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Title: U.S. Treasury Seeks More Power; China Calls for New Reserve Currency; AIG Returns Bonuses View count: 2065 Rating: 4.8586955 (92 ratings) Description: Treasury unveils plan to buy troubled assets •Giethners plan sparked a near 500 point rally on Monday •The plan will allow the government to take over bad mortgage securities with the help of private investors. •$100 billion from the TARP (bailout), private investments and loans from the FDIC and the Fed to generate $500 billion •The plan is projected to cost $1 trillion http://www.msnbc.msn.com/id/29817617/ U.S. Seeks Expanded Power to Seize Firm •The Obama administration is considering asking Congress to give the Treasury secretary Timothy Giethner new powers. •The administration may ask Congress to give Giethner the ability to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds •Supposedly this would safeguard the U.S. economy. •If approved, the Treasury Dept. could guarantee a companys losses, buy up assets or take a partial ownership stake. http://www.washingtonpost.com/wp-dyn/content/article/2009/03/23/AR2009032302830_pf.html China calls for new reserve currency •Chinas central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund. •*What does this mean? •*China is the largest holder of US dollar financial assets, that means that China is providing us the money to keep our economy alive •*Our economy is driven by debt. If they sell their holdings, our economy will evaporate. http://www.ft.com/cms/s/0/7851925a-17a2-11de-8c9d-0000779fd2ac.html Latinos, blacks losing jobs at a faster rate •according to the Bureau of Labor Statistics, since the recession began in December 2007 •Latino unemployment has risen to 10.9 percent •Black unemployment has risen to 13.4 percent. •White unemployment has risen to 7.3 percent. •William Darity, a professor of economics and African-American studies at Duke University, said that "blacks and Latinos are relative latecomers to the professional world ... so they are necessarily the most vulnerable." •"We don't have those older roots to anchor us in the professional world," Darity said. "We don't have the same nexus of contacts, the same kind of seniority." http://www.msnbc.msn.com/id/29843053/ Sen. Bill Nelson on Obama Budget: Need to Rework This Whole Thing •Sen. Bill Nelson (D- FL), a member of the Senate Budget Committee, said the Obama budget will have to be revised in light of the latest Congressional Budget Office projections. http://blogs.wsj.com/washwire/2009/03/23/sen-bill-nelson-on-obama-budget-need-to-rework-this-whole-thing/ Mexico offers $2 million for top drug lords •Mexico's government on Monday offered $2 million each for information leading to the arrest of 24 top drug lords •It didnt work Bin Laden and I dont think its going to work here. http://www.breitbart.com/article.php?id=D973TB300&show_article=1 15 of 20 top AIG bonus recipients return cash •New York Attorney General Andrew Cuomo says that about $50 million in bonus cash has been returned so far. •*Dont get wrong, I dont like what AIG did, but I would have kept that money. http://money.cnn.com/2009/03/23/news/companies/aig_bonuses/index.htm?postversion=2009032320 North Korea warns against UN action on rocket •North Korea has said it would launch a satellite between April 4 and 8. •North Korea is saying that if the UN interferes, it will pull out of the international disarmament talks aimed at ending its nuclear programme. http://www.ottawacitizen.com/News/North+Korea+warns+against+action+rocket/1422038/story.html China blocks YouTube •China is not afraid of the Internet, its Foreign Ministry http://www.reuters.com/article/internetNews/idUSTRE52N1VN20090324 Oil climbs above $54 on stock market rally http://www.breitbart.com/article.php?id=D973TL582&show_article=1 American Jobs Threatened by Cheap Chinese Condoms •U.S. Agency for International Development (USAID), has decided to purchase condoms from foreign companies — in countries like South Korea and China, because they cost less to produce in those countries. •Alatech, an Alabama company that had been USAID's previous sole supplier, protested the contract's move, but the Government Accountability Office rejected the compliant saying the company had no standing, •This will cost around 300 American jobs •*I dont know if I trust China with the safety of my penis. http://www.foxnews.com/story/0,2933,510223,00.html Tags: government, accountability, office, american, jobs, chinese, condoms, china, blocks, youtube, rocket, north, korea, drug, lords, mexico, bill, nelson, obama, budget, new, reserve, currency, giethner, treasury, recession, flint, michigan, alaska, bubba008009, george4title, feveriam, uroutoftime, visionvictory, manoftruth, supafaith, airelontrading, davincij15, aravoth, tlhmax, safearmsreview, gerald, celente, geraldcelentechannel, financialhippie, steven6229, thefordshowcom, economic, collapse, depression, Author: DEMCAD |
