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Business/Economy (News/Activism)

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  • Is Goldman Sachs doing 'God's Work' or the 'Devil's Work'? Poll

    11/10/2009 8:11:23 AM PST · by DBlake · 9 replies · 406+ views
    Youpolls ^ | 11-10-2009 | DailyFinance
    Lloyd Blankfein, the CEO of Goldman Sachs (GS), has put an unusual spin on the bank's activities. He says his firm is doing "God's work." This may seem like an audacious statement....
  • Climate catastrophe cancelled

    11/10/2009 8:07:45 AM PST · by edwinland · 11 replies · 849+ views
    Finnish Broadcasting Co. YLE, TV1 ^ | Nov 11, 2009 | reporter Martti Backman
    Voiceover (VO), reporter Martti Backman: Governments around the world are preparing for a grand climate conference, which should decide how humanity responds to the threat of a climate catastrophe. Negotiations are under way to replace the Kyoto treaty with a new treaty of Copenhagen. VO: The threat is based on assessments by the Intergovernmental Panel on Climate Change, the IPCC. According to the panel, the Earth is going through an unprecedented period of temperature increase, caused by man and his carbon dioxide emissions from burning coal and oil. The Earth's climate has always been changing. But now we are told...
  • Interview with the President : Jail Time for Those without Health Care Insurance ?

    11/10/2009 8:06:12 AM PST · by RobinMasters · 76 replies · 1,707+ views
    ABC News ^ | November 09, 2009 | Jake Tapper
    From Sunlen Miller: During an exclusive interview with ABC News’ Jake Tapper today, President Obama said that penalties are appropriate for people who try to “free ride” the health care system but stopped short of endorsing the threat of jail time for those who refuse to pay a fine for not having insurance. “What I think is appropriate is that in the same way that everybody has to get auto insurance and if you don't, you're subject to some penalty, that in this situation, if you have the ability to buy insurance, it's affordable and you choose not to do...
  • Corporatism, Not Capitalism: The free market has nothing to do with the current crisis

    11/10/2009 8:05:27 AM PST · by E. Pluribus Unum · 20 replies · 614+ views
    Reason ^ | September 24, 2008 | Radley Balko
    Forget AIG for a moment. Forget Freddie and Fannie, Merrill Lynch, Bear Stearns, and Lehman Brothers. Imagine a company much bigger. Imagine a company that at the end of this year will have spent $400 billion more than it has taken in. Worse, imagine that the company's accounting is so bad, the $400 billion doesn't even begin to cover the whole of this company's liabilities. In fact, the company deliberately chooses to use what's known as "cash accounting" rather than the more accurate accrual accounting. Cash accounting looks at how much cash the company has on hand, regardless of future...
  • HOT: Goldman the 800 Pound Gorilla in AIG Collapse

    11/10/2009 8:02:57 AM PST · by FromLori · 11 replies · 426+ views
    Economic Policy Journal ^ | 11/9/09 | Robert Wenzel
    Goldman wasn’t the only contributor to the systemic risk that nearly toppled the global financial markets, but it was the key contributor to the systemic risk posed by AIG’s near bankruptcy. When it came to the credit derivatives, American International Group, Inc. (AIG) was required to mark-to-market, Goldman was the 800-pound gorilla. Calls for billions of dollars in collateral pushed AIG to the edge of disaster. The entire financial system was imperiled, and Goldman Sachs would have been exposed to billions in devastating losses. A Goldman spokesman told me its involvement in AIG’s trades was only as an “intermediary,” but...
  • Unemployment Is Really at 22.1%

    11/10/2009 8:00:58 AM PST · by FromLori · 22 replies · 1,336+ views
    Economic Policy Journal ^ | 11/9/09 | Robert Wenzel
    NyPo's John Crudele reports on the latest numbers from Shadow Government Stats and fills in a bit more on how the government is able to whittle down the number to 10.1%: My friend John Williams of Shadow Government Stats thinks the true unemployment rate would be 22.1 percent if everyone -- all discouraged former workers, encouraged, involuntary part-timers and the like -- were included. Here are more numbers to fry your brain and cause a temporary sense of helplessness. The government's household survey (the one from which the unemployment rate of 10.2 percent comes) showed a "decline in employment" of...
  • Industry wonders who will challenge ESPN (Dinosaur Media DeathWatch™)

    11/10/2009 6:17:25 AM PST · by abb · 19 replies · 750+ views
    Sports Business Journal ^ | November 9, 2009 | John Ourand
    Much of the talk in the sports media world last fall centered on whether an effective competitor would step up to compete with ESPN. ESPN had just outbid Fox by $100 million to secure the rights to college football’s Bowl Championship Series through 2014, thanks mainly to its dual revenue stream that has cable and satellite operators making a monthly payment of more than $4 per subscriber for the channel. At the time, some sports league executives were fearful that ESPN would become a de facto monopoly that eventually would wind up driving the cost of sports rights down. If...
  • Confessions of an ObamaCare Backer

    11/10/2009 6:09:44 AM PST · by safetysign · 11 replies · 937+ views
    Wall Street Journal ^ | 11/10/2009 | staff
    The typical argument for ObamaCare is that it will offer better medical care for everyone and cost less to do it, but occasionally a supporter lets the mask slip and reveals the real political motivation. So let's give credit to John Cassidy, part of the left-wing stable at the New Yorker, who wrote last week on its Web site that "it's important to be clear about what the reform amounts to." Snip No wonder many Americans are upset. They know they are being lied to about ObamaCare, and they know they are going to be stuck with the bill.
  • Companies Using Offshore Tax Havens Look to Bill for Windfall

    11/10/2009 5:49:42 AM PST · by Diana in Wisconsin · 1 replies · 384+ views
    The Hill ^ | November 10, 2009 | Walter Alarkon
    Multinational corporations are fighting to preserve language in a spending bill that would weaken a ban on federal contracts. Only a handful of companies could benefit from the language, but they could receive a windfall if the Senate legislation is approved. The language covers “inverted” corporations that operate mostly in the United States but incorporate overseas to ease their U.S. tax bills. The provision, inserted in the Senate version of the bill at the request of the Obama administration, would weaken a ban on federal contracts for inverted companies by saying the ban will not apply if it is inconsistent...
  • Architects of Ruin-How big government liberals wrecked the global economy....

    11/10/2009 5:36:50 AM PST · by SJackson · 7 replies · 585+ views
    Frontpagemagazine ^ | 11-10-09 | David Forsmark
    Architects of Ruin: How Big Government Liberals Wrecked the Global Economy — and How They Will Do It Again if No One Stops Them By Peter Schweizer Harper, $24.99, 217 pp. With Architects of Ruin, Peter Schweizer again delivers a knockout punch of a book that is the must read of the season for conservatives and should be a main topic of conversation for conservative media. Schweizer blows the lid off the 30-year leftist war on banking standards in the name of “equality” that created the housing bubble and caused the foreclosure crisis. (Somebody get this book to Glenn Beck...
  • Medicare doctors face 'whopping' pay cut in 2010

    11/10/2009 4:35:15 AM PST · by Koblenz · 27 replies · 1,689+ views
    Healthcare Finance News ^ | November 2, 2009 | Diana Manos, Senior Editor
    WASHINGTON – The Centers for Medicare and Medicaid Services announced on Oct. 30 a 21.2 percent 2010 pay cut for physicians participating in Medicare. CMS officials said they had anticipated a 21.5 percent pay cut for physicians in 2010, but new data allowed them to lower the cut to 21.2 percent. "The administration tried to avert the pending fee schedule cut in the FY 2010 budget proposal that it submitted to Congress, and remains committed to repealing the sustainable growth rate," said Jonathan Blum, director of the CMS' Center for Medicare Management. In the meantime, CMS officials are preparing a...
  • Health Care FARCE Voted Up [11/8/09]

    11/09/2009 11:04:51 PM PST · by Lorianne · 1 replies · 302+ views
    Market Ticker ^ | 08 November 009 | Karl Denninger
    Left un-addressed (intentionally, by the device and drug lobbies) are the reasons we spend so much on health care in this country. Put simply, America pays for the development of every advanced treatment in the world and has for the last 30 years, yet every other nation's citizens get to enjoy those advancements for free. That's right. The Pharmaceutical and Device industry has managed to get legislation enacted prohibiting the re-importation of devices or drugs sold overseas. These overseas markets demand price controls on the drugs and devices sold there, and get it. We, on the other hand, have a...
  • Allegations of Nationwide Scheme by Banks, Mortgage Companies to Defraud Veterans

    11/09/2009 10:25:24 PM PST · by Watchdog85 · 3 replies · 481+ views
    WAGA Fox 5 Atlanta ^ | 9 November 2009 | Dale Russell
    Important info for all veterans! WAGA: The I-Team obtained thousands of pages of legal documents and personally examined more than a hundred closing statements belonging to veterans. According to federal loan records, there have been some 884,000 veteran home loans refinanced during the past eight years. The question raised in a racketeering and class action law suit is how many of those loans involved banks defrauding U.S. military veterans.
  • Barack Obama pledges to tackle Beijing on yuan

    11/09/2009 10:04:47 PM PST · by bruinbirdman · 15 replies · 598+ views
    The Telegraph ^ | 11/10/2009 | James Quinn
    Barack Obama, the US President, will confront Chinese officials on the divisive subject of the yuan next week in a bold move which could anger America's largest creditor. President Obama, who, since taking office in January, has resisted branding the Chinese government as currency manipulators, promised to discuss the thorny issue of the yuan, and whether it is undervalued, as part of a visit to Shanghai and Beijing. "Currency, along with a host of other issues, will come up, and I'm confident that both the United States and China can arrive at a broad set of policies that encourages trade...
  • MTA bus driver who hit FIT student had been suspended for texting

    11/09/2009 8:55:18 PM PST · by doug from upland · 341+ views
    ny daily news ^ | 11-9-2009 | Donohue
    MTA bus driver who hit FIT student had been suspended for texting BY Pete Donohue DAILY NEWS STAFF WRITER Monday, November 9th 2009, 4:00 AM Jeremy Philhower was driving city bus on Wednesday when he hit student Seth Kahn (below). Oates for News Jeremy Philhower was driving city bus on Wednesday when he hit student Seth Kahn (below). Related News * Articles * Stricter driving laws urged to prevent deaths of text-happy teens * Leah Ignagni confirmed as Steve McNair's other, other woman * Parents don't get the message on teen 'sexting' habits * Local college freshman wrecked his first...
  • Sri Lanka buying gold 'to diversify reserves'

    11/09/2009 8:53:48 PM PST · by dollarbull · 30 replies · 634+ views
    google news ^ | 11/7/09 | Mel Gunasekera
    COLOMBO — Sri Lanka's central bank on Saturday said it has been buying gold to diversify its reserves amid volatile currency markets, days after India announced it had purchased 200 tonnes of the precious metal. Central Bank assistant governor Nandalal Weerasinghe declined to confirm analysts' estimates that the tropical island nation had purchased around five tonnes of gold. "We have been observing that prices of gold have been going up so we have been strategically buying gold over the past several months as part of a reserve management process of diversifying our portfolio," he told AFP.
  • Black caucus seeks info on Boeing's hiring practices

    11/09/2009 8:39:46 PM PST · by ruination · 35 replies · 1,174+ views
    The State ^ | Nov. 9, 2009 | Yvonne Wenger
    South Carolina's Legislative Black Caucus wants to make sure that minorities have a fair and equal shot at the new jobs Boeing Co. is bringing to the Lowcountry, according to letter obtained by The Post and Courier Monday. Sen. Robert Ford, a Charleston Democrat and chairman of the caucus' Civil Rights and Affirmative Action Committee, wrote Boeing's president Jim McNerney Oct. 30 to ask for information about the company's hiring practices. Ford, who is running for governor, represents Senate District 42, where Boeing's newly announced Dreamliner production line will be located. He included in the letter the racial makeup of...
  • Sarkozy to act over pensions shortfall (Time to learn something from the French)

    11/09/2009 8:38:01 PM PST · by bjc · 2 replies · 311+ views
    Financial Times ^ | November 9, 2009 | Ben Hall and Peggy Hollinger
    European politicians appear to be more willing to confront the elephant in the room of public sector and government pensions than US politicians. Ours seem to be more willing to let the problems grow and grow and grow.
  • Paterson: NYS Will Be Broke Before Christmas

    11/09/2009 8:01:33 PM PST · by neverdem · 60 replies · 2,642+ views
    CBS ^ | Nov 9, 2009 | Marcia Kramer
    Delivers Scary News To Legislature, Says Only Way To Fix Problem Is To Have Immediate Cuts To Education, Hospitals Governor David Paterson called an unusual joint session of the Legislature Monday to implore recalcitrant lawmakers to close the state's huge budget gap before New York runs out of money. To some lawmakers it's nothing more than a photo op to help Paterson get re-elected. But the governor is dead serious. He said if the Legislature doesn't cut the budget now the state could run out of money by next month. "We're going to run out of cash in four and...
  • How the Government Is Swallowing the Economy

    11/09/2009 7:56:42 PM PST · by Lorianne · 19 replies · 977+ views
    Source cannot be posted | November 9, 2009
    Synopsis: Over 66% will be dependent on government [for salary, pension or entitlement] by 2018. This is not sustainable .... no really.