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Tag Archives: economic crisis
Money Pit in Sand
Built on slave labor and borrowed money, an extravaganza of opulence and misery is set to echo Shelley’s “Ozymandias.” Now all the money is gone, the slaves flee, and kleptocrat rulers fight usurious moneylenders in a background of half built dreams and pooling sewage. Couldn’t have happened to a nicer buncha thieves. Soon, as Shelley [...]
Posted in Uncategorized Also tagged banks, business, credit crisis, economy, finance, recession Leave a comment
Judge Rules Against Bank’s “Repulsive” Behavior
In a very unusual legal decision, Judge Jeffrey Spinner ruled against a California bank that he said behaved in a “harsh, repugnant, shocking and repulsive” manner. The ruling against OneWest and the IndyMac mortgage division has relieved the homeowners of their $291,000 original mortgage, as well as, $235,000 in interest. The judge wrote that OneWest’s [...]
Posted in Uncategorized Also tagged adjustable rate, judge, loans, mortgage, sub-prime Leave a comment
Donald Trump: The Art Of A Steal
Atlantic City, NJ — Someone recently asked me, “How did Donald Trump get all his money.” The reply, “Taking everybody else’s money by going public with a company. Then, watching the people lose all their money while the company goes bankrupt.” Now, The Donald is adding another twist by buying back the bankrupt company. Trump [...]
Posted in Uncategorized Also tagged Atlantic City, bankruptcy, casinos, Donald Trump, money, NJ Leave a comment
Stress Test Causes Stress
Washington, DC — An inside source has said that Bank Of America is likely to need an additional $34 billion. This comes after their CEO, Kenneth Lewis, said, “We absolutely don’t think we need additional capital.” The stress test is a U.S.A. government plan to examine the health of banks. The results expected to be [...]
Bailout? What Bailout?
Washington, DC — There is a misplaced belief that the US government is bailing out big business and financial institutions; however, bailing out is probably not a good way to describe the arrangement. Many of the small and medium sized banks did not want to take Troubled Asset Relief Program (TARP) money. At the time, [...]
Oboma Budget Bad Business
The world has been waking up and raising a voice against President Oboma’s budget and stimulus plans. How can you spend, spend, spend money you don’t have? Who will pay back the debt? The European Union has taken a stance against the massive amount of spending. The head of the EU, Czech Prime Minister Mirek [...]
Posted in Uncategorized Also tagged business, federal budget deficit, government, the economy Leave a comment
Bank Failures Increase Worldwide
by widgette.com Bank failures continue to escalate over the face of the globe. Four more US banks were closed by regulators in Nebraska, Florida, Illinois and Oregon. In the UK, Lloyds is already 43.5% government owned after having to seek assistance last fall. Now, they face $14.2 billion loss. At the same time, they still [...]
Pioneer Electronics to Cut 10,000 Jobs
The Japanese electronics maker is facing an annual loss of $1.4 billion. After cutting 5,900 jobs last year, they plan to cut an additional 10,000 jobs. Once a leader in the making of flat screen TVs, they announced their decision to pull out of that market. “Since the US financial crisis and ensuing global downturn, [...]
Do the banks before they do you