World stocks sag on concerns about Obama plans...
China to stick with US bonds; Misgivings about state of economy...
The Recovery Plan From Hell
What Wall Street Wants
By Michael Hudson
Tuesday’s announcement of the Obama-Geithner recovery plan is basically an extension of the Bush-Paulson plan – yet more giveaways to financial insiders, with a view to concentrating the U.S. banking system into a cartel of just a few large banks. Continue
Fixing the Economy: Of Fences and Futures
By Robert Freeman
To attract the money to run the government, the Treasury will have to raise interest rates on government bonds to stratospheric levels. This will kill off any possible recovery, consigning the U.S. economy to a self-reinforcing downward spiral of insufficient demand, inadequate investment, crumbling infrastructure, declining productivity, and competitive obsolescence. Continue
Mafia millions buoying banks: UN : Cash-rich Mafia groups have been channelling funds into banks desperate to survive the global credit crisis, the UN anti-crime chief said on Monday.
China exports continue to plunge: China's exports plunged by a massive 17.5 per cent in January, the biggest year-on-year decline in more than a decade and threatening more job losses in an already slowing economy
France: Aid does not break EU rules: Paris defends loans to car industry as Peugeot-Citroen says it will cut 11,000 jobs.
GM to cut 10,000 jobs: Most remaining US staff will see pay cuts of between 3 and 7 per cent for the year while executive pay would be cut by 10 per cent, GM said..
February 10, 2009
'This Is The Worst Recession For Over 100 Years'
By Nigel Morris, Deputy Political Editor, and Sean O'Grady, Economics Editor
Ed Balls, the PM's (UK) closest ally, warns that downturn is ferocious and says impact will last 15 years. Continue
Capitalism’s Self-inflicted Apocalypse
By Michael Parenti
If the paladins of Corporate America want to know what really threatens “our way of life,” it is their way of life, their boundless way of pilfering their own system, destroying the very foundation on which they stand, the very community on which they so lavishly feed. Continue
The Growing Army of Angry Men
Lives Have Been Destroyed by the Federal Government
By Mark R. Crovelli
One of the hardest things to deal with in the current economic depression is the disgusting hypocrisy of the U.S. congress, the new president, and the members of the Federal Reserve System. Continue
All of Them Must Go
By Naomi Klein
Watching the crowds in Iceland banging pots and pans until their government fell reminded me of a chant popular in anti-capitalist circles in 2002: “You are Enron. We are Argentina.” Continue
Rep. Kanjorski: $550 Billion Disappeared in "Electronic Run On the Banks"
Video
Rep. Paul Kanjorski of Pennsylvania explains how the Federal Reserve told Congress members about a "tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars." According to Kanjorski, this electronic transfer occured over the period of an hour or two. Continue
Economic stimulus bill passes crucial Senate test: The vote late Monday was 61-36, one more than the 60 needed. The $827 billion bill is expected to pass the Senate on Tuesday.
New Bailout May Top $1.5 Trillion: The gravity of the financial crisis confronting the Obama administration will come into stark focus today when officials unveil a three-pronged rescue program that may commit up to $1.5 trillion in public and private funds, and possibly more, lawmakers and other officials said.
Dollar, Yen Rise as Geithner’s Plan Spurs Demand for Haven: The dollar and yen rose versus most of their major counterparts on bets Treasury Secretary Timothy Geithner’s financial recovery plan will fall short of reviving lending, increasing demand for a haven.
Key to success in the big bank bailout? Let 'em fail: One need not be a threat to the global financial system or be “too big to fail” in order to qualify for a handout. Just ask the lucky management of Flagstar Bancorp of Michigan, who, by sheer ineptitude in real estate deals, drove their company to the brink of collapse and their stock price down 97 per cent, and who were rewarded the other day with a $267-million (U.S.) cheque from Uncle Sam.
RBS to axe 2,300 jobs.. but still plans to pay out £1bn in bonuses to bankers
IBM Offers To Move Laid Off Workers To India: The climate is warm, there's no shortage of exotic food, and the cost of living is rock bottom. That's IBM (NYSE: IBM)'s pitch to the laid-off American workers it's offering to place in India. The catch: Wages in the country are pennies-on-the-dollar compared to U.S. salaries.
U.S. judges seek massive California prisoner release: Federal judges on Monday tentatively ordered California to release tens of thousands of inmates, up to a third of all prisoners, in the next three years to stop dangerous overcrowding.
Deluge Of Financial Calamities By Mid-March
The Financial Recovery Plan From Hell
How Popular Anger Grew, 1929 and 2009
House, Senate Agree On 'Stimulus'
Credit Suisse Slides To $5.2B Loss
UK Banking Inquisition Intensifies
Pimco World Econ Crisis 'Second Wave' Due
US Will Default On Debt Or Hyperinflate - Vid
Euro Banks May Need $32 Trillion Bailout
RBS, Morgan Stanley, UBS To Cut 6,500 Jobs
Oil Demand To Fall Fastest Since 1982
China Exports Lowest In A Decade
Engdahl - 2 Years Recession Or 10 Years Of Hell - Vid
Wholesale Inventories Plunge Most In 17 Yrs
Brown Wants World Power For World Bank, IMF
Barky Says 'Full-Blown' Crisis - Asian Shares Fall
Barky Plans 'Aggregator Bank' For Toxic Assets
Failed Bank Bosses To MPs - 'We're Sorry'
State-Owned Banks Sued Over Bonus Denial
HBOS Sacked, Gagged Bank Whistleblower
Bullion Sales Record In Rush To Safety
New OPEC Threats To Cut Production
Japan Faces 'Unimaginable' Contraction
50% China's Toy Factories Close Down
UBS $22B Loss - Cuts Another 2,000 Jobs
Air Freight Drops - Global Economy Freezes
Europe Ambushes Germany On Debt Bailout
EU Tensions Over French Auto Bailout
GM Investing $1 Billion Stimulus In Brazil!
Geithner Delays Overhaul Of US Bank Bailout
SEC To Bury Madoff Case 'By Settlement'
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