President Bush asks Congress to release the last $350 billion of rescue capital
While President George Bush may be on his way out, one of his last acts as president of the United States was to ask Congress to release the last $350 billion worth of rescue finance for the US economy. As with the UK, although on a much grander scale, the US economy is yet to react to the hundreds of billions of dollars which have been poured into the economy over the last 12 months. The housing situation in the US is getting worse, businesses are falling like stones and general US residents are struggling to make ends meet.
As the President-elect Barack Obama looks to join office on 20 January he will have one of the most difficult tasks in US economic history. He could literally be left to pick up the pieces of President George Bush's term in office and the hundreds of billions of dollars which taxpayers will have to repay to the US government in due course. Many are suggesting that Obama will go down as one of the worst presidents of all time due to the very fact he has inherited one of the worst economies of all time.
Share this..
Related stories
Scottish executive accused of deserting Diageo
Alex Salmond this evening stands accused of failing Scottish workers at the Diageo bottling plant in Ayrshire which is closing with the loss of 700 jobs. After launching a scathing attack on the management of Diageo, during which Alex Salmond claimed his government had not been informed of the move despite holding seven meetings with the company this year, he has attracted a ferocious response fro...
Read More£136 million a year on missed calls to HMRC, at taxpayers’ expense.
Last year £136 million of taxpayer’s money was spent on delayed or unanswered calls to the HM Revenue and Customs. The National Audit Office (NAO) reported that delays cost customers £33m in call charges while they waited for HMRC to answer the phone and the estimated value of customer time while they waited was £103m. It was said that 20 million calls to the HMRC hotlines were not picked...
Read MoreIs quantitative easing the ultimate game of poker?
As Alistair Darling, the Chancellor of the Exchequer, confirms that the Bank of England has been given a £150 billion budget to start acquiring financial assets to try and free up liquidity in the system, even those inside the Bank of England agree there is no guarantee that this massive risk will pay off. Opinion is very much mixed as to the success rate of quantitative easing in the past with t...
Read MoreRDR – don’t be left in the Dark
Amid the positives that the Retail Distribution Review (RDR) is likely to bring, especially in reference to the standard of financial advice given, there have been those that have expressed their concern about the amount of people that could be set to miss out on advice in the future. It is thought that the fees that will be charged from the New Year by financial advisers will make it impossible f...
Read MoreWill loyalty cards rescue the UK retail market?
Over the last few days we have seen a significant number of retail companies revamping and relaunching their loyalty cards. Tesco has spent in the region of £150 million on a relaunch of their Clubcard operation although this just appears to be the tip of the iceberg. There is a feeling among retailers in the UK that loyalty cards will not only attract more customers that they will in due course...
Read More