OPEC faces tough test as oil price tumbles...
UPDATE: 30 powder-laced letters sent to banks...
...Sent from Amarillo
PUMP: Fed to Provide Up to $540 Billion to Aid Money Funds...
Licensed Kleptocracy for Years to Come
The ABCs of Paulson's Bailout
By Michael Hudson
Wall Street is in control, but its policies are so shortsighted that they are eroding the underlying economy – which is passing from democracy to oligarchy, and indeed it seems to a bipartisan financial kleptocracy. Continue
What Went Wrong in the Capitalist Casino?
By Tony Benn
What we are watching is nothing less than the steady transfer of real political power from the polling station to the market and from the ballot to the wallet - reversing the democratic gains we have made over the last century when we were able, increasingly, to use our votes to shape our economic future. Continue
Naomi Wolf, The End of America: “My sense of alarm comes from the clear lessons from history that, once certain checks and balances are destroyed, and once certain institutions have been intimidated, the pressures that can turn an open society into a closed one turn into direct assaults; at that point events tend to occur very rapidly, and a point comes at which there is no easy turning back to the way it used to be.”
Islamic banking escapes fallout: ISLAMIC banking has largely escaped the fallout from the global financial crisis, thanks to rules that forbid the sort of risky business that is felling mainstream institutions.
Layoffs spreading across corporate America: Shock waves from the global financial crisis are now being felt in almost every corner of working America as companies press the eject button on increasing numbers of employees.
Homeless numbers 'alarming': More families with children are becoming homeless as they face mounting economic pressures, including mortgage foreclosures, according to a USA TODAY survey of a dozen of the largest cities in the nation.