CEO: Makes America 'More Communist than China'...
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Six-year-old article republished...
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“Modern Debt Peonage”?
Economic Democracy Is Turning Into a Financial Oligarchy
Mike Whitney: An Interview With Michael Hudson
The best that this weekend’s bailout can do is to postpone the losses on bad mortgage debts. But this is a far cry from actually restoring the ability of debtors to pay. Continue
Why The Fannie-Freddie Bailout Will Fail
By Martin D. Weiss, Ph.D.
With yesterday's announcement of the most massive federal bailout of all time, it's now official: Fannie Mae and Freddie Mac, the two largest mortgage lenders on Earth, are bankrupt. Continue
Brazil, Argentina drop dollar for bilateral trade: Brazil and Argentina are ready to stop using U.S. dollars to trade goods between them. Brazil's president tells the Buenos Aires-based Clarin newspaper that exports and imports between the two nations will be bought and sold in local currency — reals and pesos.
US Government stages world's biggest bail out: The country's two biggest mortgage companies were nationalised amid fears that their bankruptcy would have triggered an economic collapse.
Why U.S. moved on mortgage giants: The proposal to place both mortgage giants, which own or back $5.3 trillion in mortgages, into a government-run conservatorship also grew out of deep concern among foreign investors that the companies' debt might not be repaid.
China frets at US risk after Fannie/Freddie bailout: The U.S. Treasury's takeover of Fannie Mae and Freddie Mac is good news in the short term for China, the biggest holder of the giant mortgage lenders' debt, but Beijing's huge U.S. exposure still poses a serious risk, a prominent government researcher said on Monday.
Markets soar after US bail-out: US stocks futures and Asian and European share markets have soared after the US government took control of mortgage finance firms Fannie Mae and Freddie Mac. Analysts, however, cautioned that the move was more a sign of the perilous state of the global financial system than of an imminent recovery.
Wa Mu Giving it Up: . Regulators will be monitoring WaMu after the bank agreed to reduce risks and tighten its procedures, according to the statement, and the stock dropped as much as 14 percent.
US auto industry pushes for $50b loan: Auto industry allies hope to secure up to $US50 billion ($A61.69 billion) in US government loans this month that would pay to modernise plants and help struggling US carmakers build more fuel-efficient vehicles.
Dollar Dumping Extends Beyond Oil Trading
OPEC Pumping At Near Record Rate - Oil $106
Wall Street's $300 Billion Scandal
SF Bank Under Siege By People Facing Foreclosure
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