A look at the graphic above, from The Rouge Treasury, tells all: the bailout has not accomplished anything.
Is it to early to tell? Only time will tell but given the prognosis for continued economic deterioration, as the deflationary spiral digs deeper and deeper, the odds are not good that the last bailout worked and that future bailouts will work.
Another example of deflation taking its toll on the economy as reflected by what Mayor Booker said during an emergency press conference Wednesday:
Every single contract that does not go to the core function of our city in providing safe streets, providing fire protection, or other things to keep our city afloat will now be cut.
Watch the press conference:
On the other side of the table, Newark Councilwoman-at-large Mildred Crump said during a press conference:
It appears the mayor is a Pontius Pilate. In other words, his hands are clean. The blood of the residents of Newark will be on our heads.
So what happens when city or state governments shut down? Will there be more finger pointing and bickering or will there be cooperation?
$5 billion dollars per month coming into Afghanistan, per month. See how the money is being spent:
RACHEL MADDOW, HOST: Good evening. The enemy in Afghanistan now is broadly understood to be the Taliban. They, of course, were routed by the U.S. and the northern alliance at the beginning of the war, only to return in force. From afar, the Taliban are simply the bad guys. But how they affect Afghan society, how to fight them, and who should fight them are subjects worth looking at from close up -- which is one thing we try to do on our recent trip into the war zone.
1. Optimism tempered by realism in Afghanistan:
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2. Close quarters of power in Afghanistan:
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3. Counterinsurgency and its alternatives:
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4. Checking up on Afghan checkpoints:
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5. A stroll through Kabul's markets:
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6. Afghanistan reporting a group effort:
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7. Gun carpets, only in Afghanistan:
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8. U.S. Money leads to modern castles amid Afghan poverty:
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August 14, 2009 19:12 EDT: George Soros Cut Petrobras Stake in Second Quarter (Update2)
Billionaire George Soros cut his stake in his biggest holding, Petroleo Brasileiro SA, in the second quarter while buying more shares of other energy producers.
His New York-based hedge-fund firm, Soros Fund Management LLC, sold 22 million U.S.-listed common shares of Petrobras, as the Brazilian oil company is known, according to a filing today with the U.S. Securities and Exchange Commission. Soros bought 5.8 million of the company’s U.S.-traded preferred shares.
August 18, 2009, 1:45 P.M. ET: Obama Underwrites Offshore Drilling:
The U.S. is going to lend billions of dollars to Brazil's state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil's Tupi oil field in the Santos Basin near Rio de Janeiro. Brazil's planning minister confirmed that White House National Security Adviser James Jones met this month with Brazilian officials to talk about the loan.
The U.S. Export-Import Bank tells us it has issued a "preliminary commitment" letter to Petrobras in the amount of $2 billion and has discussed with Brazil the possibility of increasing that amount. Ex-Im Bank says it has not decided whether the money will come in the form of a direct loan or loan guarantees. Either way, this corporate foreign aid may strike some readers as odd, given that the U.S. Treasury seems desperate for cash and Petrobras is one of the largest corporations in the Americas.
August 20, 2009: U.S. Loan to Brazilian Oil Company Riles Conservatives in Favor of Offshore Drilling
In fact, the Export-Import bank receives no appropriations from Congress and thus does not rely on American taxpayer dollars and is also not "sending" $2 billion to the Brazilian company but offering lines of credit to U.S. firms so they can compete to land contracts as part of Petrobras' drilling operations.
The $2 billion "preliminary commitment" by the Export-Import Bank to Petrobras is expected to grow, as the U.S. competes on behalf of American exporters of goods and services against those from China. Beijing has extended a commitment of $10 billion -- but the Brazilians are said to prefer U.S. management and technology.
Then there is the George Soros angle.
Fast forward 10 months later to June 21, 2010: to Glenn Beck's Left Strangely Silent on Petrobras (on Fox News):
Part 1:
Part 2:
Part 3:
Part 4:
The problem? Last September Factcheck.org exposed the falseness of Glenn's accusations:
As reported by Bloomberg News, Soros reduced his stake in the company before any of the Ex-Im Bank’s promised loan has been dispensed.
What say you Glenn Beck?
