BILL NOW LENGTH OF NOVEL...
Politicians' phones ringing off hook...
Reid reveals: Major insurance company on verge of going bankrupt...
House foes soften...
Obama: 'We cannot fail'...
McCain calls revamped bill an improvement...
Soros urges government stake in banks...
SENATE BAILS THEM OUT!
Auto sales plunge as credit crunch hits...
Not One Dime!
By Mike Whitney
The country has no time for this cynical scavenger-hunt. The system is listing badly and we have ONE chance to get this emergency bill right. There is no way an industry rep like Henry Paulson, who has spent his entire career feathering his own nest and handing out plums to his buddies, can operate in the best interests of the American people. Paulson has got to go! Continue
Lipstick on a Bailout
By Ron Paul
We do have tough economic times ahead, no doubt, no matter what we do, even if we do nothing. The question, is will we have the courage to take our medicine now and get it over with, or will we prolong the misery for many years to come? I’m less and less optimistic about the answer to that question. Continue
Bailing Out The Oil Market
By William Pentland
While everyone knows the U.S. government is looking to bail Wall Street banks, few people realize that it's also bailing out speculative oil and commodities traders in the process, fueling a sharp rise in energy prices. Continue
Capital Crisis Will Wreck Both Parties
By Glen Ford
In their role as mercenaries in service of finance capital, three-fifths of Democrats joined one-third of Republicans in a (temporarily) failed heist of $700 billion of the people's funds - a nest-egg the public needs to hold onto to weather the unfolding collapse of the Lords of Capital. Continue
The Art of Politics
By Jim Kirwan
Overlooked in the dictator’s tirade was the fact that the negotiations in Washington are only between the White House, the congress and the Corporate Oligarchs that created this fiasco: Their ‘conversations’ and this legislation have shut-out the public; especially those that have everything to lose. Continue
In case you missed it
Chavez: Financial crisis 'a failure of capitalism': Venezuelan president Hugo Chavez has called the US financial crisis a failure of free-market capitalism that could cause as much damage as “a hundred hurricanes”, driving down prices for oil and other commodities and harming economies worldwide.
US "Irresponsiblity" Caused Financial Crisis - Putin: "This is not the irresponsibility of specific individuals but the irresponsibility of the system, which claimed leadership."
US 'casino' mentality blamed for planet's meltdown: Latin American leaders say the U.S. must quickly fix the financial crisis it created before the rest of the world's hard-won economic gains are lost.
No "Bailout" for The World's Poorest: Addressing delegates last week, U.N. Secretary-General Ban Ki-moon warned that the current gloomy outlook threatens the well-being of billions of people, "none more so than the poorest of the poor."
Human costs of food crisis: In Sri Lanka, dramatic increases in the price of food have caused malnutrition rates to soar
Financial crisis: Ireland’s banks are rescued: Ireland has launched a full-scale rescue of its financial system, issuing a state guarantee worth €400bn (£316bn) to cover the key liabilities of its biggest banks and mortgage lenders.
EU attacks Govt bail-out plans: The Irish government’s decision to guarantee the debts and deposits of the country’s six largest banks drew a thinly-veiled attack from the Brussels Commission today.
UBS to chop 1,900 jobs: : The cuts add to the 7,000 already announced by Zurich-based UBS, and would bring to more than 131,700 the total number of jobs eliminated at banks worldwide since July 2007.
McCain urges Bush to bypass Congress: Senator John McCain has urged the Bush administration to bypass Congress and spend a whopping one trillion dollars on bad mortgages.
Banking Collapse Lands on America’s Schools: One of the worst casualties of the Iraq war and the Wall Street failures is the U.S. public school system, which is central to the nation’s economic, intellectual and social health. With financial resources being consumed, education cuts are on the way.
Ford sales drop 33.8%: Ford Motor Co.’s U.S. vehicle sales plummeted a breathtaking 33.8% in September, as the nation spiraled into an economic crisis that has stifled consumer lending for cars, homes and other large purchases.
Nearly 1 in 5 car dealerships could fail: study: As many as 3,800 U.S. car dealerships could fail this fall and into 2009 -- nearly one in five -- because of weak sales, increased operational costs and the credit crunch, according to a forecast released on Wednesday.
Manufacturing shrinks to lowest level since 2001: A measure of U.S. manufacturing activity contracted more than expected last month, hitting the lowest level since the aftermath of the Sept. 11 attacks, as new orders slowed dramatically.
Home Prices in 20 U.S. Cities Declined 16.3% in July: House prices in 20 U.S. cities declined in July at the fastest pace on record, signaling the worst housing recession in a generation had yet to trough even before this month's credit crisis.
Alabama county to miss $83M payment on bond debt: The president of the Jefferson County Commission, Betty Fine Collins, said the county lacks the cash to make the payment, due Tuesday afternoon. Lenders previously extended a deadline for the payment.
Chicago Midway in $2.5bn privatisation deal: Chicago Midway on Tuesday became the first big US airline hub to be put up for privatisation in a $2.5bn deal with a consortium, including Canada’s Vancouver airport.