Citigroup future in doubt; US recession deepens; clashes in Oakland protest over fatal police shooting of unarmed man…
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Related subjects: Congressional Oversight, Economic Recovery, Mortgage & Credit Crisis, Security & Surveillance, The Global Intercept, U.S. Economy, U.S. Elections, U.S. news, U.S. Politics Comments Off
Citigroup forced to join with Morgan Stanley —which will hold 51% of shared assets— to hold onto Smith Barney, which accounts for 30% of its profits. Analysts suggest government of $45 billion to prop up massive bank now “underwater”, Citi will be forced to start selling assets.
US retail sales fell by 2.7% last month, raising concerns that recession is in fact deepening. With comprehensive economic stimulus still not enacted, American consumers of all income levels are struggling to keep up their levels of spending or payments on the specifics of their standard of living, as already established. Consumer spending accounts for roughly 70% of GDP.
US federal budget deficit projected to hit $1.2 trillion in 2009, even before counting the $775 billion Pres.-elect Obama wants to devote to economic recovery and reinvestment, and without counting the huge “war supplementals” for Iraq and Afghanistan, which have been funded outside the standing Pentagon budget over recent years.
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Oakland-area demonstrators clash with police, after mounting protest against delays in charging a police-officer who fatally shot an unarmed man. The clashes are reminiscent of the violence that spread across Greece after the fatal shooting of an unarmed youth by police. According to the Associate Press:
Witnesses say Mehserle fired into the back of 22-year-old Oscar Grant while the man was lying facedown on a train platform at a station in Oakland. Grant and others had been pulled off a train after reports of fighting, as New Year’s Eve revelers were shuttling home after midnight.
The shooting was captured on several cell phone cameras and widely viewed on the Internet. Hundreds of protesters have taken to the streets calling for the prosecution of Mehserle, with one rally last Wednesday spiraling into violence and resulting in more than 100 arrests and dozens of businesses damaged.
US Congress to debate release of second $350 billion tranche of funds for the ‘Troubled Asset Recovery Program’ (TARP). The bill is a response to an official request, by Pres.-elect Barack Obama, to Pres. Bush, that the process of releasing the remaining TARP funds be initiated, to give maximum choice to incoming administration in dealing with economic crisis.
Illinois governor Rod Blagojevich, facing impeachment on corruption charges, will drop the gavel to open the first session of the new state Senate. The first order of business will be to officially designate the Senate leader, after which Blagojevich will hand the gavel to that leader. One of the first orders of business will be to begin the impeachment trial of the governor, with the aim of removing him from office. Blagojevich says he believes he will be “properly exonerated”.
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