Make it easier to get credit for homes, schools, and cars. . And wasn't overdoing credit the reason for the mess anyway?
Minus away this, there's a ton of reasons to be thankful for. Hopefully you were thankful for something you bought on credit, though, because if so it's looking like you're waking up from a drunken one night stand.. shamed and regretful.
Beach bummer: Asbury Park improvements may be in jeopardy with shaky economy
Yes.. Asbury Park is a focus today for me .. Just found this interesting article from the New York TIMES on November 15. . . The shaky economy is rocking the foundation of redevelopment of Asbury Park ..
Lance Larson, a musician that helps run the Wonder Bar, says people will be attracted to Asbury Park even in tough times.. The quote that I loved was about the economy and how it could affect Asbury: "We've been to hell already. Been there, done that. If we could handle that, we can handle this."
If you believe it .. it sounds scary.
If you believe it.
<(*One user named Zwikster obiously doesn't believe it: They write, "HAHAhaaa! Read all these comments!! 99% say NO TO THE BAILOUT!! Rate this video ONE star also to show your disgust towards GM and their crappy cars.
Guess you guys shouldnt of KILLED the ELECTRIC CAR, huh GM?"*)
All the news unfit to print for Saturday, November 15, 2008
"The Worst is Over" .. but Peter Schiff was right..
Meet the man that Barack Obama should talk to.. A laughable video .. really. Peter Schiff was right for two years, maybe longer, about the economy, but as the following video proves, he was laughed at and mocked by the 'experts' among us..
PHOTO: A specialist works at his post on the floor of the New York Stock Exchange Friday, Nov. 14, 2008. The Big Apple Circus, that rang the Exchange opening bell, handed out clown noses on the trading floor.
(AP Photo/Richard Drew)
All the news unfit to print for Wednesday, November 12, 2008
WHO WANTS TO GO!?
TIME INC. looking at its rank and file to determine who wants to take buyouts ... Really. They are looking for volunteers to quit their jobs and take the buyout.. And even more, a threatening tone being taking: "Volunteers are asked to come forth by Dec. 1 to avoid involuntary layoffs".. Do it, or be fired..
If it's important to you you'll find it in TIME....
THE ECONOMIST magazine rains on the parade of greenies that think a New Deal to clean the environment and make money would end up being a bad deal. From the story:
"The easy notion that there is a single solution to the world’s economic and climatic problems is, thus, a dangerous one. Yet there is a synergy, though a subtler one, between the two issues. In the midst of a financial crisis seen as emanating from Wall Street, a demonstration of leadership would help burnish "Brand America". Combating climate change, which demands technological and financial resources of the sort that only America has, offers the right sort of challenge.
The world needs America to lead the fight against climate change. But if Mr Obama goes about it the easy way, rather than the right way, he will discredit the cause he espouses, and thus damage the planet instead of saving it."
On a somewhat similar note, about 400 windmills now surround town I live in. They look a bit like the WAR OF THE WORLD on top of the hills.. but they're not moving. Maybe they're still being installed. Or perhaps Eastern PA just isn't as windy as some people hoped it would be..?
Ford's in his flivver: All the world's bad economic news, wrapped up into one blog posting
Wall Street just opened--so maybe more bad news later. But what we know now, some of it yesterday's happenings, but not good nonetheless. Obama is eyeing up some more help for the struggling auto industry. If they crash, that would be big. Think of the implications of one of the biggest industries in the history of the United States having to close doors to go broke. It could be a massive rearrangement of everything we ever knew to be safe.. While the unknown is still unknown, what is known is that increasingly members of the Senate and Congress, and now the soon to be Obama Administration, are also thinking of the implications.. Reports that for basic survival, GM will need money in coming weeks..
DHL said it will cut virtually all of the US packaging industry, and eliminate the US's near 10,000 jobs. And in Wilmington, Ohio, there exists about thousands of the DHL jobs that will be cut. This situation poised to create a crisis for the town in Ohio. The news of DHL's adjustments creating a bust for Wilmington OH. Wilmington is home to a sprawling distribution hub, and more than 7,000 jobs will disappear, devastating the local economy.. Hubs in Allentown, Pa., and Riverside, CA, also expected to close..
The Federal Reserve allowed American Express to become a bank holding company Monday evening. .more reason to not leave home without it..
People sick of the $4 cup of coffee, and going to their local 711 instead: Starbucks profits drop 97% in fourth quarter.. Supply and demand curves changing as attitudes towards things that needed changes, as well..
Oh.. the good news? McDonalds profits up as people find good old comfort in high fructose and fat: an 8.2% gain in restaurants globally for the fast food giant..
What to watch: GM, AIG getting more money from the bailout than previously thought they would, and that little pesky story about the Post Office possibly doing layoffs of 40,000 or so workers for the first time ever. In history. (Though the 40,000 number may be overly high)
Overnight, people lost their savings. Prices are soaring. Once-crowded restaurants are almost empty. Banks are rationing foreign currency, and companies are finding it dauntingly difficult to do business abroad. Inflation is at 16 percent and rising. People have stopped traveling overseas. The local currency, the krona, was 65 to the dollar a year ago; now it is 130. Companies are slashing salaries, reducing workers' hours and, in some instances, embarking on mass layoffs.
"No country has ever crashed as quickly and as badly in peacetime," said Jon Danielsson, an economist with the London School of Economics.
All the news unfit to print for Thursday, November 6, 2008
TURN YOUR MONITORS UPSIDE DOWN!
Looking at your screen the wrong way may be the only way to make this look good..
The DOW fell nearly 450 points today and has achieved the largest two day drop--ever. Just in time for 43 to give the torch to 44. Maybe Barack is rethinking this one??
Obama said the top priority is the economy.. tomorrow will be his first press conference as President-Elect..
All the news unfit to print for Saturday, October 4, 2008
90-year-old woman botched suicide; she was killing herself over eviction
The story of 90-year-old Addie Polk is making national news after the events of her life turned tragic. .Polk was facing eviction from her Ohio home over her inability to pay her mortgage--so she chose to shoot herself. However, it was a botched suicide attempt, and she is now being treated for her wounds..
News reports said deputies had tried to serve Polk's eviction notice more than 30 times before Wednesday's shooting.
The TRUMAN SHOW was one of my favorite films of all time. During the final scene, when Truman leaves the fake world, two security guards watching on TV ask 'what else is on?' Perhaps Wall Street can understand that anxiety..
You can't please all of the people all of the time. But I guess.. you can fool them?
Wall Street plundered on Monday over 700 points when the United States House of Representatives said 'no' to the $700 billion dollar bailout bill.
Yesterday, when the Senate approved a new improved version, the Dow went down over fears that the House may not pass the bill.
Today, the DOW went DOWN against 150 points--after the HOUSE PASSED THE BAILOUT BILL that Wall Street and banks and businesses sought for!
Wall Street, according to the money experts on TV (the same ones that told us Wall Street desperately needs the bailout, and so did America for its very survival), went down today after the positive news on the $700 bil bailout because of unemployment news: it wasn't good. Employers slashed jobs, but the unemployment rate officially remained at 6.1%.
Paulson said he is going to swiftly implement the bailout provision, though a whole new staff is needed to determine who will get government money.
News isn't good in states, either: California worries that it may need an emergency loan, the deficit in New York is getting bigger, worries in Pennsylvania over smaller than expected revenues..
All in a day's news. And a day's trading. Happy weekend...
Another day on the stock market--this time it was up. While it didn't make $1.2 trillion with a T back that it lost yesterday during it's mini-belch of a crash, it did make back some cool cash for some edgy Wall Street traders that most likely couldn't get enough of the gin and tonics last night at dark Manhattan bars..
Yesterday's turmoil failed to continue today.. The United States markets were up, and Europe's didn't crash either. Instead, countries around the world are still ready for the United States Congress to pass the bailout bill.. Bush, party leaders, and McCain and Obama are all continuing to tell Americans that immediate action is necessary for our very survival.
I hear Twilight Zone music quietly in the background......
The only thing missing is Condi Rice talking about the mushroom cloud..
All the news unfit to print for Monday, September 29, 2008
And tonight, as America goes to sleep....
REUTERS/Kevin Lamarque
TONIGHT: A LONELY PRESIDENT.. IN A QUIET WHITE HOUSE.. IN THE AUTUMN.. WATCHES THE ECONOMY FLOUNDER.. AND WONDERS HOW HE LOST THE FAITH
SUMMARY OF THE EMERGENCY ECONOMIC STABILIZATION ACT OF 2008
I. Stabilizing the Economy
The Emergency Economic Stabilization Act of 2008 (EESA) provides up to $700 billion
to the Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets of financial institutions and making it difficult for working families, small businesses, and other companies to access credit, which is vital to a strong and stable economy. EESA also establishes a program that would allow companies to insure their troubled assets.
II. Homeownership Preservation
EESA requires the Treasury to modify troubled loans – many the result of predatory lending practices – wherever possible to help American families keep their homes. It also directs other federal agencies to modify loans that they own or control. Finally, it improves the HOPE for omeowners program by expanding eligibility and increasing the tools available to the Department of Housing and Urban Development to help more families keep their homes.
III. Taxpayer Protection
Taxpayers should not be expected to pay for Wall Street's mistakes. The legislation requires companies that sell some of their bad assets to the government to provide warrants so that taxpayers will benefit from any future growth these companies may experience as a result of participation in this program. The legislation also requires the President to submit legislation that would cover any losses to taxpayers resulting from this program from financial institutions.
IV. No Windfalls for Executives
Executives who made bad decisions should not be allowed to dump their bad assets on the government, and then walk away with millions of dollars in bonuses. In order to participate in this program, companies will lose certain tax benefits and, in some cases, must limit executive pay. In addition, the bill limits "golden parachutes" and requires that unearned bonuses be returned.
V. Strong Oversight
Rather than giving the Treasury all the funds at once, the legislation gives the Treasury $250 billion immediately, then requires the President to certify that additional funds are needed $100 billion, then $350 billion subject to Congressional disapproval). The Treasury must report on the use of the funds and the progress in addressing the crisis. EESA also establishes an oversight Board so that the Treasury cannot act in an arbitrary manner. It also establishes a special inspector general to protect against waste, fraud and abuse
The Bush Administration announced tonight that President George W. Bush will make a public statement tomorrow morning at 7:35 AM before the nation's Stock Exchange opens for business..
Republicans in the House have expressed ongoing concerns over the bailout package -- there is now a chance that the bailout bill may not pass in bi-partisan fashion.. Nancy Pelosi may have to push the bill through with Democrats leading the way, something that she didn't want to do..
-------------------------
In the early morning hours, Congress and Treasury Secretary Paulson heroically walked to the press and announced that there has been a constructive and tentative agreement made that all can swallow and the White House could like. Aides stayed up all night writing up the plans, printing the plans, and getting the copies ready for consumption by lawmakers and media..
The breakthrough bailout bill will reportedly do a few things: Treasury will be permitted to purchase $700 billion in bad debt.. the bill will include pay limits for executives.. And Congress will make efforts to prevent home foreclosures. According to the New York TIMES this morning, "In some cases, the government would receive an equity stake in companies that seek aid, allowing taxpayers to profit should the rescue plan work and the private firms flourish in the months and years ahead."
Nancy Pelosi is being credited with last minute talks that led to the breakthrough between House Republicans that didn't want this bill and everyone else that did.
Though there is a bailout today: The GUARDIAN is still loving the moment of the "shattering" of the American economy.
The plan still has to be voted on by Congress, though it appears through the leaders' words that passage is presumable.
But when it does pass, the next obvious act will be to watch the results. Will the markets stabilize or will they continue to fall apart? Will more banks fail? Will more people be able to pay mortgages, or just the opposite?
The risky gamble of $700 billion seems to be upon us. And if Congress votes yes (which it looks like they very well may) the results on the economy will be closely watched..
All the news unfit to print for Friday, September 26, 2008
WATCH-OVIA-MONEY!
Washington Mutual turned to crap last night.. the bank failed. The largest bank failure in history, mind you. JP MORGAN saved the day by purchasing WaMu..
Paulson walked into the room where Democrats were caucusing after today's meeting at the White House and pleaded with them, "Please don't blow this up."
Rep. Barney Frank, D-Mass., chair of the House Financial Services Committee was livid saying, "Don't say that to us after all we've been through!"
House Speaker Nancy Pelosi said, "We're not the ones trying to blow this up; it's the House Republicans."
All the news unfit to print for Tuesday, September 23, 2008
SO MUCH BAD NEWS, SO LITTLE TIME
DIRE WARNINGS OVER ECONOMIC HEALTH OF NATION
KNIGHT BERNANKE/KING HENRY APPEAR BEFORE SKEPTICAL SENATE
The latest in the bad news about the economy column: A column expanding more and more, as the stock market slips by the day.. Dire warnings came from Ben Bernake and Henry Paulson on Capitol Hill today, warning that the Senate and House must vote yes on the $700 bil (try trillion) bailout plan, stating that if not dire consequences await the already fragile nation.
The Senate Banking Committee appeared unlikely to give Paulson the immediate and broad power he wants, Senator Shelby commented that the Senate needs to look to some alternatives. Senators from both the Democrat and Republican parties appear to be unlikely to must rapidly in passing the bailout measure--one that will be backed up by the deep pocketed *rigggghhht* American taxpayers.
In a stunning moment today, Senator Chris Dodd commented on the bailout measure: "After reading this proposal, I can only conclude that it is not only our economy that is at risk, Mr. Secretary, but our Constitution, as well".. Senator Jim Bunning said, "It’s financial socialism, and it’s un-American"..
Un-American? The Constitution is at risk?
Without being a financial expert, it's obvious that the measure is not free-market. It's not capitalism, but instead is trying to rescue capitalism before the greed and excessive nature of capitalism destroys itself. The Roaring 20s saw the same greed and mismanagement. .this time the federal government is trying to hedge off the second Great Depression--and .. are we teetering on the edge of this? Not to cause further rampant speculation, but the fact that the government is getting involved to such a high degree shows the extent of chaos and turmoil we are on the edge of.
The bailout plan appears to be hated--by everyone--including the authors! Paulson said, "It's embarrassing to look at this, and I think it's embarrassing to the United States of America"
Embarrassing for the United States of America.. But what about the Constitution? Is Treasury readying the shredders?
And if you're not worried yet? Think of this: The UNITED NATIONS is calling for global leadership during bad economic times, China wants a new world currency, and Iranian president Ahmadinejad said today that America is nearing collapse..
Worried now? Think about it...
All the news unfit to print for Saturday, September 20, 2008
The free market, RIP?
Principled conservatives are a little shaky about the Bush plan to secure the rapidly inflaming American economy--what a good thing to know there are still some principled people in general that grace the halls of Congress..
Bush is basically asking for a $700 billion *with a b* bailout of worthless mortgages and other bad debt by financials institutions on the rocks.. The essence of the Bush plan asks for a lot more powers for the Administration .. Congress now has to vote on whether they want to give Bush the new duties. New duties that include purchasing bad mortgage backed securities..
Bush is following a few other leaders that did some similar acts in response to dramatic economic times: Reconstruction Finance Corporation occurred during the Roosevelt Administration in 1932, in the midst of the Great Depression..Roosevelt gave money to banks and others to try to spur economic growth.. And in the late 80s, the Resolution Trust Corporation was set up to take on the savings and loan crisis. The Corp took over defaulted mortgages, foreclosed real estate and other assets of nearly a thousand failed savings and loans.
While there may be precedent, and some bi-partisan support for the Bush plan in Congress, a few conservatives are speaking out against the huge government measures. One even said this is the death of the free market!
Senator Jim Bunning commented, "The free market for all intents and purposes is dead in America." Senator Jim DeMint spoke out: "What we need now is not what could be nearly a trillion dollars in new taxpayer bailouts, but pro-growth policies that allow our markets to correct and start growing again." Conservative columnist Michelle Malkin wrote of the Bush actions: "the mother of all bailouts" and declared "the death of fiscal conservatism."..
And finally, Schmuckraker's long time hero Ron Paul speaking out about the bailouts (And he is set to ask some good tough questions of Chairman Bernanke next week) saying that this will not be the last time the government steps in to bail out business ..Ron Paul told US NEWS & WORLD REPORT, "It's more of the same. More debt and more inflation and more pressure on the dollar. Ultimately, although the markets are responding very favorably at the moment, I think it is going to be devastating to the dollar and to our financial situation in this country." And on bailout out the auto industry (which is lining up with destitute hands out to be the next industry saved), Ron Paul said: "Oh I think so. We are not going to let them fail. Our policy is such that everybody gets bailed out. It's like a drug addict, they've got to take their fix. It's too tough getting off these drugs. And the drug here is easy credit."
Ron Paul has no chance on being president. Obama and McCain do..
All the news unfit to print for Thursday, September 18, 2008
Bad news at 6: The latest in economic news from around the world..
The Stock Market was up again today. .After another mini-money belch yesterday of over 400 points on the exchange, the Market went back up over 400 points today. .Why?? Because of a rumor that made Wall Street happy. Some rumblings going around that the government is going to put together and release a plan for another bailout--this time for the Americans to bail out banks! No joke, the government may create an entity that will take over banks' bad debt.. Paid for by you and me.
All the news unfit to print for Monday, September 15, 2008
As expected.. a dismal day on Wall Street
Several publications calling it the "nightmare on Wall Street"..
Regardless of bad pun, it was a punishing day. . dark bars await stock exchangers in New York City tonight.. A few rounds on .. who? Not Merrill Lynch.. Not Bank of America, their funds are tied up .. not AIG.. they may be next.
Perhaps everyone can get together, pinch a penny, and buy Lehman Brothers a few shots .. Their shot of reality hurt on Wall Street today.
The Market was hit hard in a Monday meltdown: More than 500 points down, more than 4% down.. the worst day since the attacks of 9/11..
Candidates are in blame mode. Banks are in fear mode. Consumers are in confused mode..
A few links.. hopefully helpful in making the bleak situation at least understandable.. but most likely not less bleak:
Last night the meltdown occurred with Lehman Brothers: Tonight AIG is looking for money to survive..A new landscape on Wall Street..AIG workers in turmoil: Are they next?Huge drops in Asia markets..Washington Mutual stock becomes meaningless..
But today, John McCain said that the fundamentals of the United States economy are strong.
Anyone believe him?
schmuck -shmuhk- a noun Slang. an obnoxious or contemptible person.
Origin:
1890-95; Yiddish shmok (vulgar) lit., penis of uncert. orig.
MUCKRAKER: A muckraker seeks to expose corruption of businesses or government to the public
Origin:
Theodore Roosevelt used the term muckrake in a 1906 speech in which he agreed with the
accusations of muckrakers, but questioned their methods
Schmuckraker: A website dedicated to expanding knowledge of readers by muckraking and
focusing on schmucks of society Origin: 1998 school newspaper
in Northeastern Pennsylvania
REUTERS/Mike Theiler (UNITED STATES)
Another day on the stock market--this time it was up. While it didn't make $1.2 trillion with a T back that it lost yesterday during it's mini-belch of a crash, it did make back some cool cash for some edgy Wall Street traders that most likely couldn't get enough of the gin and tonics last night at dark Manhattan bars..
REUTERS/Kevin Lamarque
TONIGHT: A LONELY PRESIDENT..
BAILOUT DEAL: HAVE WE BEEN SAVED?
EVERYBODY'S WORKING FOR THE WEEKEND: CONGRESS BURNS THE MIDNIGHT OIL IN ATTEMPT TO GET BAILOUT DEAL
DEVELOPING STORY: FBI INVESTIGATING AIG, LEHMAN BROTHERS, FANNIE MAY, AND FREDDIE MAC FOR FRAUD!
How timely .. Those who may know me know I am holding down two jobs and also going to school full time (not to mention keeping edit over the Schmuckraker.com website) .. and tomorrow, at school, I am going to take my microeconomics midterm exam..
Tonight, however, everyone may get a quick lesson in macroeconomic studies. For days, rumors and rumblings have abounded in economic circles that Lehman Brothers is in some serious trouble -- for days talks have taken place aimed at selling the investment bank in whole or part. The sticking point has been the 
