Life the Universe and ....: More economic issues

Friday, September 26, 2008

Treasury Secretary down on one knee before Pelosi... Speaker: 'It has to happen'... B R E A K D O W NJPMORGAN to take over WASHINGTON MUTUAL deposits... FDIC seizure... ...largest US bank failure

SOLD: $2 for LEHMAN BROTHERS European unit...

McCain Says There 'Never Was A Deal' On Wall Street Bailout... White House, Congress still negotiating... German finance minister: USA 'will lose financial superpower status'...

Debate prospects questionable... Developing... White House meeting contentious... Paulson fears bailout deal falling apart... Obama says more work needed...

The Creation of the Second Great Depression

By Ron Paul

Whenever a Great Bipartisan Consensus is announced, and a compliant media assures everyone that the wondrous actions of our wise leaders are being taken for our own good, you can know with absolute certainty that disaster is about to strike. The events of the past week are no exception.Continue

Show Us the Money

By William Greider

Taxpayers should wake up the politicians and ask them to tell Wall Street: "We want the same deal Warren Buffett got." Continue

Richest Americans See Their Income Share Grow

By Jesse Drucker

In a new sign of increasing inequality in the U.S., the richest 1% of Americans in 2006 garnered the highest share of the nation's adjusted gross income for two decades, and possibly the highest since 1929, according to Internal Revenue Service data. Continue

America’s Elephant In The Room

By David Michael Green

The scope of the destruction is breathtaking to gaze upon. The rapidity with which American affluence and power and respect and responsibility were converted into their opposite numbers is mind-boggling. Continue

US court: Monitoring ~~Jews~~ Muslims was constitutional: A federal appeals court says it was constitutional for the United States to require visitors from two dozen Arab and Muslim countries and North Korea to register with immigration authorities.

Lawmakers: Wall Street rescue accord reached: Dodd, Frank: Agreement in principle, expect passage of bill within days

Bailout Could Deepen Crisis, CBO Chief Says: Congress's top bookkeeper -- said the bailout could expose the way companies are stowing toxic assets on their books, leading to greater problems.

White House Admits It Drew Up Bailout Months Ago: White House Deputy Press Secretary Tony Fratto insisted that the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials. He acknowledged lawmakers were getting only days to peruse it, but he said this should be enough.

Rumours spark Hong Kong bank run: Hundreds of customers have descended on branches of Hong Kong's Bank of East Asia (BEA) to demand their deposits back amid continuing nervousness over the state of global financial markets.

China banks told to halt lending to US banks-SCMP: Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.

Europe and Japan turn cold shoulder to U.S. plea for bank bailouts: The German chancellor, Angela Merkel, also took the opportunity to sharply criticize the United States and Britain for opposing German attempts to put greater regulation, or at least reviews, of the financial sector on the international agenda last year, when she was chairing the Group of 7 industrialized nations.

In case you missed it: Fannie Mae Eases Credit To Aid Mortgage Lending: The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Hedge funds move $100bn into safe havens: Citigroup estimates that hedge funds have now placed $600bn in cash, and that $100bn of this is held in money market funds, normally seen as some of the safest places to invest cash

Is The Bailout A Rothschild Trick?

Bailout Talks In Major Disarray

FDIC May Need $150B Bailout As More Banks Fail

JP Morgan (Stole Bear Stearns) Gets WaMu For Only $1.9B

Kidd - Bailouts...Wound That Will Keep On Bleeding

JP Morgan To Buy WaMu After FDIC Seizure

Bailout Could Deepen Crisis Says CBO Chief

Soros Trots Out With 'Plan B'

Asia Creditors Fear Panic-Selling Of US Debt

Paulson Uses Fake Concession Trickery

Sample OTC Derivatives Contract (Headache Warning)

Americans Must Stop Congress Bailout Treason