EconomicCrisis.US

The government’s bailout of banks, auto makers and insurers helped prevent a more severe economic crisis, but might have sowed the seeds of the next one, a congressional watchdog group said Wednesday in its final report.

The Congressional Oversight Panel said that the government’s rescue fund may have prevented an economic depression by sending billions of dollars to companies crippled in financial crisis that erupted in 2008. But little has been done to aid to homeowners facing foreclosure or others far from Wall Street, it said.
Read the rest of this entry »

The dollar, and much of America’s economic autonomy, may be the next two endangered species created by the global economic crisis – and the two events may actually be linked, according to one expert.

“The recent global economic crisis didn’t just happen – it was created,” said John Truman Wolfe, a banking industry expert and author of Crisis By Design: The Untold Story of The Global Financial Coup and What You Can Do About It (www.johntrumanwolfe.com), which explains how the financial crisis was caused. “It was designed by a group of international bankers operating out of the Bank for International Settlements (BIS) in Basel , Switzerland . The purpose was twofold: to remove the United States and the U.S. dollar as the stable point in international finance, and to replace them with what Timothy Geithner (at the time, President of the New York Fed) called a GMA – a Global Monetary Authority.
Read the rest of this entry »

The head of one of the nation’s top business organizations said Tuesday that the U.S. economy is “improving,” but “regulatory roadblocks” stand in the way of job creation.

“When it comes to the nation’s economy, we begin 2011 in better shape than we found last year,” said Tom Donohue, chief executive of the U.S. Chamber of Commerce. “Yet we still face a number of risks that could send us in the wrong direction.”

Donohue, delivering his annual State of American Business address in Washington, said regulatory roadblocks should be “swept away” to free up $180 billion in private capital that could be invested in U.S. infrastructure.
Read the rest of this entry »

With the holiday season just around the corner, the ranks of America’s jobless are only getting larger.

The nation’s unemployment rate ticked up from 9.6% to 9.8% — a seven-month high — according to data released by the Labor Department on Friday.

The U.S. economy added just 39,000 jobs last month, a steep decline from the 172,000 jobs created in October.

The bleak news came just days after unemployment benefits expired for thousands of Americans on Nov. 30 as Republicans and Democrats in the Senate continued to argue on the terms of the extensions.
Read the rest of this entry »