Sunday, October 05, 2008

more economic troubles.

CITI: WELLS FARGO blocked from buying WACHOVIA...

Bail-out leads to conflict of interest claims as

Wall Street Financiers Cash in on Crisis

By Tim Shipman

New questions have been raised about the $700 billion economic bail-out of the US economy as President George W. Bush warned that the world may have to wait weeks for the benefits of the rescue package to be felt. Continue

The Epoch of Imperialism

Did Vladimir Lenin Predict The Banking Disaster Of 2008?

By V. I. Lenin
The epoch of imperialism opens when the expansion of colonialism has covered the globe and no new colonies can be acquired by the great powers except by taking them from each other, and the concentration of capital has grown to a point where finance capital becomes dominant over industrial capital. Lenin enumerated the following five features characteristic of the epoch of imperialism: Continue

Food Stamp Participation Increases As Economy Slows: Almost a million more people participated in the federal government's food stamp program for the needy between April and July, according to the U.S. Department of Agriculture, which oversees the program.

Europe calls for global summit on bank crisis: Gordon Brown and other European Union leaders called last night for a global economic summit to 'rebuild the world's financial system'

Former IMF economist warns of global recession: Simon Johnson, the former chief economist of the International Monetary Fund, warned of a global recession as a result of the devastating financial crisis that has struck the United States and Europe.

The party's over for Iceland: Iceland is on the brink of collapse. Inflation and interest rates are raging upwards. The krona, Iceland's currency, is in freefall and is rated just above those of Zimbabwe and Turkmenistan

The new masters of the universe?: Chinese growth still at 8 or 9% - US consumer is 'toast, done, finished'

AIG draws down $61 billion of its Fed loan: The emergency loan was supposed to buy the company time to sell its assets in an orderly way. But the sell-off has not yet begun, and now the insurer faces the added pressure of trying to sell the businesses as potential buyers are having trouble borrowing money.

Officials Refuse to Provide Details on Secret Previous Bailout: Top government officials are refusing to provide details on a secretive deal it made to manage billions in assets from an earlier bailout.

Banks are hoarding cash, raising borrowing costs and slowing economies : Americans' lack of financial sophistication is a cause, not just a symptom, of the credit crunch, said James Bowers, managing director of the Center for Economic and Entrepreneurial Literacy, a nonprofit group in Washington.

Smoke, mirrors ... and how a handful of missed mortgage payments started the global financial crisis: How did a few dodgy sub-prime mortgages in American inner cities lead to what is beginning to look like the collapse of capitalism?

The Problem Is Still Falling House Prices: Because of the 20% fall in the price of homes since the bursting of the house-price bubble, there are now some 10 million homes with mortgages that exceed the value of the house.

Foreclosures: Did God Want You to Get That Mortgage?: Has the so-called Prosperity gospel turned its followers into some of the most willing participants — and hence, victims — of the current financial crisis? That's what a scholar of the fast-growing brand of Pentecostal Christianity believes.

"Small People."

Bailing Out Wall Street by Selling out Main Street

By Cindy Sheehan
Tent cities are arising all over the country and Congress is going to bailout an industry that caused these cities and not only that, but use our money to help keep the CEO's in the style to which they have become accustomed. Continue

Bail Out the Homeowners!

Why Paulson's Plan is a Fraud

By Paul Craig Roberts

The bailout is focused on the wrong end of the problem. The bailout should be focused on the origin of the problem, the defaulting homeowners. The bailout should indemnify defaulting homeowners and pay off the delinquent mortgages.

Get Your Dollars Out Now! FAST!!!

By Adrian Salbuchi

As Argentine citizens, we have a huge advantage over other peoples including US citizens when it comes to understanding and coping with this kind of crisis. I say this because in our own lifetimes we have suffered in Argentina all of what is now happening globally - albeit on a much smaller scale in our case. We've seen this movie... We've been there, and done that...

A Little Problem With Capitalism

We have short memories

By Thomas Walkom

What's happening now on Wall Street is seen as a new story. It is not. It is a very old one. Karl Marx wrote about it; so did John Maynard Keynes. More recently, tycoon George Soros has pronounced on it, as has the redoubtable Economist, a decidedly pro-free market financial magazine. Continue

n case you missed it: McCain Rejects Broad U.S. Aid on Mortgages: Drawing a sharp distinction between himself and the two Democratic presidential candidates, Senator John McCain of Arizona warned Tuesday against vigorous government action to solve the deepening mortgage crisis and the market turmoil it has caused, saying that “it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers.”

President Bush signs historic $700 billion plan aimed at stemming credit crisis.: After two weeks of contentious and often emotional debate, the federal government's far-reaching and historic plan to bail out the nation's financial system was signed into law by President Bush on Friday afternoon.

U.S. Stocks Drop as Recession Concern Outweighs Bailout Passage: - U.S. stocks slid, capping the worst week for the Standard & Poor's 500 Index since the 2001 terrorist attacks, on concern the $700 billion bank bailout isn't enough to unlock credit markets and prevent a recession.

Hidden unemployment rises to 11%, highest in 14 years: Payrolls sink 159,000, worst job loss in 5 years

Report blames U.S. trade gap for 5.6 million lost jobs: The U.S. trade deficit in goods other than oil cost American workers 5.6 million jobs last year, with Michigan and South Carolina leading the list of hardest-hit states, a report issued on Thursday said.

U.S. factory orders drop by biggest amount in nearly two years: New orders for manufactured goods to America's factories plunged by 4 percent in August, the biggest amount since October 2006, the Commerce Department reported Thursday.

California gov says may seek US Treasury financing: California Gov. Arnold Schwarzenegger has informed U.S. Treasury Secretary Henry Paulson that the most populous U.S. state may need to turn to the federal government for short-term financing because of a lack of liquidity in credit markets.

Financial companies borrow record amount from Fed: The Fed's report released Thursday said commercial banks averaged a record $44.5 billion in daily borrowing over the past week. That compared with a daily average of $39.36 billion in the previous week. On Wednesday alone, banks borrowed a record $49.5 billion, surpassing the previous high that came one day after the Sept. 11, 2001, terror attacks.

Heroic US Reps Who Voted NO To 'Bailout'

Toy Maker Tax Break Part Of Treasonous 'Bailout'

House Criminals, Traitors Identified - Vote Them OUT

Stabbed In The Back - 'Bailout' Betrays Main St

Bailout May Actually Run To $1.8 Trillion

Ron Paul - 'They Defied Their Districts' - Vid

Hawaii Rep A Liar - Betrays Constituency On Bailout

House Roll Call - How They Voted

Reps Ignore Constituents - Approve Bailout Theft

House Passes $700B 'Bailout' Scam

Zionist-Led House OKs Bankster Bailout Scam

Next - The Mother Of All Bank Runs?

Schwarzenegger Wants His Own $7B Bailout!

'Asset Management' Teams To Manage 'Bailout'

Bailout Has Built-In Rollover Loophole

Employers Cut Most Jobs Since 2003

Well Fargo Buys Wachovia For $15B

$700 Billion Bailout Becomes $850B Rescue

US Banks Borrow Record Amount From Fed

US Bailout Likely As IMF Warns Of Mass Crisis

Make Fed Open 'Main St Lending' For The PEOPLE

Credit Crisis Govt Manipulation- Shocking Answers

Resolve Crisis - Recapitalize Banks With GOLD

Asian Markets Fall On Recession Fears

Reps Threatened - National Martial Law If Vote Is 'No'

Some Repubs Switching Bailout No Votes To Yes

600,000 Jobs Lost - And Counting

Goldman Sachs Bribed Senate To Pass Bailout - Vid

Bailout Laugher - New Figure Now $850B

Real Financial Meltdown On The Way X 100

Let It Crash - Time For A Crucifixion

Roberts - Can A Bailout Succeed?

Kucinich - Bailout Plan Is 'Immoral'

What Lincoln Would've Said To Paulson's Ransom

To The NY Crooks Who Want A Bailout - Stuff It!

SEC Extends Its Ban On Short Selling

Bush Warns Congress Second Bailout Bill Is 'Essential'

$700B Bailout Is The Largest US Tax Hike In History

Bailout Fixes Nothing, Banking System Collapse Near Climax


John's Arts & Crafts said...

Great Article! Got $700 billion? is a deeper blog

Anonymous said...

Recently an insurance company nearly wind up....
A bank is nearly bankrupt......filing chapter 11 protection.
How it affect you? Did you buy insurance? Did you buy mini note or bonds?
Who fault?
They bailout trouble finance company, but they will not bail out your credit card bills……And the bill out of company is still not enough yet…….Should they have use the bail out $$ to pump into all different industries……You got no choice, and no point pointing finger but you can prevent similar things from happen again……
The top management of the Public listed company ( belong to "public" ) salary should be tied a portion of it to the shares price ( IPO or ave 5 years ).... so when the shares price drop, it don't just penalise the investors, but those who don't take care of the company.....If this rule is pass on, without any need of further regulation, all industries ( as long as it is public listed ) will be self regulated......because the top management will be concern about their own pay check…… And they are still spend big money on hotel stay and luxury function……..
Meanwhile if company was being acquired, there will be a great movement in terms of staff……eventually staff suffer also.
So Bail out already happen, So the next question is, what regulation are they going to implement, so as to prevent similar things to happen………
Are you a partisan?
Whenever anywhere, anytime, there is election campaign.....We can use this to question your candidate there….. if you agree on my point, please share with many people as possible.... Finance and Media are the two only industries can shaken politics ( Maybe Hackers can ), please help to highlight also...
Facebook, come and join as a friend and share with your friends…..