Add To Watchlist

MELTDOWN

The Wire

Bipartisan panel to grill Wall Street CEOs

Top bank executives can expect a grilling when they appear before a congressionally appointed panel investigating the causes of the 2008 financial collapse.

Debt could derail Dubai's big-money events

Dubai's ability to host big-money events in tennis, golf and horse racing is coming under scrutiny as the emirate struggles with massive debt.

Dubai's $10B bailout by Abu Dhabi calms fears

Oil-rich Abu Dhabi pumped $10 billion into its indebted neighbor Monday, sending stocks soaring while sparing Dubai and the rest of the Emirates federation the humiliation of an imminent default by one of the struggling Arab boomtown's star companies.

Dubai gets $10B from Abu Dhabi to cover debt

Dubai got a $10 billion lifeline from oil-rich Abu Dhabi on Monday, securing a last-minute cash infusion aimed at preventing a default that risked sparking broader fears about the city-state's shaky finances.

S&P; cuts Dubai company ratings

Rating agency Standard & Poor's on Thursday downgraded six Dubai-government-backed companies to junk status, the latest cut by an international ratings agency as the emirate showed little inclination to support its heavily indebted companies like Dubai World.

American charities may not have a happy holiday

American charities have weathered a significant drop in giving this year, and while they're hoping for a holiday miracle, a recent survey shows they will probably see a decrease in year-end generosity.

Meltdown 101: Some signs of strength in US exports

The trade deficit might have widened in September, but try telling that to U.S. jewelry makers, loggers and machine manufacturers who have customers in other countries.

Recession's good news: Cities see burglaries fall

Ever since he was laid off in March, Frank Beil has been on the lookout.

Meltdown 101: When unemployment last hit 10 pct

The last time unemployment climbed past 10 percent, "The A-Team" was one of the top 10 TV shows and Michael Jackson was about to release "Thriller."

Smart Rx: Drugs that work and won't break the bank

Last year pharmaceutical companies spent more than $4 billion urging patients like you to "ask your doctor" about their drugs. But if you want a prescription that won't empty your wallet, while still keeping you well, you might start asking your doctor about drugs you don't see on TV.

Meltdown 101: Ford has suffered less than rivals

Ford Motor Co. has been riding a wave of positive public sentiment since it steered clear of bankruptcy protection and avoided taking federal bailout money — unlike its crosstown rivals, General Motors Co. and Chrysler LLC.

Meltdown 101: What to know if your bank fails

Dozens of banks have failed this year. What do you need to know if yours is next?

Meltdown 101: Why did GDP rise — and will it last?

Can growth in the gross domestic product, the broadest measure of the nation's economy, be sustained?

Record NYC real estate deal now on the rocks

It was the most expensive real estate deal in U.S. history. Now it's poised to become one of the biggest flops.

Meltdown 101: How does a hedge fund work?

The arrest of a billionaire in an insider trading case last week drew new attention to hedge funds — investment firms that, for many, evoke an exclusive world where the super rich use exotic investing techniques to grow yet richer.

Meltdown 101: Housing starts show industry's woes

Housing construction is crawling out of its very deep hole, but no one expects it to reach the heights hit before the housing bubble burst — at least not for a very long time.

Broxton blows it in 9th for Dodgers

Jonathan Broxton got the Los Angeles Dodgers to the brink of a tying win in the NL championship series. Then he gave it away.

Meltdown 101: Budget gap huge, but has been worse

The federal government's budget gap is huge — but by some measures, it's been bigger in the past.

Meltdown 101: Consumer prices by the numbers

The recession delivered at least one major perk for the family pocketbook: Prices for everything from meat to heating fuel remain as tame as they've been in memory.

Report: Lawmakers to cut state budgets even deeper

In Massachusetts, freefalling tax revenue will mean no more dental and hospice care for legal immigrants. Maryland is closing a mental health center. And Illinois has $2.9 billion in unpaid bills.

The Great Recession: The numbers tell the story

A year ago this weekend, the Dow Jones industrial average had just finished a slow-motion crash. Over eight days, it fell 2,400 points, or 22 percent, and stood at 8,451.

Home sweet home investment? Sure, in the long run

For all the doom and gloom about the housing market, it still generally pays to own a home.

Meltdown 101: What is a short sale of a home?

For a homeowner who needs to sell but has a mortgage balance higher than the property value, one option is something called a "short sale."

Next asset bubble could come sooner than you think

The next financial bubble could come sooner than you think.

Amid the global economic crisis, China rises

The auto-parts maker Delphi Corp. is headquartered in Troy, Mich., in the heart of the region that made the United States the car capital of the world. It's a place where the phrase "buy American" is right at home.

The Vine
There's Plenty of Good News, But Will the US Ever Hear it?
Source: Common Dreams

"The European Union (EU) is the world's largest and most competitive economy, and most of those living in it are wealthier, healthier, and happier than most Americans.

Democrats Inviting Historic Electoral Losses
Source: Common Dreams

"In 1992, workers voted for Democrats who promised action on jobs, who talked about reining in corporate greed and who promised health care reform," Trumka said, according to a version of his prepared remarks. "Instead, we got NAFTA, an emboldened Wall Street -- and not much more.

Socialism has failed. Now capitalism is bankrupt. So what comes next?
Source: Guardian Unlimited

"The 20th century is well behind us, but we have not yet learned to live in the 21st, or at least to think in a way that fits it.

Wall Street Will Be Back For More
Source: Common Dreams

"Corporations, which control the levers of power in government and finance, promote and empower the psychologically maimed. Those who lack the capacity for empathy and who embrace the goals of the corporation-personal power and wealth-as the highest good succeed.

Wall Street's Plot to Wreck America Must Be Revealed
Source: AlterNet.org

"We know little about the financial WMDs that destroyed our economy. This week's Financial Crisis Inquiry Commission hearings must shed light on what happened in the meltdown.

A Call to Arms - (Economic Arms)
Source:

"We are losing an economic war, here's how:

2009: The Year Wall Street Bounced Back and Main Street Got Shafted
Source:

"In truth, most Americans did not spend too much in recent years, relative to the increasing size of the overall American economy. They spent too much only in relation to their declining portion of its gains.

First we outsourced jobs to China, now we insource their construction industry
Source: OpEdNews.Com Progressive

"When is this going to stop? U.S. corporations have outsourced millions of Americans jobs to countries overseas, primarily China; a major cause of our economic crisis. Now China is on the way to becoming a major force in our domestic construction industry.

Why the U.S. Must reinstate Tariffs
Source:

"By switching from tariffs to taxes the government was able to greatly increase the money it brought in and expand itself (the expansion has never stopped to this day).

Obama Promised Public Option
Source: YouTube

Obama promised a public option.

Hordes of Angry Activists and a $27 Billion Court Case Is Making Oil Giant Chevron Pretty Nervous
Source: AlterNet.org

"The oil industry is more powerful today than at any other time in history save the early 20th century. Thanks to last year's record run-up in oil prices, seven of the world's most valuable corporations are now oil companies.

A Healthy Economy
Source: Common Dreams

"Summing up the statistical argument Sanders makes in support of a single-payer universal health care plan, John Nichols writes in the Nation: "The 1,300 profit-making private insurance companies administer thousands of separate plans and waste about $400 billion a year on admini …

Is Obama's Problem That He Just Doesn't Want to Deal with Conflict?
Source: AlterNet.org

"Somehow the president has managed to turn a base of new and progressive voters he himself energized like no one else could in 2008 into the likely stay-at-home voters of 2010, souring an entire generation of young people to the political process.

Nader's Utopia: The World According to Ralph
Source: Common Dreams

"The super-rich ignite a progressive revolution using their enormous wealth. They recruit and fund citizen movements to challenge corporate power and its political puppets in Washington.

Why Can't Democrats Do Anything Right?
Source: AlterNet.org

"Could a crushing defeat on health reform teach Democrats to stop prioritizing corporate interests?

Happy Holidays from America's Banks
Source: Common Dreams

"The Times wrote that, "Joblessness has wreaked financial and emotional havoc on the lives of many of those out of work... causing major life changes, mental health issues and trouble maintaining even basic necessities."

Ed Schultz: Right Now Mr. President Your Base Thinks You're Nothing But a Sellout
Source: Crooks and Liars

"The base is restless. They are wandering in the wilderness, Mr. President. They are looking for your GPS coordinates. They want to know, where are you? They think we can do a heck of a lot better. Liberals and progressives think that they`re not being treated properly.

Kucinich: 'Class War Is Over, Working People Lost'
Source: AlterNet.org

"Don't tell me about class warfare," he continued. "Come to my neighborhoods in Cleveland. I will show you class warfare. I'll show you hollowed out areas. I'll show you businesses that went down because they don't have access to capital.

And They'll Call This Health-Care Reform: How Three Senators Are Extorting You For Their Big-Time Buddies
Source: AlterNet.org

"Harry Reid will do anything to get sixty votes -- which means Lieberman, Nelson, and Snowe can use extortion on behalf of Big Insurance, Big Pharma, the AMA, and abortion foes. "

Angry Liberals: Why Didn't Obama Fight?
Source: Common Dreams

"But it's not just the liberal base that's feeling unsettled. Obama has also proved frustrating to moderates, who simply wanted to know where Obama's core principles on health care stood, all the better to cut a deal to the president's liking.

Healthcare: First They Came for the Banksters
Source: Common Dreams

"Now he's (Obama) going to force us to give trillions to the gangsters who run the "health insurance" companies (while they promise to behave nicely in return) and thinks we're going to go along with it and it'll get him re-elected. He's wrong.

CEOs Who Steered Economy Off a Cliff Received $28.9 Million Average Annual Salary, New Public Citizen Report Shows
Source:

"The CEOs of 10 Wall Street firms that either failed or received taxpayer bailouts were paid an average of $28.9 million per year in the years leading up to the Wall Street meltdown, according to a Public Citizen report released today.

Tea Baggers Ignore U.S. Health Care's Daily "Die-In"
Source: Crooks and Liars

"On Tuesday, frothing at the mouth Tea Party faithful will protest health care reform legislation by descending on the Senate and holding a "die-in." But while the Tea Baggers will feign dropping dead to dramatize their opposition to health care reform they wrongly believe will l …

Class War in America, the Ongoing Assault
Source:

"Protectionism. Capitalists were all for it before they were against it.