Documenting America's decent into Fascism: More economic issues

Friday, September 19, 2008

SEC bans short-selling for financials... California home sales surge as prices plummet... Bush says he's working hard on economic turmoil... 'Bailout Mania'... Meltdown triggers blame game in Washington... China to buy half of MORGAN STANLEY? No bidders come for WASHINGTON MUTUAL... GOBBLE: Warren Buffett Accelerates Pace of Acquisitions... WORLD MARKETS SOAR ON POSSIBLE RESCUE PACKAGEFED ANNOUNCES $180B CASH FLOOD TO FIGHT CRISIS... DER SPIEGEL: The foundations of US capitalism have shattered... Democratic Congress May Adjourn, Leave Crisis to Fed, Treasury... Reid: 'No one knows what to do'...

Paulson and Bernanke Stampede Washington - Continue Raid On The Public Purse

Citing Grave Financial Threats, Officials Ready Massive "Rescue"

By Binyamin Appelbaum and Lori Montgomery

The Bush administration is urgently preparing a massive intervention to" revive" the U.S. financial system, including a plan to sweep away the unpaid loans that are choking banks and blocking the flow of money to borrowers. - Paulson and Bernanke presented a "chilling" picture of the state of the financial system. - The plan involves using hundreds of billions of dollars in government funding to buy bad loans, leaving banks with more money and fewer problems, according to two sources familiar with what was said at the meeting. Continue

China Paper Urges New Currency Order After "Financial Tsunami"

By Reuters

Threatened by a "financial tsunami," the world must consider building a financial order no longer dependent on the United States, a leading Chinese state newspaper said on Wednesday. Continue

In Case You Missed It
The Meaning of the Collapse of Lehman Brothers

By Sam Marcy

The following article, written by Workers World Party chairperson Sam Marcy in the April 26, 1984, issue, holds tremendous lessons today as a growing number of Wall Street firms are collapsing with no end in sight. The root cause of the Lehman Brothers’ crisis 24 years ago was attributed to its merger with Shearson/American Express. Continue

Socialism or Barbarism

By Frank Scott

While the dreadful Bush regime nears its end, the policies in place since long before it took power will continue destroying the American empire no matter which new gang attempts to control the crumbling operation. But so long as major media serve as stenographers for establishment power, the public will continue to be treated as preschool children and given naps between sweet treats and nursery rhymes. In fact, if we let under paid child care workers take over our government and media, we’d all be much better served. Continue

No Bull

On Ethics, Deregulation and Financial Chaos

By William A. Cohn

US government policy has encouraged recklessness – most recently by taking extraordinary measures to privatize gains while socializing losses. As part of the agenda of its so-called ownership society (excepting ownership of responsibility by powerful bankers and insurers who fail) the govt. even sought to privatize public obligations – recall the Bush proposal to privatize social security. So why not play fast and loose if the rules are heads I win tails you lose? Continue

You've Been “Shafted” (Again)

By Larry Dorshkind

The ultimate tax obligation of your family figure is humongous? Just to give you a little sense of the scale, though, the present $9.5 trillion National Debt works out to be $38,000 per person (based on 250,000 Americans who can be expected to pay taxes). Therefore, for your 6-member family unit, your obligation for the current National Debt is $228,000. Continue

The MSM Jumps on the Economic Bandwagon

By Kathy Sanborn

So the US economy is on the brink? Yawn. Tell me something I didn’t know at least two years ago. Now the mainstream media have been given the green light to announce, bold as you please, that we are in for some pretty tough times, but Internet news and blog readers have known about our faltering financial system for a long, long time. Now, in the mainstream press, it has become popular to state the obvious: the country is broke. Continue

In Case You Missed It

Corporations Not Paying Income Tax

By LYNNLEY BROWNING

Two out of every three United States corporations paid no federal income taxes from 1998 through 2005, according to a report released Tuesday by the Government Accountability Office, the investigative arm of Congress. Continue

Rattled Russia orders markets to stay closed: Medvedev says they can open Friday, vows to prevent meltdown

China accuses US of financial WMD: Chinese state media has blamed the US for unleashing financial "weapons of mass destruction" and sparking a global market "tsunami".

Morgan Stanley in Talks with China's CITIC; Morgan Stanley is in talks to possibly be acquired by China's CITIC, sources in the U.S. and China have told CNBC.

'Lehmans abandoned its UK staff': Ex-employee reveals riddle of missing billions : The US side of collapsed investment bank Lehman Brothers abandoned its employees at the London office, a senior insider at the bank has claimed.

UK bank Lloyds buys rival HBOS: British bank Lloyds TSB has bought rival HBOS to create a £28bn ($50bn) mortgage company, after HBOS shares plummeted over fears for its financial stability.

Consumer Confidence Plummets, Down 8% Overnight: Consumer confidence held up during the first few days of this tumultuous week on Wall Street, but fell 8% overnight. Investor confidence is still heading south at a more rapid pace and has fallen 15% since the weekend.

McCain: US is not in decline: "I reject the doom and gloom that says our nation is in decline. America's best days are ahead of us," McCain said in a visit to a factory of US car manufacturer General Motors, in Lake Orion, Michigan.

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Canada Joins Others To Pump In More Dollars

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AIG Collapse 'Too Awful To Contemplate'