Saturday, July 19, 2008

more economic troubles.


Eulogy For The "Ownership Society"

By Mike Whitney

The fact remains that the two biggest mortgage-lenders in the world are busted and last week's stock sell-off was tantamount to a run on the country's largest bank. Paulson's statement was really nothing more than a eulogy for the mortgage industry; a few heartfelt words over the rigid corpse of a close friend. Continue

US Faces Global Funding Crisis, Warns Merrill Lynch

By Ambrose Evans-Pritchard

Merrill Lynch has warned that the United States could face a foreign "financing crisis" within months as the full consequences of the Fannie Mae and Freddie Mac mortgage debacle spread through the world. Continue

'Massive potential' for global 'financial meltdown': Confidence falls in U.S. authorities' ability to ease financial panic


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