The state controller of California, John Chiang, warned that the state government will have to start issuing I.O.U. to its creditors, if the lawmakers fail to close the $24 billion budget gap by July 2. Continue reading at Cartoosh.com.
Showing posts with label Cartoosh's view. Show all posts
Showing posts with label Cartoosh's view. Show all posts
Sunday, June 28, 2009
California May Issue I.O.U.
6/24/2009
The state controller of California, John Chiang, warned that the state government will have to start issuing I.O.U. to its creditors, if the lawmakers fail to close the $24 billion budget gap by July 2. Continue reading at Cartoosh.com.
The state controller of California, John Chiang, warned that the state government will have to start issuing I.O.U. to its creditors, if the lawmakers fail to close the $24 billion budget gap by July 2. Continue reading at Cartoosh.com.
Monday, June 1, 2009
GM Filed Chapter 11
6/1/2009
Another piece of history was made today, as General Motors filed for bankruptcy protection. Continue reading at our new home cartoosh.com...
Another piece of history was made today, as General Motors filed for bankruptcy protection. Continue reading at our new home cartoosh.com...
Thursday, May 14, 2009
Not-So-Bad Report Cards
As corporates report their first quarter earnings, the school is sending home the first quarter report cards. Andy has got his own copy, ad wonder what his dad is going to say about it. Continue reading at Cartoosh.com!
Friday, April 24, 2009
Glimmers of Hope for U.S. Economy
4/14/2009
The recent rally in the stock market has been led by the very same financial sector that dragged down the market. Thanks to the modified mark-to-market accounting rules, several banks have seen much improved balance sheets and reported better than expected earnings for the first quarter of 2009.
What's the magic about "the modified market accounting rules"? Read more...
Visit our new home at cartoosh.com to see more cartoons and arts at our gallery today!
The recent rally in the stock market has been led by the very same financial sector that dragged down the market. Thanks to the modified mark-to-market accounting rules, several banks have seen much improved balance sheets and reported better than expected earnings for the first quarter of 2009.
What's the magic about "the modified market accounting rules"? Read more...
Visit our new home at cartoosh.com to see more cartoons and arts at our gallery today!
Wednesday, April 22, 2009
Wall Street and Main Street
4/22/2009
Investors on Wall Street have observed a strong rebound starting in early March after the year-long bear market. The stock market has dismissed dismal economic data and ignored the fact that most Americans are still losing their jobs and struggling to make ends meet. Read more...
Visit our new home at cartoosh.com to see more cartoons and arts in prints today!
Investors on Wall Street have observed a strong rebound starting in early March after the year-long bear market. The stock market has dismissed dismal economic data and ignored the fact that most Americans are still losing their jobs and struggling to make ends meet. Read more...
Visit our new home at cartoosh.com to see more cartoons and arts in prints today!
(Click to see the full sized cartoon.)
Thursday, April 9, 2009
Free Music Download in China
4/8/2009
After years of legal actions without success against piracy in China, the world’s biggest music record labels decided to adopt the old wisdom: "If you can't beat them, join them."
Last Monday, the record labels, including EMI, the Warner Music Group and Vivendi’s Universal Music, said they would offer free downloads of music to people in China via top100.cn - a Google's partner.
OK. That part is easy. But, do they still want to make money in China? After observing how Google rack up revenues from Internet advertising, they hope the free music download service will boost the traffic to the site and hopefully the advertising revenue. They'll have a share of the advertising profit according to the deal.
I give them credit in finally figuring out that idea. I just wish they would have tried out the same idea beyond the border of China.
Cartoosh has moved. Visit Cartoosh.com today and continue enjoying Cartoosh's View and more.
After years of legal actions without success against piracy in China, the world’s biggest music record labels decided to adopt the old wisdom: "If you can't beat them, join them."
Last Monday, the record labels, including EMI, the Warner Music Group and Vivendi’s Universal Music, said they would offer free downloads of music to people in China via top100.cn - a Google's partner.
OK. That part is easy. But, do they still want to make money in China? After observing how Google rack up revenues from Internet advertising, they hope the free music download service will boost the traffic to the site and hopefully the advertising revenue. They'll have a share of the advertising profit according to the deal.
I give them credit in finally figuring out that idea. I just wish they would have tried out the same idea beyond the border of China.
Cartoosh has moved. Visit Cartoosh.com today and continue enjoying Cartoosh's View and more.
Monday, April 6, 2009
Sadness in April of 2009
4/4/2009
I think the economic downturn has driven some of these people over the edge directly and indirectly. While wishing the best for the families that lost their love ones, I hope we as a country learn a lesson from these painful memories.
Americans were in shock over the last few days due to a series of killings across the country.
A married couple were discovered inside their burning home in Herndon early Thursday in Fairfax County of Virginia. Police believes that the husband stabbed his wife to death and then set their home on fire. In Pierce county of Washington on Friday night, an angry farther who had dispute with his wife killed his wife and five children, before committing suicide. In Binghamton, New York, a gunman who recently lost his job killed 14 people at an upstate New York immigration center, before taking his own life on Friday. On Saturday morning in Pittsburgh, Pennsylvania, three police officers were killed by another gunman in front of the apartment the gunman shared with his mother. Luckily, the gunman surrendered himself after a four hour standoff with police.I think the economic downturn has driven some of these people over the edge directly and indirectly. While wishing the best for the families that lost their love ones, I hope we as a country learn a lesson from these painful memories.
We've moved. Visit our new home at Cartoosh.com today.
(Click to see the full sized editorial cartoon.)
Tuesday, March 31, 2009
G.M. CEO Stepped Down
3/30/2009
General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. Although Wagoner has been trying to steel the automaker giant towards the right direction, his effort is considered by some administration officials too little and too slow.
Wagoner's resignation is seen as a step in President Obama's effort in restructuring and transforming the U.S. auto industry. I hope his resignation would allow further and deeper overhauls. To survive and compete in the future, our decades-old auto industry desperately needs a whole new culture that inspires hard work, competition, efficiency, and innovation.
Read this post and see our cartoons in prints at Cartoosh.com!
General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. Although Wagoner has been trying to steel the automaker giant towards the right direction, his effort is considered by some administration officials too little and too slow.
Wagoner's resignation is seen as a step in President Obama's effort in restructuring and transforming the U.S. auto industry. I hope his resignation would allow further and deeper overhauls. To survive and compete in the future, our decades-old auto industry desperately needs a whole new culture that inspires hard work, competition, efficiency, and innovation.
Read this post and see our cartoons in prints at Cartoosh.com!
(Click to see the full sized editorial cartoon.)
Thursday, March 19, 2009
The Mess of AIG Bonuses
3/18/2009
AIG CEO appeared in front of furious lawmakers on Capitol Hill yesterday to shed some light on over $165M bonus awarded to his employees - many of them in AIG's financial products unit. That's the very same department blamed for plunging AIG into the financial turmoil that eventually led the government to lend and invest about $170 billion in the company.
In defending his decision foregoing the bonus payments, CEO Liddy said that AIG needs these employees to continue working to unwind the company's exposure to about $1.6 trillion in derivatives.
"I know $165 million is a very large number," Liddy said. "In the context of $1.6 trillion and the money already invested in us, we thought that was a good trade."
I think we should invite CEO Liddy to explain such "a good trade" in a simple way that our children and grand children can understand. After all, we're counting on him to turn AIG around and hopefully pay the money back to them.
Like Cartoosh's View? Get Cartoosh's View at Cartoosh Gallery today.
AIG CEO appeared in front of furious lawmakers on Capitol Hill yesterday to shed some light on over $165M bonus awarded to his employees - many of them in AIG's financial products unit. That's the very same department blamed for plunging AIG into the financial turmoil that eventually led the government to lend and invest about $170 billion in the company.
In defending his decision foregoing the bonus payments, CEO Liddy said that AIG needs these employees to continue working to unwind the company's exposure to about $1.6 trillion in derivatives.
"I know $165 million is a very large number," Liddy said. "In the context of $1.6 trillion and the money already invested in us, we thought that was a good trade."
I think we should invite CEO Liddy to explain such "a good trade" in a simple way that our children and grand children can understand. After all, we're counting on him to turn AIG around and hopefully pay the money back to them.
Like Cartoosh's View? Get Cartoosh's View at Cartoosh Gallery today.
(Click to see the full sized editorial cartoon!)
Friday, March 13, 2009
Madoff Trade Penthouse For Tiny Jail Cell
3/12/2009
The disgraced financier, Bernard Madoff, pleaded guilty on Thursday to 11 charges, including fraud, perjury and money laundering. Judge Denny Chin ordered him jailed immediately. Madoff's plea came without an agreement, which means he faces a statutory maximum of 150 years in prison when he is sentenced June 16. Madoff's Park Avenue penthouse reported worth of $7 million is going to be up for sale.
Like Cartoosh's View? Get Cartoosh's View at Cartoosh Gallery today!
The disgraced financier, Bernard Madoff, pleaded guilty on Thursday to 11 charges, including fraud, perjury and money laundering. Judge Denny Chin ordered him jailed immediately. Madoff's plea came without an agreement, which means he faces a statutory maximum of 150 years in prison when he is sentenced June 16. Madoff's Park Avenue penthouse reported worth of $7 million is going to be up for sale.
Like Cartoosh's View? Get Cartoosh's View at Cartoosh Gallery today!
(Click to see the full sized editorial cartoon!)
Thursday, March 12, 2009
Todays Best Award: Bill With Earmarks Signed
Good news from Zazzle! The latest Cartoosh's View - "Bill with Earmarks" has won another Today's Best Award. Below is the message from Zazzle for your reference:
Hi cartoosh,
Congratulations!
Your product, Bill with Earmarks, has been selected as one of Today's Best on Zazzle!
This means it will appear on the Zazzle homepage for the rest of today and it will also be added to the Today's Best Awards Showcase. Keep up the great work!
Bask. Glow. The honor is yours to enjoy.
- Zazzle
I thank you for your continuous support and hope you enjoy Cartoosh's View. As always, feel free to forward Cartoosh's View to your friends and family and help get the words out.
(Click to see the product at Cartoosh Gallery!)
$410B Earmarks Filled Bill Signed
3/11/2009
President Obama signed the $410 billion bill Wednesday morning to keep most of the government operations running until September 30. Banking on Obama's willingness to sign the bill, both Republican and Democratic lawmakers jammed the bill with about 8,500 earmarks worth of $8 billion. At $410 billion, the bill represents an 8 percent increase over last year's spending levels, more than double the rate of inflation. Given the fact that the U.S. national deficit has been making its record everyday - currently at $10.9 trillion, we all know where the money is going to come from.
Like Cartoosh's View? Get Cartoosh's View at our Cartoosh Gallery today!
President Obama signed the $410 billion bill Wednesday morning to keep most of the government operations running until September 30. Banking on Obama's willingness to sign the bill, both Republican and Democratic lawmakers jammed the bill with about 8,500 earmarks worth of $8 billion. At $410 billion, the bill represents an 8 percent increase over last year's spending levels, more than double the rate of inflation. Given the fact that the U.S. national deficit has been making its record everyday - currently at $10.9 trillion, we all know where the money is going to come from.
Like Cartoosh's View? Get Cartoosh's View at our Cartoosh Gallery today!
(Click to see the full size editorial cartoon!)
Tuesday, March 3, 2009
S&P at 1996 Level
3/3/2009
S&P 500 index dropped to the lowest level below 7000 since October 28, 1996. Although the drop on Tuesday was moderate, the Dow Jones industry average tumbled 300 points a day earlier that sent both the Dow and the S&P 500 index to their lowest level in more than a decade. Monday's slump in the stock market was primarily triggered by the bigger than expected loss of $62 billion for the fourth quarter announced by AIG -- the biggest in U.S. corporate history. The U.S. government injected to AIG another $30 billion. The government already owns nearly 80 percent of the insurer’s holding company as a result of the earlier interventions, which included a $60 billion loan, a $40 billion purchase of preferred shares and $50 billion to soak up the company’s toxic assets.
Get Cartoosh's View in print at Cartoosh Gallery today!
S&P 500 index dropped to the lowest level below 7000 since October 28, 1996. Although the drop on Tuesday was moderate, the Dow Jones industry average tumbled 300 points a day earlier that sent both the Dow and the S&P 500 index to their lowest level in more than a decade. Monday's slump in the stock market was primarily triggered by the bigger than expected loss of $62 billion for the fourth quarter announced by AIG -- the biggest in U.S. corporate history. The U.S. government injected to AIG another $30 billion. The government already owns nearly 80 percent of the insurer’s holding company as a result of the earlier interventions, which included a $60 billion loan, a $40 billion purchase of preferred shares and $50 billion to soak up the company’s toxic assets.
Get Cartoosh's View in print at Cartoosh Gallery today!
(Click to see the full sized editorial cartoon!)
Monday, February 23, 2009
Cartoosh's View: CA: Give Me Your Unwanted Stimulus Money
1/22/2009
Some GOP governors appear to have difficult time in deciding whether to accept any money from the $787 billion economy stimulus package provided by the federal government. Some even are doing their calculus in determining which portion of the stimulus aid would be accepted and which portion not. Their reasons: The stimulus package is a waste of the taxpayers' money and is not going to help much of the economy or create enough jobs.
Well... California Gov. Arnold Schwarzenegger is more than happy to offer an easier solution to those governors: "Give your unwanted money to California. I'll take it!" Gov. Schwarzenegger just signed a painful budget deal last week in his state with severe cuts in spending, tax hikes, and borrowing to fill a $41 billion budget gap.
Get Cartoosh's View at Cartoosh Gallery today!
Some GOP governors appear to have difficult time in deciding whether to accept any money from the $787 billion economy stimulus package provided by the federal government. Some even are doing their calculus in determining which portion of the stimulus aid would be accepted and which portion not. Their reasons: The stimulus package is a waste of the taxpayers' money and is not going to help much of the economy or create enough jobs.
Well... California Gov. Arnold Schwarzenegger is more than happy to offer an easier solution to those governors: "Give your unwanted money to California. I'll take it!" Gov. Schwarzenegger just signed a painful budget deal last week in his state with severe cuts in spending, tax hikes, and borrowing to fill a $41 billion budget gap.
Get Cartoosh's View at Cartoosh Gallery today!
(Click to see the full sized editorial cartoon!)
Wednesday, February 11, 2009
Cartoosh's View: Bank CEOs Grilled By Congress
2/11/2009
After Treasury Secretary Tim Geithner announced yesterday that the government, the Federal Reserve, and the private sectors would spend around $2 trillion to bailout the troubling financial institutions, US bank CEOs appeared in front of the House Financial Services Committee in an attempt to repair their tarnished reputation. The banks are accused of using the money to cushion their balance sheets or buy up rivals. They are also accused of rewarding themselves with exceptional amount of bonus and corporate retreats to swanky hotels in Las Vegas and other resorts.
After Treasury Secretary Tim Geithner announced yesterday that the government, the Federal Reserve, and the private sectors would spend around $2 trillion to bailout the troubling financial institutions, US bank CEOs appeared in front of the House Financial Services Committee in an attempt to repair their tarnished reputation. The banks are accused of using the money to cushion their balance sheets or buy up rivals. They are also accused of rewarding themselves with exceptional amount of bonus and corporate retreats to swanky hotels in Las Vegas and other resorts.
In response to questions regarding his previous plan to treat his bank to a new private jet, Citigroup CEO Vikram Pandit said: "We did not adjust quickly enough ... and I take personal responsibility for this mistake." He now pledged that he'll take a salary of one dollar a year with no bonus, until Citigroup is back in profit.
After the hearing, these US bank CEOs will be facing a much bigger "challenge" in terms of what would be "the best uses" of the $2 trillion bailout money for the financial institutions.
(Click to see the full sized editorial cartoon!)
Tuesday, February 10, 2009
Cartoosh's View: $3 Trillion To Save Our Economy
2/10/2009
How much would it take to turn around the sinking economy again?
The Obama administration has been considering for the government and private sectors to purchase so-called toxic assets from the struggling financial institutions. According to the new estimate, the amount of government and private funds combined will be "on an initial scale of up to $500 billion, with the potential to expand up to $1 trillion."
How much would it take to turn around the sinking economy again?
The Obama administration has been considering for the government and private sectors to purchase so-called toxic assets from the struggling financial institutions. According to the new estimate, the amount of government and private funds combined will be "on an initial scale of up to $500 billion, with the potential to expand up to $1 trillion."
In addition, the Federal Reserve announced it would commit up to $1 trillion to purchase bonds or other assets backed by consumer loans. The Treasury will guarantee a portion of the Fed investment by putting up $100 billion, an increase from a $20 billion commitment that Bush administration had announced.
Adding all up along with the stimulus plans, the U.S. could throw as much as $3 trillion more in government and private funds into the fight against frozen credits and job losses. And, I think that's only a best guess at this point in time. What's your number?
(Click to see the full sized editorial cartoon!)
Monday, February 9, 2009
Cartoosh's View: Obama Administration Tries Its Best
2/9/2009
President Obama held a conference today to call on Republicans not to "play the usual politics games" and pressure the lawmakers to approve the massive economy stimulus plan.
"The plan is not perfect," the president said. "No plan is. I can't tell you for sure that everything in this plan will work exactly as we hope, but I can tell you with complete confidence that a failure to act will only deepen this crisis as well as the pain felt by millions of Americans."
President Obama said the country could well be in better shape by next year, as measured by increased hiring, lending, home values and other factors. "If we get things right, then, starting next year, we can start seeing significant improvement," Obama said.
Most of people seem to agree on President's call that the government has to take swift actions to bailout the troubling economy. Some experts concern that the stimulus plan lacks a clear strategy and is very much like a whole bunch of plans bundled together. Under the tremendous pressure in time, I guess we just has to throw all the mud on the wall and hope some would stick.
President Obama held a conference today to call on Republicans not to "play the usual politics games" and pressure the lawmakers to approve the massive economy stimulus plan.
"The plan is not perfect," the president said. "No plan is. I can't tell you for sure that everything in this plan will work exactly as we hope, but I can tell you with complete confidence that a failure to act will only deepen this crisis as well as the pain felt by millions of Americans."
President Obama said the country could well be in better shape by next year, as measured by increased hiring, lending, home values and other factors. "If we get things right, then, starting next year, we can start seeing significant improvement," Obama said.
Most of people seem to agree on President's call that the government has to take swift actions to bailout the troubling economy. Some experts concern that the stimulus plan lacks a clear strategy and is very much like a whole bunch of plans bundled together. Under the tremendous pressure in time, I guess we just has to throw all the mud on the wall and hope some would stick.
(Click to see the full sized editorial cartoon!)
Saturday, February 7, 2009
Cartoosh's View: Same Old Politics Played By Obama?
President Obama has suffered a great political setback due to recent withdrawals announced by Nancy Killefer and Tom Daschle. Killefer's withdrawal was due to her tax issues, while Daschle's has to do with both his tax issues and interest conflicts related to his work with some health care companies. Not long ago, Gov. Bill Richardson withdrew from consideration of Commerce Secretary due to the federal probe of a company's business dealings with the government he leads. Although Tim Geithner was already sworn in as Treasury Secretary, he also failed to pay for his self-employment taxes.
The frauds those people revealed are part of the reason why Americans no longer trust politicians and their governments. That President Obama stood by those candidates firmly to the last minute makes American people wonder if he is still serious about his promise for new politics in Washington.
Also, see other comments to this editorial cartoon at CNN's iReport.com. As of Feb. 8, this cartoon has received the highest ratings on iReport.com.
The frauds those people revealed are part of the reason why Americans no longer trust politicians and their governments. That President Obama stood by those candidates firmly to the last minute makes American people wonder if he is still serious about his promise for new politics in Washington.
Also, see other comments to this editorial cartoon at CNN's iReport.com. As of Feb. 8, this cartoon has received the highest ratings on iReport.com.
(Click to see the full sized editorial cartoon.)
Tuesday, February 3, 2009
Cartoosh's View: Daschle and Killefer Withdrew Their Nominations
2/3/2009
Apparently, Timothy Geithner is not the only one who has failed to pay taxes. But, he is luckier than Tom Daschle and Nancy Killefer.
Due to concerns over his tax issues and potential conflicts of interests, Daschle has announced his withdrawal from the nomination by President Obama to lead the nation's health-care reform.
Concerns about Daschle's failure to fully pay his taxes from 2005 through 2007 had been growing, even after he paid $128,203 in back taxes and $11,964 in interest last month. It was reported that Daschle also has also failed to pay Medicare taxes, although the actual amount has not been disclosed. There are also concerns about potential conflicts of interests related to his work at a law firm with some health care special interests.
Hours earlier, Nancy Killefer, who was considered to become Chief Performance Officer - a role that is supposed to make our government better, also announced her withdrawal from the nomination. There were concerns that her tax issues might go beyond the unpaid unemployment compensation tax on household help in 2005.
President Obama has promised us a change in Washington politics. With all these issues surfacing up today, I have to ask President Obama a question: "Is your change for better or for worse?"
Also, read this editorial cartoon on CNN's iReport.com.
Apparently, Timothy Geithner is not the only one who has failed to pay taxes. But, he is luckier than Tom Daschle and Nancy Killefer.
Due to concerns over his tax issues and potential conflicts of interests, Daschle has announced his withdrawal from the nomination by President Obama to lead the nation's health-care reform.
Concerns about Daschle's failure to fully pay his taxes from 2005 through 2007 had been growing, even after he paid $128,203 in back taxes and $11,964 in interest last month. It was reported that Daschle also has also failed to pay Medicare taxes, although the actual amount has not been disclosed. There are also concerns about potential conflicts of interests related to his work at a law firm with some health care special interests.
Hours earlier, Nancy Killefer, who was considered to become Chief Performance Officer - a role that is supposed to make our government better, also announced her withdrawal from the nomination. There were concerns that her tax issues might go beyond the unpaid unemployment compensation tax on household help in 2005.
President Obama has promised us a change in Washington politics. With all these issues surfacing up today, I have to ask President Obama a question: "Is your change for better or for worse?"
Also, read this editorial cartoon on CNN's iReport.com.
(Click to see the full sized cartoons.)
Friday, January 30, 2009
Cartoosh's View: Blagojevich Got The Boot
1/29/2009
Illinois Gov. Rod Blagojevich was thrown out of office Thursday. The Illinois Senate voted 59-0 to convict him of abuse of power in related to his attempt to profit from the U.S. Senate seat left open by President Obama. Even so, he is still going to face the corruption charges from the federal prosecutors.
The now former Gov. argued that he did nothing wrong and that there is no sufficient evidence to support such verdict. "You haven't proved a crime, and you can't, because it didn't happen, " Blagojevich told the law makers. Outside of his Chicago home Thursday night, he said to the reporters that he'll "keep fighting to clear my name." He then added: "I love the people of Illinois today more than I ever have been before."
Also see this editorial cartoon at CNN's iReport.com.
Illinois Gov. Rod Blagojevich was thrown out of office Thursday. The Illinois Senate voted 59-0 to convict him of abuse of power in related to his attempt to profit from the U.S. Senate seat left open by President Obama. Even so, he is still going to face the corruption charges from the federal prosecutors.
The now former Gov. argued that he did nothing wrong and that there is no sufficient evidence to support such verdict. "You haven't proved a crime, and you can't, because it didn't happen, " Blagojevich told the law makers. Outside of his Chicago home Thursday night, he said to the reporters that he'll "keep fighting to clear my name." He then added: "I love the people of Illinois today more than I ever have been before."
Also see this editorial cartoon at CNN's iReport.com.
(Click to see the full sized editorial cartoon!)
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