Government steps in again, bails out AIG with $85B...
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Russian stock market crashes, then closes...
DON'T BLAME US;
PELOSI ORDERS WALL ST. PROBE
Schwarzenegger To Veto California Budget; First In Modern Times...
How the Masters of the Universe Ran Amok and Cost us the Earth
By Bill Jamieson
SLAM. Slam. Slam. Slam. Like a scene from a gathering of Mafia dons, the doors of 30 black Lincolns slammed shut as their besuited occupants stepped out into a Manhattan downpour – and into a global financial storm.
That storm broke yesterday, with stock markets tumbling around the world. In London, the FTSE 100 plunged almost 4 per cent to 5204.2. - In the US, the Dow Jones industrial average suffered its biggest fall since 9/11. Continue
Bank of America, Merrill Bailout Disguised as Buyout?
By: Mike Stathis
It appears as if we are witnessing government bailouts using taxpayer money that are being deceitfully disguised as buyouts. Not just with the Merrill buyout but also this newly established $70 billion emergency bank fund, set aside to help out banks with future problems. Where do you think this money is coming from? Continue
US Economy: Rudderless and Reeling From Direct Hits
A raid on private pensions?
By Paul Craig Roberts
Most Americans, including the presidential candidates and the media, are unaware that the US government today, now at this minute, is unable to finance its day to operations and must rely on foreigners to purchase its bonds. The government pays the interest to foreigners by selling more bonds, and when the bonds come due, the government redeems the bonds by selling new bonds. The day the foreigners do not buy is the day the American people and their government are brought to reality. Continue
Fed Funds Spread Signals Crash
By iTulip Administrator
The Fed tries to manage the economy and inflation by influencing short term interest rates. It does that by buying and selling government bonds in the bond market in what are called "open market operations." They set a target rate, such as 2%, then buy or sell bonds as needed until the effective rate in the bond market matches the target rate objective. Problem is, this process does not always work in times of crisis because the bond markets themselves may be dis-functional, as is the case today. Continue
Top Economist: Americans Should Worry About Bank Deposits if Congress Doesn't Act
By Aaron Task
Americans are justified to be worried, says Nouriel Roubini, of NYU's Stern School and RGE Monitor, who notes there is already a "slow-motion run on retail banks" occurring nationwide. Continue
In Case You Missed It
The Pentagon Strangles Our Economy:
Why the U.S. Has Gone Broke
By Chalmers Johnson
The neoconservatives in the White House and the Pentagon outsmarted themselves. They failed even to address the problem of how to finance their schemes of imperialist wars and global domination. Continue
Federal Corruption and Meaningless Elections
By Timothy V. Gatto
The United States is much like the Titanic, listing to one side and ready to take the long dive to the bottom. We have a 9.5 Trillion Dollar deficit that is being held by foreign countries. The biggest part of our economy, home ownership that makes up approximately half of the assets of our country in mortgages sold to trust funds, retirement plans and government bonds and other investment vehicles is quickly going “bottom up”. Continue
AIG falls 42% in cash scramble: Shares were down 42% in early morning trading, after falling more than 70% in early morning trading and losing 61% of their value the day before.
Wall Street’s Next Big Problem: There is a bigger potential failure lurking: the American International Group, the insurance giant. It poses a much larger threat to the financial system than Lehman Brothers ever did because it plays an integral role in several key markets: credit derivatives, mortgages, corporate loans and hedge funds.
WaMu lowered to junk by S&P: Already battered, Washington Mutual shares fall 27% as potential capital sources' attention is diverted.: Washington Mutual had its credit rating lowered to junk Monday by Standard & Poors amid continuing weakness in the housing market.
Analysts see rate cut by U.S. Fed Look for the U.S. Federal Reserve to cut interest rates by one-quarter of a percentage point Tuesday as Washington grapples with the growing financial crisis on Wall Street, economists say.
Goldman Sachs net plunges 70 percent: Goldman Sachs Group Inc (GS.N) said third-quarter earnings plunged 70 percent as one of the market's worst slumps ever sapped revenue in almost every business while fueling investment and credit losses.
NY gov sees Wall St losing up to 40,000 jobs: New York Gov. David Paterson on Monday said Wall Street might lay off 40,000 workers in a worst-case scenario following Lehman Brother's bankruptcy filing and problems at other big financial firms.
HP to cut 24,600 jobs as part of EDS integration: Hewlett-Packard Co. said Monday it plans to slash 24,600 jobs over the next three years, nearly 8 percent of its work force, as it combines operations with Electronic Data Systems Corp., the technology-services company it recently acquired.
Calif. unemployment fund running out of money: As California's unemployment rate hits a 12-year high, the state program that pays benefits to the jobless is facing a severe money shortage and a huge backlog of unresolved appeals.
US Economy: Rudderless, Reeling From Direct Hits
Fed To Give AIG $85B Loan, Take 80% Share
FDIC Chrmn - 'U.S. Banking System Is Safe & Sound' (Cuckoo!)
Leveraged AIG Buyout? - Visions Of Sugar Plums
The Crash Of Western Capitalist Civilization
Money As Debt - Vid
Global Banking Now In 'Unchartered Waters'
Will AIG File $1Trillion Bankruptcy?
AIG Death Would Be Far Worse Than Lehman's
Fed Injects $70B Into Banking System - Most Since 911
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