Well, it seems that the government is throwing out yet another lifeline this time to Citigroup. I begin to wonder how long this will continue before the Government needs a Bailout? Now 21 nations are pledging not to implement Protectionism measures, at least not for the next 12 months.
Protectionism is the economic policy of restraining trade between nations, through methods such as tariffs on imported goods, restrictive quotas, and a variety of other restrictive government regulations designed to discourage imports, and prevent foreign take-over of local markets and companies. This policy is closely aligned with anti-globalization, and contrasts with free trade, where government barriers to trade are kept to a minimum. The term is mostly used in the context of economics, where protectionism refers to policies or doctrines which “protect” businesses and “living wages” within a country by restricting or regulating trade between foreign nations.
Source: Wikipedia
The U.S. seems to be scared that other nations were already planning on this measure which, if implemented could have restricted U.S. exports. It makes me wonder who in their right mind would want to buy for instance an American made, gas guzzling SUV?
Well, you can check out the latest below and one or two extra pieces that I felt should be here.
NEW YORK (CNN) — The U.S. government outlined a massive rescue package for Citigroup early Monday that would inject another $20 billion into the banking giant, shares of which have plunged in the past week.
The additional $20 billion follows a $25 billion injection into Citigroup earlier this year as part of the $700 billion bank bailout Congress passed in October. And the U.S. Treasury and the Federal Deposit Insurance Corp. will backstop some losses against more than $300 billion in troubled assets.
The hard times are not only in the U.S. Here is a look at New Zealand
4:00AM Monday Nov 24, 2008
By Catherine Field
France used to complain about the tackiness of its nouveaux riche.
Now, the concern is for the “nouveaux pauvre”, who have become newly impoverished by losing their job or falling into debt or who struggle to make ends meet on a tiny pension or pay cheque.
Charities are reporting a rise in demand at shelters for the homeless for free meals and parcels of food, as these vulnerable people feel the lash of a worsening economic crisis.
The Winter Shelter,located at Cal Expo, operated by Volunteers of America and funded by the Sacramento County Department of Human Assistance (DHA), will open Monday, Nov. 24, 2008.
Able to house as many as 154 men, women and children each night throughout Sacramento’s cold and wet winter months, it will remain open through late March 2009.
The shelter provides clients shelter and two daily meals in a comfortable dorm-style environment. Residents may stay at the shelter for 14 consecutive days with extensions granted on a case-by-case basis. A valid TB clearance is required from each resident within three days of admittance for them to be able to remain at the shelter.
November 22, 2008 — Updated 0355 GMT (1155 HKT)
LIMA, Peru (AP) — Leaders from 21 nations that account for half the world’s economy pledged not to implement protectionist measures for the next 12 months — no matter how punishing the global downturn gets.
As if things aren’t bad enough for the homeless, what does New York do?
By VERENA DOBNIK
NEW YORK — Twenty-two churches have stopped providing shelter to homeless New Yorkers — on city orders.
With temperatures below freezing on Saturday, the churches had to follow a city rule requiring faith-based shelters to be open at least five days a week — or not at all.
Arnold Cohen, president of the Partnership for the Homeless, a nonprofit that serves as a link between city officials and shelters, delivered the news to the churches several weeks ago that they no longer qualify.
November 20, 2008 – 1:09pm
By CHRISTOPHER S. RUGABER
AP Economics Writer
WASHINGTON (AP) – New claims for unemployment benefits jumped last week to a 16-year high, the Labor Department said Thursday, providing more evidence of a rapidly weakening job market expected to get even worse next year.
The government said new applications for jobless benefits rose to a seasonally adjusted 542,000 from a downwardly revised figure of 515,000 in the previous week. That’s much higher than Wall Street economists’ expectations of 505,000, according to a survey by Thomson Reuters.
Wed Nov 12, 2008 1:07 am EST
By Ross Colvin – Analysis
WASHINGTON (Reuters) – President-elect Barack Obama has vowed to help middle-class U.S. homeowners facing foreclosure, but he has said little about how he will help low-income families made homeless by a worsening economy.
Obama has spoken broadly about boosting affordable housing and restoring public housing subsidies. But with economists forecasting a deep recession in 2009, he may find it hard to find the money to fulfill those promises soon.
This one is not new but I imagine things are a lot worse now.
Since foreclosure mess, homeless advocates report rise in encampments
updated 3:36 p.m. ET, Thurs., Sept. 18, 2008
RENO, Nev. – A few tents cropped up hard by the railroad tracks, pitched by men left with nowhere to go once the emergency winter shelter closed for the summer.
Then others appeared — people who had lost their jobs to the ailing economy, or newcomers who had moved to Reno for work and discovered no one was hiring.
Below is a related link:
NATIONAL COALITION FOR THE HOMELESS
John Robert McGraham, seen in April 2006, was doused with gasoline and burned to death Oct. 9 on the sidewalk near 3rd and Berendo streets in the Mid-Wilshire area. He was 55.
Hunterseekers The Next Great Economic Depression 