The budget released recently by White House includes more increases in spending to generate badly needed new jobs. The Republicans in the Senate accused the president for pushing up the deficit and cried out to the Democrats asking them to stop their “reckless” behaviour.
The deficit pointed to a gap of about $1.3 trillion in [...]
Some of those who have pocketed the highest bonuses have not been in the focus about hefty pay packets. The list is headed by John Stumpf the top brass of Wells Fargo that is based in San Francisco. Stumpf was awarded $18.7 million cash and stock – it being his best takings.
It is an [...]
Sighing and weeping will not help America out of this mess. It is necessary to look back at the past not to accuse and make charges but to learn lessons that will help the economy get back on its feet.
The undeniable fact is when the demand in the private sector is weak then the [...]
12 Feb
Posted by Julia Redstone as Finance
The recession has cost America nearly 8.4 million jobs. The politicians and media are making only a lot of noise. None was getting to the root of the problem – structural defects. There are good reasons for skirting the main point because to remedy it would require a heavy hand. Meanwhile there is an alarming [...]
09 Feb
Posted by Julia Redstone as Finance
The Centre for American Progress is a think tank – close to the Obama government. Recently it published a spicy essay noting the differences between deficit hawks and those who are “deficit peacocks”. The latter are those who strut about pretending that the problems can be resolved with tricks like putting a short term freeze [...]
Bank of America has at last repaid the $45 billion it had taken from the taxpayers. There are rumors coming from Washington about a swath of new regulations. This has prompted the bank to put in more teeth into its lobbying tactics starting from the close of 2009.
Bank of America spent in all $3.6 million [...]
28 Jan
Posted by Julia Redstone as Finance
New York City in its attempt to save housing threatened by investors has started off a new programme to save rented apartments belonging to the modest category. These were badly impaled by private equity companies during the time of the boom and then allowed to crumble and be foreclosed upon when borrowers failed to make [...]
26 Jan
Posted by Julia Redstone as Finance
There are genuine fears that inflation at a galloping rate is just waiting to pounce. The economy of USA is indicating some of the classic symptoms that precede inflation of the worst type.
A basic principle of economics is that prices go up when the government prints too much money; to put it simply – when [...]
20 Jan
Posted by Julia Redstone as Finance
The representatives of some of the big banks of Wall Street admitted that some of their activities were “improper”. They pleaded that they could not gauge ahead the severity of the financial crisis and were sorry for the mistakes. They were speaking before a commission set up by the Congress to get to the roots [...]
10 Jan
Posted by Julia Redstone as Finance
In Redwood City – the suburbs of San Francisco, Giuseppa Bagnarol had built a retreat comprising of a complex of three houses cascading down the hillside. On the night before her death at the age of 82 she was served a foreclosure notice asking her and her family to get out.
Her daughter Carolina Bagnarol has [...]
