Tag Archives: economy

Zero GOP Support For Stimulus Plan

Not a single House Republican voted for Barack Obama’s stimulus plan yesterday, but it passed anyway. A nearly $820 billion stimulus package passed the House of Representatives Wednesday without a single Republican vote. The bill now moves to the Senate, where it stands a better chance of picking up at least a modicum of bipartisan support. Approval of the bill …

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The Bonus Conundrum

As much as everybody complains about Wall Street’s bonuses, their decline is one of the leading causes of tax woes for the city and state. New York state Comptroller Thomas DiNapoli says the state will lose nearly $1 billion in revenues because cash bonuses to Wall Street employees declined 44% last year. Mr. DiNapoli estimates in a report released Wednesday …

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Lesbian Prime Minister For Iceland?

Icelandic pol Jóhanna Sigurdardóttir is poised to become the world’s first openly gay prime minister. The current Minister for Social Affairs, Jóhanna Sigurdardóttir of the Social Democrats, said she is prepared to assume the position of prime minister as long as she senses that her position is backed by sufficient trust. Foreign Minister and chairwoman of the Social Democrats Ingibjörg …

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Job Losses Escalating

More grim news today on job cuts around the country. American companies announced job cuts totaling 43,000 this morning, as the global downturn slammed the profits of exporters like Caterpillar and a domestic recession hit hard at retailer Home Depot. As companies begin announcing their financial results for the end of 2008, they are also moving fast to cut costs …

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GOP: Things Are GREAT!

Pam Spaulding points us to the homepage of the National Republican Congressional Committee. The Democrats tear in: “It’s stunning that the Republicans believe that ‘Thanks to Republican economic policies, the U.S. economy is robust and job creation is strong,'” said Jennifer Crider, the Communications Director at the Democratic Congressional Campaign Committee. “Republicans’ stunning claim flies in the face of all …

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New York Broke From Jobless Claims

So many people have filed for unemployment in 2009, the state of New York has had to borrow money from the feds to pay the claims. Despite paying lower benefits to its jobless residents than other Northeastern states, the state’s unemployment fund has been borrowing about $90 million a week from the federal unemployment trust fund, state officials said. The …

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Wall Street Thuds For Obama

Today was the worst inauguration day drop on Wall Street in history. U.S. stocks sank, sending the Dow Jones Industrial Average to its worst Inauguration Day decline, as speculation banks must raise more capital sent financial shares to an almost 14-year low. State Street Corp., the largest money manager for institutions, tumbled 59 percent after unrealized bond losses almost doubled. …

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Fuck You And Goodbye, Dubya

Turn it up and sing along. (Unless you’re at work; there be dirty words here.)

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Bailout Priorities

Also of note: the insurer of the ditched plane is AIG. (Photo Via – Dealbreaker)

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Circuit City To Close Remaining Stores

Just two months after they announced the closure of selected locations around the country, today Circuit City says that they are closing down the entire chain. Circuit City Stores Inc., the bankrupt consumer-electronics retailer, named four liquidators to sell the remaining merchandise in 567 U.S. stores before it goes out of business. Liquidators Great American Group WF LLC; Hudson Capital …

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Another $20B For Bank Of America

Un-fucking-real. After a marathon negotiating session, the Bush administration agreed early Friday to give Bank of America an additional $20 billion worth of fresh capital to help it stomach the losses at Merrill Lynch, which the company acquired Jan. 1. The funds are in addition to $25 billion in TARP rescue funds Bank of America has already received. The new …

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Obama’s Preliminary Economic Plan

Hitting the economic blogs today is this PDF summarizing Barack Obama’s preliminary economic recovery and reinvestment plan. It’s written in very simple language, lots of interesting stuff in there. Dig in and give us your thoughts.

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One Less Virgin In Times Square

The busiest record store in the country, Virgin Times Square, will be closing in April, much earlier than previously announced. The coming closure of the Union Square location was announced last year, but no final date of business is known. Music retailing, what little is left, has effectively been returned to the place from which it first sprang over 40 …

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Money Woes For The LCR

Get out your hankies….the Log Cabin Republicans are in debt. The Log Cabin Republicans, hampered by lackluster 2008 fundraising, is facing financial difficulties and ended the year at least $100,000 in debt, according to Patrick Sammon, the organization’s president, who spoke to the Blade Friday. Sammon said he expects the organization to have around $100,000 in debt or “maybe a …

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Benefit Costs Trash Gotham Budget

Surprising nobody, new data reveals that health costs and other benefits are wreaking havoc on NYC’s budget. Average salaries for NYC employees went up 33% since 2000 (very comparable to the 29% inflation rate since then), but the cost of employee benefits soared 186%. Overall compensation cost has risen 66% in just eight years. The NY Post points out that …

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Unemployment Soars

The December unemployment numbers are out and things are worse than feared.. The nation’s unemployment rate bolted to 7.2 percent in December, the highest level in 16 years, as nervous employers slashed 524,000 jobs. The labor market is expected to remain weak as mass layoffs continue. The Labor Department’s report, released Friday, underscored the terrible toll the deepening recession is …

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Porn Kings Want Bailout Too

Defender of the First Amendment, Larry Flynt, and defender of his multiple charges of scumbaggery, Joe Francis, say they are going to ask Congress for a bailout of the porn industry. Joe Francis and Larry Flynt claim the economy has made America’s sexual appetite go limp, so they’re going to the one place where sex is always rampant — Congress. …

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The Bush Legacy

Via Pew’s Then And Now poll.

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God Reveals His FY09 Plan To Pat Robertson, Powerpoint To Follow In Breakout Rooms

Pat Robertson has had his annual sit-down with God this week and here’s what he said the FSM whispered in his ear about 2009. -Obama will lead the nation into socialism and we’ll be happy to follow.-The world will condemn Israel, but they’ll survive. (A safe bet.)-The economy will recover, but there will be hyperinflation, the dollar will dive “dramatically”, …

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The Other Shoe Cometh

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