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Deficit Hits $1.4 Trillion, Complicating Stimulus Plans

Published: October 16, 2009

WASHINGTON — The Obama administration said Friday the deficit for the fiscal year just ended was $1.4 trillion, the largest relative to the size of the economy since 1945, underscoring the challenge to shrink the fiscal gap even as the White House and Congress consider further steps to stimulate a slow recovery.

adam storch Sachs man at SECAdam Storch, 29, formerly of  Goldman Sachs, appointed director of “watchdog” agency of SEC

Dow 10,000, Goldman $3 Billion

For Goldman employees, it is almost as if the financial crisis never happened. Only months after paying back billions of taxpayer dollars, Goldman Sachs is on pace to pay annual bonuses that will rival the record payouts that it made in 2007, at the height of the bubble. In the last nine months, the bank set aside about $16.7 billion for compensation — on track to pay each of its 31,700 employees close to $700,000 this year. Top producers are expecting multimillion-dollar paydays.

lloyd_blankfein_0414Lloyd Blankfein, Goldman Sachs CEO, giving Wall Street a good name

JPMorgan Chase Reports Strong Profit of $3.6 Billion
October 14, 2009

A year after accepting a bailout from Washington, a resurgent JPMorgan Chase reported a second consecutive quarter of surprisingly strong profit on Wednesday, solidifying its position at the pinnacle of American finance.


Dismal Foreclosure Numbers Could Be the Tip of the Iceberg

October 16, 2009 12:34 PM ET

By Peter Roff, Thomas Jefferson Street blog

As the U.S. economy collapsed last fall, due in no small part to bad home loans made in the subprime market, the Democrats and the Republicans both made a lot of noise about the need to shore up the housing market to prevent further foreclosures.

Unfortunately, all the talk has produced little positive result. Figures released Thursday show that nearly 1 million properties went into foreclosure in the third quarter of 2009. That’s an increase of 5 percent from the previous quarter and nearly 23 percent from just one year ago.

So while Wall Street celebrates, and economists talk about having hit bottom, the recession is over, the hoi polloi lose their jobs, homes, and minds:

11brown_650died in sweat lodge for 9600 bucks

The above, Ms Kirby Brown, having shelled out $9,600 for some New Age enlightenment, was de-oxygenated to death, along with two others, in an ersatz native-American sweat lodge in ever trendy and rich Sedona, Arizona.  The sweat lodge was covered with plastic, and crammed with 50 (paying [9600 x 50 = 480,000]) clients.  Three died, and 20 others required hospitalization.  Nirvana is not cheap….  Ah, but James Arthur Ray, guiding guru at the Spiritual Warrior Course, had promised “harmonic wealth” – on a financial, mental, physical and spiritual level.  Hmmm… the old American snake oil salesman shtick is alive and well, in Sedona and on Wall Street.   It’s just that some of the clients aren’t.

bernanke and flagBen Bernanke, Chief Officer of the Fed, Harvard classmate of Lloyd Blankfein

God Bless America.

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