HIT THE HIGHWAY: GM CEO Wagoner to step down... Developing...
Stipulation for feds to lend billions more to GM?
...Automaker Awaits Bailout News
MERKEL STOPS THE 'GLOBAL NEW DEAL'...
SABOTAGE: Blow for Gordon Brown as his spending blueprint leaks...
OBAMA WILL FACE DEFIANT WORLD ON FOREIGN VISIT...
G20 marches begin week of protests...
Biden: 'Give us a chance'...
Bank bailout fund down to $135B...
Geithner Says Some Banks to Need 'Large Amounts' of Aid...
The Free Market, Financial Style
How the Scam Works
By MICHAEL HUDSON
Here’s the rip-off as I see it. For an outlay of $750,000, the bank rids its books of a mortgage worth $2 million, for which it receives $4,250,000. It gets twice as much as the junk is worth. Continue
Stocks Will Drop; Banks Will Go Belly Up - Roubini
By Charting Stocks
U.S. stocks will fall and the government will nationalize more banks as the economy contracts through the end of 2009, said Nouriel Roubini, the New York University professor who predicted last year’s economic crisis. Continue
US Backing for World Currency Stuns Markets
By Ambrose Evans-Pritchard
US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is "quite open" to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund. Continue
U.S. Vows To Sustain Dollar's Dominance
By Tomoeh Murakami Tse
Treasury Secretary Timothy F. Geithner said Wednesday that the United States would do whatever it takes to make sure the dollar would remain the world's dominant reserve currency, clarifying comments he had made earlier in the day that had caused the greenback to fall against major currencies. Continue
In Case You Missed It
Worst Case: The Day The Dollar Falls
Must Watch Video
This is a Dutch (Netherlands) documentary from 2005. It is about a 'Worst Case' scenario where speculation on the currency exchange market plus a substantial sell-off of dollars from a hedge fund cause a chain reaction in the market, the economy and the political system. Continue
Irish economy in sharp contraction: Ireland, the first eurozone country to fall into an official recession, has released more gloomy financial data, with official statistics revealing that its gross domestic product shrank by 7.5 per cent in the three months to December, compared with the fourth quarter of 2007.
UK recession: 'It's even worse than we thought,' says ONS: It is the worst performance since the second quarter of 1980 and confirms Britain is in the middle of a deep downturn following a contraction of 0.7% in the third quarter of last year and zero growth in the second.
Ford ready to get rid of Volvo at huge loss: Ford is believed to be preparing to take a knockdown price for Volvo to get the loss-making Swedish division off its hands.
SC unemployment reaches 11 percent for February: South Carolina's jobless rate surged to 11 percent in February, edging closer to the 14 percent peak a state advisory board expects as the recession throttles the state with the nation's second-highest unemployment rate.
Jobless Rate Exceeds 10% in Three More U.S. States: The number of U.S. states with a jobless rate exceeding 10 percent almost doubled in February as the worst employment slump in the postwar era spread.
US tent cities highlight new realities as recession wears on: Tent cities reminiscent of the "Hoovervilles" of the Great Depression have been springing up in cities across the United States - from Reno in Nevada to Tampa in Florida - as foreclosures and redundancies force middle-class families from their homes.
One Small Problem With Geithner's Plan:
It Will Bankrupt The Banks
By Henry Blodget
When a bank says an asset is worth 60 cents and the market says it's worth 30 cents, someone has to cover that spread. The genius of Geithner's plan is that it pawns most of the cost (and most of the risk) off on the taxpayer without the taxpayer noticing. Continue
Is the Bailout Plan Breeding a Greater Crisis?
By Paul Craig Roberts
The US finances its trade deficit by turning over to foreigners ownership of existing US assets and their future income streams, which, of course, increases the flow of income away from Americans. Continue
"We're All In This Together"
No we are not, that's the point.
By Cindy Sheehan
President Obama basically said that we can't demonize every investor who earns a profit, because "we are all in this together." Sorry, but I am going to have to call a big fat "bull-shit" on this one. Continue
Is the U.S.A. the World's Greatest Nation Now?
By Bob Kendall
According to the Los Angeles Homelessness Services Coalition, 3.5 million people in a given year will experience homelessness with 1.5 million of them children. The current national jobless figure stands at over 8 percent and is rising while there are 37 million Americans on food stamps. Continue
Harvard economist: Prohibition creates violence, legalize all drugs: Miron's proposed solution to ending the cartel war along the US-Mexico border is both simple and enormously complex.
E.U. President Calls U.S. Stimulus the ‘Way to Hell’: Transatlantic tension over the handling of the global economic crisis intensified Wednesday when the prime minister of the Czech Republic, which holds the European Union presidency, described the President Obama’s stimulus measures as the “way to hell.”
Should USA still be AAA?: Despite soaring budget deficits, investors are still buying U.S. Treasurys. Still, some critics say the government debt isn't nearly as safe as widely assumed.
The Day The Dollar Falls - Vid