International financial system...
LEHMAN Subject of Three Grand Jury Probes After Largest-Ever Bankruptcy...
FBI struggling to find agents to investigate white-collar crime...
Iran to press for output cut at OPEC meet...
Venezuela expects cut...
No More Investment Banks
Turn Them Into Public Utilities
By Mike Whitney
The stock market will probably lose another 15 to 20 percent, unemployment will soar, real estate will continue to crash, and consumer spending will dry up. That's all part of the hard landing ahead. Continue
Wall Street banks in $70bn staff payout: Pay and bonus deals equivalent to 10% of US government bail-out package
War in Iraq took her son, Wall St. greed is about to take her home: Jocelyne Voltaire, a native of Haiti and a 20+ year resident of Queens Village just lost her son in Iraq and is in danger of losing her house on Friday, October 17th. This is another tragedy of the failed economic and foreign policies of the Bush Administration- lend your support TODAY to help Jocelyne keep her hom
Mervyns plans liquidation: The Hayward retailer said Friday that it would close its remaining 149 locations. The stores will remain open through the holiday season with liquidation sales. Mervyns previously planned to close 26 underperforming locations.Food Stamp Challenge prompts belt tightening: The average person receiving the full benefits of food stamp assistance goes grocery shopping with only $29.35 for a five-day period, or $5.87 a day
"The largest financial theft in American history"
This is a must listen Interview - - By Guns & Butter
Economist Dr. Michael Hudson on Treasury Secretary Hank Paulson's "Plan" passed by Congress on October 3, 2008. We discuss what is being purchased, the congressional vote, what this means for the oligarchs, and what this means for the rest of us. Continue
Despite reforms, Congress hides $3.5B in defense earmarks: A Seattle Times investigation released Sunday of the 2008 defense bill has found 155 hidden earmarks worth $3.5 billion. House members broke the new rules 110 times by not disclosing who was getting the favors.
Crisis may make 1929 look a 'walk in the park': As central banks continue to splash their cash over the system, so far to little effect, Ambrose Evans-Pritchard argues that things risk spiralling out of their control
Germany passes $675bn bank bailout: The plan, which was handed to the lower parliament after its approval on Monday by Germany's cabinet, was voted for under a fast-track procedure, with 476 politicians in favour, 99 against and one abstention.
Nader: Tax Wall St. for bailout: "Make Wall Street pay for its own bailout, by implementing a securities speculation tax, starting with derivatives," Nader told a crowd of several hundred in front of the New York Stock Exchange in lower Manhattan.
Housing Starts Hit 17-Year Low: Home construction took its third tumble in a row during September, falling to the lowest level in 17 years, and a sign points to further decline in the fourth quarter.
On top of everything else: Manufacturing sector hits a wall: The manufacturing sector, reasonably strong until lately, is taking a severe tumble to recessionary levels as credit tightens, exports slow and domestic demand falls.
Automaker Lays Off Detroit Office With Blog Post: Tesla notifies Detroit workers today they were laid off two days ago...today! In a sign of what this new Financiapocalypse might bring, employees in the Metro Detroit branch of electric car maker Tesla Motors were laid off via a blog post
UK: 10,000 jobs go as crunch hits the public sector: Nearly 10,000 jobs are to be lost and up to 100 courts could close as budget cuts hit the public sector.
European markets tumble as confidence collapses: Share prices in the UK plunged yet again yesterday, piling more misery on Britons saving for their pension, as world markets continued to come to terms with the prospect of a recession.
Paulson regrets mistakes on economy: Treasury Secretary Henry Paulson on Thursday expressed regret for the many errors made that led to the biggest financial crisis in seven decades, but he insisted the administration is pursuing the correct course now to end the debacle.