World Economy
Wall Street bonuses to rise by 40 percent
By Patrick Martin, November 6, 2009
The authors of the biggest financial catastrophe in world history—executives and traders at US investment and commercial banks—will see their year-end bonuses rise by an average of 40 percent comp...
Documents reveal SEC complicity in Madoff Ponzi scheme
By Andre Damon, November 6, 2009
Documents relating to the investigation of Bernard Madoff released last Friday by the Securities and Exchange Commission (SEC) highlight the complicity of the US regulatory agencies in one of the bigg...
Workers’ wages to fall further, International Labour Organization warns
By Barry Grey, November 4, 2009
The International Labour Organization (ILO) warned Tuesday that global growth in workers’ real wages, which fell sharply in 2008, will decline even more in 2009, despite what is being touted by gove...
US business lender CIT files for bankruptcy
By Andre Damon, November 3, 2009
CIT Group, Inc., a major business lender, filed for bankruptcy Monday, becoming the largest recipient of Troubled Asset Relief Program (TARP) assistance to go bankrupt.
Democratic governor signs budget law
Michigan makes drastic cuts to education, social spending
By Tom Eley, November 2, 2009
Michigan’s Democratic governor on Friday signed into law a budget that drastically reduces state spending on education and social programs.
Britain: Deepening recession fuels concern over corporate bonuses and bailouts
By Julie Hyland, October 30, 2009
Disagreements over the Brown government’s policy on the global economic crisis have become more vocal after figures showed that the UK economy shrank by 0.4 percent from July to September.
Obama signs bills for record Pentagon, Homeland Security spending
By Patrick Martin, October 30, 2009
President Obama signed legislation Wednesday authorizing $680 billion for the Pentagon, the largest military budget ever. On Thursday, he signed a bill giving another $44 billion to the Department of ...
Ukrainian economy suffers sharp fall in 2009
By Niall Green, October 29, 2009
Five years after the “Orange Revolution,” the Ukrainian economy is in the deepest crisis since the post-Soviet economic and social implosion of the 1990s.
US companies, governments continue to slash jobs and pay
By David Walsh, October 28, 2009
The US economy continues to shed jobs, wreaking havoc on countless lives, even as government officials prepare to announce the official end of the recession that began in December 2007.
As unemployment claims rise
White House rejects new measures to stem jobs crisis
By Barry Grey, October 24, 2009
Even as the Labor Department reported an unexpected rise in initial claims for unemployment benefits, the Obama administration and Democratic congressional leaders reiterated their opposition to any s...
Twenty years after capitalism’s return:
Living standards continue steep fall in Eastern Europe
By Stefan Steinberg, October 24, 2009
Twenty years after the reintroduction of capitalism in the Soviet Union and Eastern Europe, a World Bank report acknowledges that a third of the population in the region lives in poverty.
Atlanta homeless shelters strain under economic crisis
By Naomi Spencer, October 23, 2009
As the economic crisis deepens, Atlanta, Georgia, emergency providers are straining to accommodate more than 7,000 homeless people, including many newly homeless families.
