Trouble in Banktopia
The financial system is blowing up. Don't listen to the experts; just look at the numbers.
By Mike Whitney
The carnage from Greenspan's low interest rate, "easy money" binge is now visible everywhere. Inflated home and stock values are crashing as the gas continues to escape from the massive equity bubble. The FDIC will have to be recapitalized--perhaps, $500 billion--to account for the anticipated loss of deposits from failing banks caught in the cross-hairs of asset-deflation and steadily contracting credit. Continue
$700 billion or Armageddon? Sounds like sci-fi
Put $700 billion in the bag and no one gets hurt.
By Ken Kam
The more I hear about Henry Paulson's plan, the less convinced I am it's worth $2,000 from every American. The predictions of financial Armageddon without it don't ring true. Continue
The End of Voodoo Economics
By Ian Williams
No one can say that current events are a one-off. The get-government-out-of-business brigade, the masters of the universe, have in their three decades of unbridled power produced the savings and loan bail-out, the Mexican bond bail-out, the Asian currency crisis, the Enron and other related scandals, the tech bubble, the Long-Term Capital Management collapse and rescue, a wage freeze for working Americans and now this. Continue
Frank Expects Bailout Agreement By Sunday: "I'm convinced that by Sunday we will have an agreement that people can understand on this bill," predicted Massachusetts Rep. Barney Frank, a key Democrat in eight days of up-and-down talks designed to stave off an economic crisis.
Economics Expert: Fiscal Cracks Extend Beyond U.S.: Johnson says the presidential candidates both avoided questions about the bailout in their Friday debate. The U.S. has to look outside itself — "This is a global problem," he says, and it's worrisome that other nations haven't wanted to step up and help find a solution.
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