Global Economy Bursting?

[gregb]

Keep your eye on the Barclay's story. It's starting to come out in mainstream press about the bid rigging.

[url]http://www.forbes.com/sites/halahtouryalai/2012/07/03/dick-bove-on-libor-rigging-this-is-very-very-bad/[/URL]

 

[Terrel L. Shields]

As best I read it, Barclays lied because the Bank of England wanted them to lie as they feared that other banks were liars...so all the liars sorta pumped each other up....at the expense of anyone with a loan or credit card. So when will it come out that Geithner or Bennie boy also "looked the other way" and encouraged, at least tacitly, the banks to give false figures so as to not put any "fear" into a market already spooked to the max...

 

[Randolph Kinney]

Scranton's Public Workers Now Paid Minimum Wage

http://www.npr.org/2012/07/07/156416876/scrantons-public-workers-pay-cut-to-minimum-wage?ft=1&f=1017

The city of Scranton, Pa., sent out paychecks to its employees Friday, like it does every two weeks. But this time the checks were much smaller than usual. Mayor Chris Doherty has reduced everyone's pay — including his own — to the state's minimum wage: $7.25 an hour.

Doherty says his city has run out of money.

 

[Restrain]

Judge issued an emergency injunction against Scranton. Mayor says the injunction doesn't matter since there's only $83K in the bank, not enough to make payroll.

 

[Riick]

Judge issued an emergency injunction against Scranton.
Mayor says the injunction doesn't matter since there's only $83K in the bank, not enough to make payroll.

Do you know what other lawyers call an attorney with an IQ of 85?
"Your Honor"

 

[Randolph Kinney]

Scranton Has $5,000: Like, Seriously, That’s All They Have

http://blogs.phillymag.com/the_philly_post/2012/07/09/scranton-5000-like-seriously/

Last month, the mayor of Scranton announced that city employees would only be paid minimum wage because, essentially, the city doesn’t have any money. Apparently, the $5,000 that Scranton has in the bank isn’t going to cut it. A judge says that the decision isn’t legal, but the mayor is all, “tough noogies.” The mayor says City Council underfunded their budget and needs to fix a $16-million hole for city employees to be able to get what they’re supposed to be earning.

 

[Terrel L. Shields]

Heck. Just do like the Feds. Write a hot check for it.

 

[Randolph Kinney]

A clash of generations – 1 out of 6 Americans receiving Social Security benefits.

http://www.mybudget360.com/clash-generations-social-security-benefits-workforce-funding-retirement/

The bill is coming due. A stunning 61,000,000+ Americans receive Social Security, Supplemental Security Income, or both. Add another 46,000,000+ Americans on food assistance and you begin to see why we are running on borrowed time on a variety of fronts. With Social Security, working Americans are taxed for current retirees. This works when you have a large and young work base supporting a relatively small retired population. That equation is not our current situation.

The infinite deficits

The current system is built on debt financing and spending money we don’t have. We are running deficits much quicker with Social Security than once expected:

The “trust fund” is nothing more than promises to pay people in the future but there is no giant bank account with trillions of dollars waiting to be paid out.

The reality is of course most Americans have taken a major haircut to their investment portfolios. While a small part of our economy is protected by bailouts and massive disinformation, the rest are left to contend with a fierce version of market austerity. So it should come as no surprise that household net worth is down, wages are down, and low wage positions dominate the new jobs that do hit the market.

 

[Randolph Kinney]

College Grads Find Retail a (Meager) Route to Job Market

http://www.businessweek.com/article...nd-retail-a-meager-route-to-job-market#r=read

For college graduates, it seems almost as if 30 is the new 10. Over-educated, underemployed, and disgruntled, many grads saddled by debt are waiting—often in their parents’ homes—for a chance to break into a career in the field they studied.

Students with advanced degrees have been unable to find jobs consistent with their skill set, leading to a heavy influx of overqualified young people in retail positions that typically require no more than a high school diploma. Almost 30 percent of 25-to-29-year-old college graduates now work in occupations that do not require higher education, while for those aged 20 to 24, the figure is over 39 percent.

 

[Restrain]

NY Attorneys are preparing to sue for hundreds of Billions in the Libor rate-fixing scandal

http://www.dailymail.co.uk/news/art...re-sue-financial-firms-hundreds-BILLIONS.html