RECENT NEWS

Open Letter to Ratings Agencies

Warning to Ratings Agencies July 28, 2011 Deven Sharma, President, Standard & Poor’s Ray McDaniel, CEO Moody’s Corp Stephen Joynt, CEO Fitch’s Ratings Dear Mr. Sharma, Mr. McDaniel and Mr. Joynt; You have each indicated that the time may be near for a downgrade of the credit rating of the ... Read more

What Happens After the U.S. is Downgraded?

By John Carney CNBC.com, August 6, 2011, 10:31 AM Barack Obama signed into law a bill to raise the debt ceiling, preventing a default on U.S. government bonds or other obligations. But despite a resolution on the debt-ceiling debate, Standard & Poor’s decided that the deal failed to produce a ... Read more

US credit rating downgrade prompts warning from China

• S&P cuts US credit rating from AAA to AA+ for first time • China says it has ‘every right to demand’ US tackles debt • Barack Obama repeats call for parties to work together By Larry Elliott, Jill Treanor, Dominic Rushe and David Batty The Guardian, August 6, 2011 Barack ... Read more

Despite insurance, medical bills push family to bankruptcy

By Kate Santich Orlando Sentinel, July 30, 2011 The day their daughter was born should have been one of the happiest of Simon and Marsha Sutherland’s lives. Both previously married, they were having their first child together, a 6-pound, 10-ounce, dark-haired girl they would name ... Read more

Medicare Likely to See 2% Cut From Deficit Deal

Impact of Budget Control Act on Medicare By Don McCanne MD Physicians for a National Health Program, Aug 1, 2011 TEXT OF BUDGET CONTROL ACT AMENDMENT House of Representatives Rules Committee, August 1, 2011 (a) SHORT TITLE.—This Act may be cited as the “Budget Control Act of 2011″ SEC. 302. ... Read more

The “Recovery” is Making Americans Poorer

How Recession Is Hastening the Wal-Martization of America A new report finds that the vast majority of the jobs created in the so-called recovery have been low-wage jobs. That’s a recipe for continued economic pain. By Sarah Jaffe Alternet, August 2, 2011 With all the focus on the drama surrounding ... Read more

How America Could Collapse

Globalized Supply Chains Put Economy at Risk Matt Stoller The Nation, July 27, 2011 A few months ago, a friend in the entertainment industry told me of a new business model in Hollywood: hoarding videotapes. Apparently, the earthquake in Japan knocked offline a Sony factory that makes certain types of tape. That ... Read more