Berlusconi Says Leaders May Close World's Markets
By Steve Scherer
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.'' Continue
Anti-Democratic Nature of US Capitalism is Being Exposed
By Noam Chomsky
Bretton Woods was the system of global financial management set up at the end of the second World War to ensure the interests of capital did not smother wider social concerns in post-war democracies. It was hated by the US neoliberals - the very people who created the banking crisis writes Noam Chomsky Continue
The Sky is Falling on Mexico, Too
By JOHN ROSS
Like the Cassandras of Wall Street today, the bankers cried Armageddon and the president, Zedillo, much as George Bush in the current imbroglio, stampeded congress into a monumental bail-out. FOBAPROA ("Banking Fund for the Protection of Savings") dumped $120 billion USD in bad debt on the backs of Mexican taxpayers, 20% of the nation's gross domestic product - Bush's monstrous bail-out only accounts for 7% of U.S. GDP. Continue
Pentagon Wants Extra $450 Billion
By Josh Rogin
Pentagon officials have prepared a new estimate for defense spending that is $450 billion more over the next five years than previously announced figures. Continue
IMF: World on brink of financial collapse: The global financial system is on the brink of a systemic meltdown despite interventions by the US and Europe to stabilize markets, the head of the International Monetary Fund says
White House dismisses idea of market suspension: The White House on Friday dismissed suggestions that U.S. markets would be suspended so international financial rules could be rewritten amid the turmoil that has gripped markets for weeks.
Lehman Brothers demise triggers huge default: Lehman Brothers, the bust investment bank, triggered one of the biggest corporate debt defaults in history yesterday as it emerged that the US Federal Reserve is harbouring grave concerns about whether Washington’s $700 billion (£413 billion) bailout fund will avert a financial meltdown.
GM, Ford, Chrysler Face Bankruptcy Risk: General Motors Corp., Ford Motor Co. and Chrysler LLC, the three biggest U.S. automakers, may be forced into bankruptcy as the global credit freeze damps U.S. sales, Standard & Poor's analyst Robert Schulz said.
GM, Chrysler discussing merger, source says: The Wall Street Journal, citing people it described as familiar with the discussions, reported that Cerberus, a private equity firm that also owns 51 percent of GMAC Financial Services, proposed trading Chrysler’s automotive operations to GM in exchange for GM’s remaining 49 percent stake in GMAC.
Financial Warfare over future of global bank power: What’s 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.
Fast and loose housing market is history: When will the housing market come back? The answer should be apparent: It won't.