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Europe puts more on the line for banks than US - 10/14/08 09:24 AM
ANGELA CHARLTON and EMMA VANDORE
Associated PressOctober 14, 2008
PARIS - Europe put $2.3 trillion on the line Monday to protect the continent’s banks, a figure that dwarfs the Bush administration’s $700 billion rescue program, in its most unified response yet to the global financial crisis after a stumbling start.
The pledges by Britain and the six countries that use the euro helped soothe stock markets, along with a promise by top central banks to provide unlimited short term dollar credits.
The action by Germany, France, the Netherlands, Spain, Portugal, Austria and Britain came after weeks in which the governments … (0 comments)
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Bond Market Collapse is Imminent - 10/13/08 01:38 PM
Adrian Douglas GoldseekOcorber 12, 2008
Imagine a country such as Venezuela announced that it was bailing out an investment bank, then just days later said it was nationalizing its mortgage industry, and then just days later that it was bailing out its biggest insurance company, and then just days later its government pledged 700B$ to inject into its failing banks, and then just days later its stock market fell 20%. Would you feel comfortable having your money invested in such a country, in its stock market, in its bond market or in its currency?
I hope you answered “No” or “Hell, … (0 comments)
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Money Markets Ease on Unlimited Dollars Pledge - 10/13/08 01:35 PM
Reduters October 13, 2008
Money market rates eased on Monday after Europe’s central banks said they would lend commercial banks as much U.S. dollar funding as they need.
In the latest joint bid to thaw frozen money markets the U.S. Federal Reserve, the European Central Bank, the Bank of England and the Swiss National Bank also scrapped their existing dollar auction systems and replaced them with a new fixed rate system.
“Counterparties in these operations will be able to borrow any amount they wish against the appropriate collateral in each jurisdiction,” the Fed said in a statement.
“Central banks will continue … (1 comments)
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US Officials Said to Offer Protection to Japan Investors - 10/13/08 01:34 PM
Andrew Ross Sorkin The New York TimesOctober 13, 2008
In what could set an important precedent, federal officials assured a big Japanese bank that its planned investment in the embattled Wall Street giant Morgan Stanley would be protected, according to people involved in the talks.
After two days of tense negotiations, Treasury officials urged a hesitant Mitsubishi UFJ Financial Group to proceed with its $9 billion investment in Morgan Stanley, which has sought the capital infusion to reassure investors and customers about its stability.
The deal is considered a crucial step in the government’s strategy for revitalizing the financial system by … (0 comments)
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Dollar, Euro, Sterling May Be Destroyed Zimbabwe-Style - 10/13/08 01:32 PM
Paul Joseph Watson Prison PlanetMonday, October 13, 2008
Private investment advisor Martin Hennecke warned this morning that the endless printing of money to bail out collapsing banks would lead to hyperinflation and the Zimbabwe-style destruction of the dollar, euro and sterling.
Asked by CNBC how the three currencies could be destroyed, Hennecke, senior manager of private clients at Tyche, highlighted the collapse of Iceland’s banks.
“They have a lot of external debt in other currencies so they wouldn’t be able to print up more of their own currency - meaning hyperinflation to get out of their debt - but the … (0 comments)
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Rescue for the Few, Debt Slavery for the Many - 10/13/08 01:31 PM
Michael Hudson CounterpunchOctober 13, 2008
We are now entering the financial End Time. Bailout “Plan A” (buy the junk mortgages) has failed, “Plan B” (buy ersatz stocks in the banks to recapitalize them without wiping out current mismanagers) is fizzling, and the debts still can’t be paid. That is the reality Wall Street avoids confronting. “First they ignore you, then they denounce you, and then they say that they knew what you were saying all the time,” said Gandhi. The same might be said of today’s overhang of debts in excess of the economy’s ability to pay. First the policy makers … (0 comments)
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Good Read! - The October Surprise: Global Panic - 10/13/08 01:29 PM
Stephen Lendman Global ResearchOctober 13, 2008
Since 9/11, the notion of an October surprise has been around. The idea going something like this. Another real or manufactured terror attack. The dominant media stokes fear. The public is again traumatized. The Bush administration pledges all effective measures to protect national security. Formerly seizes total power. Suspends the Constitution and declares martial law. Mass detentions follow. Beginning with dissenters and elements of the public considered “dangerous.”
This may be coming with the 3rd Infantry’s 1st Brigade Combat Team back in the US as of October 1. According to the Army Times, as “an … (0 comments)
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Brown: Use This Crisis To Create New Financial World Order - 10/13/08 01:24 PM
Steve Watson
Infowars.netOctober 13, 2008
British Prime Minister Gordon Brown has called for a new Bretton Woods system, saying that the financial crisis should be used to make world leaders agree to fresh rules and regulations under a long planned new global financial order.
“Sometimes it takes a crisis for people to agree that what is obvious and should have been done years ago, can no longer be postponed,” Brown told an audience earlier today.
Speaking at Thomson Reuters’ editorial headquarters, Brown called for “a new financial architecture for the global age”, stating that the Bretton Woods system devised after the second … (0 comments)
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Blatant Banker Manipulation Of Gold Prices - 10/13/08 01:23 PM
Paul Joseph Watson Prison PlanetOctober 13, 2008
Despite the dramatic fall in gold prices from Friday’s high of around $930 an ounce to today’s current low of $830, sales of actual physical gold continues to trade for anything up to $300 over spot price, proving again that official COMEX gold future numbers are completely divorced from reality and banker manipulation is rife.
Panic buying of physical gold has gripped Europe as consumers fear their savings accounts are no longer safe in light of numerous bank failures, prompting dealers to run dry on gold bullion which in turn is driving up premiums.
… (0 comments)
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Anatomy of the American Financial Crisis: How It is Turning into a Worldwide Crisis - 10/13/08 01:21 PM
Prof. Rodrigue Tremblay Global ResearchOctober 13, 2008
"The basis for optimism is sheer terror." Oscar Wilde
[After the March 2008 Bear Stears bailout] "As more firms lost access to funding, the vicious circle of forced selling, increased volatility, and higher haircuts and margin calls that was already well advanced at the time would likely have intensified. The broader economy could hardly have remained immune from such severe financial disruptions."Ben Bernanke, Fed Chairman (March 2008)
“In accounting 101 we learn that high yields equal high risk. We know the CEOs had an incentive to disregard this because they were getting huge bonuses.” David Hartzell, dean … (0 comments)
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Ron Paul on the State of the Economy - 10/12/08 02:10 PM
Campaign For LIberty Sunday, Oct 12, 2008
On Restoring Confidence in the Markets
On Market Intevention
On the Possibility of the End of Capitalism
On the “Safety Net” Concept
On Capital and Capitalism
On Pending Dollar Collapse
… (0 comments)
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Canadian Premier hopes to integrate economy with European Union - 10/12/08 02:07 PM
Globe and Mail Ocotber 12, 2008
NIAGARA-ON-THE-LAKE, ONT. — Canada’s premiers will play a pivotal role in the country’s efforts to integrate its economy with the 27 nations of the European Union, Quebec Premier Jean Charest says.
Preliminary talks between Canadian and European officials will begin on Oct. 17 at a summit in Montreal. The provinces’ role in the negotiations will be instrumental to the fate of the proposed massive agreement because it involves issues that primarily fall under their jurisdiction, Mr. Charest told The Globe and Mail yesterday.
No deal could happen without the premiers at the table, he said.
… (0 comments)
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Brown lawn means jail time - 10/12/08 02:05 PM
Jodie Tillman St. Petersburg TimesOctober 12, 2008
BAYONET POINT — On Friday morning, Joseph Prudente put on a pair of shorts and his “Grandpa Gone Wild” T-shirt. He took off his wedding band and put his heart medication in a plastic Wal-Mart bag.
Then his daughter drove him to jail. Grandpa had time to do.
His crime? He had disobeyed a court order that he sod the lawn at his Beacon Woods home.
His bail? Zero.
Prudente, 66, must stay in the Pasco County jail in Land O’Lakes until the required sod work is completed, under a September court order signed … (0 comments)
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Financial crisis: Countries at risk of bankruptcy from Pakistan to Baltics - 10/12/08 02:03 PM
Ambrose Evans-Pritchard TelegraphOctober 12, 2008
Nuclear-armed Pakistan is bleeding foreign reserves at an alarming rate leading to fears that it could default on its loans.
There are mounting fears that Ukraine, Kazakhstan, and Argentina could all now slide into a downward spiral towards bankruptcy, while western banks exposed to property bubble across Eastern Europe have seen their share price crushed.
The markets are pricing an 80pc risk that Ukraine will default, based on five-year credit default swaps (CDS) – an insurance policy on a country being able to pay its debts.
The country’s banking system has begun to break down after … (0 comments)
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Two More Banks Closed by Regulators - 10/12/08 02:03 PM
MARCY GORDON Associated PressOctober 12, 2008
Regulators on Friday shut down two small banks, Main Street Bank in Michigan and Meridian Bank in Illinois.
They brought to 15 the number of federally insured banks that have failed this year.
The Federal Deposit Insurance Corp. was appointed receiver of the banks. Main Street Bank, based in Northville, Mich., had $98 million in assets and $86 million in deposits as of Oct. 7. Meridian Bank, based in Eldred, Ill., had assets of $39.2 million and deposits of $36.9 million as of Sept. 25.
The FDIC said all of Main Street Bank’s deposits will … (0 comments)
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Who is Henry Paulson? - 10/12/08 02:02 PM
Tom Eley
WSWSOctober 12, 2008
The plan to rescue the US financial industry arrogates virtually unlimited money and power over the financial affairs of the state to the office of Treasury Secretary Henry Paulson. Paulson is a figure with a long history of intimate connections to the political and financial elite.
In 1970, fresh from the Masters program of the Harvard Business School, Paulson entered the Nixon administration, working first as staff assistant to the assistant secretary of defense. In 1972-73, Paulson worked as office assistant to John Erlichman, assistant to the president for domestic affairs. Erlichman was one of … (1 comments)
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The Next Derivatives Bloodbath: Insurance and Auto Makers - 10/12/08 02:01 PM
George Washington’s Blog Sunday, Oct 12, 2008
This essay is about future derivatives problems. But before we look to the future, let’s recap what happened yesterday, to gain some perspective.
Post-Game Analysis on Lehman
As the Washington Post writes today about yesterday’s auction of some $400 billion dollars in credit default swaps for Lehman:
‘If we see defaults from the standpoint that protection sellers don’t pay up, then we’re going to have a huge problem in the market,’ Telpner said. ‘But we don’t have any explicit evidence indicating that sellers ultimately are not going to be able to pay the amounts owed to … (0 comments)
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The Quadrillion Dollar Powder Keg Waiting To Blow - 10/12/08 02:00 PM
Bob Chapman The International ForecasterOctober 12, 2008
Derivatives at the heart of the crisis, catastrophic losses are inevitable, financial system headed for oblivion, the new world disorder, EU doomed, Credit Default Swaps at the heart of the problem, Plunge Protection Team history, coverups for globalization failures, Bloodbath for the Yen,
The heart of the current crisis is the quadrillion plus derivative market. Roughly half of these derivatives are listed on exchanges, but the other half are on the totally unregulated, totally opaque, poorly documented and mostly naked (no reserves or collateral given to secure performance) OTC derivatives market. The subprime and … (1 comments)
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European summit works on “ambitious” crisis plan - 10/12/08 01:58 PM
Tamora Vidaillet and Huw Jones ReutersOctober 12, 2008
European leaders raced against the clock on Sunday to clinch a rescue strategy for banks battered by the worst financial crisis since the 1930s, under intense pressure to throw them a lifeline before world markets reopen.
At a summit in Paris, the focus fixed firmly on how much state money governments could mobilize to buy into banks if needed, and if they would also underwrite lending between banks, paralyzed for now by fear and distrust.
French President Nicolas Sarkozy told reporters the meeting would come up with an “ambitious and coordinated plan” to … (0 comments)
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Scramble to save banks as IMF warns of meltdown - 10/12/08 01:58 PM
James Mackenzie and James Grubel ReutersSunday, Oct 12, 2008
Rich nations rushed to shore up the global financial system after the International Monetary Fund warned of meltdown, with Australia and New Zealand guaranteeing bank deposits and newspapers reporting plans for Britain’s biggest retail bank rescue.
The International Monetary Fund said it backed a Group of Seven plan to try to stabilize markets and urged “exceptional vigilance, coordination and readiness to take bold action” to contain a firestorm that pushed global stocks to five-year lows.
Under the Australian plan, all deposits in the country’s banks, building societies and credit unions, would be … (0 comments)
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Financial crisis reshapes world order - 10/12/08 01:56 PM
David R. Sands Washington TimesOctober 12, 2008
As shell-shocked central bankers and finance ministers gather in Washington to confront the world’s financial meltdown this weekend, that grinding noise in the background is the sound of the global balance of power shifting.
In sharp contrast to past crises — from the Latin American debt problems of the 1980s to the Asian and Russian currency collapses of the 1990s — the emerging markets of the developing world boast the strong balance sheets and deep financial pockets while the United States and Western Europe lurch from crisis to crisis.
Associated Press ‘INTERCONNECTED’: President Bush … (0 comments)
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The End Of American Capitalism? - 10/10/08 01:28 PM
Anthony Faiola Washington PostOctober 10, 2008
The worst financial crisis since the Great Depression is claiming another casualty: American-style capitalism.
Since the 1930s, U.S. banks were the flagships of American economic might, and emulation by other nations of the fiercely free-market financial system in the United States was expected and encouraged. But the market turmoil that is draining the nation’s wealth and has upended Wall Street now threatens to put the banks at the heart of the U.S. financial system at least partly in the hands of the government.
The Bush administration is considering a partial nationalization of some banks, buying … (3 comments)
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Berlusconi Says Leaders May Close World’s Markets - 10/10/08 01:27 PM
Steve Scherer BloombergOctober 10, 2008
Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world’s financial markets while they “rewrite the rules of international finance.”
“The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,” Berlusconi said today after a Cabinet meeting in Naples, Italy. A solution to the financial crisis “can’t just be for one country, or even just for Europe, but global.”
The Dow Jones Industrial Average fell as much 8.1 percent in early trading and pared most of those losses after Berlusconi’s remarks. The … (1 comments)
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Paulson: Crony Communist or Businessman? - 10/10/08 01:26 PM
David Sirota Common DreamsOctober 10, 2008
Is Henry Paulson a crony communist or a businessman? The answer could be the difference between economic disaster and recovery.
Understanding Paulson’s role in stopping-or fueling-the credit crisis requires a review of two axioms from Economics 101: 1) A credit crisis occurs when banks stop lending and 2) The amount banks can lend is a multiple of the capital in their vaults. Therefore, ending a credit crisis means prompting new lending-and that means maximally increasing bank capital.
Enter Paulson, the former Goldman Sachs executive and current Treasury secretary. The bailout he fearmongered through Congress aims … (1 comments)
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World Bank Under Cyber Siege in ‘Unprecedented Crisis’ - 10/10/08 01:26 PM
Richard Behar Fox NewsOctober 10, 2008
The World Bank Group’s computer network — one of the largest repositories of sensitive data about the economies of every nation — has been raided repeatedly by outsiders for more than a year, FOX News has learned.
It is still not known how much information was stolen. But sources inside the bank confirm that servers in the institution’s highly-restricted treasury unit were deeply penetrated with spy software last April. Invaders also had full access to the rest of the bank’s network for nearly a month in June and July.
In total, at least six major … (0 comments)
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A Possible Solution to the Economic Crisis - 10/10/08 01:25 PM
Paul Craig Roberts CounterpunchOctober 10, 2008
Readers have been pressing for a solution to the financial crisis. But first it is necessary to understand the problem. Here is the problem as I see it. If my diagnosis is correct, the solution below might be appropriate.
Let’s begin with the fact that the financial crisis is more or less worldwide. The mechanism that spread the American-made financial crisis abroad was the massive US trade deficit. Every year the countries with which the US has trade deficits end up in the aggregate with hundreds of billions of dollars.
Countries don’t put these dollars … (0 comments)
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GM, Ford May Face Bankruptcy on Slowdown - 10/10/08 01:24 PM
Jeff Green and Marco Bertacche BloombergOctober 10, 2008
General Motors Corp., Ford Motor Co. and Chrysler LLC may be forced into bankruptcy by slowing economies and dwindling U.S. auto sales, Standard & Poor’s analyst Robert Schulz said today.
“Macro factors could overwhelm them at some point” even with the three biggest U.S. automakers committed to turnarounds, Schulz said in a Bloomberg Television interview. S&P said yesterday it may cut GM and Ford debt deeper into junk on forecasts for 2009 auto demand falling to the lowest since 1992.
GM, Ford and Chrysler are under pressure as the worsening global credit crisis … (0 comments)
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$500 Billion Bailout? Try Over $2 Trillion - 10/10/08 01:23 PM
Matthew Benjamin BloombergOctober 10, 2008
The global financial crisis is turning into a bigger drain on the U.S. federal budget than experts estimated two weeks ago, ballooning the deficit toward $2 trillion.
Bailouts of American International Group, Fannie Mae and Freddie Mac likely will be more expensive than expected. States are turning to Washington for fiscal help. The Federal Reserve said this week it will begin buying commercial paper, the short- term loans companies used to conduct day-to-day business, further increasing costs. And analysts now say the $700 billion bank- rescue plan passed by Congress last week may have to be … (3 comments)
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Federal Reserve extends reach with 1930s powers - 10/10/08 01:23 PM
Tom Raum Associated PressOctober 10, 2008
WASHINGTON - Dusting off Depression-era emergency powers, the Federal Reserve is extending its reach over the economy as never before, pushing the limits of its authority, if not exceeding them.
Now the nation’s central bank is even becoming a source of loans for companies other than banks.
Radical steps by the Fed under Chairman Ben S. Bernanke - all in the name of seeking to halt the panic sweeping financial markets - are turning it into a financial colossus. They are also putting the government deeper into debt and taxpayers further at risk if the … (0 comments)
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Stocks are on track for their worst year since 1937 - 10/10/08 01:22 PM
RENAE MERLE, MICHAEL A. FLETCHER and NEIL IRWIN The Washington PostOctober 10, 2008
WASHINGTON — Fear and foreboding took hold Thursday on Wall Street, as the market again plunged and investors became convinced that the nation is on the verge of a deep and prolonged recession. The decline continued in Asia, where stocks plummeted in early trading today.
The government took steps toward an extraordinary public investment in U.S. banks and General Motors’ stock fell to its lowest price since 1950 on fears it will not be able to weather the downturn. Share prices fell across every industry and for each … (1 comments)
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FLASHBACK - July 2006 – 'THE FEDERAL RESERVE: FRAUD OF THE CENTURY' - 10/10/08 03:26 AM
While millions of Americans look with awe to the Federal Reserve to protect the nation's financial well being, millions more mistrust the Fed, seeing it as an unaccountable, private banking cartel siphoning off citizens' wealth and manipulating America's economy for the benefit of a hidden elite.
Where does the truth lie? That's the question that's asked – and answered in-depth – in the July issue of WorldNetDaily's acclaimed monthly Whistleblower magazine.
Titled "THE FEDERAL RESERVE: FRAUD OF THE CENTURY," Whistleblower documents authoritatively and with uncommon clarity how the "Federal Reserve" – which is neither part of the federal government, nor does … (1 comments)
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McCain’s Housing Plan: People Get Overpriced Homes For Free? - 10/09/08 06:49 PM
Diana Olick CNBC October 9, 2008
So a few weeks ago I half-jokingly suggested that a good way to get rid of all the excess inventory of new construction would be for the government to buy up all those new homes and give them to all the folks who lost their homes to foreclosure.
It sort of seems like John McCain is thinking along the same lines, only without the new construction.
Senator McCain announced a plan last night for the Treasury to directly purchase home loans from borrowers and servicers at full price and then give the borrowers cheaper fixed-rate … (1 comments)
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A master plan for China to bail out America - 10/09/08 06:36 PM
Arvind Subramanian Financial Times October 8, 2008
The financial rescue plan passed by the US Congress is viewed as flawed but necessary to head off panic in financial markets and loss of confidence in the economy. It seems a holding operation, a Plan C or D that might need augmentation via a Plan A.
A vital component of a Plan A is likely to be additional money. For one thing, there is suspicion that the amount of toxic assets is considerably greater than the rescue plan provides for. For another, more money may be required to address the problem in the … (0 comments)
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Behind the Panic: Financial Warfare over Future of Global Bank Power - 10/09/08 06:34 PM
F. William Engdahl Infowars October 9, 2008
What is clear from the behavior of European financial markets over the past two weeks is that the dramatic stories of financial meltdown and panic are deliberately being used by certain influential factions in and outside the EU to shape the future face of global banking in the wake of the US sub-prime and Asset-Backed Security (ABS) debacle. The most interesting development in recent days has been the unified and strong position of the German Chancellor, Finance Minister, Bundesbank and coalition Government, all opposing an American-style EU Superfund bank bailout.
Stock market falls … (0 comments)
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Deconstructing The Power of the Global Elite: Brute Force, The Power to Hurt, and Psychological Control - 10/09/08 06:32 PM
Judith H. Young Global Research October 9, 2008
In the aftermath of Congressional approval of bailout legislation granting sweeping powers to the financial elite, the body politic appears to be helplessly mired in the relentless unfolding of classical fascism before its very eyes.
Coming to terms with this terrifying predicament can benefit from a primer that renders naked the forms of raw power used by the global elite in advancing its agenda for full spectrum dominance. This will enable us to determine if we are in fact helpless and to use care and deliberation in finding the means to take our … (0 comments)
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How To Solve the Financial Crisis: Get Rid of the Liars - 10/09/08 06:29 PM
George Washington’s Blog Thursday, Oct 9, 2008
After 7 years of lies from Bush, Cheney, Pelosi and the gang, people have stopped believing them.
As Ralph Waldo Emerson said:
“Who you are speaks so loudly I can’t hear what you’re saying.”
Its like a thief who has been arrested 5 times for burglary. Even though he says all the right things to the judge at sentencing, the judge is still going to throw the book at him.
If the thief is appointed to head a government commission on corruption, do you think people will have confidence in the commission or its … (0 comments)
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New World Government: Global co-operation, nationalisation and state intervention - all in one day - 10/09/08 06:28 PM
Lindsay McIntosh The Scotsman Thursday, Oct 9, 2008
IT WAS a day of desperate global action, unprecedented in both scale and cost, intended to stymie the international devastation being wrought by the financial crisis.
As the London stock market steeled itself to open again following days of vicious battering, Alistair Darling, the Chancellor, rose to stake the future of the country and the Cabinet on an audacious £500 billion banking bail-out.
And barely had the City begun to digest the hugely complex and unorthodox scheme when it was sent reeling again by an unscheduled interest rate cut – mirrored across the … (0 comments)
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FDIC deposit insurance not a sure thing - 10/09/08 06:27 PM
Radhika Miller IntelDaily October 9, 2008
We hear the parting words from television commercials and radio advertisements: “Member FDIC Insured.” The Federal Deposit Insurance Corporation has been insuring our money, our livelihood, up to $100,000. This was supposed to make working-class people feel safe and comfortable. But when a series of huge banks collapsed, falling like dominos one after the other, individual financial safety was put in serious jeopardy.
With the passage of the Wall Street bailout legislation, the rules for the FDIC have changed. The sum per bank deposit guaranteed by the FDIC has been temporarily raised to $250,000. The … (0 comments)
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World Bank chief Zoellick to supercede G7 with new constricting global body - 10/09/08 06:25 PM
Aaron Dykes JonesReport.com October 9, 2008
In the wake of global economic fears, World Bank chief Robert Zoellick has proposed a new multilateral steering group “suiting our times” to replace the G7, which he attacked as “no longer effective.” Such a group would include not only the rich nations, but also emerging powers like China, India and Brazil and would be more ‘flexible.’
“It needs to maximize the strengths of interconnecting,” Zoellick said.
Such a proposal offers the solution of further constriction, like a python, to supercede the G7 and impose greater world control. Zoellick envisions that new reforms would “bring … (0 comments)
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Gold Rush as Bullion Has A Glitzy Future - 10/08/08 02:29 PM
Daily Express October 8, 2008
Investors worried by the state of the markets have started a gold rush, buying into bullion stocks in unprecedented numbers, analysts revealed yesterday.
Queues of would-be customers have been congregating outside the offices of ATS Bullion in London as more people pin their hopes on gold being the answer to the global financial crisis.
Sandra Conway, managing director at ATS, one of the UK’s leading gold coin and bar merchants, said: “There has been enormous demand. There are very few sellers of physical gold and we have had queues of people today.”
Research from BullionVault.com shows … (0 comments)
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Bankers Want World Economic Government To Solve Financial Crisis They Created - 10/08/08 02:28 PM
Paul Joseph Watson Prison Planet Wednesday, October 8, 2008
The world’s central bankers are gathering this week at the IMF-World Bank conference in Washington DC and are expected to grease the skids for the creation of a machinery of world economic governance under the pretext of preventing a repeat of the financial crisis, a global economic policeman to patrol a de-facto financial dictatorship.
Bilderberg member and recently appointed UK Business Secretary Peter Mandelson (pictured above) argued last week that new global solutions are needed because “the machinery of global economic governance barely exists”, adding: “It is time for a Bretton … (0 comments)
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‘Economic 9/11′ exacting grim psychological toll in US - 10/08/08 02:27 PM
The Economic Times October 8, 2008
The murder-suicide of a Los Angeles financial manager who shot dead five members of his family before killing himself has highlighted the psychological toll of the economic meltdown.
The bodies of Karthik Rajaram, a 45-year-old business school graduate, and his wife, three children and mother-in-law, were discovered at his home in an upmarket gated community on Monday.
In a letter to police, Rajaram said he had been driven to murder because of his dire economic situation: already unemployed for several months, his remaining finances were reportedly wiped out by Wall Street’s collapse.
Rajaram’s tragic case … (0 comments)
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Bankers may need 50 years to regain credibility - 10/08/08 02:26 PM
The Economic Times October 8, 2008
Discredited and vilified. Those are the words that can begin to describe the people most Americans would term “bankers”. Rarely has a broadly defined category of occupation sunk so far, so fast.
Not too long ago, careers in finance beckoned the ambitious and avaricious. In New York, in particular, the only lives worth living seemed to be led by those who worked on Wall Street and whose compensation was determined in widely reported, year-end, life-altering bonuses.
That ended, I suspect, shortly after noon on Friday, October 3, when the US House of Representatives passed the … (0 comments)
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Retirement accounts have lost $2 trillion so far - 10/08/08 02:26 PM
JULIE HIRSCHFELD DAVIS Associated Press October 8, 2008
WASHINGTON - Americans’ retirement plans have lost as much as $2 trillion in the past 15 months — about 20 percent of their value — Congress’ top budget analyst estimated Tuesday as lawmakers began investigating how turmoil in the financial industry is whittling away workers’ nest eggs.
The upheaval that has engulfed financial firms and sent the stock market plummeting is also devastating people’s savings, forcing families to hold off on major purchases and even delay retirement, Peter Orszag, the head of the Congressional Budget Office, told the House Education and Labor Committee.
… (0 comments)
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Stocks retreat again despite emergency rate cut - 10/08/08 02:25 PM
Associated Press October 8, 2008
NEW YORK (AP) — Wall Street extended its huge decline Wednesday as an emergency interest rate cut failed to alleviate investors’ fears that the paralysis in the credit markets will set off a global recession. The Dow Jones industrials, already down 875 points this week, fell another 200, and all the major indexes were down sharply.
The rate cut by the Federal Reserve and other leading central banks failed to convince investors that credit markets would soon relax and that banks would begin lending more freely to businesses and consumers. The Fed lowered rates by a … (0 comments)
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Bush to summon leaders to emergency finance summit - 10/08/08 02:24 PM
Andrew Porter and James Kirkup Telegraph October 8, 2008
The prospect of a high-level global meeting came as the US central bank launched a new bid to unfreeze credit markets by effectively lending billions of dollars to US companies.
The Federal Reserve moved after lending in the commercial paper market - where companies raise money from the open money markets - all but ceased, raising a serious threat to many American businesses’ operations.
“This facility should encourage investors to once again engage in term lending in the commercial paper market,” the Fed said.
The Fed’s move — which puts billions of … (0 comments)
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Is the Federal Reserve Engaged in Acts of Economic Warfare Against America? - 10/08/08 02:23 PM
Mike Adams Natural News October 8, 2008
In 1942, German intelligence officers rounded up skilled Jewish prisoners and launched Operation Bernhardt, a clever scheme designed to counterfeit hundreds of millions of dollars worth of British Pounds and destroy the British economy by flooding it with counterfeit money. Located in the Sachsenhausen concentration camp, Operation Bernhardt was, even by modern standards, a runaway success that resulted in the creation of forged bank notes worth 132 million British Pounds.
This “economic warfare” operation resulted in a devastating economic effect on the British economy. You can read the true history of this operation here: … (0 comments)
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America’s Financial Apocalypse Economists Need to Sit Down and Shut Up - 10/08/08 02:22 PM
Mike Stathis The Market Oracle October 8, 2008
I’m really sick and tired of these economists out there who continue to claim that America will not enter a depression. These are the same bozos that have yet to acknowledge the fact that the U.S. is in a recession and has been for several months now. In fact, as I have previously mentioned, I can make a very strong case that the U.S. has been in the early stages of a silent, modest depression for at least two years; at the very least a protracted recession masked by credit. After the appropriate … (0 comments)
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Financial Meltdown Too Large for Free Market to Fix, Bernanke Says - 10/08/08 02:21 PM
CNSNews October 8, 2008
The $700 billion infusion of U.S. Treasury funds into mortgages and mortgage-backed securities, which will begin later this week, is necessary because the free market is incapable of making such a massive investment, Federal Reserve Chairman Ben Bernanke told members of the National Association of Business Economics (NABE) at their annual meeting in Washington on Tuesday.
A free market economist from the libertarian Ludwig Von Mises Institute, however, told CNSNews.com that while private investors may not have had $700 billion available to purchase shaky investments, it was a financial venture too risky for them to take … (0 comments)
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Interesting - bare with it. - 10/08/08 10:19 AM
Im not voting Nader but he dose make a damn good TV ad.
… (2 comments)
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FLASHBACK!!! Analysts: Dollar collapse - 10/08/08 09:47 AM
Think deep recession likely regardless of Fed's actions Posted: December 13, 20061:00 am Eastern By Jerome R. Corsi© 2008 WorldNetDaily.com
Two analysts who have reconstructed money supply data after the Fed stopped publishing it argue a coming dollar collapse will set the stage for creating the amero as a North American currency to replace the dollar. The reconstructed M3 data – the broadest measure of money – published on econometrician Gary Kuever's website, NowAndFutures.com, shows M3 increased at a rate of 11 percent in May, compared to 9 percent when the Federal Reserve quit publishing M3 data earlier this year.
Asked why the Fed decided to stop … (0 comments)
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The Do-Something Congress - 10/08/08 09:31 AM
Ron Paul
Tuesday, Oct 7, 2008
It has not been a good week for the Republic. It took quite a bit of trampling of the Constitution, but the bailout bill passed, as I suspected it would.
The bailout failed the first time it was brought to the House. Undaunted, the Senate pressed on by attaching the bailout as an amendment to another House-passed bill that was pending in the Senate. The new bailout version had new taxes, so according to the Constitution it should not have originated in the Senate.
The rallying cry heard all over the Hill the past … (1 comments)
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Impending U.S. Economic Collapse And Death Of Democracy - 10/08/08 09:29 AM
Clive Maund October 7, 2008
Politicians worship money and power. Every politician worth his salt secretly aspires to be a dictator, although they dare not admit this as it is not exactly politically correct. The ultimate goal of the consummate politician is to have absolute power, and be able to boss everyone else about, to have unlimited access to public funds for the purposes of profligate personal consumption and more importantly self aggrandizement, as well as to bribe and reward supporters, and to kill or otherwise neutralize anyone who disagrees or creates any opposition.
The reasons that General Pinochet, the former … (0 comments)
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Brazil, Argentina abandon US dollar - 10/08/08 09:26 AM
Press TV Tuesday, Oct 7, 2008
Brazil and Argentina have launched a new payment system in their bilateral trade, doing away with the US dollar as a medium of exchange.
The two Latin American nations started the Payment System on Local Currency (SML) on Monday following a last month agreement inked by their presidents to use local currencies in a bid to end transaction in dollars.
On Thursday, Argentine Central Bank President Martin Redrado and his Brazilian counterpart Henrique de Campos Meirelles signed the enforcement of the agreement for the SML, under which exports and imports between the two countries will … (2 comments)
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Fox Guarding The Henhouse: Ex-Goldman Sachs Exec To Oversee Bailout - 10/08/08 09:24 AM
Paul Joseph WatsonPrison PlanetTuesday, October 7, 2008
Now that Hank Paulson, The U.S. Treasury and the Federal Reserve have robbed American taxpayers of a sum likely to run into the trillions, the coup de grâce has arrived in the form of ex-Goldman Sachs executive Neel Kashkari, who has been appointed by Paulson to dole out the ill-gotten gains of the bailout to the rest of the corporate crooks.
Conflict of interest doesn’t even come close - the fox guarding the henhouse is a more accurate summation. And the fact that he looks like a cross between Nosferatu and a villain from a Steven … (2 comments)
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Financial Meltdown: We’re on “the Edge of the Abyss” - 10/07/08 12:20 PM
Mike Whitney Global Research October 7, 2008
Years from today, when the current financial crisis is over, historians are likely to agree that it would have been far better if the Bush administration had declared a state of emergency earlier in the process so that the necessary steps could have taken to avoid a complete financial meltdown. The media could have been used to bring the American people up to date on market-related developments and educated in the bizarre language of structured finance. Knowledge is power; and power can prevent panic.
Now we’re in a terrible fix. People are scared and … (0 comments)
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All You Need To Know - 10/07/08 12:19 PM
Winter Patriot October 7, 2008
As you know: In the face of public outrage over — and House rejection of — the Bush administration’s attempt at a $700 billion extortion — a "gift" of your money to the very same people who have caused a global financial crisis — administration hacks reacted in predictable fashion, throwing in another $100 billion worth of bribes in a shameless bid to get the bill passed.
Then the Senate approved, by a 3-1 margin, a thrown-together 450-page bill that few of them could have had time to read, much less consider.
Consider? No other options … (0 comments)
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No matter what, real estate will still be bought and sold - 10/07/08 11:40 AM
"No matter what, real estate will still be bought and sold." Was a comment I got today from a response to a story I reposted this morning. All of which, made me think this... "Then, why do they have this planed for us."
"rex 84"
"army regulation 210-35"
"KBR homeland"
"nssm 200"
"endgame pdf"
"executive order 11000"
I will now Quote David Rockefeller:
"We are grateful to The Washington Post, The New York Times, Time Magazine and other great publications whose directors have attended our meetings and respected their promise of discretion for almost forty years. It would have been impossible … (2 comments)
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Kiener: Gold Prices To Double On Paper Market Default - 10/07/08 10:52 AM
Paul Joseph Watson Prison Planet Tuesday, October 7, 2008
Jurg Kiener, CEO of Swiss Asia Capital, told CNBC this morning that the flight from paper currencies as a result of global interest rate cuts will lead to a doubling in the price of gold within a short period, as demand for physical precious metals outstrips supply, causing paper contracts on gold to default.
“The physical market has been on fire - it’s getting very hard to buy one ounce coins and smaller bars, most jewelry shops have been running out so we have a supply problem,” said Kiener.
Kiener said … (2 comments)
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Panic as Russian stock market falls by almost 20% - 10/07/08 10:50 AM
RIA Novosti Ocotber 7, 2008
The Russian stock market gave in to panic on Monday with the MICEX dropping 18.6% to 752 points and the RTS falling by 19.1% to 866.39 points - the worst losses since the 1998 crash.
Russia’s financial system has been affected by a global credit crunch which started in the U.S. and quickly spread to Asia and Europe leading to record losses on Russia’s financial markets, rising interest rates and a liquidity shortage.
Sergei Sheikov, managing director for corporate clients at the Olma Company said: “Monday became one of the blackest days for most market participants … (0 comments)
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The End of American Hegemony - 10/07/08 10:48 AM
"For those of you who do not know who "Paul Craig Roberts" is, he is the "Father of Reaganomics" I hope this article of his sparks some nice conversation."
Paul Craig Roberts Infowars October 7, 2008
America has become a pretty discouraging place. If Ronald Reagan was still with us, I wonder if he would again refer to the United States as a city on a hill, a light unto the world.
I think not. Reagan brought America back from discouragement, but it didn’t stick. Subsequent administrations erased Reagan’s accomplishments. Reagan defeated stagflation and ended the cold war, producing a peace … (0 comments)
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Lehman Execs Took Millions Before Collapse - 10/07/08 10:41 AM
David Gardner Mail Online October 7, 2008
The disgraced head of the giant investment bank whose collapse set off a panic which led to the US economic rescue package took home more than £172 million since 2000, he told the U.S. Congress.
Richard S Fuld Jr, chief executive officer of Lehman Brothers, ignored a warning that the bank’s ‘liquidity can disappear quite fast’ and dismissed suggestions that staff may not get their bonuses.
Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress heard.
The American government … (0 comments)
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Fed Considers Plan to Buy Companies’ Unsecured Debt - 10/07/08 10:39 AM
EDMUND L. ANDREWS and MICHAEL M. GRYNBAUM The New York Times October 7, 2008
WASHINGTON — The Federal Reserve announced a radical new plan on Tuesday to jump-start the engine of the financial system.
The Fed said in a statement that it would begin to buy large amounts of short-term debt in an effort to stimulate the credit markets, which have all but dried up.
Under the program, the Fed said that it would buy the unsecured short-term debt that companies rely on to finance their day-to-day activities. “This facility should encourage investors to once again engage in term lending in … (0 comments)
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Gold & Silver - 10/06/08 06:19 PM
… (0 comments)
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Poll: 60% say depression ‘likely’ - 10/06/08 03:45 PM
Chris Isidore CNNMoneyOctober 6, 2008
NEW YORK (CNNMoney.com) — Nearly six out of ten Americans believe another economic depression is likely, according to a poll released Monday.
The CNN/Opinion Research Corp. poll, which surveyed more than 1,000 Americans over the weekend, cited common measures of the economic pain of the 1930s:
* 25% unemployment rate;* widespread bank failures; and* millions of Americans homeless and unable to feed their families.
In response, 21% of those polled say that a depression is very likely and another 38% say it is somewhat likely.
The poll also found that 29% feel a depression is not … (6 comments)
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Shock & Awe: Bi-Partisan Beltway Terrorists Launch Economic 9/11 on the American People - 10/06/08 03:11 PM
Chris Floyd Global ResearchOctober 6, 2008
You’ve seen the news. You know the score. The House of Representatives has now completed the economic terrorist attack inflicted on the American people by the nation’s elite.
The bailout bill — or as Arthur Silber more rightly terms it, the "Extortion Bill" — is already law, thanks to the Democrats in Congress, and to Barack Obama, who spent the day working the phones and twisting arms to make sure the $700 billion bonanza for the filthy rich passed without any more of the hiccups that held it up earlier this week.
The plan that Obama made his … (1 comments)
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Financial Dictatorship Comes to America - 10/06/08 03:10 PM
Michael S. Rozeff Lew RockwellOctober 6, 2008
My earlier articles on the current economic and financial problems begin last January and continue to today. (See here, here, here, here, here, here, here, here, here,here, here, and here) Little did I think that we would end up where we are today, with the Congress passing the Emergency Economic Stabilization Act of 2008.
My last article, not included in the above list, focused on this Act as a gigantic tax increase. This article points out the shocking increases in government power that the government has conferred upon itself in this Act.
I believe that the American public has every right to rise up in … (0 comments)
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Nader Blasts Obama, McCain on Iraq, Bailout - 10/06/08 03:09 PM
Marie Szaniszlo Boston HeraldOctober 6, 2008
Perennial presidential hopeful Ralph Nader, who plans a rally in Amherst today, yesterday insisted he is the only candidate “who recognizes people’s necessities” and blasted the Democratic and GOP positions on the war and the economy.
Nader maintained his long-shot campaign persona as a populist gadfly, criticizing Friday’s financial bailout package, which was backed by Barack Obama and John McCain, calling it a bag of “freebies and goodies garnished with window dressing.”
The longtime consumer activist attacked both parties for their support of the package, charging it contains no criminal prosecution of the “corporate crooks … (0 comments)
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Video: Modern Money Mechanics - 10/06/08 03:08 PM
YouTube October 6, 2008
… (0 comments)
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Ron Paul: Bailout Unconstitutional, Special Interests Forced Bill Through Congres - 10/06/08 03:04 PM
Steve Watson Infowars.netMonday, Oct 6, 2008
Texas Congressman Ron Paul has warned that the amended bailout legislation that passed Congress on Friday is not only far worse than the original bill but is also unconstitutional.
Paul speaking just minutes after leaving the floor of the House on Friday, explained that the tax portion of the bill was written by the Senate, when under the Constitution only the House can originate tax bills.
“That in itself was unconstitutional but it’s been done before and it will be done again.” The Congressman said.
Paul highlighted that the passage of the bill defied logic … (1 comments)
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It Feels Good To Be a Banksta - 10/06/08 03:03 PM
Tatsuya Ishida SinfestOctober 6, 2008
Read the strip
… (0 comments)
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Czar Paulson Picks Neel Kashkari to Head Banker Takeover - 10/06/08 03:02 PM
MARTIN CRUTSINGER Associated PressOctober 6, 2008
WASHINGTON - The administration has selected a former Goldman Sachs executive to be the interim head of its $700 billion rescue effort for financial institutions.
Neel Kashkari, the Treasury’s assistant secretary for international affairs, was selected Monday to be the interim head of Treasury’s new Office of Financial Stability.
The designation was made by Treasury Secretary Henry Paulson, who was the head of Goldman Sachs before he joined the Bush administration in 2006. Kashkari, 35, will head the office created by the emergency legislation enacted Friday to fund the largest government bailout in history.
Read … (0 comments)
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Foreclosure Alley - 10/06/08 10:30 AM
Lisa Ling KCETOctober 6, 2008
For the past few years, the Inland Empire in Riverside County has been one of the fastest growing counties in the state - home to a major housing boom. But now the Inland Empire is pretty much the poster child for the foreclosure crisis. In the newer developments, house after house sits vacant - either up for auction, for sale by a bank or going for what’s called a “short sale” which is when the owner owes more than the house is worth.
SoCal Connected tracked down some surreal sights associated with the crisis - … (1 comments)
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Dow plunges below 10,000 - 10/06/08 10:29 AM
JOE BEL BRUNO
Associated PressOctober 6, 2008
Wall Street tumbled again Monday, joining a sell-off around the world as fears grew that the financial crisis will cascade through economies globally despite bailout efforts by the U.S. and other governments. The Dow Jones industrials skidded more than 500 points and fell below 10,000 for the first time in four years, while the credit markets remained under strain.
The markets have come to the sobering realization that the Bush administration’s $700 billion rescue plan won’t work quickly to unfreeze the credit markets, and that many banks are still having difficulty gaining access … (0 comments)
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People ask me, Do you have your own opinion??? Well, In a nut shell... - 10/06/08 10:15 AM
I will quote myself, Finally! This is what I think of the world and the people in it.
"The particular individuals and specific events taking place daily are a large part irrelevant, when looked at in the scope of a situation on such a magnitude as the one in which we find ourselves.
Many people will look at said particular individuals and specific events, not understanding, or having been distracted from, the big picture, and become confused, fearful, or totally repelled
Make a mental note of whatever offends you, and ask yourself who programmed you to respond that way – because … (1 comments)
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What do We the People do now? - 10/06/08 09:57 AM
World Net Daily
Posted: October 06, 20081:00 am Eastern
Now that the Messiah of Change, his opponent the Maverick for Reform and an incumbent Republican president have joined to push through a taxpayer bailout of banks that amounts to a federal takeover of the financial industry, what do "We the People" do now?
Was Obama voting to bail out Wall Street the "change you've been waiting for"? Was McCain voting for $112 billion in earmarks attached to the bailout what he really meant when he campaigned against earmarks? Would a conservative president give the Treasury secretary (the former CEO of Goldman Sachs) the … (0 comments)
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Panic engulfs global stock markets - 10/06/08 09:45 AM
AFP October 6, 2008
World markets suffered massive losses Monday, striking four-year lows, as panic-stricken investors doubted whether a Wall Street bailout package would stem the global financial crisis.
London, Frankfurt and Paris all tumbled more than six percent approaching the half-way mark while a 15-percent dive in Moscow forced a halt to Russian trading.
“We have a seriously weak and fear driven market at our hands,” said Tom Hougaard, chief market strategist at City Index.
“It is anyone’s guess where we will end the day.”
Investors dumped shares after US stock markets had fallen sharply on Friday, despite US congressional … (0 comments)
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Financial Times - Germany guarantees savings - 10/06/08 09:44 AM
Bertrand Benoit Financial TimesOctober 6, 2008
Germany said on Sunday it would guarantee all private German bank accounts – currently worth €568bn – in a dramatic move to prevent panic withdrawals as fears over the worldwide financial crisis spread to Europe’s largest economy.
“We want to tell people that their savings are safe,” Angela Merkel, chancellor, said at an unscheduled press conference on Sunday. The scheme would cover existing accounts and others which savers might open.
German government officials also late on Sunday said the country’s commercial banks had agreed to inject an extra €15bn of liquidity into Hypo Real Estate, … (2 comments)
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Fed May See Companies, States as Next Crisis Fronts - 10/06/08 09:43 AM
Scott Lanman and John Brinsley BloombergOctober 6, 2008
Federal Reserve Chairman Ben S. Bernanke may find the next fronts of the financial crisis to be just as chilling as last month’s downfall of Wall Street titans: its spread to corporate America and state and local governments.
Companies from Goodyear Tire & Rubber Co. and Duke Energy Corp. to Gannett Co. and Caterpillar Inc. are being forced to tap emergency credit lines or pay more to borrow as investors flee even firms with few links to the subprime-mortgage debacle. California Governor Arnold Schwarzenegger says his and other states may need emergency federal … (0 comments)
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Hyperinflation Catalyst For $2,000 Gold - 10/06/08 09:40 AM
Paul Joseph Watson
Prison PlanetMonday, October 6, 2008
Wall Street bailout, overprinting of dollar will cause commodity to soar says 40-year market veteran
40-year market veteran and fund manager Robin Griffiths of Cazenove Capital Management predicts that the overprinting of dollars as a result of the Wall Street bailout will act as a catalyst for gold prices to rocket to $2,000 an ounce, as demand for precious metals outstrips supply amidst rumors of market manipulation.
Griffiths said that as the world deleverages, dollar strength could drive gold prices down to $750 an ounce, but that this would … (0 comments)
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A Futile Bailout as Darkness Falls on America - 10/06/08 09:37 AM
PAUL CRAIG ROBERTS
"For those of you who do not know who "Paul Craig Roberts" is, he is the "Father of Reaganomics" I hope this article of his sparks some nice conversation."
CounterpunchMonday, Oct 6, 2008
America has become a pretty discouraging place. Americans, for the most part, will never know what happened to them, because they no longer have a free and responsible press. They have Big Brother’s press. For example, on September 28, 2008, a New York Times editorial blamed the current financial crisis on “antiregulation disciples of the Reagan Revolution.”
What utter nonsense. Every example of deregulation that the … (0 comments)
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Army combat unit to deploy within U.S. - 10/05/08 09:57 PM
WASHINGTON (CNN) -- The United States military's Northern Command, formed in the wake of the September 11 terrorist attacks, is dedicating a combat infantry team to deal with catastrophes in the U.S., including terrorist attacks and natural disasters.
Soldiers preparing for a mission coordinated by Joint Task Force North, the U.S. Northern Command unit.
The 1st Brigade Combat Team of the 3rd Infantry, which was first into Baghdad, Iraq, in 2003, started its controversial assignment Wednesday.
The First Raiders will spend 2009 as the first active-duty military unit attached to the U.S. Northern Command since it was created. They will be … (0 comments)
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Populists Back Ron Paul’s Plan To Kill the Fed - 10/05/08 07:04 PM
The American Free Press October 5, 2008
The trillion-dollar Wall Street bailout plan negotiated by the White House and Congress has reinvigorated the debate about Texas Republican Rep. Ron Paul’s Federal Reserve Board Abolition Act (HR 2755), which was introduced into Congress in June 2007.
In the halls of Congress, legislators have yet to bring Paul’s bill to the floor. It is currently languishing in the House Committee on Financial Services.
However, there has been a great deal of discussion about this landmark legislation on the Internet and in the alternative press. Constitution Party presidential candidate Chuck Baldwin has even made … (3 comments)
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Cramer: Preventing Great Depression II - 10/05/08 07:02 PM
Jim Cramer The StreetOctober 5, 2008
In this horribly negative, whatever-can-go-wrong-will-go-wrong era, it is only natural to presume that the $700 billion Troubled Asset Relief Program legislation will do nothing.
But on the off chance anyone is listening, I think there’s a way to make the legislation do something (even though I don’t think it will send the stock market higher).
I think it could: 1.) Limit the Dow to a fall to 8,400, rather than one to 5,000, and 2.) Keep the coming depression — no, it won’t be a mere recession — shorter than the Great Depression.
With that … (1 comments)
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Now they are Demanding that Europe pay 440 Billion dollars to Bailout Continent - 10/05/08 07:01 PM
What the hell is going on here?
Since the Federal Reserve and the US Treasury Deparment have made it clear that they will be bailing out European banks, why is more money needed for this scheme?
Will US banks and those on the continent engage in some type of complex scheme, where their books show "illiquid" assets to be bought by the US, then have those transferred to Europe, so they will collect twice on this blackmail scheme?
And other than Australia, there doesn't seem to be a lot of these troubles confronting banks in the Southern Hemisphere.
Why?
Could it … (0 comments)
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Bailout Creating a Financial Black Hole to Suck Us All In - 10/05/08 06:59 PM
Bob Chapman The International ForecasterOctober 5, 2008
A dish of Bailout with a side of pork, shareholders vaporized by Derivatives Death-Star, We all await the financial markets implosion, No problems solved by the bailout, Stay prepared for a full shutdown of the financial system with some cash on hand, Credit default swaps unregulated point in the chain
Well, what a surprise, we’ve been sold down the river for the usual "thirty pieces of silver" by our Congress and our President, working together in unison, for the nth time.
The $700 billion bailout, a mere sideshow, sweetened with 150 billion in … (3 comments)
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Why Paulson’s Plan is a Fraud - 10/05/08 10:46 AM
Paul Craig Roberts CountgerpunchOctober 4, 2008
Is the Paulson bailout itself as big a fraud as the leveraged subprime mortgages?
Yesterday, here on CounterPunch, I discussed the bailout as proposed and noted that the proposal cannot succeed if it impairs the US Treasury’s credit standing and/or the combination of mark-to-market and short-selling permits short-sellers to prosper by driving more financial institutions into bankruptcy.
A reader’s comment and an article by Yale professors Jonathan Kopell and William Goetzmann raise precisely this question of the fraudulence of the Paulson package.
As one reader put it,“We have debt at three different levels: personal household debt, financial sector … (2 comments)
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Banker Czar Paulson Hires Firms to Hand Out Money - 10/05/08 10:42 AM
Rebecca Christie and Robert Schmidt BloombergOctober 5, 2008
The U.S. plans to hire five to 10 asset-management firms as Secretary Henry Paulson establishes the government’s new office for handling the financial bailout, a Treasury official said.
The department will also add about two dozen new employees, a mix of bankers, lawyers, accountants and others, the official said today on condition of anonymity. The Treasury’s first attempt to hold an auction to buy troubled assets from financial firms will take at least four weeks to set up, said the official.
“We’ve been doing a lot of work getting ready for this,” Paulson … (3 comments)
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LaRouche: “They Will Kill You” - 10/05/08 04:19 AM
YouTube October 3, 2008
… (0 comments)
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Flashback: CFR “Gamed” Economic Implosion in 2000 - 10/05/08 04:17 AM
Kurt Nimmo Infowars October 3, 2008
Back in 2000, before “everything changed,” the Council on Foreign Relations held a conference entitled “The Next Financial Crisis: Warning Signs, Damage Control and Impact” at its posh headquarters on Manhattan. “For two days, several speakers told a high-powered audience of 250 people, comprised largely of bankers, investors, corporation officials, and policymakers, mostly from the United States, but also from Europe, of the possibility that the U.S. stock market, and potentially the world financial system, would melt down,” Richard Freeman wrote in the July 28, 2000, issue of the Executive Intelligence Review.
At the … (0 comments)
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It’s All Your Fault the Economy is Going Down the Tubes - 10/05/08 04:13 AM
Kurt Nimmo InfowarsOctober 3, 2008
Reading through the corporate media in the wake the House passage of the Banker Takeover bill, I am struck by not only the sickening apologia of the supposed intelligentsia but the downright mean spiritedness, no doubt a likely result of nearly eight years of neocon rule. It is now fashionable to kick the victims while they are not only down, but thrown under the bus.
Consider Steven Pearlstein, a scribe for the CIA’s favorite newspaper, the Washington Post.
“The basic problem here is that too many people don’t understand the seriousness of the situation,” writes Mr. Pearlstein. … (0 comments)
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Banker Bailout Bill Contains IRS Police State Provision - 10/05/08 04:12 AM
Kurt Nimmo InfowarsOctober 4, 2008
Not only is the recently passed Banker Takeover bill larded up with pork, it also contains dictatorial provisions. In addition to making former Goldman Sachs chairman and current Treasury Secretary Hank Paulson an economic czar — a provision completely at odds with the Constitution — the bill grants police state powers to the IRS. Declan McCullagh writes for CNet:
The bailout bill also gives the Internal Revenue Service new authority to conduct undercover operations. It would immunize the IRS from a passel of federal laws, including permitting IRS agents to run businesses for an extended sting operation, to … (1 comments)
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The People’s Republic of Wall Street - 10/02/08 07:19 PM
Pepe Escobar The Real News Network October 2, 2008
The financial crisis may be the number one issue on US voters’ minds, but there seems to be no leadership at work in Washington, comments Pepe Escobar. The Wall Street bailout rejected by Congress and then approved by the Senate may not be the solution. It’s up to foreign analysts and economists to tell it like it really is. What is in fact being saved - capitalism or a banking oligopoly?
… (0 comments)
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Bailout Fixes Nothing, Banking System Collapse Approaches Climax - 10/02/08 07:16 PM
Jim Willie The Market Oracle October 2, 2008
Pardon the brief and jumpy style, laced with more emotion than usual. The events of the last few days have been remarkable, alarming, chaotic, and surreal. Gonna attend the Toronto gold show hosted by the Cambridge House this weekend. If you are there, grab my arm and say hello. Let me know your perspective on the brewing crisis.
The banking system breakdown is very far along, but still early. Remember USFed Chairman Bernanke stated over a year ago that the mortgage problem was contained. Try not to laugh. The bond crisis is absolute, … (1 comments)
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MSM Ignores Hidden Carbon Tax Provisions in Paulson’s Bailout 2.0 - 10/02/08 07:15 PM
Matthew Vadum NewsBusters October 2, 2008
Why is the mainstream media –which keeps lecturing Americans that Treasury Secretary Henry Paulson’s Bailout Package Version 2.0 must be passed immediately– ignoring what might be the most earth-shattering provisions in Paulson’s package?
The media needs to start asking hard questions. Here is where they need to start. If you look at page 180 of the 451-page monster bailout bill that easily passed the Senate yesterday (PDF here), you will see that it includes at Section 116 language about the tax treatment of “industrial source carbon dioxide.” It also provides, at Section 117, for … (0 comments)
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Banker Bailout: Total Financial Dictatorship - 10/02/08 07:12 PM
Michael S. Rozeff LRC Blog October 2, 2008
The bailout bill means total financial dictatorship. This bill gives the death penalty to capital markets. The execution will, if this passes, begin immediately and be stretched out over succeeding years.
It includes such nooses as:
1. The Secretary of the Treasury (Finance Czar) gets complete power to buy up any mortgage-related assets he decides on. No questions asked.
2. The Finance Czar (Secretary) and the Fed Chairman get power to buy ANY FINANCIAL ASSET (wow!). They need only inform Congress in writing what they are up to.
3. The Czar can … (0 comments)
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CNN Misquotes Ron Paul On Bailout Bill - 10/02/08 12:05 PM
Attributes blogger’s comments over failure of legislation to Texas Congressman Steve WatsonInfowars.netOctober 1, 2008
CNN misquoted Ron Paul yesterday during a phone interview with the Texas Congressman regarding the failure of the bailout bill to pass through Congress.
In what some have seen as an effort to marginalize his opposition to the bailout, CNN attributed an exuberant Lew Rockwell.com blog comment to Ron Paul.
Blogger Marc Gallagher pointed out the misquote, detailing the fact that the site the interviewer referred to was RonPaulForPresident2008.com, which is not Ron Paul’s site, but rather a very popular Ron Paul site run by a supporter.
The text … (0 comments)
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Wachovia faced a ‘silent’ bank run - 10/02/08 12:02 PM
Rick Rothacker and Kerry Hall The Charlotte ObserverOctober 2, 2008
On Friday, with its stock plunging 27 percent, Wachovia experienced a “silent run” on deposits, but the bigger worry for regulators was that other banks wouldn’t provide the Charlotte bank with necessary short-term funding when it opened for business Monday, sources familiar with the situation told the Observer.
With Wachovia already looking for a merger partner, the Federal Deposit Insurance Corp., in consultation with other regulators, required the bank to reach a sale to Citigroup on Monday morning.
The FDIC, for the first time, used legislative authority created in 1991 to … (0 comments)
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Senate approves Wall St. bailout - 10/02/08 11:58 AM
Steven Edwards And Sheldon Alberts National PostOctober 2, 2008
WASHINGTON - The U. S. Senate last night approved a US$700-billion financial bailout package, a move that could lead to full congressional approval tomorrow.
The new version of the plan, the original of which was rejected by the House of Representatives on Monday, adds “sweeteners” in the form of tax breaks and a higher limit for insured bank deposits in a bid to make it more palatable to conservative Republicans.
President George W. Bush described the Senate plan as “different” and “improved,” and again warned that there was an urgent need to … (0 comments)
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Bailout Bill Sent Back to House After Senate Passage - 10/02/08 11:54 AM
James Rowley and Nicholas Johnston BloombergOctober 2, 2008
The U.S. Senate passed a $700 billion financial-market rescue package loaded with inducements for the House of Representatives to approve the measure following its rejection of an earlier version.
The legislation, approved last night on a 74-25 vote, authorizes the government to buy troubled assets from financial institutions rocked by record home foreclosures. It contains two provisions favored by House Republicans: One raises the limit on federal bank-deposit insurance; the other reiterates the authority of securities regulators to suspend asset-valuing rules that corporate executives blame for fueling the crisis.
The bill’s proponents cited … (0 comments)
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Senators who voted No - 10/02/08 11:53 AM
Here’s the quick list of the senators who voted NO on bailout/economic rescue. Allard (R)Barasso (R)Brownback (R)Bunning (R)Cantwell (D)Cochran (R)Crapo (R)DeMint (R)Dole (R)Dorgan (D)Enzi (R)Feingold (D)Inhofe (R)Johnson (D)Landrieu (D)Nelson (FL) (D)Roberts (R)Sanders (I)Sessions (R)Shelby (R)Stabenow (D)Tester (D)Vitter (R)Wicker (R)Wyden (D)
And here’s the complete Senate roll call vote. Sen. Edward M. Kennedy (D-Mass.), who is recovering from a brain tumor, was the only senator who did not vote.
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Read the Bill: Emergency Economic Stabilization Act of 2008 - 10/02/08 11:52 AM
EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 Oct. 1, 2008—
The latest version of package legislation which includes the Emergency Economic Stabilization Act can be found here: Click link
For one-page summary of the EESA: Click link
For section-by-section analysis of the EESA: Click link
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Bailout Bill Loaded with ‘Pork’ - 10/02/08 11:51 AM
My FOX Colorado October 2, 2008
Pass it. Back it. Believe in it, they say. Just don’t read the fine print of the 451 page, $700 billion bailout plan because, well, things get a little bit wooly.
Like Section 325 which provides essential tax breaks for the “wool research fund.” Seriously.
Section 503 gives tax breaks for the manufacture of wooden arrows used in toys for children.
And Section 309, a tax credit for economic development, in America. Actually, American Samoa. Metro State Political Science professor Norm Provizer says putting in the goodies simply gets votes.
“As soon as they started … (0 comments)
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Not One Dime! - 10/02/08 11:50 AM
Mike Whitney InfowarsOctober 2, 2008
The mystery has been solved.
For nearly a year, we have been asking ourselves why the investors and foreign banks that bought up hundreds of billions of dollars of worthless mortgage-backed securities (MBS) from US investment banks have not taken legal action against these same banks or initiated a boycott of US financial products to prevent more people from getting ripped off?
Now we know the answer. It’s because, behind the scenes, Henry Paulson and Co. were working out a deal to dump the whole trillion dollar mess on the US taxpayer. That’s what this whole … (0 comments)
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“Grand Larceny” on a Monumental Scale: Does the Bailout Bill Mark the End of America as We Know It? - 10/02/08 11:48 AM
Richard C. Cook
Global ResearchOctober 2, 2008
Tonight the Senate passed the $700 billion Wall Street bailout bill by a vote of 74-25. This follows the rejection of the bill by the House on Monday. In an MSNBC poll, 62 percent of Americans oppose the giveaway, but the lobbyists are doing everything possible to assure the rejection is overturned. According to Bob Borosage, co-director of The Campaign for America’s Future, House leaders "are bringing in the small business lobby and the banking lobby to buy the twelve Republican votes they need."
The Senate took up the bill in order to … (1 comments)
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Text of Senate Bill - Full - 10/02/08 11:43 AM
After a bit of computer jockeying, we were able to get a readable version of the novel length banker bill up and running in PDF format. Here it is in all its legalistic, mumbo jumbo glory:
http://freespeech.vo.llnwd.net/o25/pub/misc/bankerbill.pdf
This version, posted by the Los Angeles Times, seems to work. It is, however, only a 110 page draft.
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