ECONOMY | WHAT REALLY HAPPENED


ECONOMY

May 15 10:43

Tylenol Murders Website Opened

Michelle Rosen, daughter of one of the seven Tylenol murder victims of 1982, has launched a Tylenol Murders website, vowing to take down what she calls “the empire of lies and corruption” surrounding the incident.

The website links to a video Rosen has created that has coverage by ABC-TV News, Wall Street Journal and other media that have carried her claims.

Most coverage, as tracked by this website, has positioned J&J’s handling of the murders as the “gold standard in crisis control,” a phrase used by the May 28, 2007 Fortune magazine.

May 15 10:14

Best Argument I’ve heard for Universal Basic Income

Perhaps one of the most concise and persuasive arguments I’ve ever heard in favor of a guaranteed universal basic income. It lays to rest the spurious argument that people should not get money “for free” or without doing anything productive for it. But it turns out property owners do it all the time when they charge rent or interest.

May 15 10:10

TPP: The Dirtiest Trade Deal You’ve Never Heard Of

May 15 10:04

The Democratic Party Would Triangulate Its Own Mother

Triangulating – beating up on the ideologues within your own party in order to shore up your centrist cred and reassure your money sources – is an especially brilliant solution for Democrats targeting national office. Those politicians need virtual monopolies on union and minority votes, but also need just enough centrists and white southerners to stay viable. To keep those latter votes, you need to make a few very conspicuous moves from time to time.

That's surely what happened here with the TPP, a monster deal with the potential to reshape not just our trade profile but our domestic financial regulatory structure. Along with a Democratic Party that would love one last chance to prove itself to Wall Street heading into 2016, Obama badly wants this deal passed, perhaps as a way to steer his legacy in a more bipartisan direction before he rides off into the sunset.

May 15 10:02

Chinese Government Inc. has Invested $81 Billion in U.S. in Last 10 Years

One of China’s great resources is its seemingly endless supply of American dollars to put in the world economy. Much of that money has been returned to the United States in the form of investments.

Over the past 10 years, China has invested or contracted to invest more than $81 billion into U.S. companies, according to data compiled by the American Enterprise Institute and the Heritage Foundation.

Webmaster's Commentary: 

China has those dollars to invest because China understands that for a nation's economy to operate, that nation must have products to export equal to the products that it imports. China is a manufacturing powerhouse. The US financial system sees itself as financier to the world because of Bretton-Woods and the Petro-dollar, and allowed US manufacturing to decline on volume, quality, and expertise. As a result, the US imports far more products that it has to export, due both to the decline of manufacturing and avoidance of US GMO produce. In March of this year the trade imbalance was $51 billion dollars.

China is on the other side of that equation, exporting more products than it needs to import, and in March of this year, sold $31 billion more in products to the US than it bought from us.

A major part of the PPT and TTIP treaties is to arm-twist other nations to balance trade with the US by buying more products, even if they don't really want them (including the GMOs).

But this is not a solution. If we are ever to get the United States back on track, we need to end the slavery to the money-junkies, stop waging war on everyone who is better at commerce than the US, and redirect the nation's energy into developing new technologies on which new products and industries can be based.

A good model for that is the 1960s race to the Moon. Contrary to critics who portrayed the costs of Apollo as money just shot into space, the technological innovations created by solving the problems of going to the Moon powered the economic and tech booms of the 70s, 80s, and 90s. Sadly, short-sighted CEOs decided that their own paychecks and bonuses were better served by selling the technology to other nations, which is why those nations, China in particular, now make vast fortunes manufacturing products based on US innovations!

But, we did it before, and we can do it again.

As long as we can force new leaders into power for whom America is their top priority, rather than Wall Street, their own personal fortunes, and a certain foreign nation!

May 15 09:46

Florida Gov Scott Preparing For Shutdown

One would think since the Republicans were the majority in both the Florida House and Senate a state shut down would be a non issue but that is not the case.

Governor Scott is worried it could become a reality as the July 1st deadline approaches and negotiations are not where he would like them to be. That is why on Thursday he told agency heads to prepare for the worst and asked them to list only the state’s most critical needs per the Associated Press.

May 15 09:37

Will Spike In Rates Hurt Stocks?

May 15 09:27

Mind the gap: Britain’s richest are 105 times better off than the poorest

The UK’S richest 20 percent have more than one hundred times the wealth of the poorest 20 percent, with the combined household wealth of £9.1 trillion remaining for the most part in the hands of the elite.

May 15 08:59

CBC Video - The case against Bank of Canada

May 15 08:52

10 more desperate Letters from Parents - "CPS stole my Kids"

Ever since we began publishing horror stories from parents about how the Department of Child Protective Services unjustly took their children away, we have been inundated with requests from other wrongly victimized parents. They ask us to shine a light on their plight because nobody else will. Their children have been stolen from them for no legitimate reason and they can’t get them back. There are thousands of them and they need help. Here are just a sampling of letters we received over a six-week period.

May 15 08:46

'We Will Not Surrender Our Voices': British Teens Lead Thousands-Strong Protest Against Austerity

A spirited protest against austerity reportedly led by teenagers swept Bristol, England on Wednesday, drawing thousands to the streets and garnering widespread media attention just days after the country's electoral lurch to the right.

Webmaster's Commentary: 

The lurch to the right is marked by continuing reports of voting "irregularities."

May 15 08:11

Fingerprints 'can reveal drug use'

They argue the test could be useful in prisons, drug abuse clinics and even for routine testing in the workplace.

May 15 07:48

The Economy Is On Track To Implode

May 15 07:34

A Worldwide BIBLICAL Financial Event Is Near

May 15 05:57

WHY BIG BUSINESS PROFIT IS THE REAL REASON BEHIND NSA SURVEILLANCE

The US Surveillance State is scrambling to save itself in the wake of a federal ruling that declared the bulk collection of metadata under a provision of the Patriot Act, which is set to expire on June 1, illegal . But the reason for so many ‘experts’ touting the benefits of surveillance, goes beyond the basic desire to spy on Americans. Because, as you might imagine, “terrorism” is big business.

May 15 05:56

Workers Want More Flexibility

Providing flexibility to your employees can go a long way in keeping them happy.

And that’s exactly what workers say they want, according to a new survey of 9,700 full-time employees in eight of the world’s largest economies..

May 15 05:52

MORE THAN HALF OF AMERICANS THINK THAT “THE CLOUD” IS RELATED TO WEATHER

According to a recent survey, a majority of Americans are totally confused about cloud computing. The survey was conducted by Wakefield Research for Citrix, and included over 1000 participants. The results of the study showed that roughly 51 percent of those questioned believed that rain clouds caused interference with devices that were connected to “the cloud.”

May 14 19:40

Food Prices Consistently Soaring 20% Per Year

May 14 18:10

Middle Class? What Middle Class?

May 14 17:28

New investigation of IRS Obamacare fraud announced by Senate

Sen. Rob Portman (R-Ohio), the chairman of the Senate's Permanent Subcommittee on Investigations (PSI), notified the HHS secretary, Sylvia Burwell, that his PSI has launched an investigation into the alleged mismanagement of the so-called Obamacare exchanges. Portman's letter to Burwell noted his concerns over reported incidents of fraudulent information being processed in order to calculate healthcare subsidies. It is believed the process has been unfair to those Americans who bought insurance through the numerous exchanges and that taxpayer dollars are being misappropriated, such as illegal aliens having completely free healthcare coverage.

May 14 16:06

Making the Leap from Consumer to Producer

By Brian Berletic

Consuming seems like a natural thing to many. We are born and raised in increasingly consumerist societies no matter where we live. The idea of "doing something yourself" strikes some as a shabby alternative to the super-sleek status symbols and ultra-convenient prepackaged everything waiting on the shelves for us.

However, at the same time, perhaps paradoxically, many of us feel there is something fundamentally wrong with this sort of society and in particular the dependency and sometimes outright laziness and ignorance bred by consumerism...

May 14 14:45

Following City, Chicago Public Schools Credit Rating Junked

One day after the city of Chicago took a big hit to its credit rating, a leading bond-rating agency further downgraded the Chicago Public Schools debt to “junk” status.

May 14 14:36

'We Will Not Surrender Our Voices': British Teens Lead Thousands-Strong Protest Against Austerity

A spirited protest against austerity reportedly led by teenagers swept Bristol, England on Wednesday, drawing thousands to the streets and garnering widespread media attention just days after the country's electoral lurch to the right.

May 14 14:20

BRICS Bank Invite to Greece Has Jim O’Neill Thinking It’s a Joke

The disclosure this week from Athens that Russia wants to make Greece the sixth member of the BRICS bank sounded like nothing more than a late April Fool’s joke to Jim O’Neill. He’s the former Goldman Sachs Group Inc. economist who in 2001 coined the term BRIC -- Brazil, Russia, India and China. South Africa was subsequently invited to join by the others.

May 14 14:02

US Margin DEBT at all-time high:

May 14 13:17

U.S. Launch Of QE4 To Trigger Frightening Bond And Currency Collapse, Hyperinflation And A Silver Move That Will Shock The World

Today the man who has become legendary for his predictions on QE, historic moves in currencies, and major global events warned King World News that the U.S. launch of QE4 this year is going to trigger a frightening bond and currency collapse, hyperinflation and skyrocketing gold and silver.

May 14 12:47

The global debt reckoning – Total global debt at $230 trillion. Total world debt over 300 percent annual GDP. There is no escape from a reckoning with debt markets.

Total global debt crossed a troubling event horizon by going past the $200 trillion mark last year. Given the latest figures we are likely well above a total global debt of $230 trillion based on a comprehensive study done by ING last year. The banking sector rummages for every possible way of accessing debt.

Webmaster's Commentary: 

May 14 12:45

Student and auto debt fuel credit bubble 2.0: Student loans carry the highest delinquency rate of all debt classes. Student and auto debt up $1.15 trillion in last decade.

A large portion of our recent recovery has come from debt fueled consumption. The bailouts have been favorable to financial institutions but access to debt for American families has been in segments that are counterproductive to wealth accumulation.

May 14 12:20

Ten Ideas to Save the Economy #3: Expand Social SecurityAmerica…

America is on the cusp of a retirement crisis. Millions of Americans are already in danger of not being able to maintain their standard of living in retirement, and the problem is getting worse.

May 14 11:54

Why Chicago’s Bonds Are Junk

Illinois’s domination by public unions has the state dancing on the edge of fiscal freefall. The state Supreme Court ruled last week that Springfield can’t alter pension benefits, prompting Moody’s this week to downgrade the debt of the city, its public schools and park district all to junk status. Now the Chicago Teachers Union wants to make another contribution to the collapse.

Webmaster's Commentary: 

Here we go again, blaming the victims. The reason the pensions are in trouble is that back in 2008, the Wall Street ratings agencies rated those mortgage-backed securities as triple-A, which made it legal for pension funds to invest in them. When the fraud imploded, the pensions were bled dry by the losses. But nobody wants to point the finger of blame at Wall Street, so the teachers (police, firefighters) who had nothing whatsoever to do with the problem, get the blame!

May 14 11:50

G Edward Griffin ? The Capitalist Conspiracy

It is a matter of record that the greatest help to international communism has come from within the United States. Why have some of the richest people in the United States, within and outside of government, aligned themselves with leftist policies that would appear to be the path to their own destruction?

May 14 10:54

KICKSTARTER - The Tylenol Murders

The case that was “Another anniversary and still unsolved” for 26 years had now had a breakthrough. Investigators were reactivating this cold case. Over and over again, the media played the feed of the FBI invading the extortion writer’s Boston apartment— claiming they finally had something on him. Really? That guy? The man the authorities wrote off from the beginning because he wrote the extortion letter with someone else's bank account and could not possibly profit from the murders, let alone was 1000 miles away at the time? Why him? Why now? It did not make sense.

Webmaster's Commentary: 

Today's radio guest!

May 14 10:16

5 Banks Expected to Plead Guilty to Felony Charges

The Justice Department is preparing to announce that Barclays, JPMorgan Chase, Citigroup and the Royal Bank of Scotland will collectively pay several billion dollars and plead guilty to criminal antitrust violations for rigging the price of foreign currencies, according to people briefed on the matter who spoke on the condition of anonymity.

May 14 09:52

Pressure from above, pressure from below

Listen real close People! Simple and Concise!They have been using these tactics against the People forever.

Using the opposition to get your way
How it works...

The Hegelian Dialectic is a philosophical approach that in principle explains how human beings progress toward a better and more egalitarian condition but in practice provides the power elite with a strategy for controlling society.

Georg Wilhelm Friedrich Hegel (August 27, 1770 -- November 14, 1831) was among the most consequential philosophers of the Age of Enlightenment. His was heavily influenced by Plato, whose social ideal was rule by an elite composed of philosopher-kings. Though Hegel may not have intended to provide a Platonic methodology for the modern-day control of the many by the few, that is how his insights have been used.

May 14 09:21

Tell Congress to Stop Obama's Secret Trade Deals

The Trans-Pacific Partnership (TPP) is a new "free trade" agreement being negotiated between the U.S. and 11 other Pacific Rim countries. Like other Free Trade Agreements, this one is basically a permanent power grab by corporations and financial companies that will make it impossible for the citizens of countries joining the TPP to choose what laws and rules they want to live under.

For Americans, it would lead to increased gas exports and increased imported foods, while undermining our domestic laws and increasing the financialization of nature.

TPP was started under George W. Bush but is being pushed — hard — by President Obama. In fact, a bill in Congress would give him "Fast Track" authority for the negotiating, meaning that he, and whoever comes after him, would be able to negotiate as desired without oversight by Congress. Isn't the reason our constitution created three federal branches — executive, judicial and legislative — to ensure checks and balances?

May 14 08:51

Free Trade and Economic Growth instead of Democracy and Ecology

The transatlantic trade agreement TTIP is a concrete litmus test for democracy. Fortunately there are strong public protests against this deal.

The EU now suffers under a deficiency in democracy. For example, the EU parliament has no right to propose laws and guidelines. The European commission that has this right of initiative wants to completely amputate the parliament through economic associations.

May 14 08:51

‘I Lied About Toxic Chemicals for Exxon, DuPont, and Their Lobbyists’

The chemical industry’s powerful trade group, the American Chemistry Council, has long maintained that it had nothing to do with an enormously successful but deceitful lobbying effort in state capitals to defend the use of potentially ineffective and toxic flame retardants in furniture.

Now, in a rare breaking of ranks, a top industry consultant is discrediting that story—and in so doing providing a window into the shadowy world of corporate advocacy and its use of front groups that aren’t what they appear.

After a Chicago Tribune investigation in 2012 exposed Citizens for Fire Safety as an industry group masquerading as a coalition of firefighters, educators, community activists, doctors and others, the chemistry council disavowed any affiliation with or support for the group.

May 14 08:46

Capitalism is the West's Dominant Religion

David R. Loy, a professor of international studies at Bunkyo University in Japan and a Zen Buddhist teacher, offers us a compelling viewpoint on why we ought to understand our present economic system as the West’s dominant religion.

May 14 08:38

Australia to begin implementing global-elitist economic system by directly confiscating citizens' savings

The globalists' war on cash is continuing as Australia is set to actually begin taxing physical monetary holdings - in other words, savings.

According to Martin Armstrong of financial advisory firm Armstrong Economics, the compulsory savings tax to be implemented by the continent Down Under is part of what he and others have described as the "new age of Economic Totalitarianism."

May 14 08:31

“Free Trade” Run Amok: Canada Challenges U.S. Laws Reining In Banks

Under the TPP, could the US government be sued and be held liable if it decided to stop issuing Treasury debt and financed deficit spending in some other way (perhaps by quantitative easing or by issuing trillion dollar coins)? Why not, since some private companies would lose profits as a result?

Under the TPP or the TTIP (the Transatlantic Trade and Investment Partnership under negotiation with the European Union), would the Federal Reserve be sued if it failed to bail out banks that were too big to fail?

May 14 08:08

HSBC chief economist: World economy is ocean liner without lifeboats

HSBC chief economist Stephen King believes that another recession is just around the corner, Pravda.Ru reports.
King said in a note to clients that the world economy was like an ocean liner without lifeboats. "If another recession hits, it could be a truly titanic struggle for policymakers."
Whereas previous recoveries have enabled monetary and fiscal policymakers to replenish their ammunition, this recovery - both in the US and elsewhere - has been distinguished by a persistent munitions shortage. This is a major problem. In all recessions since the 1970s, the US Fed funds rate has fallen by a minimum of 5 percentage points. That kind of traditional stimulus is now completely ruled out.
According to King, recovery is nowhere near, because there is a lack of "traditional policy ammunition." Treasury yields have not risen, the budget deficit is not falling, and welfare payments are still on the rise.

May 14 07:56

Why Do Bankers Wage War to Stop National Banks?

By Brandon Turbeville

Earlier in May, 2015, I wrote an article detailing the fact that the fledgling Donetsk People’s Republic, under fire from Western-backed Kiev fascists and economic hardship resulting from warfare and blockade, has taken the extraordinary step of nationalizing its banks and beginning the process of using those nationalized banks for the benefit of the people of the DPR.

As one might suspect, such a move has drawn the ire of the Western banking cartels and NATO governments...

May 14 07:20

Wholesale Deflation Strikes US Economy: April PPI Has Biggest Annual Drop In 5 Years

Something funny happened on the way to the global reflation (telegraphed so loudly by the recent surge in 10Y yields to the highest level of 2015): PPI just crumbled by a sequential 0.4% in the month of April, despite expectations it would rise by 0.1% and continue the 0.2% monthly increase seen in March. This was a -1.3% drop in PPI - the fastest fall in 5 years.

Webmaster's Commentary: 

Austrian economists have long known that 100 year fed/bank/gov't sponsored credit binges always lead to deflationary collapse:

May 14 07:09

Why Are Exchange-Traded Funds Preparing For A ‘Liquidity Crisis’ And A ‘Market Meltdown’?

Some really weird things are happening in the financial world right now. If you go back to 2008, there was lots of turmoil bubbling just underneath the surface during the months leading up to the great stock market crash in the second half of that year. When Lehman Brothers finally did collapse, it was a total shock to most of the planet, but we later learned that their problems had been growing for a long time.

May 14 07:08

Guess who caused more damage to Baltimore, protesters or banksters?

The death of Freddie Gray in Baltimore is not just a story of police brutality or the lack of socioeconomic mobility for the urban poor. It’s also a story of how deregulation allowed corporate banks to strip middle-class families of their financial stability and walk away, leaving behind payday lenders and check-cashing stores to plunder low-income and minority communities.

May 14 07:01

Why Are Exchange-Traded Funds Preparing For A ‘Liquidity Crisis’ And A ‘Market Meltdown’?

Some really weird things are happening in the financial world right now. If you go back to 2008, there was lots of turmoil bubbling just underneath the surface during the months leading up to the great stock market crash in the second half of that year. When Lehman Brothers finally did collapse, it was a total shock to most of the planet, but we later learned that their problems had been growing for a long time.

May 14 05:14

10% of Adults are “Invisible” to Creditors

The research found that about 26 million American adults have no histories with national credit reporting agencies such as Equifax, Experian and TransUnion.

May 13 18:28

Red tape and hidden taxes: Federal regulations cost US economy billions

Americans are increasingly trapped by the Obama administration’s bureaucratic red tape, and it’s costing the economy billions of dollars, according to two new reports from right-leaning think tanks.

May 13 15:09

The Redi-Made White House Plantation by Doc Vega

US Cities beneath Democratic rule

May 13 15:03

FEDS COLLECT RECORD $1,891,601,000,000 IN TAXES THROUGH APRL

Inflation-adjusted federal tax revenues hit a record $1,891,601,000,000 for the first seven months of the fiscal year this April, but the federal government still ran a $282,766,000,000 deficit during that time, according to the latest Monthly Treasury Statement.

May 13 14:15

What A Liquidity Crisis Means To You

May 13 14:06

The secret corporate takeover hidden in the TPP

Corporations would be able to overturn laws and regulations that protect us NEW YORK (Project Syndicate) — The United States and the world are engaged in a great debate about new trade agreements. Such pacts used to be called “free-trade agreements”; in fact, they were managed trade agreements, tailored to corporate interests, largely in the U.S. and the European Union. Today, such deals are more often referred to as “partnerships,” as in the Trans-Pacific Partnership (TPP).

May 13 13:59

Senate Democrats Relent on Trade Bill

Lawmakers reached a deal to move forward on President Obama’s fast-track bill, just a day after Democrats blocked it from coming to the floor.

Webmaster's Commentary: 

I wonder how many got late night phone calls from the NSA playing back recordings of their calls to Fifi's Fone Fantasies! :)

May 13 13:35

Life Amidst Poverty

Poverty is exhausting. Poverty is despair and desperation-inducing. Poverty is soul, dream and hope crushing.

May 13 11:10

Art Institutes Is Latest For-Profit To Close It’s Doors – Forgiveness Available

. . . . EDMC, which operates 51 Art Institutes International campuses, underwent a restructuring last month and reduced a $1.5 billion debt to $400 million. The closures will leave 36 of its campuses open.

EDMC is the latest private, for-profit school to announce financial troubles. Two weeks ago, DeVry University announced it was closing 14 campuses. Last month, Corinthian, one of the largest for-profit education operations in the country, shut down. And in February, another big one, Kaplan, sold all 38 of its schools.

This just further debases the degrees of existing graduates.

May 13 11:03

Amtrak crash shows the high cost of ignoring infrastructure

America is crumbling before our eyes. Once, the U.S. was the envy of the world with its modern roads, airports, railroad bridges and other infrastructure.

Everything was first-class.

Now, it’s third-rate.

An Amtrak passenger train derailed Tuesday in Philadelphia, killing at least seven passengers.

May 13 09:16

HSBC WARNS: The world economy faces a ‘titanic problem’

HSBC chief economist Stephen King is already thinking about the next recession.

May 13 08:51

Does Wall Street Call the Shots at the FBI?

It is clear to most Americans that Wall Street’s financing of presidential and congressional campaigns is creating too many pals wearing blindfolds about epic corruption on Wall Street. The President, subject to Senate confirmation, selects the U.S. Treasury Secretary, the Chair of the Federal Reserve, the Chair of the Securities and Exchange Commission – all of whom regulate Wall Street, for better or worse. Given that Wall Street collapsed the U.S. financial system in 2008 and has been perpetually charged with new crimes ever since, there is the strong suggestion that regulation isn’t strong enough.

May 13 08:37

Oil Price Hits High for 2015

For the first time this year, oil is above $60 per barrel.

May 13 08:25

Gold Pushes Above $1,200 Following Downbeat U.S. Retail Sales

Gold prices are higher and hit a two-week high in early U.S. trading Wednesday, following a U.S. retail sales report that did not meet market expectations. June gold futures pushed above the important $1,200.00 level. Silver prices hit a six-week high above $17.00 an ounce. Short covering in the futures market and bargain hunting in the cash market are featured. Some slight safe-haven demand is also seen. June Comex gold was last up $12.10 at $1,204.50 an ounce. July Comex silver was last up $0.519 at $17.04 an ounce.

May 13 08:25

What Does U.S. Treasury Do With Vaccine Excise Taxes It Collects?

Webmaster's Commentary: 

Not only do vaccine sales enrich the pharmaceutical industry, the excise tax on vaccines generates billions of dollars in revenue for the government, which may explain why the government mandates so many vaccines!

May 13 08:23

Collectivists Hate Individuality, Tribalism And ''Fast And Furious 7''?

By Brandon Smith

Sometimes in the liberty movement — with discussions of potential collapse, war, revolution, social destabilization, etc. — it is easy to get so caught up in the peripheral conflict between the elites and the citizenry that we forget what the whole thing is really about. That is to say, we tend to overlook the very core of the conflict that is shaping our epoch...

May 13 08:15

Here It Comes: Denmark Moving to a Totally Cashless Society

Can you imagine living in a world where your every economic move is tracked and traced and completely reliant on computers?

Headlines today are declaring that not just a few, but millions of smart grid devices are open to cyberattacks, and that smart grid security is basically a joke. Bitcoin seems like a good idea on the surface, but there are too many instances where accounts get hacked, money gets stolen, or worse, people get scammed out of millions. Why?

Because it's all online... it is intangible. You can't physically hold it in your hand, therefore, you can't physically protect it.

Not that fiat currency is so much better, but this is going to be so much worse.

May 13 08:11

Chicago "Junking" Triggers $2.2 Billion Payment, Deepening Financial Crisis

Following an Illinois Supreme Court ruling that struck down a pension reform plan aimed at closing a $100 billion funding gap, Moody's downgrades Chicago to junk, giving the city the dubious distinction of being the only major city "in recent history" to carry such a low rating other than Detroit. Chicago now faces accelerated payments to creditors of more than $2 billion.

May 13 08:10

Chicago "Junking" Triggers $2.2 Billion Payment, Deepening Financial Crisis

Citing “expected growth in the city’s highly elevated unfunded pension liabilities,” the rating agency cut the city to junk at Ba1. This is bad news for Chicago for a number of reasons, not the least of which is the fact that Emanuel was looking to refi nearly a billion dollars in floating rate debt into fixed rate notes and borrow another $200 million to pay off the related swaps — clearly this will now be far more difficult. The ratings agency’s actions also given creditors accelerated payment rights, meaning the city could be on the hook for some $2.2 billion in principal and interest on its outstanding liabilities.

May 13 08:02

The oil crash: something wicked this way comes

May 13 07:51

Rot Of Empire: Moody’s Downgrades Chicago To Junk Bond Status

It’s doubtful that Warren Buffet’s Moody’s Investor Services will face the same wrath from Obama that Obama inflicted on S&P after S&P downgraded the U.S. Government debt rating from triple-A to double-A. After all, Warren Buffet owns Obama.

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