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Last week was another bad week for the American taxpayer.
Each taxpaying household has lost $1,082 of its "investment" in the bailout program.
The Ethisphere Institute, a non–partisan research think tank, has created an index to track the American taxpayer’s investment in the capital purchase portion of the bailout program. When the markets closed last Friday, March 6, 2009, the Ethisphere TARP Index was down roughly $123 billion out of the original investment of $306.1 billion — a loss of 40 percent!
I led the fight against releasing the additional funds for the bailout program because I had a number of significant concerns with it – the most alarming is that the program simply hasn’t worked. These numbers from last week underscore that point.
Rest assured that I will continue to demand more accountability and transparency in how our taxpayer dollars are spent, and I will be an outspoken advocate for taxpayers and fight these widening bailouts.
G-20 Moves Focus From Regulation as Economy ‘Battling For Life’
“It’s like a patient battling for life in an emergency room,” said Nouriel Roubini, a professor at New York University. “That’s not the time to advise about the benefits of exercise and healthy diet. You have to first make sure the patient survives.”
The prognosis is worsening and failure to find a cure may disappoint investors as G-20 leaders prepare for their own summit in three weeks. The International Monetary Fund expects the first global contraction in six decades and equity investors are $3 trillion poorer than a quarter ago.
Europeans Could Balk at Geithner's Call for More Spending
The U.S. mantra of spend, spend, spend is starting to wear thin on the other side of the pond.
European countries appear to be at odds with Treasury Secretary Timothy Geithner's fresh calls to unleash more stimulus money and free up a half-trillion dollars to lend to struggling countries.
It could lead to a tense discussion as Geithner heads to Britain to meet with finance officials from the Group of 20 nations Friday and Saturday. Those meetings come ahead of an April 2 summit of the G-20 in London.
As the U.S. calls for more spending, more Eastern European countries also are coming to the table hat in hand, looking for financial help from the International Monetary Fund and other groups -- but does the rest of the world have the money to give?
"We're just getting into the worst of the crisis in a global sense," said Ralph Bryant, a senior fellow at the Brookings Institution who specializes in international economic issues. "Many developing countries ... are just beginning to feel the really bad effects."
Originally posted by irishchic
Will consider posting more pics for you when the Dow goes back up to let's say 12,000 and stays there for a while?
We all have to take our chances in this financial climate,right?
[edit on 12-3-2009 by irishchic]
Greene County Jail -10
Advanced Energy Industries -330
Two North Dakota Newspapers -33
Bay Area Medical Center -16
Sea Ray -140
PC Connection -100
Fresno Bee -63
Toronto School District -150
South Carolina Unemployment Hits 10.4%
Excel Polymers 3rd Round Of Layoffs -80
Woodward Communications Inc. -24
ATT Eau Claire WI -20
AOL Fires Everybody In China -100
Hawaii Proposed Budget Includes -374
Grady Hospital -150
Philadelphia Orchestra - 12
Owens Corning Guelph Plant -50
City Of Denham Springs LA -10
Elgin School District -350
Tween Brands Closing 30-40
AG Closing 2 European Plants -1,900
Frank Chervan Inc. Closing Lumber
Siemens Energy Closing Plant -174
Workers Cut At Gap Distribution Center
Kronenke Sports -27
Whistler Backcomb Ski School -100
Denver Sheriff's Deputies -11
Salinas School District -70
Layoff Rumors At Google
Marion County SC Unemployment Hits 22%
UJA-Federation Of New York -52
O'Brien Steel -32
Originally posted by Hastobemoretolife
reply to post by spinkyboo
Only 7728 in that list, based off the numbers.
Not as bad as what we have seen, but what I did notice is that county budgets are starting to get cut and lumber mills are closing. Not good.
Originally posted by Hx3_1963
reply to post by marg6043
Between that buying and the memo, I think someone should be looking into to this pronto!!!
Major big time scam!!!
I can't believe not one word mentioned about it yet...well...except us...
Nikkei 225 7,510.99 9:47PM ET 312.74 (4.34%)
Shanghai Composite 2,133.93 9:51PM ET 0.04 (0.00%)
S&P 500 -3.30 745.10 3/12 9:55pm
Fair Value 718.36 3/11 9:57pm
NASDAQ -2.00 1161.00 3/12 8:15pm
Fair Value 1127.54 3/11 9:57pm
Dow Jones -17.00 7099.00 3/12 8:24pm
BTW: My fingers are killin' me...all the bad news is turning my depression validated into a never ending CC&P chore...
BTW: Why aren't they talkin' about the terrible house numbers?
Foreclosures Up 30 Percent in February
[edit on 3/12/2009 by Hx3_1963]