US Economy
US-China trade tensions sharply escalate
By John Chan, September 16, 2009
In a move that threatens to trigger a major trade conflict, US President Barack Obama last Friday signed an order to impose a 35 percent tariff on Chinese-made tyre imports over the next three years.
Michigan lawmakers prepare austerity budget
By Tom Eley, September 16, 2009
Michigan’s Democratic and Republican lawmakers are preparing to shift the burden of the state’s $2.8 billion budget deficit, which must be resolved by October 1, onto the working class through mas...
One year since the collapse of Lehman Brothers
By Nick Beams, September 15, 2009
The collapse one year ago today of the 158-year-old Lehman Brothers, the fourth largest US investment bank, set in motion an avalanche that threatened to engulf the entire global financial system.
One year after the financial crash
Obama goes cap in hand to Wall Street
By Barry Grey, September 15, 2009
On the anniversary of the collapse of Lehman Brothers, President Barack Obama came to Wall Street Monday to plead with the bankers not to block his proposals for marginal changes in financial regulati...
US: Pennsylvania still without a budget
By Samuel Davidson, September 15, 2009
Pennsylvania remains the only state without a budget more than two months after the previous budget ended on June 30.
Economic crisis devastates museums across the US
By Sandy English, September 12, 2009
The economic crisis has had a devastating impact on art, historical and science museums in the United States. Beginning in late 2008, public and private museums began laying-off staff, cutting wages, ...
More cuts to social services in Michigan
By Tom Eley, September 12, 2009
Major cuts in bus routes in Detroit and education cuts in the suburb of Hazel Park are the latest measures on the table.
Study reports worst of US mortgage crisis still to come
By Charles Knause, September 10, 2009
A recent Deutsche Bank report made public last month indicates that the mortgage crisis for US homeowners is still in an early phase, and the worst is still to come.
CEOs at bailed out banks got $13.8 million apiece last year
By Andre Damon, September 7, 2009
Executives at financial firms bailed out by the government received on average $13.8 million in compensation last year, according to a study of bank earning statements released last week.
Big banks grow more powerful under Obama
By Andre Damon, September 5, 2009
As a result of the government’s bailout, the largest US banks are gaining control of an ever greater share of financial markets and using their monopolistic position to gouge consumers and small bus...
US unemployment rate at 9.7 percent
By Tom Eley, September 5, 2009
The US unemployment rate rose to 9.7 percent in August, exceeding economists’ predictions.
US government list of “problem banks” tops 400
By Andre Damon, August 29, 2009
Figures released Thursday show that the banking crisis continues to deepen in the US, even as a handful of mega-banks increase their market share and profits.
