Documenting America's decent into Fascism: More economic issues

Monday, March 09, 2009

World Bank offers dire forecast for world economy... Top Obama adviser urges global effort... World stocks sink amid anxiety... Recession on track to be longest in postwar period...Top Republicans say banks should be allowed to fail... Shelby: CITI is problem child...Geithner, alone and working night and day... Oversight of Bank Bailouts Criticized; House Panel Faults Treasury for Not Forcing Firms to Reveal Overseas Deals...Oil Nears $50... EXXONMOBIL aims for big role in Iraq's oil sector...Ohio school gets 700 applicants -- for one janitorial job!

The Bottomless Bailout

By Ralph Nader

Does anybody in the federal government know or could know “who, what, where and when” of the massive, complex, vertical, horizontal, global collapse of Wall Street and its planetary tentacles in over 100 countries abroad? Step forward if you exist! Uncle Sam needs you! Continue

America Loses 23,000 Jobs Every Day

Output suffers biggest slump in 25 years

By Gráinne Gilmore, Economics Correspondent

In a further sign of the struggles that are facing workers in America, the number of people forced into part-time work because their hours were cut or they were unable to find full-time work rose by 787,000 to 8.6 million last month. Yet despite the gloomy figures, analysts drew hope from evidence that the pace of job losses was easing. Continue

The U.S. Financial System Is Effectively Insolvent

There is a grave risk of a global L-shaped depression.

By Nouriel Roubini

Even with the $2 trillion of government support, most of these financial institutions are insolvent, as delinquency and charge-off rates are now rising at a rate--given the macro outlook--that means expected credit losses for U.S. financial firms will peak at $3.6 trillion. So, in simple words, the U.S. financial system is effectively insolvent. Continue

This Is What A Financial Collapse Looks Like

Argentina's Economic Collapse

Video

Documentary on the events that led to the economic collapse of Argentina in 2001 which wiped out the middle class and raised the level of poverty to 57.5%. Central to the collapse was the implementation of neo-liberal policies which enabled the swindle of billions of dollars by foreign banks and corporations. Continue

Regression Is Not Progress

By Frank Scott

We have depended on foreigners buying our public debt in order to finance a murderous foreign policy, while denying housing, health care and education to millions of our people. Continue

IMF: Fifth of Britain's GDP spent so far on bailouts: More than any other major economy, according to a grave assessment of the world financial crisis published today by the International Monetary Fund.

'Run on UK' sees foreign investors pull $1 trillion out of the City: Monies held in the UK on behalf of foreign investors – fell by $1 trillion (£700bn) between the spring and the end of 2008, representing a huge loss of funds and of confidence in the City of London.

Recession crime wave hits Britain: His force, which takes the lead nationally on fraud investigations, have 615 live investigations into 689 suspects - from individual white collar cases to multi-million pound "mini-Madoff" investment scams and massive mortgage frauds.

Merrill Lynch probes $400m trader loss: A Merrill Lynch currency trader has been suspended after racking up more than $400m in undisclosed losses in recent months, raising further questions about the financial health of the investment bank bought by Bank of America last September.

Top U.S., European Banks Got $50 Billion in AIG Aid: The beneficiaries of the government's bailout of American International Group Inc. include at least two dozen U.S. and foreign financial institutions that have been paid roughly $50 billion since the Federal Reserve first extended aid to the insurance giant.

Untold Theft - Trillions Disappear Into The Ether

Treasury OK'd IndyMac Bank To Cook Books! - Vid

The Fight Of All Fights

OH School Gets 700 Applicants For Janitorial Job

The Zombie Bank - Mark Fiore - Vid

Are We Going To Prison? Are We Already There?

John Maynard Keynes And Economic Fascism - Vid

Why Are We Bankrupt? Here's Exactly Why

Identity Theft - Bernanke Won't Say Who Got $2 Trillion

Japan Leads World Into Depression

Rothschild Flunky Mandelson Wants World Trade Unity

BoE £150B Injection May Not Work