STRESS: CITI scrambles to raise capital...
As Long As We're Talking About Socialism
By Mark Harris
Ask yourself how democratic it is for the richest 1 percent of Americans to own 43 percent of all stock? Or for this same 1 percent to account for 33 percent of total household wealth, according to the Federal Reserve Bulletin? Is it far-fetched to suggest that class inequality and economic insecurity are permanent hallmarks of life under capitalism? Continue
Japan facing worst economic outlook on record: Japan's economy is expected to shrink 3.3 per cent over the coming year, marking its biggest decline in more than five decades, according to government predictions.
Two-thirds facing a pay cut or freeze: More than two-thirds of British companies plan to cut or freeze their workers' salaries this year, the British Chambers of Commerce said yesterday, as it warned that private sector employers face a desperate battle to survive the recession.
Meltdown losses of '$4 trillion': The International Monetary Fund (IMF) has warned credit crunch losses could reach $4 trillion (£2.75tn), damaging the financial system for years to come.
'Deeper' recession ahead says IMF: The IMF says this represents "by far the deepest post-World War II recession" with an actual decline in output in countries making up 75% of the world economy.
Row with emerging nations threatens IMF's cash call: Russians warn that the IMF must deliver on its power-sharing commitments
GM to slash 21,000 more jobs: General Motors, the US car giant, is to cut 21,000 factory jobs next year, close plants and drop its Pontiac brand as it struggles to remain afloat.