Economyincrisis.org - America's Economic Report

Cover Story

THE COMING OF THE SECOND GREAT DEPRESSION?

Craig Harrington | Published 11/19/08

America has all the ingredients necessary for creating a depression, the recipe is set and the buns are in the oven. The only questions that remain are 1.) when will the fall come and, 2.) how bad can things get?

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TODAY'S NEWS

The No-Think Nation

Paul Craig Roberts, former Secretary of the U.S. Treasury | 11/19/08

Wow! The entire country is steamed up over the Republicans bailing out a bunch of financial crooks who have paid themselves fortunes in bonuses for destroying America's pensions. Why do Democrats want to protect Republicans from further ignominy by not giving them the opportunity to vote down a bailout for workers? Quick, someone enroll the Democratic Party in Politics 101.

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Bankruptcy Filings Spell Doom for Businesses

Dustin Ensinger | 11/19/08

Corporate bankruptcies were once seen as an opportunity for companies to readjust business models and save jobs in the process. Now businesses filing for bankruptcy are being placed in an increasingly precarious situation as uncertainty surrounds the availability of credit.

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Backlog of Vehicles Piling up at Ports

Dustin Ensinger | 11/19/08

In an undeniable sign of just how poorly the auto industry is currently doing, backlogs of thousands of imported vehicles from Nissan to Toyota to Mercedes Benz are making port properties look more like an LAX parking lot.

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InBev Finalizes Takeover of Anheuser-Busch

Craig Harrington | 11/19/08

InBev completed its long-awaited takeover of Anheuser-Busch Tuesday after several months of anticipation, according to Forbes.

The creation of Anheuser-Busch InBev, as the new incorporation will be called, goes into effect on November 20 when the companies’ stock symbols are replaced by the new conglomerate: ABI. The deal was valued at $70 per share, or $52 billion overall, and creates the world’s largest brewery. Unfortunately, with the headquarters of the new company in Leuven, Belgium, the deal also represents the loss of a true American icon. Anheuser-Busch InBev will still maintain its North American headquarters in St. Louis, but it is now for all intents and purposes a foreign owned company.

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NAFTA Renegotiations to be Put on Hold by Obama Administration

Dustin Ensinger | 11/18/08

With the economy crumbling around him, President-elect Barack Obama may be forced to put renegotiation of the job-killing trade deal that is the North American Free Trade Agreement on the backburner to focus on more immediate problems, his advisors say.

The current recession, aiding the auto industry, the foreclosure crisis, the credit freeze, record deficits and state budget shortfalls are likely to take precedent over any action on NAFTA, although restructuring the deal could pay dividends in these area in the long-term.

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The Great American Sell-Off: A Disastrous Habit

Foreign Ownership of U.S. Industries

	Sound recording industries	97%
	Commodity contracts dealing	79%
	Motion picture and sound recording industries	75%
	Metal ore mining	65%
	Motion picture and video industries	64%
	Wineries and distilleries	64%
	Database, directory, and other publishers	63%
	Book publishers	63%
View Full List of Industries

Foreign Financing of U.S. Government Debt

	Japan	$593.4 Bn
	China	$518.7 Bn
	United Kingdom	$290.8 Bn
	Oil Exporters	$173.9 Bn
	Brazil	$148.4 Bn
	Carib Bnkng Cntrs	$133.5 Bn
	Luxembourg	$75.8 Bn
	View Full List of Debtholders

U.S. Consumption Spent On Foreign Goods

	Footwear	90%
	Audio & Video Equipment	87%
	Other Leather Products	86%
	Leather and Hide Tanning	75%
	Apparel Accessories	67%
	Apparel	67%
	Computer Equipment	59%
	View Full List of Products