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Money Pit in Sand

Built on slave labor and borrowed money, an extravaganza of opulence and misery is set to echo Shelley’s “Ozymandias.” Now all the money is gone, the slaves flee, and kleptocrat rulers fight usurious moneylenders in a background of half built dreams and pooling sewage.
Couldn’t have happened to a nicer buncha thieves.
Soon, as [...]

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The Ever Shrinking Economy

Washington, DC — The Commerce Department released its report on the 4th Quarter GDP. Though it was expected to be bad, it came in even worse — down 6.2 percent on an annual rate.

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FDIC Changes Charges

In 2007, there were 3 bank failures. In 2008, there were 25 bank failures. So far in 2009, there have been 13 bank failures.
The Federal Deposit Insurance Corporation expects bank failures will cost the insurance fund $65 billion through 2013.
In response, the FDIC is raising fees on banks, as well as, adding emergency [...]

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Insured Banks and Thrifts Lost $26.2 Billion in the Fourth Quarter

from the FDIC
Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported a net loss of $26.2 billion in the fourth quarter of 2008, a decline of $27.8 billion from the $575 million that the industry earned in the fourth quarter of 2007 and the first quarterly loss since 1990. Rising [...]

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Fed Extends Liquidity Programs

The Federal Reserve on Tuesday announced the extension through October 30, 2009, of its existing liquidity programs that were scheduled to expire on April 30, 2009. The Board of Governors and the Federal Open Market Committee (FOMC) took these actions in light of continuing substantial strains in many financial markets.
The Board of Governors approved [...]

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