Wednesday, October 08, 2008

More economic issues

Asian Stocks Tumble...
Japanese stocks dive 9.38 percent in worst crash in two decades...
BROTHER CAN YOU SPARE A BILLION? Fed lends to companies in emergency move...

A Crisis Made in the Oval Office

By Dean Baker

A financial panic provoked by President Bush was designed to stampede Congress into passing the bail-out for Wall Street. Continue

Dennis Kucinich on the Democrats’ Bailout Betrayal

By Chris Hedges

The passing of the $850-billion bailout pulled the plug on the New Deal. The Great Society is now gasping for air, mortally wounded, coughing up blood. It will not recover. It was murdered by the Democratic Party. Continue

IMF Says World Economy Heading for `Major Downturn': Global growth is headed for a ``major downturn'' next year, as U.S. gross domestic product grinds close to a halt, the International Monetary Fund said in a staff report prepared for a Group of Seven meeting this week.

Fed joins global scramble to contain credit crisis: Russia negotiated an emergency bailout for Iceland and unveiled an aid package for its own banks on Tuesday, while Japan called for greater coordination.

Fed to provide as much as $900B in loans to banks: The Federal Reserve will provide as much as $900 billion in cash loans to squeezed banks in an urgent effort Monday to break through a dangerous credit clog that threatens the economy and has unhinged financial markets around the globe.

Fed to buy massive amounts of short-term debt: The Federal Reserve moved swiftly to break through a credit clog that is imperiling the economy, saying Tuesday it would buy massive amounts of short-term debt and hinting that it may cut interest rates.

'Your company is bankrupt, you keep $480m. Is that fair?': "Your company is now bankrupt and our country is in a state of crisis," said Waxman, a liberal from California. "You get to keep $480m. I have a very basic question: Is that fair?"

Household winter heat costs to rise 15 percent: Average household heating fuel costs this winter will be 15 percent higher than last year, with heating oil and natural gas users taking the biggest hit due to more expensive crude oil and colder weather than last winter, the government's top energy forecasting agency said Tuesday

AIG Spa Trip Fuels Fury on Hill

Asian Stocks Fall Again

Dow Dives 508 - S&P Falls 60 - Worst Since 1937

Brown Orders Massive UK Bank Rescue

All Fall Down

Iceland Gets $8B Russian Loan As Banks Fold

Troubled BofA To Raise $10B In Capital

Thursday is D-Day - D For Derivatives

UK Bank Shares Dive Again As Panic Spreads

Smaller Banks Still Making Loans

Fed May Buy Companies, Unsecured Debt

The 75 Minute US Stock Market Rescue

LIBOR OIS Spread Signals Credit Earthquake

UK Govt Takes $100B Stake In Top Banks

Euro Govts Panic Triggers Stock Market Crash

Credit Crisis Risk Collapse Of Euro Monetary Union

Pakistan Facing Bankruptcy

Pope - World Financial System 'Built On Sand'

The Day The Earth Stood Still

US Economy Collapsing - Vid

Crude Oil Down 40% - Gas ONLY Down 15%

Oil Drops 6% To Below $88

BofA Profits Drop 68%

Iceland Gets $8B Russian Loan As Banks Fold

Icelandic PM Warns Nation Of Bankruptcy

Iceland Govt Seizes Control Of Landsbanki

Stricken Iceland Sends Out Desperate SOS

Iceland Sinking As Bank Rescues Evaporate

Trading In Icelandic Banks Halted

Savers Frozen Out As IceSave Website Collapses

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