Federal obligations exceed world GDP...
STRIP SAGS AS CONVENTIONS CANCEL...
Deal to Close California Budget Gap Stalls...
Credit crisis could crunch men's testosterone...
Ireland faces growing fears of debt default...
Large U.S. Banks on Brink of Insolvency, Experts Say
By Steve Lohr
February 13, 2009 "IHT" -- Some of the large banks in the United States, according to economists and other finance experts, are like dead men walking. A sober assessment of the growing mountain of losses from bad bets, measured in today's marketplace, would overwhelm the value of the banks' assets, they say. The banks, in their view, are insolvent. Continue
Nationalize the Banks! We're all Swedes Now
By Matthew Richardson and Nouriel Roubini
The U.S. banking system is close to being insolvent, and unless we want to become like Japan in the 1990s -- or the United States in the 1930s -- the only way to save it is to nationalize it. Continue
The Oligarchy's Bailout Ball
You know what they say -- half a million dollars just doesn't go as far as it used to
By Michael Winship
"These guys won't be happy until the government agrees to relieve them of every last one of their lousy loans and investments at inflated prices, recapitalize every major bank and brokerage and insurance company on sweetheart terms and restore them to the glory days, so they can once again earn inflated profits and obscene pay packages by screwing over their customers and their shareholders." Continue
Looting Social Security
By William Greider
To understand the mechanics of this attempted swindle, you have to roll back twenty-five years, to the time the game of bait and switch began, under Ronald Reagan. Continue
It's Going to Take a Civic Jolt
By Ralph Nader
Some staffers in Congress privately assert that the Democrats are not acting like a majority party. It is worse than that. They are not acting-period. Continue
G7 sets sights on new world economic order: The world's richest nations called Saturday for urgent reform of global finance to save the world from the economic devastation that is dragging more and more countries into recession
Britain’s bankers plumb new depths: Jon Moulton, the private equity chief, warned a City lunch this week that he feared serious civil unrest. There was, he said, a 25 per cent chance of one of the 15 member countries of the eurozone pulling out of the currency club. That, he said, would be a catastrophic shock leading to a “far greater financial crisis” than the current one.
Bank Failures May Reach 1,000 on Bad Loans, RBC Says : As many as 1,000 U.S. banks may fail in the next three to five years, almost double the one-year tally at the height of the saving-and-loan collapse, as losses mount on commercial real-estate loans, RBC Capital Markets analysts said
European banks' toxic debts risk overwhelming EU governments: The toxic debts of European banks risk overwhelming a number of EU governments and may pose a “systemic” danger to the broader EU banking system, according a confidential memo prepared by the European Commission.
Latin America Faces Asia Slump, Morgan Stanley Says: Asia’s shrinking demand for raw materials amid a “collapse” in its own exports will show up in Latin America in February and March, Morgan Stanley economists Daniel Volberg and Gray Newman wrote in a report today.
GM considering Chapter 11 filing, new company: report: General Motors Corp, nearing a Tuesday deadline to present a viability plan to the U.S. government, is considering as one option a Chapter 11 bankruptcy filing that would create a new company, the Wall Street Journal said in its Saturday edition.
US foreclosure image is 2008 World Press Photo: A picture of an armed sheriff moving through an American home after an eviction due to a mortgage foreclosure was named World Press Photo of 2008 on Friday.
Sinclair - It Is Now Officially 'Out Of Control'
China - Who Is Going To Buy $4.2T New US Debt?
IMF Warns 2nd Bailout Wave Will Need Bailout
China Doubts Re Who Will Buy All US Debt
G7 Vows To Stop Rising Protectionism
UN Wants Share Of Bank Rescue Funds
$60B RBS Loss Prompts Savage Job Cuts
Spain's New Poor Crown Soup Kitchens
Not Saving E. Europe Leads To World Meltdown
Britain Faces $200B Cut In Spending
CA Frees 55,000 Prisoners To Save Money
US Federal Obligations Exceed WORLD GDP!
Fraud Probe Begun In AIG Collapse
FDIC Takes Over 4 Banks In One Day
Large US Banks On Brink Of Insolvency
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