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Keyword: crisis

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  • Countrywide Mortgage Devastation Lingers as Ex-Chief Moves On

    06/25/2016 12:17:28 PM PDT · by Reverend Wright · 15 replies
    NY Times ^ | June 24, 2016 | Gretchen Mogensen
    Angelo Mozilo can finally get on with his life. This month the Justice Department told Mr. Mozilo, the former chief executive of Countrywide Financial, once the nation’s largest subprime mortgage lender, that he was no longer under investigation in connection with civil mortgage fraud. The government’s criminal inquiry into Mr. Mozilo’s role in the financial crisis was dropped previously, so he is now in the clear. At least that’s the view from Washington. On Main Street, where the pain of Countrywide’s reckless lending and abusive foreclosure practices still throbs, it’s safe to say that Mr. Mozilo is still identified as...
  • American Medical Association Calls Gun Violence a Public Health Crisis

    06/14/2016 1:49:30 PM PDT · by Innovative · 42 replies
    US News and World Report ^ | June 14, 2016 | Kimberly Leonard
    The organization is making lobbying for gun control a top priority. The AMA, the country's largest doctor group, also vowed to lobby Congress to overturn a decades-old ban on gun violence research by the Centers for Disease Control and Prevention. "With approximately 30,000 men, women and children dying each year at the barrel of a gun in elementary schools, movie theaters, workplaces, houses of worship and on live television, the United States faces a public health crisis of gun violence," AMA president Dr. Steven Stack said in a statement. "Even as America faces a crisis unrivaled in any other developed...
  • We want food!: Venezuelans cry at protest near presidency

    06/03/2016 10:20:45 AM PDT · by 2ndDivisionVet · 55 replies
    DNA India ^ | June 3, 2016 | Reuters
    Venezuela's economic chaos, critics say is the consequence of failed socialist policies for the last 17 years, especially price and currency controls. Venezuelan security forces fired teargas at protesters chanting "We want food!" near Caracas' presidential palace on Thursday, the latest street violence in the crisis-hit OPEC nation. Hundreds of angry Venezuelans heading towards Miraflores palace in downtown Caracas were met by National Guard troops and police who blocked a major road. President Nicolas Maduro, under intense pressure over a worsening economic crisis in the South American nation of 30 million, had been scheduled to address a rally of indigenous...
  • Venezuela is running out .. everything. Food, medicine, electricity, toilet paper, condoms

    05/31/2016 4:10:48 PM PDT · by george76 · 69 replies
    CNN ^ | May 31, 2016 | Osmary Hernandez
    Venezuela is running out of just about everything. Food, medicine, electricity, toilet paper, condoms -- you name it. ( Full title ). And over the weekend at least two large international airlines -- Lufthansa and LATAM -- said they will suspend service to Venezuela in the coming months due to the economic crisis. The widespread scarcities and fleeing businesses reflect a country in crisis. "There's a shortage of everything at some level," says Ricardo Cusanno, vice president of Venezuela's Chamber of Commerce. Cusanno says 85% of companies in Venezuela have halted production to some extent. Venezuela's economy is spiraling into...
  • 'We want food!': Venezuela crisis deepens

    05/18/2016 10:55:31 AM PDT · by Red Badger · 105 replies
    www.globalpost.com ^ | May 18, 2016 | Staff
    It was around noon when a food truck rolled up to a Venezuelan state-subsidized supermarket in the town of Guarenas just east of the capital. But, to the fury of the long line of people waiting out front, the cargo wasn't unloaded. Instead soldiers took it away. "We want food!" the crowd roared in protest, to no avail. Some tried to run after the truck. Under the state of emergency imposed by President Nicolas Maduro, the military, along with government-organized civilian committees, ensures that food packets are delivered door-to-door in order to -- as officials say -- cut out black...
  • Reactor at Hanford SCRAMMED...

    03/29/2016 11:08:55 AM PDT · by djf · 105 replies
    One of the nuclear reactors at Hanford has had a scram. That means the cooling failed and the reactor automatically shut down. The news reports say they are checking it out and will restart when it's safe.
  • World faces 'lost year' as policymakers sleepwalk towards fresh crisis, warns IMF

    04/13/2016 2:43:44 PM PDT · by SkyPilot · 2 replies
    The Telegraph ^ | 13 Apr 16 | Szu Ping Chan
    <p>The world is sleepwalking into a fresh crisis as investors start to lose faith in policymakers’ ability to revive the global economy, according to the International Monetary Fund.</p> <p>In its bluntest warning to date on the costs of policy inaction, the IMF said “financial and economic stagnation" could take hold unless governments prevented a "pernicious feedback loop of fragile confidence, weaker growth, low inflation and rising debt burdens" from forming.</p>
  • Austria Just Announced A 54% Haircut Of Senior Creditors In First "Bail In" Under New European Rules

    04/10/2016 10:43:07 AM PDT · by Former Proud Canadian · 13 replies
    Zerohedge ^ | April 10, 2016 | Tyler Durden
    --snip-- This was the first official proposed "Bail-In" of creditors, one that took place before similar ad hoc balance sheet restructuring would take place in Greece and Portugal in the coming months. Or rather, it wasn't a fully executed "Bail-In" for the reason that creditors fought it tooth and nail. And then today, following a decision by the Austrian Banking Regulator, the Finanzmarktaufsicht or Financial Market Authority, Austria officially became the first European country to use a new law under the framework imposed by Bank the European Recovery and Resolution Directive to share losses of a failed bank with senior...
  • Urgent Prayer Request: crisis pregnancy situation (Important Update # 103, Prayers answered! # 108)

    04/05/2016 1:35:20 PM PDT · by infool7 · 168 replies
    self | 4/5/2016 | self
    This from a good friend asking for URGENT prayers Mama told us this morning she's sitting in a waiting room thinking about getting the following procedure: "The Induction abortion takes 3-4 days to complete. On the first day the woman is given an ultrasound to determine the gestational age of her baby. Then, with the aid of the ultrasound to guide the abortionist, a lethal dose of the heart medication Digoxin is injected into the baby’s heart or into the amniotic fluid directly through the woman’s abdomen. Digoxin gives the baby a fatal heart attack." [3:16 PM] Dear Prayer Warriors:...
  • The next housing crisis is here: This time it's about supply

    03/21/2016 9:24:11 AM PDT · by SeekAndFind · 13 replies
    Business Insider ^ | 03/21/2016 | Myles Udland
    The next housing crisis is here. And this time the crisis is all about one thing: supply. Following the mid-aughts housing bubble that saw homeowners across the country get themselves upside down in homes and mortgages they couldn't ever afford to repay — a crisis that was as much about too much supply as it was about too much bad financing — the market has gone the complete other direction. First-time home buyers are crowded out, with Trulia's chief economist Ralph McLaughlin writing Monday that the number of starter homes on the market has declined 43.6% in the last four...
  • Why Trump?!? The Politics of Passion: A Lesson from The Federalist Papers

    02/25/2016 4:27:20 AM PST · by spirited irish · 54 replies
    Public Discourse ^ | February 25th, 2016 | Nathan Schlueter
    There is no evidence that a Trump presidency would promote evangelical values; in fact, there is more evidence that he would oppose them. Yet Trump continues to be the favorite candidate of evangelical voters. They do not seem to be asking the most basic questions, like whether this candidate has the right principles; whether the candidate offers a realistic plan for realizing those principles within the constraints of our political system; and whether the candidate demonstrates the character, experience, and virtue to make that plan succeed. How do we account for this evident discrepancy between these voters’ principles and their...
  • There will be another crisis. It’s just a question of when

    02/17/2016 3:51:40 AM PST · by expat_panama · 17 replies
    The Telegraph ^ | 16 Feb 2016 | Ben Wright
    Financial bubbles are inevitable and their pathologies virtually identical. The only variable is timing. This is why financial crises appear so obvious in hindsight yet remain frustratingly difficult to predict... ...Markets are, Harding argues, human constructs. As such, they are prey to every human foible. His comprehensive chronicle of speculative mania and panics was meant to hammer home the point... ...Such financial crises tend to occur every two to three years on average, according to Danske Bank, which helpfully points out that the last one, the European sovereign debt crisis, ended more than three years ago. The pattern is always...
  • Venezuela top court overrules Congress, grants decree powers

    02/11/2016 5:46:41 PM PST · by Olog-hai · 14 replies
    Associated Press ^ | Feb 11, 2016 8:44 PM EST
    Venezuela's Supreme Court has overruled the opposition-controlled congress and granted broad decree powers to President Nicolas Maduro. Congress last month had refused to approve Maduro's declaration of an economic emergency. The court ruled in a decision made public Thursday night that Maduro did not need congressional approval after all. The court said the declaration of emergency is now in effect, granting Maduro greatly expanded authority over the economy for 60 days. ...
  • Economic Problems Facing the U.S.

    02/05/2016 1:01:34 PM PST · by HarleyLady27 · 11 replies
    Economy In Crisis ^ | Nov. 12, 2015 | Thomas Heffner
    The United States is facing economic disaster on a scale few nations have ever experienced. Most people are unaware of the easily observable signs of this crisis, where it came from and how to stop it. While we persist in our superpower mentality, we have quietly become a second-class country in many respects.
  • Merkel: Yeah, maybe all these refugees should go home when the war ends

    01/31/2016 4:38:01 PM PST · by Kaslin · 55 replies
    Hot Air.com ^ | January 30, 2016 | JAZZ SHAW
    We may have finally reached a tipping point in Germany this week. It’s hard to say for sure, but something has changed in the halls of power over there. Whether it’s the gang violence related to the Syrian immigrants, the mass sexual assaults or the rising crime levels, it sounds like Angela Merkel has finally heard the outraged cries of her citizens and might be coming around to facing reality. In a statement released this weekend, she finally conceded that perhaps all of these new arrivals should turn around and go home once the war in Syria winds down. (Sydney...
  • EU in "panic" as migrant crisis threatens borders

    01/24/2016 12:39:26 PM PST · by Kaslin · 26 replies
    Hot Air.com ^ | January 24, 2016 | JAZZ SHAW
    Some of the richest people in the world gathered in Davos, Switzerland yet again this week for the World Economic Forum, but the topics under discussion quickly veered away from the normal program as representatives of many nations grappled with the Syrian refugee crisis. We shouldn’t be terribly surprised, since you can’t mention Europe these days without the subject of the mayhem being caused by the flood of migrants coming up. As you might expect, there were two distinctly different camps engaged in the debate, with some referring to the new Syrian and Iraqi settlers as an economic opportunity, while...
  • EPA regional chief FINALLY resigns over Flint crisis - 22 months after residents first started...

    01/22/2016 5:18:18 AM PST · by Libloather · 13 replies
    Daily Mail ^ | 1/22/16 | AP
    EPA regional chief FINALLY resigns over Flint crisis - 22 months after residents first started complaining about the high levels of lead in the water A regional director of the U.S. Environmental Protection Agency has resigned in connection with the drinking water crisis in Flint, Michigan. Susan Hedman, the head of the agency's regional office in Chicago whose jurisdiction includes the state, will step down on February 1 so the government can focus solely on the crisis in the city. High levels of lead have been detected in the impoverished city's water since officials switched from the Detroit municipal system...
  • The Right to Refuse; History and the Syrian Refugee Crisis

    11/24/2015 10:47:02 AM PST · by Sean_Anthony · 3 replies
    Canada Free Press ^ | 11/24/15 | Timothy Birdnow
    A Leader-for Change On March 17, 1980, after consulting with his daughter Amy James Earl Carter, President of the United States and fearless bunny rabbit fighter, signed into law the United States Refugee Act of 1980 which implemented a number of provisions set down by the United Nations. Limits on the numbers of refugees admitted per fiscal year were raised to 50,000 from 17,000 and special provisions were put in place for “emergency” resettlement. Also, the definition of what constitutes a refugee was altered so as to comport with U.N. opinions on the subject. Refugees were now defined as: “owing...
  • We Face Terrorist Threats – Don’t Even Think About Enacting Gun Control Laws

    11/19/2015 11:04:55 AM PST · by Torcert · 17 replies
    The Daily Caller ^ | 11/18/2015 | Ron Danielowski
    Despite France's draconian gun laws, terrorists have once again proven that only good people obey bad laws, and they do so to their own detriment. It is important to realize that the best security practices, people, and technology governments have to offer could not thwart the ISIS attacks in Paris. Nor will these practices, institutions, and technologies thwart the next attack. [..] Thankfully, the reality of these attacks is that they can be deterred, disrupted, and even defeated by properly trained and well-armed civilian populous. A handful of properly trained civilians carrying concealed weapons in the Bataclan Theatre could have...
  • Duck Dynasty'S Alan Robertson: We'Re Having A National Crisis

    11/13/2015 8:27:27 AM PST · by Biggirl · 5 replies
    Breitbart.com ^ | November 13, 2015 | Michelle Fields
    Duck Dynasty’s Alan Robertson said Friday on Breitbart News Daily that America is having a national crisis. Robertson guest co-hosted Sirius XM’s Breitbart News Daily with host Steve Bannon in Louisiana Friday.
  • BACKLASH: German 'Refugee' Centers Being Burned Down at Rate of One-per-day

    11/05/2015 8:06:25 AM PST · by Reaganite Republican · 45 replies
    Reaganite Republican ^ | 05 October 2015 | Reaganite Republican
    Three more just last night... what makes me think  this isn't making the German evening news? German newspaper BILD has reported seven centers burned-down in just the last week, according to the German Federal Criminal Police (BKA)... Merkel's CDU has worked in-union with Bavaria's CSU -led by Horst Seehofer- to form the core of the German right throughout the entire post-war period, for over 70 years... but Seehofer has threatened to end that and take-down her chancellorship if she doesn't immediately re-instate border controls. The Bavarians said they will start bussing them to her doorstep pretty soon. Perhaps Ma can now clearly...
  • Migrant crisis threatens Schengen as Austria announces border fence

    10/28/2015 9:31:24 AM PDT · by tcrlaf · 21 replies
    Yahoo News ^ | 10-28-2015 | Nina Lamparski
    Austria said Wednesday it would build a fence along its border with fellow EU state Slovenia to "control" the migrant influx, in what would be the first barrier between two members of the passport-free Schengen zone. Both countries have become key transit points for tens of thousands of refugees and migrants seeking to reach northern Europe ahead of the winter, and before more potential EU border closures. Vienna's announcement prompted sharp criticism from Berlin amid an escalating spat over Austria's handling of the humanitarian drama. "We do not believe that the current migrant crisis that Europe is facing can be...
  • Life In The Age of Fatima: “In the end, my Immaculate Heart will triumph.”

    10/21/2015 2:08:08 PM PDT · by BlatherNaut · 6 replies
    What's Up With the Synod? ^ | 10/21/15 | Patrick Archbold
    I have good news and bad news. We live in the age of Fatima. So we know how this all ends: “In the end, My Immaculate Heart will triumph. The Holy Father will consecrate Russia to Me, and she will be converted, and a period of peace will be granted to the world.” It is quite natural, reasonable, and proper to view the current events in the Church and wonder where this time fits within the big prophetical scheme of things. It isn’t uncommon, unfortunately, to see people claiming that this or that current personage is the False Prophet or...
  • Interview with analyst Denise Simon on JJ McCartney's radio program

    10/20/2015 4:16:33 PM PDT · by Randall_S
    USA Transnational Report ^ | October 20, 2015 | Denise Simon
    October 20 interview with Denise Simon of Founders Code. DENISE SIMON is a Senior Research / Intelligence Analyst for Foreign and Domestic Policy for numerous flag officers and intelligence organizations. She is also a weekly panelist on the USA Transnational Report.
  • Obama rejects candidates' ideas for solving crisis in Syria

    10/04/2015 7:06:03 PM PDT · by Libloather · 46 replies
    AP via Yahoo ^ | 10/03/15 | JULIE PACE
    WASHINGTON (AP) — President Barack Obama is accusing White House hopefuls of concocting "half-baked" ideas for solving the crisis in Syria, appearing to even dismiss his former Secretary of State Hillary Rodham Clinton's call for a no-fly zone before later clarifying his view of the Democratic front-runner. The idea of a no-fly zone — a region of Syria that the United States would protect from bombing to create a safe corridor for refugees — has emerged as a favorite option for Democratic and Republican candidates. It's a plan that allows them to stake out a more aggressive military posture than...
  • Pope Francis: Walls Are "No Solution" To Immigration Crisis

    09/29/2015 10:50:56 AM PDT · by Biggirl · 110 replies
    Breitbart.com ^ | September 29, 2015 | Thomas D. Williams, PH.D
    Pope Francis says bridges are better than walls when it comes to dealing with conflicts between nations, especially regarding Europe’s migrant crisis. The Pope spent 45 minutes speaking with the international media aboard the American Airlines flight that carried him back to Rome after his historic visit to Cuba and the United States, and answered a series of questions on everything from women’s ordination to religious freedom.
  • Croatia staggers as 8,900 migrants enter; some trampled in chaotic rush to get buses, trains

    09/17/2015 11:35:52 AM PDT · by tcrlaf · 37 replies
    US News ^ | 9-16-2015 | RADUL RADOVANOVIC and JOVANA GEC
    Croatia staggered Thursday as thousands of asylum seekers poured in from Serbia. Dozens were injured or trampled in a mad rush to get on the few buses and trains authorities could provide, and some police even stood behind trees to protect themselves from the melee. The Balkan nation has suddenly become the latest hotspot in the 1,000-mile plus exodus toward Western Europe after Hungary sealed off its border Tuesday with a razor-wire fence and then used tear gas, batons and water cannons to keep the migrants out. Croatia represents a longer and more arduous route into Europe but those fleeing...
  • Hungary shuts EU border, taking migrant crisis into its own hands

    09/15/2015 9:59:36 AM PDT · by tcrlaf · 110 replies
    Ruetes ^ | 9-15-2015 | Krisztina Than and Ivana Sekularac
    Hungary's right-wing government shut the main land route for migrants into the EU on Tuesday, taking matters into its own hands to halt Europe's influx of refugees. An emergency effort led by Germany to force European Union member states to accept mandatory quotas of refugees collapsed in discord. Berlin called for EU financial penalties against countries that refused to accommodate their share of migrants. A Czech official said such threats were empty but nonetheless "damaging". Slovakia said they would bring the "end of the EU". Under new rules that took effect from midnight, Hungary said anyone seeking asylum at its...
  • THE MIDEAST MIGRANT CRISIS REQUIRES MIDEAST SOLUTIONS

    09/08/2015 3:57:21 AM PDT · by Biggirl · 2 replies
    Frontpagemag.com ^ | September 8, 2015 | Noah Beck
    Political responses to crises are often tardy and embarrassingly fad-driven, as with the current global outcry over the image of a three-year-old Syrian boy washed up on the Turkish shore. He was hardly the first innocent victim of one of this century's most brutal wars. Where has the world been for the last 54 months?
  • Hungary’s PM is probably not as crazy as you’ve heard

    09/04/2015 11:49:08 AM PDT · by Kaslin · 9 replies
    Hot Air.com ^ | September 4, 2015 | JAZZ SHAW
    As the situation in Syria and Iraq continues to deteriorate, residents have been fleeing the area in droves. This has led to a serious refugee crisis everywhere they go, as well as raising uncomfortable questions about what the obligations of the various nations in the area might be in terms of taking care of them. Hungary has been getting a lot of heat over the response of their Prime Minister, Viktor Orban, who is being described by the international media as well as other leaders in the neighborhood in less than charitable terms. (BBC) There is sympathy in Brussels for...
  • Planned Parenthood Hires Crisis Communication Firm Featuring Anita Dunn

    07/28/2015 4:34:19 PM PDT · by BlatherNaut · 12 replies
    Breitbart ^ | 7/28/15 | John Sexton
    Planned Parenthood has hired a high-profile crisis communication firm to help it deal with fallout from a series of undercover sting videos produced by the Center for Medical Progress. Politico reports that PP has hired SKDKnickerbocker, a firm which features former Obama communications staffer Anita Dunn as a managing director. Dunn is perhaps best known for a speech she gave extolling the political philosophy of communist revolutionary Mao Zedong. On its website, SKDKnickerbocker touts its expertise in crisis communications in Washington and on Wall Street. “By working with a company’s existing corporate communications resources or creating a separate ‘war room,’...
  • The most amazing truth about California's water crisis

    07/12/2015 9:32:34 AM PDT · by Nachum · 51 replies
    American Thinker ^ | 7/12/15 | Newsmachete
    I read with great interest an article by Republican Rep. Devin Nunes about the real cause of the water shortages in California. In the summer of 2002, shortly before I was elected to Congress, I sat through an eye-opening meeting with representatives from the Natural Resources Defense Council... they told me something astonishing: Their goal was to remove 1.3 million acres of farmland from production. They showed me maps that laid out their whole plan: From Merced all the way down to Bakersfield, and on the entire west side of the Valley as well as part of the east side,...
  • CBO: Debt Headed to 103% of GDP; Level Seen Only in WWII; 'No Way to Predict Whether or When' Fiscal

    07/10/2015 5:39:41 PM PDT · by Nachum · 23 replies
    cns news ^ | 7/10/15
    (CNSNews.com) - Testifying in the U.S Senate yesterday, Congressional Budget Office Director Keith Hall warned that the publicly held debt of the U.S. government, when measured as a percentage of Gross Domestic Product, is headed toward a level the United States has seen only once in its history—at the end of World War II. To simply keep the debt at the high historical level where it currently sits—74 percent of GDP--would require either significant increases in federal tax revenue or decreases in non-interest federal spending (or a combination of the two). Historically, U.S. government debt as a percentage of GDP...
  • The really worrying financial crisis is happening in China, not Greece

    07/08/2015 5:31:17 AM PDT · by Enlightened1 · 40 replies
    The Telegraph ^ | 07/08/15 | The Telegraph
    China looks like it is heading for its version of the 1929 stock market crash While all Western eyes remain firmly focused on Greece, a potentially much more significant financial crisis is developing on the other side of world. In some quarters, it’s already being called China’s 1929 – the year of the most infamous stock market crash in history and the start of the economic catastrophe of the Great Depression. In any normal summer, a 30pc fall in the Chinese stock market – a loss of value roughly equivalent to the UK’s entire economic output last year – after...
  • Greek crisis is nothing compared to China

    07/06/2015 4:02:22 PM PDT · by Signalman · 20 replies
    cnnmoney ^ | 7/6/2015 | Paul LaMonica
    The population of Greece is slightly less than the state of Ohio's, while its gross domestic product is just a little bit bigger than the economies of Kazakhstan, Algeria and Qatar. Instead of focusing on Athens, investors should be much more worried about what's going on in China. You know, that country with about 1.4 billion people and the world's second largest GDP? The Shanghai Composite and Shenzhen Composite have both plunged about 30% from their highs due to legitimate concerns that Chinese stocks are in a bubble. China's government is taking steps to try and minimize any more pain...
  • Greeks can’t use iTunes, the App Store, PayPal and more thanks to the financial crisis

    07/05/2015 8:52:26 AM PDT · by Enlightened1 · 17 replies
    The Next Web ^ | 07/04/15 | Mic Wright
    Greece has a lot of problems right now as a result of the debt crisis, but one that you might not have immediately anticipated is that online services that require credit or debit payments to a foreign company are broken. As BuzzFeed reports, the Greek government’s imposition of capital controls – which restrict citizens’ ability to take money out of the country – following its failure to make debt repayment, also mean they can’t buy a €0.99 song from iTunes or grab new apps. Of course, it’s not the biggest issue faced by the country, but it is another source...
  • Perhaps we should seek an annullment of our masrriage to the government

    06/30/2015 8:06:05 AM PDT · by knarf · 11 replies
    self, various FR articles ^ | June 30, 2015 | knarf
    When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation
  • Greece to Default on $1.73 Billion IMF Payment

    06/29/2015 10:37:02 AM PDT · by catnipman · 70 replies
    wall street journal ^ | 6/29/2015 | Gabriele Steinhauser and Nektaria Stamouli
    ... Greek Prime Minister Alexis Tsipras spoke by phone with Mr. Juncker and European Parliament President Martin Schulz and asked for help getting an extension to the bailout, a Greek government official said. “The Greek prime minister [Tsipras]expressed the position that the democratic expression of the Greek people is hindered by the closure of banks, which doesn’t apply with the democratic tradition of Europe,” the official said. ... Mr. Tsipras and his government are calling on Greeks to vote “no” to send a signal to Europe and the IMF
  • How Greece Crisis Could Drag Oil Prices Down

    06/29/2015 9:54:41 AM PDT · by bananaman22 · 8 replies
    Oilprice.com ^ | 29-06-2015 | Grexit
    The Greek tragedy is reaching its climax. The discussions between Greece and its European creditors broke down over the weekend, with the two sides still at an impasse. Greek Prime Minister Alexis Tsipras balked at deeper austerity cuts to the Greek economy, cuts that are a prerequisite for further help from Berlin and Brussels. As a result, Greece is approaching the precipice. With a massive debt payment due on June 30 to the IMF, Greece could default. The extent of the fallout is anybody’s guess, but Greece could see the value of its bonds plummet, putting its banks in crisis,...
  • Meltdown. Greek banks: Branches may stay shut until July 7; plan for capital controls

    06/28/2015 5:10:51 PM PDT · by catnipman · 20 replies
    Daily Mail ^ | 6/28/2015 | Jason Groves and Louise Eccles
    "The cashpoint at the Greek parliament is reported to have been topped up three times during an emergency session on Saturday night as ministers and MPs scrambled to get their own money out"
  • Greek crisis: deal unravels both sides reject reform measures

    06/24/2015 6:12:00 AM PDT · by Enlightened1 · 8 replies
    The Telegraph ^ | 06/24/15
    Grexident looming? Tsipras hits back at creditors who reject plan ahead of third Eurogroup meeting in less than a week
  • Middle Class Incomes Yet To Recover From Crisis As Wealth Gap Widens

    06/18/2015 7:08:08 PM PDT · by Nachum · 36 replies
    zero hedge ^ | 6/18/15 | Tyler Durden
    “First, widening inequality is a very long-term trend, one that has been decades in the making. The degree of inequality we see today is primarily the result of deep structural changes in our economy that have taken place over many years, including globalization, technological progress, demographic trends, and institutional change in the labor market and elsewhere. By comparison to the influence of these long-term factors, the effects of monetary policy on inequality are almost certainly modest and transient.” That’s what Blogger Ben Bernanke (who is of course distinct from PIMCO advisor Ben and Citadel co-conspirator Ben) had to say earlier...
  • Europe plans military response to migrant crisis

    05/19/2015 12:12:33 PM PDT · by SeekAndFind · 11 replies
    Washington Post ^ | 05/19/2015 | By Griff Witte
    <p>LONDON — The European Union on Monday approved the use of military force to take on migrant smugglers in the Mediterranean, significantly escalating Europe’s response to a crisis that has left at least 1,800 people dead this year.</p> <p>The decision allows European governments to move ahead with plans for a naval operation that has been taking shape for weeks and that officials say is crucial to any attempt to confront the burgeoning tide of smuggler vessels ferrying migrants from North ­Africa to Europe.</p>
  • John Galt Hates Ben Bernanke

    04/25/2015 10:24:41 PM PDT · by nickcarraway · 4 replies
    New York Times ^ | APRIL 3, 2015 | Paul Krugman
    Ah: I see that there was a Twitter exchange among Brad DeLong, James Pethokoukis, and others over why Republicans don’t acknowledge that Ben Bernanke helped the economy, and claim credit. Pethokoukis — who presumably gets to talk to quite a few Republicans from his perch at AEI — offers a fairly amazing explanation: B/c many view BB as enabling Obama’s spending and artificially propping up debt-heavy economy in need of Mellon-esque liquidation Yep: that dastardly Bernanke was preventing us from having a financial crisis, curse him. Actually, there’s a lot of evidence that this was an important part of the...
  • CPS' financial straits cost taxpayers with sharply higher interest rates on bond sale (Chicago)

    04/23/2015 1:27:44 PM PDT · by george76 · 3 replies
    Chicago Sun Times ^ | 04/22/2015 | Chris Fusco
    The Chicago Public Schools — already facing a federal criminal investigation of its CEO and a projected $1.1 billion budget deficit next school year — now must pay a price for those problems through higher interest rates on a new $300 million bond deal. The rates lured investors to buy the bonds, which CPS says it will use to pay off recently completed construction projects. But they also mean Chicago taxpayers will pay more over the life of the borrowing deal, financial analysts said Wednesday. The main bond issue — for $280 million to be repaid over 25 years —...
  • Wind Turbines Kill More Birds Than BP Oil Spill

    04/20/2015 10:08:28 AM PDT · by E. Pluribus Unum · 31 replies
    The Daily Caller ^ | 2015-04-20 | Michael Bastasch
    It's been five years since BP’s Deepwater Horizon oil rig exploded and released 5 million barrels of crude oil into the Gulf of Mexico. Environmentalists are highlighting the disaster by pointing to the 800,000 birds that have died because of the spill in the five years since the disaster, but activists have been eerily silent about the fact that way more birds have been killed by wind turbines — a supposedly “eco-friendly” energy source.The liberal blog Mother Jones reports that 800,000 birds have been killed and the Pelican population in the Gulf has decreased 12 percent. While the 2010 Gulf spill was...
  • The Crisis in Yemen Intensifies as Houthi Fighters Push Deeper Into Aden

    04/06/2015 1:50:29 AM PDT · by kingattax · 42 replies
    Time ^ | 4-6-15 | David Stout
    Saudi-led air strikes have failed to reverse the rebels' momentum Houthi militia inched closer Sunday to capturing the port city of Aden, where Saudi-backed forces loyal to Yemeni President Abdel Rabbo Mansour Hadi continue to hold out. The Shi‘ite rebels unleashed artillery barrages on residential areas in the city and targeted a pro-Hadi television station with mortar rounds, forcing it off the air, reports AFP. “There are bodies in the streets, and we can’t get close because there are Houthi snipers on the rooftops. Anything that gets near, they shoot at,” an unidentified medic told Reuters. Houthi militants continue to...
  • What can We do?

    03/31/2015 1:11:10 PM PDT · by demshateGod · 33 replies
    3.31.2015 | Me
    I've just about given up on America. My hope is to teach my kids so they can maintain decency in an evil world. We're educating them, teaching them about God, decency, Western culture, beauty, and truth. My fear is they'll inherit an Idiocracy at best, and a Satanic theocracy at worst. We're on the road to both. God will not be surprised by it either way. Nothing in the political process gives me any hope. Nothing. Not even Ted Cruz because he still has faith in the political system. Even when he gets bounced out of the primary by the...
  • Moody's downgrades CPS credit rating [ Chicago Public Schools ]

    03/07/2015 5:45:37 AM PST · by george76 · 7 replies
    Chicago Sun Times ^ | 03/06/2015 | Maudlyne Ihejirika
    Moody’s Investors Service on Friday announced it had reduced its rating on Chicago Board of Education debt to one level above junk bond status. Moody’s downgraded the rating to Baa3 from Baa1 on the board’s general obligation debt. That rating applies to a total of $6.3 billion in outstanding debt held by Chicago Public Schools. That lowered rating, according to Moody’s, “reflects CPS’s continued reliance” on its reserves to cover ongoing operating expenditures, “particularly pension contributions, which will steadily increase in the coming years.” ... the lowered CPS rating also takes into account the city’s own credit rating, which also...
  • There's a new mortgage crisis brewing [Richard Bove]

    02/24/2015 4:49:11 PM PST · by CutePuppy · 24 replies
    CNBC ^ | 2015 February 23 | Richard X. Bove
    In 2008, the nation entered into a financial crisis widely believed to have been caused by excesses in the residential mortgage industry. By 2010, the nation thought it had put in place a series of measures that not only would resolve the crisis but would insure that it never happened again. Yet, here we are in 2015 looking at another potential mortgage crisis. Only this time it is different. In 2008, funds flowed in waves into the mortgage industry. In 2015, it appears the funds are drying up. The solutions to the problem in 2010 and thereafter included: Suing and...