USA Moves to Avert Economic Meltdown...
Fed's deep rate cut seen as 'once-in-a- generation'...
APPLE Profit Rises 57%; Shares Fall on Outlook...
Stunning jump in California foreclosures...
Hard Times A-Coming
The Bush Dollar Trap
By Dave Lindorff
The first government response to America's sinking economy was denial. We were told as recently as a month ago by administration officials and Wall Street charlatans that the economy was robust and that there would not be a recession. Now we are told that the economy is in trouble, but that the government is taking decisive action to shore it up. Continue
A Recession, If It Comes, Could Be Worse Than Those of Recent Past
By JUSTIN LAHART
The U.S. has suffered recessions only twice in the past quarter century, and both were short and mild. But there are good reasons to fear that the looming recession, if it arrives, could be worse. Continue
Latin America Banks on Independence
The New Bank of the South Shatters Neoliberal Economics
By Mark Engler
By itself, the bank represents a serious challenge to U.S.-dominated institutions, such as the International Monetary Fund (IMF), the World Bank and the Inter-American Development Bank (IDB). As part of a larger trend, it signals a major break from the policies of “free trade” neoliberalism that dominated in the region throughout the ’80s and ’90s. Continue
North-American Montetary Integration: Here Comes the Amero
By Andrew G. Marshall
The introduction of the Amero is an integral aspect of the process of creating a North American Union, much like the European Union. This process is being undertaken through the implementation of the Security and Prosperity Partnership of North America (SPP), which was signed by the leaders of the three North American governments in March of 2005. Continue
Fed Cuts Rate 0.75%, but Dow Drops: The Federal Reserve, responding to an international stock sell-off and fears about a possible United States recession, cut its benchmark interest rate by three-quarters of a percentage point on Tuesday.
Crash! Biggest fall in shares since September 11 : Recession fears wipe £84bn off the value of Britain's biggest companies as stock markets tumble across the globe
White House says Bush is open to idea of larger stimulus package : President George Bush is open to the idea of a larger stimulus package than the 145 bln usd package he proposed Friday but is not actively pushing such a measure, White House spokeswoman Dana Perino said today.
Bush Becomes Supplicant for Saudi's Aid to Help Avoid Recession : The Saudi monarchy once depended on the U.S. to protect its reign and its oil from foes like Saddam Hussein. These days, President George W. Bush needs the world's biggest exporter of crude more than it needs him.
Dollar Falls as Fed Makes Emergency Cut in Interest Rates : The dollar dropped 0.7 percent to $1.4560 against the euro at 10:03 a.m. in New York from $1.4454 yesterday.
Horror day for Australian stock market: THE Australian share market had its worst day in a decade today, plunging over 7 per cent as investors panicked in the face of a looming US recession.
HK shares dive, China plays in worst day in 10 yrs: Hong Kong stocks collapsed for a second straight day on Tuesday, as investors fretted over how well Asian economies will hold up in a U.S. recession, sparking a sell-off across the region.
Tokyo falls 6%, Hong Kong 9% as rout continues: Asian markets subjected to intense sell-off; trading briefly halted in Mumbai
Bank of America's 4Q income plummets 95 percent: Bank of America Corp. says increased credit losses contributed to a 95 percent drop in fourth-quarter net income. Earnings for the full-year 2007 fell 29 percent.
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