200902.27
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Proposal to Tax Securities Transactions

Peter DeFazio (D-OR) has introduced a bill to tax securities transactions to pay for TARP (HT: Doug Terry): Congress finds the following: (1) The Bush Administration allocated the first $350 billion of TARP funds in a manner that has outraged the Nation by failing to provide the most basic oversight of the funds. (2) Congress…

200902.27
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GDP Revised Lower

Today’s GDP report highlighted a downwardly-revised 6.2% decline, after an initial estimate of -3.8% just one month ago. That’s a staggering decline – the steepest since 1982, right smack in the middle of the double dip recessions of the Reagan era. Economists were expecting a decline of 5.5%. Sharp drops in consumer spending, business investment, and…

200902.26
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UBS Names New CEO

The Swiss banking giant UBS AG (UBS) announced today that it was replacing current CEO, Marcel Rohner, with the highly regarded ex-Credit Suisse chief Oswald Gruebel. UBS, one of the largest companies in the world, seeks to restore investor confidence after massive losses in the 4th quarter and backlash from the US government. Chairman Peter Kurer said Gruebel has…

200902.26
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Economic Report: New Home Sales

Sales of new homes in the US declined to their lowest levels on record, after a lackluster January in which sales fell by a stomach-wrenching 10.2%. Sales fell to a seasonally adjusted annual rate of 309,000, the lowest ever since the series began in 1963. The report was below expectations, as economists were predicting a number closer to 320,000. In all of…

200902.26
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Economic Report: Initial Jobless Claims

The number of people filing for first time unemployment benefits spiked higher in the latest week, continuing the sharp upward trend that began during the first part of this new year. According to the US Department of Labor, for the week ending February 21st, initial jobless claims rose by 36,000, to stand at 667,000. That’s the highest level since October 1982. The…