And Now: BP admits failing to use industry risk test at any of its deepwater wells in the US

BP was facing fresh criticism over its approach to safety on Saturday night after critics said it did not use an industry standard process to asses risk ahead of the Deepwater Horizon disaster.The procedure, known as a safety case, was developed in Britain after the catastrophic Piper Alpha oil rig explosion of 1988 in [...] continue reading world news

With The US Still Trapped in Depression, This Really Is Starting to Feel Like 1932

This is the Greatest Depression.The US workforce shrank by 652,000 in June, one of the sharpest contractions ever. The rate of hourly earnings fell 0.1pc. Wages are flirting with deflation. People queue for a job fair in New York. The share of the US working-age population with jobs in [...] continue reading world news

Schwarzenegger administration orders minimum wage for state workers

Gov. Arnold SchwarzeneggerThe Schwarzenegger administration today ordered State Controller John Chiang to reduce state worker pay for July to the federal minimum allowed by law — $7.25 an hour for most state workers.The instructions from the Department of Personnel Administration exclude roughly 37,000 state workers in six bargaining units that recently came to tentative labor [...] continue reading world news

Howard Davidowitz: Obama is ‘Mr. Mass Destruction’ - US Economy ‘Is a Complete Disaster’

The U.S. economy is in shambles and Americans will continue to see high unemployment and lower living standards in the years to come, Howard Davidowitz tells Henry and Aaron in the accompanying clip.Davidowitz lays much of the blame for the economy’s woes at the feet of the Obama administration, which he calls “the worst of [...] continue reading world news

US: 1.2 Million Lose Unemployment Benefits Today

About 2 Million Could Lose Their Benefits By Mid-JulyMiriam Cintron lost her job in late 2008 and has been receiving unemployment benefits since then.(CNN) — With her unemployment benefits coming to a halt, Miriam Cintron is forced to make a difficult choice between health insurance and daily expenses.Signing into her unemployment benefits account last week, [...] continue reading world news

Anglo Irish Bank losses are the worst in the entire world

Those were the good old days!LOSSES posted by Anglo Irish Bank are the worst by any bank in the entire world, according to new data from a prestigious financial journal.The taxpayer-owned bank’s loss in 2009 of €15bn was far bigger than those of giant US, Japanese and German banks, according to ‘The Banker’, an industry [...] continue reading world news

Banksters Financing Mexico Gangs Admitted in Wells Fargo Deal

Listen to Catherine Austin Fitts in this video from 2008:- Former Assistant Secretary of Housing: The U.S. is the Global Leader in Illegal Money LaunderingA U.S. Customs and Border Protection agent inspects a vehicle heading into the U.S. at the San Ysidro border crossing in San Diego.(Bloomberg)Just before sunset on April 10, 2006, a DC-9 [...] continue reading world news