The 56 Trillion Dollar Deficit

Bill Maher Interviews Fmr. Comptroller General David Walker about the huge deficit in America.Source: YouTube(CNN) — The Emergency Economic Stabilization Act contains plenty to make lawmakers on the left and right shudder. On the right, it’s the apparent abandonment of free-market principles. On the left, it’s the absence of punishment for high-flying Wall Street CEO’s.Looking [...] continue reading the breaking news

Secret White House memo endorsed waterboarding

A paper trail on the use of waterboarding and other controversial interrogation techniques by the CIA is emerging in the USThe Bush administration sent two secret memos endorsing the use of waterboarding against al-Qaida suspects, according to today’s Washington Post. They were prompted by worries within the CIA that the administration might later distance itself [...] continue reading the breaking news

Smaller Banks Resist Federal Cash Infusions

Community banking executives around the country responded with anger yesterday to the Bush administration’s strategy of investing $250 billion in financial firms, saying they don’t need the money, resent the intrusion and feel it’s unfair to rescue companies from their own mistakes.But regulators said some banks will be pressed to take the taxpayer dollars anyway. [...] continue reading the breaking news

Chicago mayor to shut down government for six days

CHICAGO (Reuters) - Facing a huge hole in Chicago’s current and upcoming budgets, Mayor Richard Daley announced on Tuesday a plan to partially shut down city government for six days.Along with several other measures, the mayor’s plan was aimed at saving $62 million for the city’s corporate or operating fund, which currently faces a $469 [...] continue reading the breaking news

Unemployment to hit three million within a year as it rises at fastest rate for 17 years

Cuts: Unemployment rose by 164,000 in the three months up to August and could hit two million by Christmas as the credit crunch hits homeUnemployment could hit three million by the end of next year to levels not seen since John Major was in power as Britain battles recession, it was warned today.The rate [...] continue reading the breaking news