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Archive for the ‘Economic News’ Category

Florida Federal Judge Rules Entire Obama Health Care Law Unconstitutional

PENSACOLA, FL – A Florida federal judge has ruled that President Obama’s health care overhaul, “Obamacare,” is unconstitutional. The judge based his ruling on the law’s mandate that citizens must purchase health care, a requirement he said violates the Constitution. The ruling affects the 26 states who had joined together to file a case against the law, yet still has implications for the entire country.

U.S. District Judge Roger Vinson ruled Congress overstepped its bounds by instituting the individual mandate, but also said the entire law was unconstitutional since the individual mandate is not “severable.” Vinson ruled that as a result of the unconstitutionality of the “individual mandate” that requires people to buy insurance, the entire law must be declared void. ... Read Full Story

Federal Judge Rules Obamacare Mandate Unconstitutional in VA Challenge

A federal judge has ruled Monday that a key part of Obamacare to be unconstitutional. U.S. District Judge Henry E. Hudson declared the Obama administration’s health care law unconstitutional, siding with Virginia’s attorney general in a dispute that both sides agree will ultimately be decided by the U.S. Supreme Court.

Virginia Republican Attorney General Kenneth Cuccinelli filed a separate lawsuit in defense of a new state law that prohibits the government from forcing state residents to buy health insurance. However, the key issue was his claim that the federal law’s requirement that citizens buy health insurance or pay a penalty is unconstitutional. ... Read Full Story

Complaint Filed in NY Against Bernie Madoff by California Law Firm

According to a legal action filed yesterday in New York, Bernie Madoff’s  prison associates are quite cast of characters. Right now Madoff shares a jail cell with a 21-year-old drug dealer and hangs out with a former crime boss and an Israeli spy.

Complaint lodged agaist bernie Madoff in NY Supreme Court

Complaint lodged against Bernie Madoff in New York Supreme Court by California Law Firm

Attorneys who interviewed Madoff in jail in July used information obtained from him to file a series of claims against major banks and accountancy firms, in an action that also throws light on Madoff’s life behind bars… ... Read Full Story

Obama and Chavez Shake Hands – All Smiles

Port of  Spain,  April 17, 2009 –  President Obama shook hands with Venezuelan Presiden Hugo Chavez  during an impromptu meeting with the anti-U.S. leader at the Summit of the Americas.

“I greeted Bush with this hand eight years ago; I want to be your friend,” Chavez told Obama, according to a Venezuelan presidential press office statement.

Chavez, a staunch ally of Cuba, had became one of the Bush’s administrations most strident critics. In March, he called Obama at best an “ignoramus” after the U.S. leader said Chavez obstructed progress in Latin America.

 Ties between Washington and Caracas have frayed under Chavez, who often accuses U.S. officials of trying to topple him. Chavez expelled the U.S. envoy to Caracas in September in a dispute over U.S. activities in Venezuelan ally Bolivia.

 Former soldier Chavez says socialist revolution can counter U.S. free-market policies in South America and he has become a standard-bearer for anti-U.S. sentiment in the region. But Washington has branded him a threat to regional stability. (Reporting by Patrick Markey; Editing by Eric Walsh)

Foreclosures Are Back Stronger Than Ever

Foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 341,180 properties in March, 46% more than a year ago and 17% more than February’s total, according to the latest report from RealtyTrac Inc., a foreclosure listing firm. (RealtyTrac is a partner of MSN Real Estate.) Read more about  Foreclosures surge back with a vengeance

Glendale Mall Owner General Growth Files Historic Real Estate Bankruptcy

General Growth Properties Inc., owner of some of the nation’s most prominent malls, including the Glendale Galleria, filed for Chapter 11 protection from creditors Thursday, marking the biggest real estate bankruptcy in U.S. history.

The filing, anticipated for months, comes as cash-strapped consumers turn away from shopping as a favorite pastime and the role of the mall in American culture is losing its charm.

No One Wants To File For Bankruptcy But It May Be The Smartest Choice… ... Read Full Story