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News of the Day: Get Your Crash Helmets Ready

Chris’ Take: Experts have been warning us to be prepared for a rocky September since early Summer. The stock market is overvalued, many emerging economies are either tipping into recession or already in full recession, nations like Greece are a giant suck hole of debt pulling everything into its troubles, oil is trending towards historic lows, and the US economy …

News of the Day: Black Friday Starting Before Thanksgiving Ends

If you are one who desires to simplify your life and lead a life less driven by consumerism, avoid television the week of Thanksgiving! I have been amazed at how obsessed the news media is concerning “black Friday.” It is so bad that Thanksgiving has become nothing more than an unavoidable bump in the road to the Christmas shopping season. …

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The Debt Crisis Debate – A Call for Courage [Opinion]

  The debt ceiling crisis continues to confound the USA’s politicians. News shows are in a 24-hour spin cycle as the two parties in Washington play a deadly game of chicken with each other. What is certain (to me) is that whether it is within the next week or the next year, American will face a financial reckoning because of …

US Economy: Safe Landing or Crash Landing?

I’m starting to think we will know the politicians in Washington are getting close to real budget/debt solutions when everyone is unhappy. Is it possible the only “winning” solution is a lose-lose scenario where we raise taxes (a lot) and cut spending (a lot)? Yes, I know, that will probably destroy the economy, but are there any other solutions? Remember …

2010: "The Year of Severe Economic Contraction"

by Mike Whitney | December 15, 2009 | Global Research  Upbeat reports in the financial media, belie the effects of the ongoing credit contraction. Massive injections of central bank liquidity have prevented the collapse of financial markets, but have done little to ease the deleveraging of households or stimulate activity the broader economy. The crisis has stripped $13 trillion in …

Frontline: The Warning

Robert Rubin, Alan Greenspan, Lawrence Summers "We didn’t truly know the dangers of the market, because it was a dark market," says Brooksley Born, the head of an obscure federal regulatory agency — the Commodity Futures Trading Commission [CFTC] — who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the …

General Motors Files for Bankruptcy Protection

By U.S. News & World Report With time running out on its June 1st restructuring deadline, GM expected to file for bankruptcy today. ABC World News reported last night it is a "foregone conclusion" that GM "will file for bankruptcy" Monday, "all in an effort to survive." One "estimate of best case scenarios predicts that GM and Chrysler’s bankruptcies together …

Million, billion, trillion. What’s the difference?

Photo: MashGet, Flickr What’s a trillion dollars? In the past couple of months we’ve heard the number tossed around like we are shopping for used cars. “This ‘02 Windstar is $850 billion, but this ‘06 Fusion is $1.1 trillion.” Here’s some examples from some recent news stories: The federal budget deficit will hit an unparalleled $1.2 trillion for the 2009 …