State of the Superpower

Despite assurances from both parties, the $700 billion bailout failed to pass through Congress Monday afternoon.
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Considering how much voters hated the plan, it really shouldn’t come as a surprise the bailout vote fell short. The […]

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In a closed door meeting with Congressional negotiators, Billionaire Warren Buffett said the United States faces “its biggest financial meltdown in American history,” if Congress fails to pass the proposed financial bailout.
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The […]

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When the bailout bill passes, and despite all the rhetoric and posturing, it will pass, Wall Street could feel the fallout for years to come.
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And that fallout comes in the form of middle America’s disgust with the market, as they see […]

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Treasury Secretary Henry Paulson, along with top aides and ranking members of Congress, has spent the weekend crafting the largest government bailout in American history. The legislation, which will be sent to Congress next week, seeks $700 billion to provide market and banking stability and (hopefully) avoid a full scale Wall Street meltdown.
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Today stocks surged on news the government will bail out beleaguered mortgage lenders Freddie Mac and Fannie Mae. The Dow jumped 290 points (2.6%) but was not the only winner. Both Standard & Poor’s 500 and the Nasdaq composite also rose.
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In an effort […]

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On Friday the Department of Labor announced that the nation’s unemployment rate is now at 6.1%. American employers cut 84,000 jobs last, further proof of just how bad the American economy is. Analysts, already predicting a rise in unemployment, believed the August numbers would be around 5.8%.
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On Friday Federal regulators closed the Colombian Bank and Trust Company, a Kansas-based bank saddled with unsustainable real estate loan losses.
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Columbia Bank and Trust is the ninth FDIC insured bank to go under this year, with ninety others considered at risk. In 2007, only three banks failed.
And so the FDIC serves up another “Friday […]

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House Majority Leader Nancy Pelosi finally agreed to include provisions for limited oil exploration on the Outer Continental Shelf in new energy legislation scheduled for debate later this year.
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Last Friday The Hershey Company announced it would raise prices 11% after lowering its 2008 and 2009 earnings estimates.
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Things aren’t well at “Sugarland” if Hershey, and iconic American candy maker, keeps dropping profit estimates. I’d like to see it as a sign that […]

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Despite the House of Representatives adjourning for a 5 week summer vacation, Republican members protesting high energy costs refused to leave. Energy prices are currently at record highs, with the average price of gas just under $4 a gallon.
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