Recession // Current TV

Debt Crisis Continues: Collection Agency Breaks The Law As Credit Defaults Increase

As wages shrunk and costs (especially housing and medical costs) spiraled out of... more

crob80227
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4 years ago
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2 comments

US Economy Passed Out Naked And Covered In Crap!

This hilarious article from "23/6: Some of The News Most of The Time!"... more

crob80227
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4 years ago
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0 comments

What is a recession like?

The Guardian have got it nailed down in one top notch article. There's no point... more

phillyharper
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4 years ago
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4 comments

Deja Vu Bush Kick Back Via a Meager Check

Like the load of checks Bush sent right after he got into DC back in 2000, it is all... more

jdimino
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4 years ago
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0 comments

Fed cuts interest rate by 3/4 point

...federal reserve scrambles to support a fragile economy

smorrisey
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4 years ago
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10 comments

Watch the stocks collapse in real time!

We're in the 21st century guys! Instead of watching rolling news reports and... more

phillyharper
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4 years ago
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2 comments

The beginnings of a recession?

It's been a bumpy day for the London stock exchange, infact I'd go as far to... more

phillyharper
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4 years ago
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0 comments

Stock markets in a free fall

Fears that 2008 will see the looming recession in the US spreading to every other... more

abbym0308
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4 years ago
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4 comments

World Stock Markets Drop Like it's 9/11 this morning

"its biggest [stock market] percentage drop since the Sept. 11, 2001, terror... more

zenbeer
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4 years ago
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27 comments

Terrorists: $10 In Box Cutters. The US Response: $2 Trillion Dollars (And Counting!)

In this funny article from the Huffington Post, Linda Keenan interprets in plain... more

crob80227
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4 years ago
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3 comments

It's Official: Bush Insists Tax Rebates Only Solution To Growing Debt Crisis! Dems Agree

Excerpt: "President Bush backs tax rebates as the best way to stimulate the economy, but will not detail how big they should be, an administration official said Friday. Democratic congressional leaders agree that one-time checks should be in the package, but are working on a broader measure that would also include aid targeted to the poor and unemployed. Bush planned to lay out his position publicly for the first time later Friday, first in remarks at the White House and later at a Frederick, Md., manufacturing plant." Alright kids, let me ask you a question, which would have a bigger "stimulus" effect on the economy: a one time check for $300 bucks or a temporary change to our federal usury laws mandating that all consumer credits have their interest rates dropped to a MAXIMUM of 5 percent for one year? Which option would have the most immediate impact and the broadest impact on consumer spending? This is where Bush and the Dems too are out in La-La Land when it comes to the economy. Yeah, great! Who-hoo! I got a check for $150 bucks in the mail as part of a one-time rebate. This is supposed to (theortically) enable me to buy goods and services I otherwise wouldn't have purchased because I'm too broke -- and as a result of this increased spending (demand) businesses across the country will be making more profits and thus expand hiring more people and the economy improves. Okay class, anybody see the flaw in the plan? The minimum payments I owe on just ONE of my Capital One cards is $150 bucks -- so the neoconservative theory that I will spend that extra money on luxury goods and thus enable companies to expand is wrong. Like 99 percent of all Middle-Income Americans that extra money is not going anywhere except to a payment on a current debt! Bush thinks that if he gives checks worth $150-$600 to middle-income Americans struggling with debt (and NOT buying things) that they will use that money to buy TV's and MP3 players. They won't! The problem is that the people Bush is trying to motivate to spend with a rebate check are so deep in debt that the money is only going to service outstanding debts and NOT new purchases. Bush gives us a check and we turn right around and hand it over to Visa, or the daycare provider or make a payment on the Vet Bill (cat got a urinary infection. $300), or we make a payment on our outstanding $1200 medical bills (insurance didn't pay for the ENTIRE surgery!) etc, etc, etc. A more intelligent plan would be to address the root cause of the problem -- we have no disposable income left at the end of the day because of skyrocketing housing costs/mortgages AND credit card rates. The vast majority of middle-America's income is going to three or four credit card companies and hospitals --- no where else! The most intelligent way to "stimulate" the economy would be to reduce (radically reduce) maximum allowable credit card interest rates. If the average families paycheck is mostly going to service debts and not to new purchases (or even savings) then you end up with an economy that looks a lot like the one we're in now. I say forget the one time checks and forget cutting the capital gains tax or the rate on stock dividends -- that only benefits people with money. Instead cut the credit card interest rate down to 5 percent! Also rewrite the bankruptcy law NOW so people can restructure their debts and eliminate massive medical bills AND student loans! What good is it doing our economy if the twenty-somethings are spending half their income servicing a massive college debt instead of buying goods and services?

Excerpt: "President Bush backs tax rebates as the best way to stimulate the... more

crob80227
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4 years ago
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10 comments

Bernake fails to halt Wall Street slide - 1000 points since the 1st of the year.

Hello but does anybody think that things are going to get worse before they get... more

jubal
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4 years ago
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0 comments

U.S. Stocks Plummit... Again

Stocks closed at a 15 month low and the bottom doesn't look like it is coming any... more

uroborus8
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4 years ago
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2 comments

The Cost of Debt with China

Every American has borrowed $4000.00 from the Chinese. An average Chinese factory... more

uroborus8
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4 years ago
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2 comments

Investment Firms Falling like Dominoes

Merrill Lynch is the latest casualty of the sub prime mortgage crisis. They report a... more

uroborus8
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4 years ago
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0 comments

Economy Tanking Fast! Bush Says More Tax Cuts For Bill Gates Only Answer! Do You Agree?

The US economy has taken more devastating blows in the last 7 years than Rocky Balboa has in all 6 films. Jobs evaporating in the US and fleeing to Asia where child labor is cheaper. Wages crashing through the floor. Healthcare costs skyrocketing. The subprime mortgage crisis exploding. And, of course, Hurrican Katrina! Body shot after crippling body shot raining down on the once indestructable economic superpower of the world . And let's not forget the 800 pound gorrila in the room: The Iraq War. This monster has been bleeding hundreds of billions of dollars out of our economy at such a an alarming rate that the furious spewing can only be likened to a victim with a severed arterial vein! If this had been a boxing match the ref would have stopped it a long time ago and called for an ambulance. And while Rome burns to the ground the mental midgets know as the Bush Administration are running around in such a state of panicked hysteria and ineptitude that they make the Keystone Cops look like a somber group Mensa members playing chess! Bush is tearing up sheets, boiling water and stumbing from room to room in the White House while Cheney is screaming at his underlings to start bombing Iran as that is the only sure fire way to "fix everything" that falling apart around them. Restoring dignity and professionalism to the White House, indeed! What previous generation would have dismissed as a far-fetched Monty Python skit about government corrpution and incompetence is, unfortunately, all to real to this generation. Again and again Bush and Co ignore the warning signs until the evidence is overwhelming and it's far too late in the game to do anything constructive about it. And what is their signature go to move when the economy begins to fall apart at the seams? TAX CUTS FOR THE WEALTHY! Good Lord. Conservative Economic Theory is so faith-based an devoid of hard science that it makes Intelligent Design look like nuclear physics! The theory is that if you take an uber-billionaire such as Bill Gates or a company making 10's of BILLIONS in QUARTERLY profits like Exxon and reduce their tax rate to zero (or close to it) -- these people (and companies) will take that extra money and build new factories here in the US employing hundreds of thousands of people, thus solving any economic problems (caused by falling consumer spending) we may have. That's the core mythology of the Republican religion. Give billionaires more money and they will build new factories here in the US. That might have worked back in the 1950's -- but here in 2008 it ain't the case. The vast majority of new investment and job creation is taking place overseas where you can hire 10,000 workers for a few pennies an hour and there are no pesky environmental laws (or labor sfatey standards or unions!) to be found. Thanks to the insane trade policies we have in place now it's far to cheap and easy to build a factory in Asia, staff it with 5 year olds, and make a killing. No matter how many tax breaks or tax rebates or cash bribes you give GE or Nike it will ALWAYS be cheaper to build and staff overseas than it is in the US as long as we have these trade deals in place. These guys are just taking their extra money and lighting their Cuban cigars with it -- or using it to wallpaper their servants quarters. The US economy has taken more devastating blows in the last 7 years than Rocky Balboa... more

crob80227
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4 years ago
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8 comments

Federal Reserve chairman to congress: Get money to the people!

Federal Reserve Chairman Ben Bernanke told Congress Thursday that legislators should... more

woodywoodbeck
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4 years ago
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4 comments

Credit Card Delinquency up 50% or more

Americans owe $925 billion in Credit Card debt, and they aren't paying. With the... more

uroborus8
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4 years ago
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1 comment

The economic consequences of Mr. Bush

Vanity Fair offers a sobering look at the costs that we ? and our children and their... more

TheRealEdwin
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4 years ago
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7 comments

Greenspan: Odds of recession are climbing

Former Federal Reserve Chairman Alan Greenspan says the odds the U.S. will fall into a... more

critter
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4 years ago
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3 comments

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