WORTHLESS
GREENSPAN: FINANCIAL MESS WORST SINCE WWII...
Wall Street waits for next domino to fall...
FED GIVES ANOTHER QUARTER...
The Dollar Doomsayers...
Euro, Gold Hit New Records...
SOLD: JPMorgan Closes Deal on Bear Stearns...
Harvard expert says US economy in recession's grip
By Bloomberg
Atlanta: Harvard University economist Martin Feldstein, a member of the group that dates business cycles in the US, said the nation has entered a recession that could be the worst since World War II. Continue
Bearly Alive: Investment Giant Rushed To I.C.U.
By Mike Whitney
On Friday, Bear Stearns blew up. It was the worst possible news at the worst possible time. A day earlier, the politically-connected Carlyle Capital hedge fund defaulted on $16.6 billion of its debt. Continue
U.S. Chief Auditor Leaves, Giving Dire Warning About National Debt
By David S. Broader
As the head of the Government Accountability Office, the auditing arm of Congress, Walker has been perhaps the most outspoken official in Washington warning of the fiscal train wreck that awaits this country unless it mends its ways. Continue
Three Easy Pieces
The Dollar, Paulson, and Carlyle Capital
By Mike Whitney
The subprime meltdown just got a whole lot bigger. As the massive cycle of deleveraging continues for the over-extended hedge funds; Triple A assets will be sold for merely pennies on the dollar sending the faltering banking system into a last, lethal swan dive. Good riddance. Continue
Today We're All Irish:
Debt Serfdom Comes to America
By Dr. Ellen Brown
The Irish were driven to America by debt, and they are leading the Western world in household debt today. The London Daily Telegraph reported on March 13, 2008 that household debt in Ireland has reached 190 percent of disposable income, the highest in the developed world; and that the Irish banking system is suffering such acute strains from the downturn in the housing market that it may have to nationalize its banks.1 The same may soon be happening in the United States, and for much the same reasons. Continue
Venezuela opts for oil contracts in euros: report : Venezuelan state oil giant PDVSA has decided to sign some oil contracts in euros in the face of a plummeting dollar, local media reported, citing officials.
Argentina, Brazil to drop U.S. dollar in bilateral commercial transactions : Argentina and Brazil are to scrap bilateral commercial transactions in U.S. dollars and start using their own currencies from August, an official in charge of currency settlement at the Argentine Central Bank said here Saturday.
World Bank sees US recession risk; The United States may well be heading into a recession and Europe faces further financial market turmoil too but developing countries are showing little signs of being hurt, World Bank President Robert Zoellick said.
Bear Stearns exposed as a bank saddled with toxic sub-prime debt: Big American finance houses have collapsed before. Continental Illinois required a $4.5bn (£2.25bn) bail-out in 1984 after coming to grief in Texas as the oil boom deflated
Which bank is going to follow the Bear? : So who is next? As advisers to Bear Stearns struggle to find a buyer or funding in the next 28 days, Wall Street, the City and the financial district in Tokyo were scrabbling to find out who is the most exposed to Bear Stearns, either through loans or trading positions.
Fed chairman tosses out the rulebook: Federal Reserve chairman Ben Bernanke is being forced to throw out four decades of monetary history as the US financial system chokes on miscalculated risks and a deepening recession.
Dangerous cracks appearing in job market: Dangerous cracks in the nation's job market are deepening. Employers slashed jobs by the largest amount in five years and hundreds of thousands of people dropped out of the labor force — ominous signs that the country is falling toward a recession or has already toppled into one.
Greg Palast: Eliot’s Mess: The $200 billion bail-out for predator banks and Spitzer charges are intimately linked
How Banks Track Your Money: Every Purchase On A Card Is Tracked To Find Possible Illicit Activity -- Like Eliot Spitzer's
IMF tells states to plan for the worst: Governments might have to intervene with taxpayers’ money to shore up the financial system and prevent a “downward credit spiral” from taking hold, the International Monetary Fund said
Irish banks may need life-support as property prices crash: The Dublin government appears to be almost powerless to prevent a severe downturn
Weak dollar costs U.S. economy its No. 1 spot: The U.S. economy lost the title of "world's biggest" to the euro zone this week as the value of the dollar slumped in currency markets.
U.S. faces severe recession: NBER's Feldstein: The United States is in a recession that could be "substantially more severe" than recent ones, National Bureau of Economic Research President Martin Feldstein said on Friday.
Bear Stearns gets emergency funds : US bank Bear Stearns has got emergency funding, in a move that raises fears that one of Wall Street's biggest names is on the verge of collapsing.
Stocks tumble on Bear Stearns rescue news: News that Bear Stearns Cos. was set to receive a financial rescue sent U.S. stocks into a freefall in early Friday trade, plunging the three major indexes more than 2% down before the market stabilized and moved off its lows.
Fears mount over US economy : The US economy has been hit by a new series of setbacks, with a slump in consumer spending, another drop in the dollar and oil prices hitting a new record increasing fears of recession.
Recession Time: How bad will this downturn get? No one can know because we've never experienced such a headlong slide in the housing market
Tent city highlights US homes crisis : The meltdown in the US mortgage market has led to record foreclosures and forced thousands from their homes. In few places is it worse than southern California, where the BBC's Rajesh Mirchandani reports on an extreme consequence of the downturn, but one that some observers fear could grow.
SWAT teams disperse crowd of hundreds awaiting housing applications: Judith Aigen, executive director of the housing authority, said the crowd surged forward when told applications only remained for the disabled. She said mothers with children and people in wheelchairs were nearly crushed.
Price Of Bread Goes Up : Prices for bread and pasta have jumped after flour costs doubled in less than a week. Cynthia Bowers reports on how manufacturers and consumers are feeling the real consequences of inflation.
Could we really run out of food?: Biofuel production, poor harvests and emerging nations' growing appetites are emptying the world's pantry, sending prices soaring. It's a good time to invest in agricultural stocks.
Fed Acts Sunday To Prevent Global Bank Run Monday
Major Stock Markets In Asia Tumble
JP Morgan Buys Bear Stearns For $2 A Share
Welcome To The Second Great Depression
Wall Street Braces For More BIG 'Write-Downs'
It's All Over - Carlyle Hedge Group Finished
Venezuela Switches To Euros For Oil
Argentina, Brazil Drop Dollar In Mutual Business
Fed Expected To Chop Rate To 2.25% Tuesday
UK Billionaire Loses $800M In Bear Stearns Collapse
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