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The initial proposal to increase taxes was unveiled earlier this year in a package that included plans to make around 70 billion kronur (€380 million) in spending cuts over the coming three years. Meanwhile, the financial elite has been fully compensated for its speculative activities. Islandsbanki and New Kaupthing, which changed its name to Arion Banki on November 21, have both received tens of billions in funds from the government to recommence business.

UC officials say they had no choice but to raise tuition to close a massive $500 million budget hole, but they remain vague on how that money is going to be distributed.

This growth was made possible almost entirely by foreign direct investment. As a result, many national economies in eastern Europe collapsed when foreign investment suddenly stopped following the eruption of the global financial crisis. The EBRD expects that in the coming months the current outflow of capital from the east back to western banks will continue.

The ERBD now declares that eastern Europe must shed its “dependence on foreign currencies,” although it played a major role in promoting just such a policy.

Schäuble compared the present financial crisis with the fall of the Berlin Wall twenty years earlier. “The financial crisis will change the world as powerfully as did the fall of the [Berlin] Wall. The balance between America, Asia and Europe is shifting dramatically,”

And which entities are receiving the most heat? The exchanges. The least? The OTC derivatives markets and the rating agencies. Why is this?

Previously, the distinctive mark of social democracy was the belief that it is the duty of a community to protect all its members against the powerful forces that they are unable to resist as individuals.

But that ain’t where he’s at. Mulligan still enjoys a blogger position at the New York Times, and still spews incoherent freemarket dribble and economic predictions, which proves that for the idiots running this country, it’s all about the “free markets” and the “free pass for whatever fuckup I make, no matter how disastrous the consequences for you!”

The fall in consumer spending, the largest since December, is in part the result of the end of the government’s cash-for-clunkers program on August 24. Economists have said that this program, among others, accounts for much of the increase in third-quarter consumer spending and GDP.

The very next day, March 12th, Bear went into free fall. By the
end of the week, the firm had lost virtually all of its cash and
was clinging to promises of state aid; by the weekend, it was being
knocked to its knees by the Fed and the Treasury, and forced at the
barrel of a shotgun to sell itself to JPMorgan Chase (which had
been given $29 billion in public money to marry its
hunchbacked new bride) at the humiliating price of … $2 a
share. Whoever bought those options on March 11th woke up on the
morning of March 17th having made 159 times his money, or roughly
$270 million.