Life the Universe and ....: March 2008

Monday, March 31, 2008

Financial Market Overhaul

The Treasury department will unveil the plan which has been in the works for MONTHS in a speech on Monday. Plan not expected to be final before end of President Bush's term.

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READY FOR IT? $1 Trillion Writedown of Debt!

Be it ever so devalued, $1 trillion is a lot of dough. That's roughly on a par with the Russian economy. More than double the market value of Exxon Mobil Corp. About nine times the combined wealth of Warren Buffett and Bill Gates. The Banksters get to have their cake and eat it, too.

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More economic issues

PAPER: Fed eyes Nordic-style nationalization of banks... MORE POWER... ...overhaul of Wall Street regulation

High Rice Cost Creating Fears of Asia Unrest : Rising prices and a growing fear of scarcity have prompted some of the world’s largest rice producers to announce drastic limits on the amount of rice they export.

S.Korea pension fund says to shun US Treasuries: South Korea's National Pension Service (NPS), the world's fifth-biggest pension fund, said on Thursday it was shying away from U.S. Treasuries because of falling yields and the weakening dollar.

US to propose sweeping new powers for Fed: report: Citing a summary of the plan provided by the administration, the newspaper said the Fed will gain the power to investigate any activities of financial institutions that threaten US economic stability, gather information and combat risks to the financial system as a whole.

Home Price Decline Steepest in 21 Years : The Standard & Poor's/Case-Shiller index shows U.S. home prices fell 11.4 percent in January, its steepest drop since S&P started collecting data in 1987.

Chinese Exporters Shun Flagging Dolllar

Chase Subprime Mtge Memo Pushes 'Cheats & Tricks'

Federal Reserve To Inject Another $100B

Treasury Plan Would Give Fed Wide New Power

Class Action Filed Against Bear Stearns

Bush Wants To Greatly ENLARGE The FED'S Power

US Faces $53 Trillion Financial Asteroid

Friday, March 28, 2008

The latest Bush bull: Social Security's is "unsustainable"

Social Security faces a 4.3 trillion dollar unfunded liability over the next 75 years? B.F.D. George W. Bush blew through 5 trillion in just 7 years, increasing the actual national debt from under $5 trillion to almost $10 trillion.

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More economic issues

Jump in rice price fuels fears of unrest; Grain rises 30% to all-time high...

Bailout For The MBAs

A Working-Class Perspective on the Current Market Crisis

By Alex Mohammed Krishnan

It seems there is no practical alternative to another multi-billion dollar bailout for the MBAs, who have shown little remorse in sentencing others to a lifetime of poverty so the “market” can prevail- but no shame in holding their hats out to the taxpayer when their own rash bets go sour. Continue

Everything You Need to Know About Economics

Is Cheney Betting On Economic Collapse?

Goldman Sees Credit Losses Of $1.2 Trillion

How Not To Prevent Foreclosures

When Is 'Improper Accounting' Labeled Honestly?

House Prices Fall 26% In CA - 8% Nationally

Countdown To Doomsday? Hold That Thought

The End Of Capitalism As We Know It?

BoE Refuses To Follow Fed's Rate Cuts

Wall Street To Cut 20,000 Jobs

McCain - Failing Banks Should Not Get Help

Wall Street May Face $460 Bln In Losses

Thursday, March 27, 2008

Stock Market in Longest Funk Since 1970s

The stock market is trading right where it was nine years ago. The current market turmoil may result in a lost decade like the 1930s and the 1970s. Some believe the troubles are severe enough that the period of weakness isn't over.

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Hillary is ALSO on videotape committing fraud!

Hillary's Senate campaign was convicted of fundraising fraud and fined $35,000. She was let off the hook personally because she claimed she had no knowledge of the fundraising event in question. As evidence in a lawsuit against her, a video has been submitted of her planning that fundraiser she claims not to know about -- which is a felony...

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Sr. Senator : Paulson Pushed Fed Into Bear Stearns Deal?

``We want to know the extent to which Paulson was involved in the deal,'' Grassley said today in an interview with Bloomberg Television...``Americans are being asked to back a brand new kind of transaction, to the tune of tens of billions of dollars,'' - Senate Finance Committee Chairman Max Baucus

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Dick Cheney's Been Preparing for An Economic Collapse

"Wouldn’t you like to know where Dick Cheney puts his money? Then you’d know whether his “deficits don’t matter” claim is just baloney or not. Well, as it turns out, Kiplinger Magazine ran an article based on Cheney’s financial disclosure statement and, sure enough, found out that the VP is lying to the American people."

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More economic issues

Investigator releases damning findings of failed mortgage business... Developing...

Home equity loans becoming next danger...

New Home Sales Fall to 13-Year Low... California freefall: Prices fall 26%... Bus Tours Show Properties in Foreclosure...UPDATE: CLEAR CHANNEL Deal Collapses... Banks Sued... Developing...

House price slump in US dashes hope of end to credit crisis: The price of the average home was 11 per cent lower than a year ago, the S&P Case-Shiller index showed yesterday, as repossessed homes flood the market – and economists predict that the price adjustment may belittle more than half over.

Down day on Wall Street; Stocks tumbled Wednesday as weak economic news, spiking commodity prices and a bearish analyst note on investment firm earnings gave investors a reason to bail after the recent advance.

House Prices Fall 26% In CA - 8% Nationally

Countdown To Doomsday? Hold That Thought

The End Of Capitalism As We Know It?

BoE Refuses To Follow Fed's Rate Cuts

Wall Street To Cut 20,000 Jobs

McCain - Failing Banks Should Not Get Help

Wednesday, March 26, 2008

More economic issues

Wall Street May Be Facing 'Up to $460 Billion Credit Losses'... HOARDING BY BANKS STOKES FEAR ON CRISIS...

If the bailout comes, watch for a dollar dive: If the United States bails out the financial system by buying mortgage debt directly, the price just might be surging inflation and a dollar crisis.

U.S. consumer confidence at 5-year low: survey: U.S. consumer confidence sank to a five-year low in March as tight credit markets, rising prices and worsening job prospects deepened worries that the economy has fallen into recession.

Wall Street May Face $460 Bln In Losses

Hoarding By Banks Stokes Credit Crisis Fears

Goldman Sees $1.2 Trillion Global Credit Loss

Banks Downgrade Merrill - Merill Downgrades Banks

Fed Is Just One Part Of Much Bigger Scam

The Gods' Next Big Laugh

'Pay Day' Loans Booming - Up To 800% Interest

The Financial Destruction Of The Average Man

Oil Down On Demand And Dollar Worries

Home Sales Up Slightly - Price Down Sharply

JP Morgan May Spend More On Bear Stearns

Another Way Around The Credit Crisis

Gas Prices Skyrocket To All-Time High

Fed Rescue Stopped A Derivatives 'Chernobyl'

Qualified Borrowers Face Credit Squeeze

Are ALL Big Wall St Investment Banks Insolvent?

US Consumers Battered By Inflation, Soaring Fuel Costs

Bank Of England Tries To Ease Market Strain

Fed's Move To Stop Panic Gets Praise, Scrutiny

S&P - More Pain Ahead - Lehman, Goldman Negative

Banks Lose To Deadbeat Homeowners

Silver Shortage - 19 Dealers 'Sold Out'

Goldman, Lehman Cut To 'Negative' By S&P

LaRouche - 'Paulson Is 'F**king Incompetent'

Tuesday, March 25, 2008

Gas Per Gallon Vs Other Chit Per Gallon

All these examples do NOT imply that gasoline is cheap;
it just illustrates how outrageous some prices are…..
You will be really shocked by the last one!!!!

Compared with Gasoline……
Think a gallon of gas is expensive?
This makes one think, and also puts things in perspective.

Diet Snapple 16 oz $1.29 … $10.32 per gallon
Lipton Ice Tea 16 oz $1.19 ……….$9.52 per gallon
Gatorade 20 oz $1.59 …. $10.17 per gallon

Ocean Spray 16 oz $1 .25 ………. $10.00 per gallon

Brake Fluid 12 oz $3.15 ……… $33.60 per gallon
Vick’s Nyquil 6 oz $8.35 … $178.13 per gallon

Pepto Bismol 4 oz $3.85 .. $123.20 per gallon

Whiteout 7 oz $1.39 ……. . $25.42 per gallon

Scope 1.5 oz $0.99 …..$84 .48 per gallon

And this is the REAL KICKER…

Evian water 9 oz $1.49……….$21.19 per gallon!
$21.19 for WATER
and the buyers don’t even know the source
(Evian spelled backwards is Naive.)

Ever wonder why computer printers are so cheap?
So they have you hooked for the ink.
Someone calculated the cost of the ink at
$5,200 a gal.

(five thousand two hundred dollars)
So, the next time you’re at the pump,
be glad your car doesn’t run on
water, Scope,Whiteout, Pepto Bismol, Nyquil
or God forbid, Printer Ink!!!!!

Mars Rover to be TURNED OFF - due to BUDGET CUTS at NASA!

To save money, NASA will switch off Mars Rover Spirit for the Winter. What a disgusting fate for so intrepid an explorer!! What if it won't wake back up?? Please DIGG this - maybe we can pressure them to restore the $4 Million to JPL. After lasting 1490 days into a '90 day mission' - to be turned off due to lack of money? Hang Tough Rover Team!!

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Has Banking Industry Overlooked Its Biggest Breach Ever?

MARCH 24, 2008 | Way back in July, law enforcement agencies issued a press release stating that they had indicted a former employee at Compass Bank for stealing information from the company. It now appears that the theft might be the biggest breach in banking history."In light of the details now available, the breach appears...1million +....

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Bear Stearns Buyout Illegal - Grounds for Bush Impeachment!

In direct violation of The Federal Reserve Act of 1913 and grounds for impeachment, George W Bush and Treasury Secretary Henry Paulson provided to JPMorgan a $30 billion bribe flowing from the US Treasury, via The Federal Reserve, in order to “buyout” Bear Stearns at a price not determined in the free market. WE MUST STOP THIS CRIME NOW!

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More economic issues

OHIO: Nearly one in 10 now receives food stamps; highest number in state's history...

US federal home loan banks get $100B in extra mortgage-buying power: The Federal Home Loan Bank system can increase purchases of Fannie Mae and Freddie Mac securities by $100 billion (€64.8 billion) over two years in the latest government effort to stabilize the devastated market for mortgage-backed assets.

Bank of America may face $6.5 bln loan loss-analyst: Bank of America Corp, the largest U.S. retail bank, may set aside a record $6.5 billion in the first quarter to cover possible future loan losses, including in its mortgage and home equity portfolios, according to a banking analyst.

Food stamp use hits all-time high in Ohio: Amid a sluggish economy, a record 1.1 million Ohioans are getting food stamps, the state’s welfare agency said. That’s about 10 percent of the state’s population.

Inflation Hits the Poor Hardest: Inflation is walloping Americans with low and moderate incomes as the prices of staples have soared far faster than those of luxuries

California: Ontario thinning homeless population at Tent City: Authorities will begin forcing people without local ties to leave a homeless encampment that has grown to nearly 400 residents.

Banks warned to curb payouts as crisis bites: BANK OF England governor Mervyn King used his now-famous meeting with the chief executives of the "big five" UK banks last Thursday to admonish them for increasing shareholder dividends, as they came begging for more aid to help resolve their liquidity problems, the Sunday Herald understands.

The Financial Destruction Of The Average Man

Oil Down On Demand And Dollar Worries

Home Sales Up Slightly - Price Down Sharply

JP Morgan May Spend More On Bear Stearns

Another Way Around The Credit Crisis

Gas Prices Skyrocket To All-Time High

Fed Rescue Stopped A Derivatives 'Chernobyl'

Qualified Borrowers Face Credit Squeeze

Are ALL Big Wall St Investment Banks Insolvent?

US Consumers Battered By Inflation, Soaring Fuel Costs

Bank Of England Tries To Ease Market Strain

Fed's Move To Stop Panic Gets Praise, Scrutiny

S&P - More Pain Ahead - Lehman, Goldman Negative

Banks Lose To Deadbeat Homeowners

Silver Shortage - 19 Dealers 'Sold Out'

Goldman, Lehman Cut To 'Negative' By S&P

LaRouche - 'Paulson Is 'F**king Incompetent'

Monday, March 24, 2008

Partying Like It's 1929

Economist Paul Krugman weighs in on the current financial crisis: "... what we should be asking is: How did we get here?"

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Sunday, March 23, 2008

Friday, March 21, 2008

Foreign Investors Systematically Dumping US Treasuries

As feared, foreign bond holders have begun to exercise a collective vote of no confidence in the devaluation policies of the US government. The Federal Reserve faces a potential veto of its rescue measures. Asian, Mid East and European investors stood aside at last week’s auction of 10-year US Treasury notes. “It was a disaster,” said Ray

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More economic issues

CASH DASH: Firms Tap Fed for Billions... CIT GROUP Drama... Abu Dhabi, Singapore Strike Agreement With USA on Investing... *Crisis averted... SEC probing options activity in BEAR STEARNS...BUBBLE TROUBLE: Bernanke's own house has lost $260K in value!

RISK: Gold at one-month low as investors shun commodities... Oil drops below $100...

Dollars tough to sell: - The U.S. dollar's value is dropping so fast against the euro that small currency outlets in Amsterdam are turning away tourists seeking to sell their dollars for local money while on vacation in the Netherlands.

US economist calls financial crisis worst since 1930s: The current financial crisis is the worst the world has seen since the Great Depression of the 1930s and the US Federal Reserve move to cut interest rates will not make much difference, the Nobel Prize winning economist Joseph Stiglitz said on Wednesday

World trade decelerates almost to a standstill: Global trade slowed almost to a standstill over the new year, threatening to shrink for the first time since the US economy went into recession in 2001.

Lehman sees risk of double-dip U.S. recession: Investors already coming to grips with the prospect of a looming U.S. recession face the even bleaker notion of a "double-dip" economic downturn, U.S. investment bank Lehman Brothers (LEH.N: Quote, Profile, Research) said on Thursday.

Jim Rogers: FED is using taxpayers money to buy Bear Sterns Maseratis: Video

US leading index tumbles for fifth straight month: The US leading index fell by 0.3 per cent and six of the 10 economic indicators that form the index were down on the month, the New York-based Conference Board said.

Factory and other data adds evidence of recession: Evidence of a U.S. recession mounted today with reports showing Mid-Atlantic factory activity in its worst slump since the start of the Iraq war and more workers claiming jobless benefits.

Jobless benefit rolls hit 3-1/2 year high: The number of U.S. workers filing initial claims for unemployment aid climbed 22,000 last week, while the overall number on the benefit rolls hit a 3-1/2 year high a week earlier, the government said on Thursday

Dell to buy $52 bln components from China: Dell Inc (NasdaqGS:DELL - News) plans to buy $23 billion of components from China this year and $29 billion in 2009, helping it reduce costs while the company's main market, the United States, is facing recession.

LaRouche - 'Paulson Is 'F**king Incompetent'

Bernanke's Own Home Sinks $260K In Value

Dollar Gains On Euro

Bernanke - Fed Caused The Great Depression

Strange Silver Price Gyrations & Shortage

Gold In Biggest Drop Since June 2006

Stocks Sink On Commodities Slide

'Dollar Worth Maybe Zero' In Amsterdam

Fannie, Freddie To Pour $200B Into Mortgage Mkt

The Federal Reserve Is Destroying America

Morgan Eats Bear, Now Has $77 Trillion In Derivatives

Billionaire Moves To Stop JP Morgan Bear Takeover

Thursday, March 20, 2008

Bear Stearns Meltdown - what this mean for tech start-ups

We all know Bear Stearns shareholders are kicking the dog, but what other implications will there be from this fall-out? Turns out the start-up community might get pinched even more...

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'Dollar Worth Maybe Zero' In Amsterdam

The U.S. dollar's value is dropping so fast against the euro that small currency outlets in Amsterdam are turning away tourists seeking to sell their dollars for local money while on vacation in the Netherlands.

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Gold In Biggest Drop Since June 2006

Gold futures plunged the most since June 2006 after the Federal Reserve reduced U.S. borrowing costs less than investors expected and signaled more cuts won't be as aggressive.

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Former Fed Chairman, Paul Volcker questions Bear Bailout.

"Why is the Fed rescuing a non-bank that it does not regulate? Isn't that a job for Congress? Why is the Fed guaranteeing bad loans? The Fed regulates -- and lends to -- banks, not investment houses."

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Mortgage lenders to pump $200 billion into markets

The two largest U.S. mortgage finance companies on Wednesday won approval to pump up to $200 billion into the distressed U.S. mortgage market, the latest step in government efforts to stabilize credit markets and save the economy from recession.

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Morgan Stanley profits fall 42%

Morgan Stanley, the second biggest US investment bank, announced that profits fell by 42%, as losses continued on mortgages and loans.

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More economic issues

American auto industry bracing for 'worst year in decade'...British authorities try to quell damaging financial rumors...RISK: Gold tumbles $59; Commodity Slump... Oil Falls Toward $100 on Waning Demand...

The Fed is just an Extension of the Banking Establishment; The Bear bailout proves it

By Mike Whitney

Direct intervention into supposedly “free markets” is less defensible when it is merely a matter of saving an over-leveraged banking system from its inevitable Day of Reckoning. And, yet, that appears to be the reason for the White House confab. Continue

Venezuela's state-run oil company begins demanding payment in euros as US dollar weakens : Rafael Ramirez said the initiative by Petroleos de Venezuela SA, or PDVSA, to charge euros rather than U.S. dollars was ''advancing,'' but not yet completed.

Numerous Countries Have Recently Dropped The Dollar as Their Reserve Currency : In the past couple of years, the following countries have stopped using the dollar as their reserve currency or have dropped their currency's peg against the dollar:

Federal Reserve slashes US rates : The Federal Reserve has cut US interest rates sharply in an attempt to restore confidence to nervous financial markets and boost the ailing economy.

Housing Construction Declines: In another sign of troubles in the beleaguered housing industry, construction of new homes fell by a larger-than-expected amount last month.

Even experts can't grasp this crisis: Raise your hand if you don't quite understand this whole financial crisis.

Gold In Biggest Drop Since June 2006

Stocks Sink On Commodities Slide

'Dollar Worth Maybe Zero' In Amsterdam

Fannie, Freddie To Pour $200B Into Mortgage Mkt

The Federal Reserve Is Destroying America

Morgan Eats Bear, Now Has $77 Trillion In Derivatives

Billionaire Moves To Stop JP Morgan Bear Takeover

Here Comes Worldwide Currency Debasement

What You're Not Told About The Financial Crisis

Bernanke's Latest Scheme No Remedy

Lenders Stop All But Lowest Risk Loans

UK Mtge, Commercial Banks Devastated By Bear Bust

CNBC: Jim Rogers - 'Abolish Federal Reserve' - Vid

UK Faces Worst Financial Crisis In Decades

Will More Fed Action Be Enough?

Gold Screams Past 1000

Lehman Shares Dive - Lowest Profit Since 2003

Cramer Tries To Dig Out Of Bear Collapse - Vid

Jim Cramer Advised Investors Not To Sell Bear - Vid

Wednesday, March 19, 2008

How America's Banks Lost their Reputations

With the near collapse of Bear Stearns, some of America's biggest banks are tumbling helplessly into the void. Others have no idea how many billions they will have to write off. The markets are falling into a state of panic and elbow room for banks is shrinking when they most need it.

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Fannie Mae & Freddie Mac are to receive $200 billion relief

Stock prices rose to record levels for both companies on Tuesday in predicting a deal would be made on Wednesday. Stock prices rose more than they have with these companies in a quarter century. Office of Federal Housing Enterprise Oversight will announce $200 billion relief at 9am EST. This move is expected to have more weight than fed rate cuts.

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More economic issues

Stocks Surge After Fed Move... Dollar Wobbles...

America Was Conned - Who Will Pay?

By Larry Elliott, economics editor

The crisis will only end when house prices stop falling and banks stop racking up huge losses on their loans. Doing that, however, will require the US government to intervene directly in the real estate market to end the wave of foreclosures. Ideologically, it is ill-equipped to take that step and, as a result, property prices will fall and the financial meltdown will go on and on. Continue

Mankind at the Turning Point

A Planned World Economy

By Brent Jessop

Not satisfied with the control of resource prices the report also stresses the need for a planned redistribution of industry throughout the world, especially to South Asia. Continued

Putin calls for rouble vigilance as dollar plummets: - Russian President Vladimir Putin urged his government and Central Bank on Monday to keep a close eye on rouble appreciation as the dollar continues to plummet against world currencies.

Is Britain heading for a Great Depression?: The financial crisis plunged to a new low today as £51 billion was wiped off the value of Britain’s top companies.

A financial crisis unmatched since the Great Depression, say analysts: Students of the markets say the only recent parallel with the current turmoil is Japan in the 1990s, but other than that they have had to study the 1930s, when 9,000 banks failed, 1907 when JP Morgan told Wall Street enough was enough after a 50% drop in shares, and even to the series of economic and financial upheavals during the final quarter of the 19th century.

Europe idle as US battles meltdown: The US Federal Reserve has resorted to the nuclear option in its ever-more depleted arsenal, invoking a Depression-era clause to shoulder the risk of losses stemming from the collapse of Bear Stearns, and to lend money directly to broker dealers.

Fears mount over US economy : The dollar on Friday fell below the Swiss franc for the first time ever and George Bush, US president, conceded that the country was "going through a tough time".

Paulson admits US economy is in decline : US Treasury Secretary Henry Paulson today said the economy is in "sharp decline," the closest he has come yet to conceding that a recession has already set in.

ANALYSIS: U.S. economy in crisis as it pays price for greed : The stock market usually runs on 90 percent economics and 10 percent psychology. On Monday the proportions were reversed. Fear rules, the future looks threatening and uncertain, and the biggest fear is the collapse of the U.S. financial system.

'Ontario residents only' at Tent City: Large, often confused, crowds formed ragged lines behind police barricades where officers handed out color-coded wristbands. Blue meant they were from Ontario and could remain.

Morgan Eats Bear, Now Has $77 Trillion In Derivatives

Here Comes Worldwide Currency Debasement

What You're Not Told About The Financial Crisis

Morgan Eats Bear, Now Has $77 Trillion In Derivatives

Billionaire Moves To Stop JP Morgan Bear Takeover

Here Comes Worldwide Currency Debasement

What You're Not Told About The Financial Crisis

Bernanke's Latest Scheme No Remedy

Lenders Stop All But Lowest Risk Loans

UK Mtge, Commercial Banks Devastated By Bear Bust

CNBC: Jim Rogers - 'Abolish Federal Reserve' - Vid

UK Faces Worst Financial Crisis In Decades

Will More Fed Action Be Enough?

Gold Screams Past 1000

Lehman Shares Dive - Lowest Profit Since 2003

Cramer Tries To Dig Out Of Bear Collapse - Vid

Jim Cramer Advised Investors Not To Sell Bear - Vid

Good bye Arthur, we will miss you.

Arthur C Clarke dies aged 90...

Tuesday, March 18, 2008

Bush’s “denial of the economic reality”

Following up on Nicole’s post from yesterday, this great editorial in The New York Times fact-checks President Bush’s speech at the Economic Club of New York. Needless to say, it ain’t pretty.

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Whistleblower exposes insider trading program at JP Morgan!

A confidential memo obtained by Wikileaks shows that not only has the U.S. Securities and Exchange Commission created an insider trading loophole big enough to drive a truck through, but that Wall Street is taking full advantage of it...

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Fed Cuts Rates by 3/4 Percentage Point

The Federal Reserve on Tuesday slashed a key interest rate by three-fourths of a percentage point, moving aggressively to contain a credit crisis threatening to push the country into a severe recession.

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Sub-prime collapse 'beyond the US Federal Reserve'

US Federal Reserve 'lacking funds to help crisis' - Losses yet to come 'easily exceed remaining $400bn' - Not going to be able to deal with situation on own.FEARS are growing that the US Federal Reserve may soon find itself short of the funds needed to continue propping up the nation's financial system.

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'New world order,' buyers seen for banks

Financial firms face a "new world order" after a weekend fire sale of Bear Stearns (nyse: BSC - news - people ) and the Federal Reserve's first emergency weekend meeting since 1979, research firm CreditSights said in a report Monday.

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Bush's Carefree Crash-and-Burn Presidency

The more terrified Americans get of Bush's policy disasters, the more bizarrely cheery is his attitude.

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Fed Hemorrhages 30 Billion To Buy Out Bear Stearns

As was clear for the last few weeks, the criminally negligent financial institutions are all ready to slide into bankruptcy and the Fed is going to step in and bail them all out. Big surprise. At least Fed officials said they would secure the loan by exercising control over all major decisions in order to minimize the central bank’s own risk.

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Comparing Bear Stearns and Lehman Brothers

"As we wake up this morning and read the headlines about J.P. Morgan’s acquisition of Bear Stearns, rumblings about whether Lehman is next have begun to take center stage. Lehman will report earnings tomorrow. What happened to Bear Stearns in the early part of last week happened to Lehman on Friday."

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The Bear Stearns story, Predatory Lending and Housing Bubble

If you are confused by the whole Bear Stearns story, this is for you.BUT, if you think you know what the housing bubble is, what happened at Bear Stearns, think again - this is especially for YOU.

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Congressional candidates have just grown a set of balls?!

“A Responsible Plan To End The War In Iraq.” The Plan puts forward a set of proposals to ensure we never enter another war like Iraq ever again. These proposals include getting rid of signing statements, ending wiretapping, restoring habeas corpus, disavowing torture, and building an energy economy built on alternative sources and not oil.

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Monday, March 17, 2008

More economic issues

GREENSPAN: FINANCIAL MESS WORST SINCE WWII... Wall Street waits for next domino to fall... FED GIVES ANOTHER QUARTER... PAPER: Foreign investors veto Fed rescue... The Dollar Doomsayers... INTERVENTION? Euro, Gold Hit New Records... Bush: 'We're in Challenging Times'... 3-month bill yield seen lowest in 50 years...FED MOVES FASTJPMorgan Agrees to Buy Bear Stearns; Fed to Fund Takeover... 'MAD MONEY' CRAMER ON MARCH 11: 'No! No! No! Bear Stearns is not in trouble... Don't move your money from Bear.'

Fed-biggest Corporate Welfare scam since Great Depression

The Federal Reserve has taken its "boldest" action since the 1930s, accepting $200bn of worthless housing debt as collateral to bail out Wall Street's mortgage industry loan sharks. This really just a Corporate Welfare scam. The Fed has "legally" circumvented a ban on purchase of MBS's outright, by instead accepting them as collateral for loans.

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US Recession: Markets on brink of unprecedented crash

In New York the Dow Jones Industrials tumbled 194 points, more than 1.5%, in early trading before recovering. London's FTSE 100 index was down 2.7%, in Paris the Cac 40 slumped 2.9% and Frankfurt's Dax fell 4.1%.

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The Crumbling U.S. Empire

Even though he won't be our next president, Ron Paul is still right about U.S. foreign policy and its consequences.

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Time: Do Americans Care About Big Brother?

Our govt. has blown past countless civil liberties under the Bush Whitehouse. But, the question is -- does anyone care? I know I do.

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This is the stuff Depressions are made of

Make no mistake: this Bear Stearns failure is the very definition of a systemic crisis. Bear Stearns is a major financier for hedge funds; it runs one of Wall Street’s largest back offices for processing trades; it has transactions on its books with everybody big in the derivatives business. (Numerian)

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Global Bank Run on Monday?

Acting quickly to prevent a run on major global financial firms, the Federal Reserve cut its discount rate by a quarter percentage point to 3.25% and offered to lend money to a longer list of firms than ever before.

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Fed-biggest Corporate Welfare scam since Great Depression

Fed Takes Historic Steps to Ease Crisis on Wall Street

Not only is the Fed cutting their lending rate on Monday, they're going to accept mortgage-backed securities as collateral for loans to banks at least 6 months. Additionally, they are providing $30 Billion financing to JP Morgan for their $236 Million purchase of Bear Stearns- to accommodate for the bad loans & riskier securities.

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How The Federal Reserve System Is Taking Away Your Security

The Federal Reserve System virtually controls the nation's monetary system, yet it is accountable to noone. It has no budget, it is subject to no audit, and no Congressional Committee knows of, or can truly supvervise its operations.

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Futures fall after Fed cuts discount rate, Bear deal

"I can't imagine it's going to be a good day in financial markets tomorrow just because of fear, and not because of any particular knowledge, but just because of fear of what could be in or what's not in all financial service company balance sheets," said Timothy Ghriskey, chief investment officer at Solaris Asset Management in New York.

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Asian markets dive in Monday trade

Asian stocks plunged Monday after JPMorgan Chase said it would acquire troubled U.S. investment bank Bear Stearns. The U.S. dollar fell sharply against the Japanese yen.

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GOP Rep: Bush "just killed the Republican brand."

"It's no mystery," said Rep. Thomas M. Davis III (R-Va.). "You have a very unhappy electorate, which is no surprise, with oil at $108 a barrel, stocks down a few thousand points, a war in Iraq with no end in sight and a president who is still very, very unpopular. He's just killed the Republican brand."

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U.S. Has Slid Into Recession, Economist Survey Says

The U.S. has finally slid into recession, according to the majority of economists in the latest Wall Street Journal economic-forecasting survey, a view that was reinforced by new data showing a sharp drop in retail sales last month...

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Gold Futures Soar Above $1,000 to New Record

NEW YORK (MarketWatch) -- Gold futures broke above the psychologically key level of $1,000 an ounce Thursday, propelled by ongoing dollar weakness and bleak news from the financial sector. Early Thursday, gold for April delivery soared to a record high of $1,001.50 an ounce on the New York Mercantile Exchange for the first time that gold surpassed

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Bush Screws America, Again: Economy Slips to #2

Now, he's done it. The United States is not the world's #1 economy. We have slipped behind the European Union.The European Union? But that has national healthcare, strong unions, high tax rates on the wealthy, sales' taxes, well-funded pubic transport, free daycare, paid maternity leave.... those policies make prosperity impossible.

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Monday's Ticking Time Bomb -- Bear Stearns

An entire system of leveraged assets polluted with worthless loan-backed securities is in the process of violent unwinding. Bear Stearn's bond rating has just been lowered, guaranteeing that they cannot secure further financing to hemorrhage trying to repair irreparable insolvency. Being "too-big-to-fail," the bank must now be bought out by Monday.

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