U.S. Government to Buy Stakes in Nation's Largest Banks...
America not always averse to nationalization...
FILL YOUR BOOTS: DOW CLIMBS 936...
WALL STREET'S BIGGEST DAY...
ASIAN STOCKS JUMP TUESDAY...
DAY THE MARKETS BREATHED AGAIN...
Why the Bailout Scam Is More Likely to Fail than to Succeed
By Ismael Hossein-zadeh
Instead of trying to salvage the threatened real assets or homes and save their owners from becoming homeless, the bailout scheme is trying to salvage the phony or fictitious assets of the Wall Street gambler and reward their sins by sending taxpayers’ good money after gamblers bad money. It focuses on the wrong end of the problem. Continue
Rescue for the Few, Debt Slavery for the Many
By MICHAEL HUDSON
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. Continue
'Capitalism Has Degenerated into a Casino'
Nobel Peace Prize laureate Muhammad Yunus says that greed has destroyed the world's financial system. SPIEGEL ONLINE spoke with him about the profit motive, social consciousness and what should be done to end the financial crisis. Continue
Jim Rogers: CASH is King
6 Minute Video
"The way to solve this problem is let people go bankrupt...the people who are sound will take over the assets from the people who are unsound and we will start over" Continue
In case you missed it
The Secret History of the American Empire
The Truth About Global Corruption
Video - John Perkins, author of Confessions of An Economic Hit Man.
Perkins zeroes in on hot spots around the world such as Venezuela, Tibet, Iraq, Israel, Vietnam and others and exposes the network of events in each of these countries that have contributed to the creation of the American Empire and international corruption in "The Secret History of the American Empire: Economic Hit Men, Jackals, and the Truth About Global Corruption" Continue
The Law Of The Jungle
By Fidel Castro
The current crisis and the brutal measures of the U.S. administration to save itself will bring more inflation, more devaluation of national currencies, more painful losses in the markets, lower prices for exports and more unequal exchange. But they will also bring to the peoples a better understanding of the truth, more awareness, more rebelliousness and more revolutions. Continue
The politics of smear won't work in the middle of a stockmarket crash: Voters care too much about their homes and their retirement to be swayed by the McCain camp's desperate slurs
A £516 trillion derivatives 'time-bomb': Not for nothing did US billionaire Warren Buffett call them the real 'weapons of mass destruction'
IMF in global 'meltdown' warning : The world financial system is teetering on the "brink of systemic meltdown", the head of the International Monetary Fund (IMF) has warned in Washington.
US surrenders power to appoint World Bank president: The US is to lose its power to appoint the president of the World Bank after the UK's development secretary, Douglas Alexander, brokered a deal to throw open the post to candidates from any country.
Dow Average May Be Poised to Fall to 7,000: : The Dow Jones Industrial Average would have to fall about 18 percent more to reach its ``trend line'' since August 1982, when the 1980s bull market started, according to Peter Boockvar, an equity strategist at Miller Tabak & Co. in New York.
Australia moves to shore up $700b in banks: DECLARING the global financial crisis had entered a new and dangerous phase, Kevin Rudd said his Government would guarantee the estimated $700 billion that Australians have deposited in banks, credit unions and building societies.
UK govt set to rescue RBS, HBOS: The UK government will on Monday launch the biggest rescue of Britain's high-street banks when the UK's four biggest institutions ask for a £35 billion financial lifeline. The unprecedented move will make the government the biggest shareholder in at least two banks.
Financial crisis: Countries at risk of bankruptcy from Pakistan to Baltics: A string of countries face the risk of "going bust" as financial panic sweeps Asia, Eastern Europe, and Latin America, raising the spectre of a strategic crisis in some of the world's most dangerous spots.
Trillions Disappear in Stock Market, but Where Did Money Go?: Robert Shiller, an economist at Yale, puts it bluntly: The notion that you lose a pile of money whenever the stock market tanks is a "fallacy." He says the price of a stock has never been the same thing as money — it's simply the "best guess" of what the stock is worth.
Errors in loan documents can save strapped homeowners: Even small mistakes in the paperwork may give borrowers the legal leverage to persuade lenders to rework their mortgages.
Foreclosure-proof homes?: Mortgage-backed securities have made many homes legal and financial mazes that put ultimate ownership in limbo
US: Shelters and Soup Kitchens Hold Crisis Front Lines: Wall Street may be in the throes of agony, but business is booming at the Holy Apostles Soup Kitchen a bit farther north in the Manhattan neighbourhood of Chelsea. And that's not particularly good news.