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ghoster
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Was the word "Unexpected" used in that article?
As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron."
- H.L. Mencken |
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FatalWishes
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Banks shuttered in Fla., Ill., Md., Utah
| Quote From Source: | Regulators shut down banks in 4 states, making 26 US bank failures this year
Regulators on Friday shuttered banks in Florida, Illinois, Maryland and Utah, boosting to 26 the number of bank failures in the U.S. so far this year following the 140 brought down in 2009 by mounting loan defaults and the recession.
The Federal Deposit Insurance Corp. took over Sun American Bank, based in Boca Raton, Fla., with $535.7 million in assets and $443.5 million in deposits. Also seized were Bank of Illinois of Normal, Ill., with $211.7 million in assets and $198.5 million in deposits; Waterfield Bank in Germantown, Md., with $155.6 million in assets and $156.4 million in deposits; and Centennial Bank in Ogden, Utah, with $215.2 million in assets and $205.1 million in deposits.
First-Citizens Bank & Trust Co., based in Raleigh, N.C., agreed to assume the assets and deposits of Sun American Bank and to share losses with the FDIC on $433 million of the failed bank's loans and other assets. It was First-Citizens' fourth acquisition of assets of a failed bank since last July; the others were First Regional Bank of Los Angeles, Venture Bank of Lacey, Wash., and Temecula Valley Bank of Temecula, Calif.
| | Click source url to view entire story. |
Source Yahoo Finance
Source URL:
http://finance.yahoo.com/new...l-Md-apf-2958911227.html?x=0
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DanG
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DanG has attached this image:
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DanG
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State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History
| Quote From Source: | The Center on Budget and Policy Priorities has released a report "State Tax Changes in Response to the Recession" in which the center notes that "national recession has had such a devastating effect on state finances that states took in $87 billion less in tax revenue from October 2008 through September 2009 than they collected in the previous 12 months. This 11 percent decline, the steepest on record, resulted from the impact on tax collections of lost jobs, reduced wages, and lowered economic activity."
| | Click source url to view entire story. |
http://www.zerohedge.com/art...line-history-record-state-ta |
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DanG
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Illinois Budget Crisis 2010: Big Cuts Coming For Schools, Police, Child Care
Illinois to layoff 17,000 Teachers!
http://www.huffingtonpost.co...dget-crisis-20_n_490973.html
repeat after me
there IS a recovery
there IS a recovery
th ... hey you're not repeating it
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FatalWishes
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Gov. Pat Quinn budget proposal: Borrow $4.7 billion
| Quote From Source: | Gov. Pat Quinn on Tuesday unveiled a caustic budget plan that would borrow billions of dollars to stay afloat and push even more debt down the road, hoping to persuade leery lawmakers to instead raise taxes in an election year.
Quinn aides warned the plan would cost some 13,000 teachers and staff their jobs, cut off poor seniors from help in paying for costly prescriptions and shut down some health care programs for the indigent. But even after about $2 billion in cuts, the state would still be $11 billion in the hole.
The administration's warnings served as the precursor for the Democratic governor's Wednesday budget address before a joint session of lawmakers who want to wrap up their business in two months so they can focus on their re-election.
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Source Chicago Tribune
Source URL:
http://www.chicagotribune.co...310-20100309,0,4279309.story
OH'boy Ill. is truly in deep. I see a snowball at the peak of a mountain starting to roll down hill.
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DanG
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once again let me point out - these are the official numbers
| Quote From Source: | Lee County's unemployment rate hits 14.1 percent; state rate ties record
Lee County's unemployment rate climbed to 14.1 percent in January, up sharply from a revised rate of 13.4 percent in December, according to data released today from Florida's Agency for Workforce Innovation.
Collier County's rate jumped to 12.7 percent, up from 12 percent in December and 8.8 percent in January 2009. Charlotte County's rate was 13.8 percent in January, up from 12.8 percent in December and 10.7 percent a year ago.
Statewide, Florida matched its highest-ever unemployment rate in January at 11.9 percent with 1.1 million Floridians out of work.
| | Click source url to view entire story. |
http://www.news-press.com/ar...USINESS/100310007/1002/rss01 |
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FatalWishes
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Unemployment rises in 30 states in January
| Quote From Source: | Unemployment rose in 30 states in January, the Labor Department said Wednesday, evidence that jobs remain scarce in most regions of the country.
The data is somewhat better than December, when 43 states reported higher unemployment rates, but worse than November, when rates fell in most states.
Still, five states reported record-high joblessness in January: California, at 12.5 percent; South Carolina, 12.6 percent; Florida, 11.9 percent; North Carolina, 11.1 percent; and Georgia, 10.4 percent.
Michigan's unemployment rate is still the nation's highest, at 14.3 percent, followed by Nevada, with 13 percent and Rhode Island at 12.7 percent. South Carolina and California round out the top five.
There were some signs of job creation. Thirty-one states added jobs in January, up from only 11 in the previous month. But the job gains weren't enough, in many cases, to lower the unemployment rate.
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Source Yahoo Finance
Source URL:
http://finance.yahoo.com/new...;pos=2&asset=&ccode=
I heard on the radio the other day that Detroit used to be the biggest city and now it's number 11 in size.
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FatalWishes
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Budget deficit sets record in February
| Quote From Source: | The government ran up the largest monthly deficit in history in February, keeping the flood of red ink on track to top last year's record for the full year.
The Treasury Department said Wednesday that the February deficit totaled $220.9 billion, 14 percent higher than the previous record set in February of last year.
The deficit through the first five months of this budget year totals $651.6 billion, 10.5 percent higher than a year ago.
The Obama administration is projecting that the deficit for the 2010 budget year will hit an all-time high of $1.56 trillion, surpassing last year's $1.4 trillion total. The administration is forecasting that the deficit will remain above $1 trillion in 2011, giving the country thrree straight years of $1 trillion-plus deficits.
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Source Google
Source URL:
http://www.google.com/hosted...w1ofv-BiXk2MoSXknwQD9EBVD6G0
This is all assuming the government keeps spending the same amount. I don't see it. I see them spending more and more.
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doppelganger
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Spend, Baby, Spend! |
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FatalWishes
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Unemployment tops 20% in eight California counties
The state's jobless rate of 12.5% in January was its worst on record and fifth-highest in the nation.
For many California areas, unemployment rates moved persistently higher in January, indicating that the national economic recovery hasn't yet translated into jobs for the Golden State.
New county-by-county figures released by the state Wednesday showed that in eight counties, more than 1 in 5 people were out of work. Moreover, revised numbers for last year show that fewer people were employed than was previously believed.
The state was one of five, along with Florida, Georgia, North Carolina and South Carolina, that reached their highest unemployment rates since the government began keeping track in 1976, according to the Bureau of Labor Statistics. California's was 12.5% in January, up from 12.3% in December.
"The real mystery now is why we aren't getting job growth when the GDP has been positive," said Stephen Levy, director of the Center for Continuing Study of the California Economy. ( Because they LIED about the numbers the same way they are lying about 9.7 percent un employement)
Source LATIMES
Source URL:
http://www.latimes.com/busin...11-2010mar11,0,3667613.story
Makes me wonder what state will go bankrupt first. The economy contracted, government needs to do the same.
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IronMan
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It takes an idiot not to know why the GDP is positive......
When the GOVERMENT the "G" in GDP is dumping Billions into the system of course it's going to go up but it doesn't do shit for the economy,it just makes it so the "Top of the Tree" looks good while the rest is rotting. |
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FatalWishes
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| Quoting IronMan - posted on 3/11/2010 at 19:21 |
It takes an idiot not to know why the GDP is positive......
When the GOVERMENT the "G" in GDP is dumping Billions into the system of course it's going to go up but it doesn't do shit for the economy,it just makes it so the "Top of the Tree" looks good while the rest is rotting.
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QFT
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FatalWishes
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Mass school closures approved in Kansas City, Mo.
| Quote From Source: | KANSAS CITY, Mo. (AP) - Facing potential bankruptcy, the board that governs the once flush-with-cash Kansas City school district is taking the unusual and contentious step of shuttering almost half its schools.
Administrators say the closures are necessary to keep the district from plowing through what little is left of the $2 billion it received as part of a groundbreaking desegregation case. The Kansas City school board narrowly approved the plan to close 29 out of 61 schools Wednesday night at a meeting packed with angry parents.
Although other districts nationwide are considering closures as the recession ravages their budgets, Kansas City's plan is striking. In rapidly shrinking Detroit, 29 schools closed before classes began this fall, but that still left the district with 172 schools. Most other districts are closing just one or two schools.
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Source My Way
Source URL:
http://apnews.myway.com/article/20100311/D9ECADAG0.html
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MountainManMike
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that district has been in shambles for the last 15 years. |
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DanG
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Toyota to close last Calif. plant
| Quote From Source: | The United Auto Workers and Toyota have agreed on terms to shut down the Nummi plant that employs 4,600 workers.
It is California's sole remaining auto plant.
Toyota plans to move Nummi production of the Corolla sedan to Canada and Japan ...
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http://www.usatoday.com/mone...ta-nummi-plant-closing_N.htm
yeah boy - mighty fine recovery we got goin ain't it
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FatalWishes
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New York State Tax Refunds Put On Hold
| Quote From Source: | Gov. Paterson Freezes $500 Million, Says Financial Situation The Case, Won't Start Sending Again Until April 1
Embattled Governor: $1.5 Billion In School Aid Next To Be Halted
For hundreds of thousands of New Yorkers, the check won't be in the mail -- at least not on time. New York State has stopped paying tax refunds and won't start again until next month.
The tax refund delay is part of a bigger cash crunch.
Message to New Yorkers: don't start spending your tax refund money because it's going to be delayed.
Half a billion dollars' worth of refund checks were put on hold last Friday, and state beancounters won't start sending you your money until at least April 1.
"I apologize that we had to do this. I hope it serves notice on the public of how serious our financial situation is," Gov. David Paterson said.
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Source Wcbsyv
Source URL:
http://wcbstv.com/topstories...on.tax.refund.2.1569690.html
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DanG
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Unemployment soars in U.S. metropolitan areas
| Quote From Source: | Unemployment rates in 363 U.S. metropolitan areas rose in January, and 346 areas reported year-on-year declines in their number of jobs, the Labor Department said on Friday.
California has been especially hard hit during the recession that began in late 2007, and the Labor Department data showed the state's jobs situation continues to deteriorate, with an overall unemployment rate of 12.5 percent in January.
| | Click source url to view entire story. |
http://www.reuters.com/article/idUSTRE62I3B220100319
should we create a new thread entitled It IS getting worse ? |
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FatalWishes
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Obama Paying More Than Buffett as Bonds Show U.S. Losing AAA
| Quote From Source: | The bond market is saying that it's safer to lend to Warren Buffett than Barack Obama.
Two-year notes sold by the billionaire's Berkshire Hathaway Inc. in February yield 3.5 basis points less than Treasuries of similar maturity, according to data compiled by Bloomberg. Procter & Gamble Co., Johnson & Johnson and Lowe's Cos. debt also traded at lower yields in recent weeks, a situation former Lehman Brothers Holdings Inc. chief fixed-income strategist Jack Malvey calls an “exceedingly rare” event in the history of the bond market.
The $2.59 trillion of Treasury Department sales since the start of 2009 have created a glut as the budget deficit swelled to a post-World War II-record 10 percent of the economy and raised concerns whether the U.S. deserves its AAA credit rating. The increased borrowing may also undermine the first-quarter rally in Treasuries as the economy improves.
“It's a slap upside the head of the government,” said Mitchell Stapley, the chief fixed-income officer in Grand Rapids, Michigan, at Fifth Third Asset Management, which oversees $22 billion. “It could be the moment where hopefully you realize that risk is beginning to creep into your credit profile and the costs associated with that can be pretty scary.”
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Source Bloomberg
Source URL:
http://www.bloomberg.com/app...0601087&sid=aYUeBnitz7nU
Is this really the time to be spending another trillion dollars on something so controversial?
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DanG
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the presses keep rollin ... at this point, I'm not sure it even matters anymore
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Indy
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I have a very strong opinion on the heath care issue. I don't think health care itself is controversial. Certainly not as much as paying for an endless war. I think the problem with health care is symbolic. What do I mean?
For decades American have run around with extreme arrogance touting that we are the greatest nation in the world. Whether it is true or was true or not is debatable. I think to many people see this as a defeat when it comes to how they view America. In their minds we were always #1 no matter what we did. They see us assuming a European style as a defeat at the hands of the Europeans. They see it as an admission that maybe we really aren't #1. It is a blow to the egos of many.
I hear these people and it reminds me of Baghdad Bob. The city could be occupied by US troops and Bob would insist the US was getting beat. Our health care system is a total wreck. Compared to the rest of the world it is a joke. But ego is everything in this country. Americans could be in the Titanic and swear to god and all that they were the best ship builders in the world despite the fact their ship was sinking to the bottom of the ocean (had they been the builders). They'd be sending away rescue boats saying we don't need help.
This Titanic analogy perfectly describes the attitudes of many when it comes to health care. They just cannot admit we aren't number one.
"I think God gives us children so death won't come as such a disappointment." - Two and a Half Men |
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FatalWishes
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| Quoting Indy - posted on 3/22/2010 at 02:34 |
I have a very strong opinion on the heath care issue. I don't think health care itself is controversial. Certainly not as much as paying for an endless war. I think the problem with health care is symbolic. What do I mean?
For decades American have run around with extreme arrogance touting that we are the greatest nation in the world. Whether it is true or was true or not is debatable. I think to many people see this as a defeat when it comes to how they view America. In their minds we were always #1 no matter what we did. They see us assuming a European style as a defeat at the hands of the Europeans. They see it as an admission that maybe we really aren't #1. It is a blow to the egos of many.
I hear these people and it reminds me of Baghdad Bob. The city could be occupied by US troops and Bob would insist the US was getting beat. Our health care system is a total wreck. Compared to the rest of the world it is a joke. But ego is everything in this country. Americans could be in the Titanic and swear to god and all that they were the best ship builders in the world despite the fact their ship was sinking to the bottom of the ocean (had they been the builders). They'd be sending away rescue boats saying we don't need help.
This Titanic analogy perfectly describes the attitudes of many when it comes to health care. They just cannot admit we aren't number one.
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You are going to love this.
Is the U.S. on its way to becoming a "broken" society?
http://www.edmontonjournal.c...ok+mirror/2705963/story.html
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DanG
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| Quote From Source: | Sales of existing U.S. homes fell in February for a third month, and the number of properties on the market climbed by the most in almost two years, casting a pall over the prospects for a recovery.
Purchases dropped 0.6 percent to a 5.02 million annual rate, the lowest level in eight months, figures from the National Association of Realtors showed today in Washington. There were 3.59 million houses for sale, a 312,000 increase from January that marked the biggest gain since April 2008.
| | Click source url to view entire story. |
http://www.bloomberg.com/app...p;sid=aP5DPzk0mAvo&pos=1
Recovery ?
DanG has attached this image:
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Indy
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Oh just wait. The government handout for new home purchases ends in April. If the recovery isn't working now what is going to happen when the giveaway ends?
"I think God gives us children so death won't come as such a disappointment." - Two and a Half Men |
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FatalWishes
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Greece to Default ‘At Some Point,’ UBS’s Donovan Says
| Quote From Source: | Greece will default on its bonds “at some point” as the euro region fails to deal with its first major economic crisis, said Paul Donovan, deputy head of global economics at UBS Investment Bank.
“I think it's in an impossible situation,” said Donovan, who is based in London, in an interview with Bloomberg Radio today. “Europe has failed to clear its first serious hurdle. If Europe can't solve a small problem like this, how on earth is it going to solve the larger problem, which is the euro doesn't work. It's a bad idea.”
European governments have yet to agree on how to fund any rescue for Greece, which says it will struggle to pay its debts at current market interest rates. While Prime Minister George Papandreou announced a 4.8 billion euro ($6.4 billion) austerity package on March 3, the extra yield that investors demand to hold Greek debt over German counterparts has since risen.
| | Click source url to view entire story. |
Source Bloomberg
Source URL:
http://www.bloomberg.com/app...0601087&sid=awgDP17rsJ70
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posted on 3/3/2010 at 07:56
