$100 Oil May Mean Recession as U.S. Economy Hits `Danger Zone’

By Simon Kennedy and Joe Richter Nov. 12 (Bloomberg) — Rising fuel prices that businesses and consumers took in stride earlier this year may now be near the point of pushing the weakened U.S. economy into recession. “We are in a danger zone,” says Nariman Behravesh, chief economist at Global Insight Inc. and a former […]

Dollar Crisis: None dare call it ‘conspiracy’

Crude oil prices hit an all-time high this week, closing above $98 a barrel for the first time in history. According to the AAA, many drivers in my home state of California are already paying more than $4 a gallon for regular unleaded gas. And in one town south of Big Sur, unleaded gas topped […]

Report: Bonuses paid for dropping sick patients

John Key stated that if elected National would promote privatised care for the elderly.(Travellerev)  A health insurance company serving customers in a half-dozen states set out to drop hundreds of customers and paid lucrative bonuses to an executive in charge of eliminating coverage. One customer is suing the company, Health Net Inc., after a company salesman […]

Report: Bonuses paid for dropping sick patients

A health insurance company serving customers in a half-dozen states set out to drop hundreds of customers and paid lucrative bonuses to an executive in charge of eliminating coverage. One customer is suing the company, Health Net Inc., after a company salesman pressured her to switch to a Health Net plan only for the company […]

Civil rights concerns over DNA

There are civil rights concerns over National’s plans to extend the use of DNA to catch criminals. The party has proposed DNA samples could be taken from anyone arrested for any crime which carries a prison sentence. Leader John Key says the samples and records would be destroyed in cases where charges are dropped or […]

Doctor, doctor: How can you justify a 10% pay increase

According to John Key Doctors prices would level out and the market would determine the price doctors could charge for a consult when the consult fees would be up to the doctors. I wonder if this is what John Key had in mind? GPs’ salaries soar to £110,000 despite promises of more money for patients By […]

Titanium or Water? Trouble brews in Southern India

by Nityanand Jayaraman, Special to CorpWatch October 24th, 2007< More than 5,000 people converged this month in the southern Indian state of Tamil Nadu to protest a deal that set the stage for the state government to appropriate almost 10,000 acres of land and hand it over to Tata Steel Corporation, a subsidiary of India’s largest conglomerate. […]

Merrill Lynch reels from big write-down

Merrill Lynch & Co was the bank John Key last worked for before coming back to NZ.  NEW YORK – US financial giant Merrill Lynch & Co today reported the biggest quarterly loss in its history after writing down US$8.4 billion, mostly from bad investments related to risky subprime mortgages. “The bottom line is we got it […]

I Don’t Think That’s What They Mean By “Golden Opportunity”

Would you like your parents to be taken care of by the Carlyle group? A caravan of over 200 healthcare workers organized by the SEIU arrived in Washington DC today to demonstrate outside the Carlyle Group headquarters. What does that have to do with Jeralyn Merritt’s mom? Jeralyn’s mom lives in a Manor Care facility. […]

Bush declares California emergency

 The world is burning, more storms in New Zeland with never before seen Tornados. Flooding is on the increase world wide due to increased storms, Billions of damage, coastal areas drowning, ecorefugee numbers rising but John Key says it is better to follow than to lead. Well, I guess now we know were National stands. They still […]

Wages up so where’s the money gone?

Workers on the average wage are at the centre of a political row after figures show thousands of dollars in pay rises have been whittled back to a few hundred by higher taxes and inflation. A “Joanna Average” is at the centre of the tussle, with National’s figures showing she is only $500 a year […]

Key reveals briefing by SIS chief

The Security Intelligence Service has issued a rare public statement to dispel speculation it was involved in this week’s police operation that culminated in the arrest of 17 alleged activists. Yesterday, Prime Minister Helen Clark, who is the minister responsible for the service, refused to comment on National Party claims that the service had briefed […]

It’s Time For The Banks To Face The Hangman

By Mike Whitney Officials in the Treasury Dept—-working with their colleagues at Citigroup, J.P. Morgan and Bank of America—have concocted a scheme to rescue the banks from their massive losses in mortgage-backed securities. The group is planning to set up a $100 billion emergency fund which will purchase non-performing assets for short term debt. In […]

Foreclosures, Inflation to Wipe Out Credit Debt Burden for US Economy

Let’s see…the Dow rose 77 points on Friday. Oil hit a new record – at above US$85 a barrel. But we always try to look beyond to news to figure out what is going on. Despite the problems in housing, most Americans are feeling pretty fat and sassy. Living standards – at least, by the […]

Why the US Central Bank Wants to Create Inflation, Destroy US Dollar

It’s the end of the world as we know it…and we feel fine! India is booming. China is booming. The latest news from the Middle Kingdom tells us that its trade surplus is rising at a 56% annual rate. Heck, even Argentina is booming. Its economy has been growing about three times faster than the […]

Children’s homes hit by buyout fears

John Key and National anyone ? Concern at private equity’s role in social services Nick Mathiason, business correspondent Sunday October 14, 2007 The Observer The collapse of a private equity-backed care home dealing with sexually abused and autistic children has sparked renewed concern at the advance of financial buyers into British public services. Sedgmoor, owned by […]

Millions of Americans in Economic Battle to Make Ends Meet

The Bush recovery has been good for Wall Street, but not Main Street. The economic recovery that began in 2001 has brought slow job growth, limited wage gains, and continued rising inequality. While families at the top of the income ladder have seen their incomes rise faster than inflation, those in the middle and bottom […]

Income-Inequality Gap Widens

The richest Americans’ share of national income has hit a postwar record, surpassing the highs reached in the 1990s bull market, and underlining the divergence of economic fortunes blamed for fueling anxiety among American workers. The wealthiest 1% of Americans earned 21.2% of all income in 2005, according to new data from the Internal Revenue […]

Bush: Protectionism Will Cost U.S. Jobs

 WASHINGTON (AP) – Alarmed by slipping support for free trade even among Republicans, President Bush is arguing that protectionism will cut Americans out of chances for more – and better – jobs.Bush has launched a blitz on behalf of pending free trade pacts with four nations. He continued the push Saturday in his weekly radio […]

Would You Want The Carlyle Group To Take Over Your Nursing Home?

The ugly face of privatization: This post, written by Cliff Schecter, originally appeared on Cliff Schecter’s Brave New Films Blog You know the Carlyle Group, an international investment club for yacht owners that exists so scoundrels from across the globe can break bread while discussing ways to further enrich themselves at the expense of 99.75% […]

US Federal Reserve To Cut Interest Rates Until Dow Hits 20,000

The credit addicts on CNBC have got to be flying as high as they’ve ever flown before. The minutes from the Federal Reserve’s last meeting were made public yesterday and Wall Street revelled in the implied monetary largesse like a pig in first-class gravy. The Fed didn’t promise more rate cuts. But it did say […]

Prices edge up – but house sales fall away

Home-owners have been hit by a triple whammy as latest figures reveal a dramatic slowdown in the market. According to latest figures, prices are rising only fractionally, homes are taking longer to sell, and sales have plummeted to a six-year low. The Real Estate Institute, which released the statistics, remained upbeat, saying the slide in […]

“Rulers and Ruled in the US Empire”

James Petras is Binghamton University, New York Professor Emeritus of Sociology, whose credentials and achievements are long and impressive. He’s a noted academic figure on the left, a well-respected Latin American expert, and a longtime chronicler of the region’s popular struggles as well as being an advisor to the landless workers (MST) in Brazil and […]

The selling off of Canada. Will we bemoan the selling of of New Zealand when National starts to sell our assets.

At what point does Canada become a toy country? In August, the last of the major Canadian steel makers was sold to United States Steel Corporation for $1.1 billion. Earlier, Dofasco was sold to a European company which has since been swallowed up by Mittal Steel Co. of India. This latest foreign takeover is just […]

US Housing Crisis: Why Real Estate is Always a Wasting Asset

Meanwhile, speaking of housing, there are a lot of long faces among house sellers this morning. According to the weekend news, the story just becomes more and more depressing. “American Dream turns to a Nightmare,” begins the report in the Arizona press. (A modest suggestion to financial journalists: find a better headline. We’ve read that […]

UK Money Supply Has Tripled Since 1997

Thomas McAnea was a drunk, an ex-con freed on a technicality and a failed businessman with barely “two pennies” to rub together, according to the Scottish police. He was also an expert forger, a specialist in faking holograms for official documents. And in January, ‘Hologram Tam’ – as his underworld clients knew him – was […]

More debt better than more tax – National

Read this article and than watch the video “Money is debt” and you will understand why the National party, lead by an investment banker would say this. Maybe you will draw the conclusion like me that John Key is still serving his old masters: the money masters. He should of course be serving us, the people of […]