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The U.S. Federal Reserve’s latest round of asset purchases will probably top $600 billion, surpassing its second round of bond-buying, as the central bank continues to buy assets until the labor market improves, a top Fed official said on Monday.
http://www.chicagotribune.com/business/breaking/chi-feds-williams-qe3-to-likely-top-600-billion-20121106,0,696171.story
Headlines:
‘Fiscal Cliff’ Deal Won’t Help US Rating: Egan-Jones
Funded Status of U.S. Corporate Pensions Declines to 73.6 Percent, According to BNY Mellon
Fed’s Williams: QE3 to likely top $600 billion
Portugal minister says bringing [...]
The crux of the “pain for Spain” was exposed in August, when the world learned that despite all attempts to the contrary, Spanish banks are no longer perceived as safe by the locals, and the result was a record 5% deposit outflow in one month from local banks: cash that was promptly redeposited elsewhere in the Eurozone. And as money flow theorists know all too well, if cash is exiting the Spanish [...]
TOKYO — Japan’s prosecutors officially began investigating Tokyo Electric Power Company (TEPCO) and its former top executives on criminal charges today in relation to the nuclear meltdown at Fukushima following last year’s March 11 earthquake and tsunami.
TEPCO was formally nationalized yesterday, July 31, after a trillion yen government cash infusion. This recent turn of events coud be very bad news for the remaining executives. Most criminal sentences in Japan also [...]
Rolling Stone link
Excerpt:
This sounds like the beginning of what will be a very heated debate over who has to pay for the excesses of the financial crisis. It was previously assumed that everybody but the actual financial services sector would have to pay, but voters in Europe now are refusing to go along, sparking a wave of eye-rolling editorials in the financial press. Even David Brooks got into the act [...]
From The Burning Platform:
The real world revolves around cash flow. Families across the land understand this basic concept. Cash flows in from wages, investments, and these days… from the government. Cash flows out for food, gasoline, utilities, cable, cell phones, real estate taxes, income taxes, payroll taxes, clothing, mortgage payments, car payments, insurance payments, medical bills, auto repairs, home repairs, appliances, electronic gadgets, education, alcohol (necessary in this economy), and [...]
The real world revolves around cash flow. Families across the land understand this basic concept. Cash flows in from wages, investments and these days from the government. Cash flows out for food, gasoline, utilities, cable, cell phones, real estate taxes, income taxes, payroll taxes, clothing, mortgage payments, car payments, insurance payments, medical bills, auto repairs, home repairs, appliances, electronic gadgets, education, alcohol (necessary in this economy) and a countless other everyday expenses. [...]
(KVOA) TUCSON – The Arizona Department of Economic Security is sending out a letter anyone unemployed and benefiting from the Emergency Compensation Funding Program.
The letter states that the financial support from the government will run out sooner than later.
James Jordan says he’s been frantically searching for work after being laid off several months ago -
instead of 53 weeks of unemployment benefits – he’ll now get only 20..
“It was a major [...]
1) Latvia says false rumors behind weekend’s bank run
“Latvian authorities Monday said the weekend’s run on Swedish banks there was started by false rumors aimed at destabilizing the country, and that its police forces were investigating the matter.
Latvians during the weekend withdrew unusual amounts of cash from Swedish banks’ cash machines in the country, following rumors that Swedish banks could be in trouble, Communications Director Thomas Backteman at Swedish lender Swedbank [...]
The chief executive of A123 Systems Inc. — one of Michigan’s most celebrated alternative energy companies and a major recipient of federal economic stimulus dollars and state incentives — conceded that a shakeout is coming for the U.S. battery industry.
How Michigan’s emerging battery industry will fare during that process — and whether manufacturers will add the thousands of jobs they promised to create in exchange for government cash and tax incentives — is [...]
Oct. 12 (Bloomberg) — Greece’s central government cash
deficit widened to 19.2 billion euros in the January to
September period from 18.5 billion euros in the same period a
year earlier, the Athens-based central bank said in an e-mailed
statement.
Ordinary budget revenue fell to 35.2 billion euros from
36.2 billion euros while spending rose to 53 billion euros from
48.9 billion euros, according to the statement.
One helluva austerity, eh!
Source: bloomberg
U.S. households are now getting more in cash handouts from the government than they are paying in taxes for the first time since the Great Depression.
Households received $2.3 trillion in some kind of government support in 2010. That includes expanded unemployment benefits, as well as payments for Social Security, Medicare, Medicaid, and stimulus spending, among other things.
But that’s more than the $2.2 trillion households paid in taxes, [...]
BY ALEX PAREENE
Liberty University, the evangelical private Christian school founded by dead apartheid-supporting bigot Jerry Falwell, received $445 million in federal financial aid last year. The Corporation for Public Broadcasting, by
the way, received $420 million from the federal government.
That massive sum was thanks to the growth of Liberty’s online program, which enrolled 52,000 students last year. The school is the No. 1 recipient of Pell [...]
There are many hurdles to a US seizure of BP, both legal and political, that make it appear to be a remote possibility. A practical question would the US do if it did seize BP? The US would find itself running a major oil company with operations around the world, with sharply conflicting interests with other US based firms like Exxon and Chevron.
With a risk that world oil prices can [...]
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