US Economy
Record pay and profits at Goldman Sachs
By Andre Damon and Barry Grey, July 15, 2009
Goldman Sachs, which received $10 billion in government bailout cash, reported record profits and compensation in its second-quarter earnings report.
New layoffs in devastated Pennsylvania steel town
By Samuel Davidson, July 14, 2009
More than 100 steelworkers, employed at all that remains of a once nearly two-mile-long steel mill in Monessen, Pennsylvania, are being laid off.
The new GM
By Joe Kishore, July 11, 2009
The “new” General Motors exited bankruptcy court on Friday to much acclaim in the media. With the help of the Obama administration and courts, the company has shed nearly $130 billion in liabiliti...
Bankruptcy judge approves sale of GM assets
By David Walsh, July 7, 2009
A judge in New York City late Sunday approved the sale of General Motors assets to a new company, 61 percent owned by the US government, opening the way for the auto company to emerge from bankruptcy.
Newsweek International editor’s “Capitalist Manifesto”
A desperate attempt at reassurance
By Nick Beams, July 4, 2009
Fareed Zakaria, editor of Newsweek International, has written an essay entitled “The Capitalist Manifesto: Greed is Good (To a point)”, which is intended to express relief that the panic engendere...
US: Illinois state budget crisis threatens social programs, workers’ pay
By Clement Daly, July 4, 2009
Illinois is once again faced with a budget crisis accompanied by the invocation of doomsday scenarios, mass layoffs, and slashed social programs.
US unemployment rate for June at 9.5 percent
Another 467,000 jobs lost
By Andre Damon, July 3, 2009
The US economy lost far more jobs in June than had been predicted, and the official unemployment rate hit its highest level since 1983, according to data released Thursday.
US states’ budget crises threaten social disaster
By Joe Kishore, July 3, 2009
The budget crises of state governments in the US constitute a major front in an attack on social programs throughout the country that is being coordinated by the Obama administration.
US credit card companies jack up rates
By Andre Damon, July 2, 2009
US credit card companies are raising rates for borrowers behind on their payments, as default rates have hit a record high.
The sentencing of Bernard Madoff
By Patrick Martin, July 2, 2009
The 150-year sentence handed down to Ponzi scheme operator Bernard Madoff was accompanied by efforts to separate his case from that of Wall Street counterparts whose financial manipulations were even ...
US state budget crises fuel massive spending cuts
Deadlines threaten government shutdowns
By Kate Randall, July 1, 2009
State legislatures across the US worked late Tuesday to push through budgets containing massive spending cuts, as five states faced the possibility of at least partial shutdowns if their legislatures ...
University of California system plans pay cuts
By Marc Wells, July 1, 2009
The University of California has warned the 170,000 employees of the state’s higher education system that they face potential pay cuts. At a town hall meeting held in Los Angeles, representatives of...
