Archive for April, 2009
GM Dumps Pontiac and Workers
In a last ditch to stave off bankruptcy, GM announced that it will ditch the Pontiac brand by the end of next year (Hummers, Saabs, and Saturns will be done by the end of 2009 but other companies may buy the brand names), cut 23,000 of its 61,000 factory jobs by 2011, and slash the ...Read more.
Econ board has yet to meet publicly
From Politico. Hat-tip to Bob F. By JOSH GERSTEIN | 3/23/09 4:21 AM EDT Updated: 3/23/09 2:04 PM EDT Six weeks after President Barack Obama appointed a blue-ribbon panel to help him dig America out of its economic crisis, the board has yet to hold an official public meeting. The White House initially said that ...Read more.
29 Failed Banks In 2009 — So Far
The FDIC took over 4 more banks on Friday, bringing the total for 2009 to 29, compared to 25 for all of 2008. The banks were located in Idaho, Michigan, and Georgia, in addition to the now officially down and out First Bank of Beverly Hills. The massive number of bank failures has brought the ...Read more.
Pensions Plans in Peril
If the auto industry is allowed to dump their pension plans through bankruptcy, it could put the pensions of millions of other retired workers at risk. The Pension Benefit Guarantee Corporation, the government insurer that backs pension plans, would quickly run out of funds and be overwhelmed with claims. It would be forced to slash ...Read more.
New! Blog Podcast
We just added podcast capability to our blog, courtesy of Odigo. The voice that reads it is kind of computery, but it’s remarkably clear. (Ok, I wrote that sentence just so that I can hear the voice read it later and I can find out how it pronounces “computery”.) Someone at lbo-talk tipped us off ...Read more.
Silver Lining? Possible Leverage for Debtors
Very interesting blog post by Doug Henwood of Left Business Observer; what he’s pointing out could be the basis for organizing leverage for ordinary folks. We were sorry to miss Doug’s talk at Left Forum; he was on a panel on bank nationalization that also included Fred Moseley, author of our March/April cover story. We ...Read more.
14 million homes are vacant
From USA Today: Census numbers show: • More than 14 million housing units are vacant. That number does not include an estimated 4.8 million seasonal or vacation homes, most of which are occupied part of the year. The combined vacancy rate of almost 15% is higher than during previous recessions: 11% in 1991 and 9.4% ...Read more.
California Housing Defaults Skyrocket
After a brief lull, California’s housing market has resumed its downward spiral. According to the Silicon Valley Mercury News, the number of default notices sent by lenders to property owners jumped 80% in the first three months of 2009 versus the last three months of 2008. Default is the first step in the foreclosure process. ...Read more.
Dean Baker at JP Forum on April 30th
Co-sponsored by D&S: Economist Dean Baker to Discuss the Root of the Economic Meltdown WHAT: On Thursday, April 30th, economist Dean Baker will discuss his latest book, Plunder and Blunder: The Rise and Fall of the Bubble Economy, which chronicles the growth and collapse of the stock and housing bubbles. Baker, co-director of the Center ...Read more.
Thievery Under TARP
From Truthdig: By Robert Scheer We are being robbed big-time, but you can’t say we haven’t been warned. Not after the release Tuesday of a scathing report by the Treasury Department’s special inspector general, who charged that the aptly named Troubled Asset Relief Program is rife with mismanagement and potential for fraud. The IG’s office ...Read more.
