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Whose Economic Recovery?

By Danny Schechter September 10, 2009 President Obama’s highly anticipated health care speech started on a totally different subject: The economy. “When I spoke here last winter, this nation was facing the worst economic crisis since the Great Depression,” he told Congress and the people at home. “We were losing an average of 700,000 jobs per month. Credit was frozen. And... [Read more]

Hide and Seek Credit

Edited by Joel Bowman Sometimes less is not more; sometimes it is even less. According to a Federal Reserve report released by the Feds this week, consumer credit contracted at an annualized rate of 10% in July. “Non-revolving debt,” which includes loans for automobiles and mobile homes, plunged by $15.4 billion in July…even as the government’s “Cash for Clunkers” program artificially... [Read more]