Thursday, April 02, 2009

Tea For Revolution Two

The tea parties have started, and are growing fast

U.S. Financial Bailout Hits Taxpayers Hard

Why I tea party like it’s 2099

New York, April 1 (RHC)-- A new report issued in the United States says the cost of the financial bailout through direct spending, loans and aid guarantees has reached $12.8 trillion dollars. The estimate, released by Bloomberg News, points out that the figure amounts to more than $42,000 for every person in the U.S. and approaches the nation's entire economic output last year.

In related news, the Organization for Economic Cooperation (OECD) says that the global economy is in a worse decline than previously thought. The OECD says world trade will drop at least 13 percent this year.

Chief Economist Klaus Schmidt-Hibbel with the Organization for Economic Cooperation called the current crisis the worst recession since the Great Depression.

And in other economic news from the United States, the parent company of the Chicago Sun-Times and 58 other newspapers around the country has filed for bankruptcy protection. The Sun-Times Media Group cited the current economic crisis and hundreds of millions in back taxes stemming from when it was controlled by the jailed media tycoon Conrad Black.

The announcement makes Chicago the first U.S. city to have both major newspapers file for bankruptcy.

Protesters March on Wall Street in Memory of Martin Luther King, Jr.

New York, April 6 (RHC)-- Thousands marched on Wall Street in New York City over the weekend, marking the 41st anniversary of the assassination of Dr. Martin Luther King, Jr. The protesters called into question the economic policies of the United States and paid tribute to Dr. King's work on behalf of the poor and dispossessed.

Leslie Cagan of United For Peace and Justice helped organize the protest. She told reporters that decades of bloated military spending have undermined the economic security of the United States. Cagan pointed out that Washington is "pouring hundreds of billions of dollars year in and year out into war and weapons of mass destruction and military spending."

Demonstrators referred to the legacy of Reverend Martin Luther King, saying that those billion of dollars should be used to reinvest in communities, build schools and create jobs. They said that if King were alive today, he'd call for an end to the bailout of financial institutions and raise his voice to protest the wars of aggression against Iraq and Afghanistan. The civil rights leader was assassinated on April 4, 1968.

In other economic news, newly released documents show Lawrence Summers, one of U.S. President Barack Obama's top economic aides, received nearly $2.7 million in speaking fees last year from several of the financial companies that have received government bailouts. Among the firms paying Summers tens of thousands include JP Morgan Chase, Citigroup, Goldman Sachs, Lehman Brothers and Merrill Lynch.

The documents reveal that Goldman Sachs paid Lawrence Summers $135,000 last April for a single speech. In addition, Summers earned over $5 million working one day a week at the D.E. Shaw hedge fund.

Los Angeles Demonstrations Connect Bailouts to Joblessness and Housing Crisis.


The Obama Assault on Sovereignty

People come into our lives for a reason, a season, or a lifetime. Take no one for granted and embrace all equally with joy!
Julie A. Manhan ...

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