Posted by: Disillusioned | March 28, 2009

Post from 3/10/09

Yesterday

 

Citibank bombed in Athens

http://www.smh.com.au/world/bomb-damages-citibank-branch-in-athens-20090309-8t1i.html

Today

 

Citibank reports a PROFIT in the last two months – the best its done in TWO YEARS!

http://finance.yahoo.com/news/Dow-ends-up-nearly-380-on-apf-14598309.html

http://dealbook.blogs.nytimes.com/2009/03/09/citi-chief-defends-banks-financial-strength/

Here’s the facts – $25 Billion in bailout money in 2008, a second bailout of $20 Billion in December 2008 with a guarantee of $306 billion in toxic assets – and JUST ONE WEEK AGO, they received a THIRD bailout – wherein now the government (or should that be us taxpayers?) owns 36% of the bank. NOW – by some miracle – one week later, everything is all better and Citi shows a PROFIT! The DOW rallied today based on this ‘leaked’ information from Citi. Does anyone else smell something ‘stinky’ about this situation? If Citi really operated at a profit the last two months, why then did they desperately need the third bailout and why does the government (taxpayers?) own 36% of that bank?

China

 

A U.S. surveillance ship violated Chinese and international laws, and used fire hoses at one of the five Chinese vessels in order to protect itself, – the Chinese crew members disrobed to their underwear and continued closing to within 25 feet……….

http://www.cnn.com/2009/WORLD/asiapcf/03/10/us.navy.china/index.html

Unemployment

 

According to the US Government official figure, the unemployment rate Feb 2009 is 8.1% (row U-3 in the link). This unemployment figure is calculated differently than the way unemployment was calculated during the Great Depression. Here is a website link that the government updates periodically – Row U-6 is the closest to calculating unemployment the same way the unemployment was calculated during the depression – a whopping 14.8%

http://www.bls.gov/news.release/empsit.t12.htm

 

Until next time…………

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