Toyota, the worlds number one car maker has such a huge supply of unsold cars in Europe that they're renting a ship off the coast of Sweden to warehouse them. Boing Boing.
The Stanford scandal, the second Ponzi scheme uncovered in recent months (Bernie Madoff's hedge fund being the other), will lose investors in the neighborhood of $8 billion. Come to find out, the executives in the firm that were running the scam are all Jesus-loving right wingers. Don't you just wonder where in the Bible it teaches you how to lie, cheat and steal your way to great wealth? Gawker.
Gawker makes a list of some more tough times in economic news. Here's just the first three in their list...
- Warren Buffett, the world's best investor, has his worst financial year ever in 2008. (Still better than your financial year). 2009 will also suck, he says.
- Some economists think Ireland is the next Iceland. Meaning its economy will collapse, this year.
- One in ten people in California is unemployed. God strikes the state with drought.
The Washington Post is sizing up just how badly 2008 finished off...
Gross domestic product, a measure of the goods and services produced across the nation, shrank at an annualized rate of 6.2 percent in the last quarter of 2008, according to the Commerce Department, far worse than the initial estimate of 3.8 percent and the 5 percent most analysts were expecting. The downward revision means the economy began the year from an even weaker position than previously thought.I may have more to post on this topic later as I catch up with my news sources, but I think this all ads to the point I am trying to make - that we need a proactive president who is willing to try to get the economy back on it's feet.
One of the last things we need, as Republicans would proclaim, is more tax cuts for the filthy rich. They won't spend it if we give it to them - they aren't spending it.
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