Monday, October 20, 2008

More economic issues

Bush plans to host world powers at economic summit...

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

Economic Peace

By Garda Ghista

A “toxic combination” of poverty and social injustice is killing people on a grand scale, with more than one billion people as poor as ever. 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 New Kleptocracy"

"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.

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! 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.

Thousands Of Hedge Funds Expected To Bust

UK Bank Chiefs Ordered To Cut Evictions

China To Bailout Near Bankrupt Pakistan

Lehman's CDS Derivatives Haunt Markets

Summer 2009 - US Defaults On Its Debt

Bush 'Willing' To Talk Global Financial Governance

Paul - Our Current Monetary System Is Ending

Hedge Fund Mgr Thanks 'Stupid Traders' For Riches

Crisis May Make 1929 Look Like Cakewalk

Is Switzerland The Next Iceland?

The Collapse Of A 300 Year Ponzi Scheme

Banks Hoard Cash As Credit Card Defaults Rise

Top Wall St Banksters To Get $70B Pay Deals

Stocks End Wild Week Mixed

600 Trillion Derivatives Emergency Meeting

Insider Market Manipulations Before Crash

French Told Paulson - Save Lehman Or Global Collapse

Citi's $13B Loss - Fears Crisis Will Pass Wall St

US Economic Outlook Only Worsening

N Rock Slammed For 'Aggressive Repossessions'

Hedge Fund 42% Drop - Brink Of Collapse

Dow Gold Ratio Sinks To 14 Year Low

OPEC Hawks Want Cutback To Force Prices Up

Euro Markets Tumble As Confidence Collapses

Gold Price Crash On Hedge Funds Forced Selling

UBS And Credit Suisse Secure $70B

JP Morgan Caused US Financial Destruction

Banks Borrowing $437 Billion Per Day From Fed

Kidd - The Final Looting Of America

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