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Economy, Page 50

1932 or 1923?

When the housing bubble burst last summer, people started worrying about more than just the values of their homes. Fannie Mae and Freddie Mac collapsed and, in their wake, took down major banks like Bear, Sterns and legendary insurance giants like  AIG. If you’re an investor, you can recall when these stocks were among those considered to be as close to “sure things” as any investment could be. Their collapse, and the threatened fall of other big banking houses, was and is frightening......   [Read More]

Remember Caterpillar?

Last month on a campaign stimulus package promotion stop in East Peoria, Illinios, President Obama – while standing alongside Caterpiller CEO Jim Owens – claimed that “if Congress passes our plan, this company will be able to rehire some of the folks who were just laid off.” Unfortunately for him, Owens contradicted Obama when he left, as when he was asked whether or not Obama’s stimulus plan would stop the estimated 22,000 layoffs at Caterpillar, Owens admitted, “I think realistically no. The truth is we’re going to have more layoffs before we start hiring again …It is going to take some time before that stimulus bill [will mean we can rehire].”.....   [Read More]