Tag Archives: economy

As California reels deeper into its worst financial crisis in history, Gov. Schwarzenegger has proposed slashing a total of $80M from the state’s HIV/AIDS budget. His proposal includes deep cuts in ADAP funding – money that provides life-saving medication to the insurance-less HIV positive. The ramifications of this move extend beyond the state budget as massive federal matching dollars would …

Toys R Us has purchased Manhattan landmark FAO Schwarz, arguably the most famous toy store in the world. The FAO Schwarz brand will live on for internet and catalog sales.

(Via – Andrew Sullivan)

Almost a decade after the most famously failed merger in history, Time Warner is finally casting off AOL. The divorce, announced Thursday, will spin out AOL as a separate Internet company run by former Google Inc. advertising executive Tim Armstrong. He was hired in March to try to restore the luster to a brand once known as America Online. Time …

NYC Comptroller William Thompson has issued a report declaring that marriage equality for LGBT couples would garner the state an additional $210M in revenue in the first three years. “New York State and New York City stand to benefit economically if marriage equality is passed in our State,” Comptroller Thompson said. “Legalizing marriage for same-sex couples is not only good …

General Motors will get another $30B in bailout loans as it steers the company into bankruptcy next week. The Obama administration is preparing to send General Motors into bankruptcy as early as the end of next week under a plan that would give the automaker tens of billions of dollars more in public financing as the company seeks to shrink …

Yesterday was the fifth anniversary of the legalization of same-sex marriage in Massachusetts and a study released to coincide with the anniversary says that the state has reaped an additional $111M in revenue from gay weddings. The average couple spends $7400 on their nuptials there and one in ten spends more than $20,000. “A second study by the same group …

If being jobless has you down, Pfizer wants to perk you up. Pfizer Inc. says it will provide 70 of its most widely prescribed prescription drugs — including Lipitor and Viagra — for free to people who have lost their jobs and health insurance. The world’s biggest drugmaker said Thursday it will give away the medicines for up to a …

It looks like the end may be near for the Boston Globe. The New York Times Co. said last night that it is notifying federal authorities of its plans to shut down the Boston Globe, raising the possibility that New England’s most storied newspaper could cease to exist within weeks. After down-to-the-wire negotiations did not produce millions of dollars in …

Hmm. April was Wall Street’s best month in nine years _ offering some of the most powerful evidence yet that maybe, just maybe, the economy is about to begin a turnaround. The Standard & Poor’s 500 index, considered the most reliable measure of the broader market, climbed 9.4 percent in April, its best performance since March 2000, the peak of …

Today the Obama administration will announce that Chrysler will enter into bankruptcy in order to force a debt reduction with their partner Fiat. With the UAW late Wednesday ratifying cost cuts in its contract and cuts in the money due its retiree health-care trust fund, President Barack Obama will announce a Chrysler-Fiat deal and the government’s “surgical” bankruptcy plan later …

Today General Motors announced that they will be discontinuing the Pontiac line next year as part of their plan to stave off bankruptcy. “The objective here is not to just survive but to come up with an operating plan that will allow us to win,” Chief Executive Fritz Henderson said Monday. The U.S. Treasury will extend an additional $11.6 billion …

How is the recession affecting you personally?

WorldNetDaily is claiming that 1 million Americans turned out for Wednesday’s tea bag protests. An estimated 1 million Americans participated in at least 1,000 tea parties, according to reports by organizers tabulating the nationwide numbers, with documented protests held in 50 states. Grover Norquist, president of Americans for Tax Reform told WND, “The Obama administration has awakened a sleeping giant.” …

Gotham’s foodies are crying in their $40/lb goat cheese over the news that both of NYC’s fancy-schmancy Balducci’s are closing. Balducci’s, the storied high-end grocery chain that first opened in Greenwich Village 63 years ago, is closing its two Manhattan locations at the end of the month. Balducci’s is probably best remembered by New Yorkers for its store on Sixth …

“This is an unconstitutional ruling and another example of activist judges molding the Constitution to achieve their personal political ends. Iowa law says that marriage is between one man and one woman. If judges believe the Iowa legislature should grant same sex marriage, they should resign from their positions and run for office, not legislate from the bench. “Now it …

As widely predicted, London’s financial district is seeing rioting mobs today as President Obama meets with world leaders during the G-20 Summit. As President Obama was holding one-on-one meetings Wednesday with the leaders of Russia and China, thousands of protesters marched in the streets of London, and there were several violent clashes with police. A mob of protesters, many of …

These days when the president tells you to resign, you do it. The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said. On Monday, President Barack Obama is to unveil his plans for the auto industry, including a response to a request for additional funds by …

Rachel Maddow tears into the GOP’s proposed budget.

TV’s talking heads are giving President Obama rave reviews for last night’s press conference. (Via – Americablog)