Life the Universe and ....: More economic issues

STOCKS HIT 12-YEAR LOW... CITI IN PENNIES; SHARES FALL BELOW $1... Fed Refuses to Release Bank Lending Data, Insists on Secrecy... CBS may have to borrow to pay off maturing debt... WIRE: 'Obama Bear Market' Punishes Investors as Dow Tumbles 20%... SENATE MOVES TO GIVE FDIC $500B LOANTreasury Secretary Geithner's choice for deputy withdraws from consideration...

Bankruptcy home loan bill passes House...

When Securitization Blew Up; So Did the Economy

By Mike Whitney

One thing is certain, this isn't a normal recession. In a normal recession aggregate demand declines, economic activity slows, and GDP shrinks. While those things are taking place now, the reasons are quite different. The present slump wasn't brought on by a downturn in the business cycle or a mismatch in supply and demand. It was caused by a meltdown in the credit system's central core. Continue

Corruption-US:

How Wall Street Paid For Its Own Funeral

By Marina Litvinsky

The 231-page report, "Sold Out: How Wall Street and Washington Betrayed America," shows that the financial sector invested more than 5 billion dollars on purchasing political influence in Washington over the past decade, with as many as 3,000 lobbyists winning deregulation and other policy decisions that led directly to the current financial collapse. Continue

Take the Money and Run

By Ernest Partridge

A bank robber does not gain legal possession of his loot. Neither should today's "robber barons," notwithstanding the fact that the theft was accomplished under the guise of quasi-legality. The loot can be recovered legally, if the public demands it and the Congress responds accordingly, through the enactment and enforcement of appropriate legislation. Continue

Scholar Presaged U.S. Descent to Destitution

By Logan Jenkins

"We don't believe we can afford to stop waging conventional warfare" Continue

Bair Says Insurance Fund Could Be Insolvent This Year: Federal Deposit Insurance Corp. Chairman Sheila Bair said the fund it uses to protect customer deposits at U.S. banks could dry up amid a surge in bank failures, as she responded to an industry outcry against new fees approved by the agency.

As Markets Slump, U.S. Tries to Halt Cycle of Fear: Top Officials Push to Inspire Confidence in Crisis Response By Emphasizing the Long-Run

Prison Spending Outpaces All but Medicaid: One in every 31 adults, or 7.3 million Americans, is in prison, on parole or probation, at a cost to the states of $47 billion in 2008, according to a new study.

Report: 1 in 5 Mortgages Are Underwater: In Nevada, more than half of all mortgage borrowers are upside down

Who You Calling Socialist?: "We are all socialists now," proclaims Newsweek. We are creating "socialist republics" in the United States, says Mike Huckabee, adding, on reflection, that "Lenin and Stalin would love this stuff." We are witnessing the Obama-era phenomenon of "European socialism transplanted to Washington," says Newt Gingrich.

Did Madoff Steal Organized Crime Loot?

Food Stamp Soars To Record 31.8 Million People

The Three Ways GE Can Survive

Deutsche Bank - US GDP Down 10% Q1

BoA Bonus Disclosure To Cause 'Grave Harm' (To Crooks)

Citi Shares Now Less Than $1 Each

What's Dead? All Of It

Fed Refuses To Tell Where $2 Trillion Went

Euro Banks Face $2 Trillion Shortage

World's Poor Suffer Most In Credit Crisis

German Engineers See Exports Plunge

BoE Creates £75bn From Thin Air