Archive for the ‘Financial crisis’ Category
The financial system established in England after 1688, based on usurious lending to the state by private bankers, is reaching its final blowout in the form of a series of devastating bubbles and a massive bailout of the financiers with public money. But the issuance of money doesn’t have to be in the hands of a private consortium: another credit system is possible.
Posted by smeddum on July 13, 2008
Press Release EIR
COPENHAGEN, July 11, 2008 (EIRNS) — For only the second time since World War II, the Danish National Bank has had to extend an extraordinary credit line to a commercial bank, this time to the medium-sized regional Roskilde Bank, one of the ten largest banks in Denmark. The credit line is for 1 million euros, for a period of six months. According to financial insiders, this is the opening shot of a financial crisis which will have a deeper and broader impact on the Denmark’s national economy, than Northern Rock did in Great Britain. Read the rest of this entry »
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Posted by seumasach on July 12, 2008
“It is unclear if Mr Paulson can delay a state bail-out for long. “There is concern that Fannie, Freddie, and Lehman will not be around on Monday,” said one analyst.”
Ambrose Evans-Pritchard
Daily Telegraph
11th July, 2008
The Dow Jones index has plunged below 11,000 for the first time in two years in a fresh rout of bank shares after US Treasury Secretary Hank Paulson dashed hopes for an imminent bail-out of mortgage giants Fannie Mae and Freddie Mac.
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Posted in Financial crisis | Tagged: fannie and freddie | Leave a Comment »
Posted by seumasach on July 11, 2008
By Chan Akya
Asia Times
12th July, 2008
Oscar Wilde once described the British aristocracy’s peculiar predilection for fox hunting as the “Unspeakable in pursuit of the Inedible”. In today’s world, the ruling elites in most countries tend to focus their attention on saving their respective financial sectors, with a view to ensuring systemic stability even as idiosyncratic failures abound (see The New Brahmins, Asia Times Online, March 29, 2008). Much like fox hunting, where scores of hounds and teams of horsemen come back with a mangy fox or two, pickings from financial sector rescues tend to be quite slim.
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Posted in Financial crisis | Tagged: fanny and freddie | Leave a Comment »
Posted by smeddum on July 11, 2008
PRESS RELEASE EIR
LaRouche: ‘The Fannie/Freddie Crisis Is the Collapse of the Greenspan Bubble’
July 11, 2008–This release was issued on July 10 by the Lyndon LaRouche Political Action Committee (LPAC).
The intensifying crisis of the government-backed mortgage enterprises Fannie Mae and Freddie Mac “signals the final collapse of the Greenspan bubble,” economist and Democratic statesman Lyndon LaRouche commented today. “This is not a crisis of these two institutions,” LaRouche emphasized. “It is the concentrated collapse of the entire globalized debt bubble Greenspan created—falsely called the ‘U.S. subprime mortgage bubble’—falling onto these two institutions. And it signals that the next phase is the total explosion of entire financial system.” Read the rest of this entry »
Posted in Financial crisis | Tagged: Financial crisis | 2 Comments »
Posted by smeddum on July 10, 2008
Wednesday, 9 Jul 2008 cnbc
Posted By:Stan Yee
In a somewhat solemn moment, Cramer brings up a problem lurking in the market: stocks dropping without a sound. There’s plenty of noise about certain companies because someone said this or that, but what of the ones that sink quietly? Lately, there are more of these companies going quietly into the night: banks, brokers, homebuilders — the trifecta (or “Achilles’ heel” per Cramer’s label) of the down market. These companies are failing not because of things said, but because of things not said — none of the right people are saying the right things. Read the rest of this entry »
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Posted by smeddum on July 9, 2008
Britain is close to recession, British Chambers of Commerce warns Telegraph
By Nick Allen
Last Updated: 10:15am BST 08/07/2008
Britain is on the brink of a recession and unemployment is set to rise 300,000 by the end of next year, according to the British Chambers of Commerce. Read the rest of this entry »
Posted in Financial crisis, Uncategorized | Tagged: UK recession | Leave a Comment »
Posted by seumasach on July 8, 2008
IHT
6th July, 2008
ABU DHABI, United Arab Emirates: A newspaper in the United Arab Emirates says the tiny Gulf state’s government is lobbying neighboring countries to depeg their currencies from the U.S. dollar to curb inflation.
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Posted in Financial crisis | Tagged: declining dollar | Leave a Comment »
Posted by alfied on July 8, 2008
The Telegraph
By Damian Reece
A price target of 0p has been assigned to Bradford & Bingley by brokers Pali International, highlighting the crucial question of where next for B&B. Read the rest of this entry »
Posted in Financial crisis | Tagged: Collapse of banking system | Leave a Comment »
Posted by smeddum on July 5, 2008
Service workers watch gratuities shrivel during economic woes The Journal Gazette
LISA CORNWELL
Associated Press
CINCINNATI – At the Corner Pub on Cincinnati’s west side, bartender Melissa Metz can count the cost of the economic hangover in the stack of bills she has at the end of a shift.
Those tips make up the majority of her income, but they’ve been dwindling for months amid rising gas prices and other economic woes. Right now, her weekly income from tips is down about 25 percent. Read the rest of this entry »
Posted in Financial crisis | Tagged: US economy | Leave a Comment »
Posted by seumasach on July 4, 2008
“Sources close to the regulator believe its biggest fear at the moment is a repeat of the Northern Rock crisis, which led to hundreds of customers queuing around the block”.
Daily Telegraph
4th july, 2008
Bradford & Bingley shares tumbled this morning after US private equity firm Texas Pacific Group walked away from a deal to inject money into the bank, forcing the ailing lender to fall back on investors for an emergency cash injection.
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Posted in Financial crisis | Tagged: bank failures | Leave a Comment »
Posted by alfied on July 2, 2008
They say correction, we say depression; either way, it’s coming down.
The risks of a painful correction in the economy are increasing, judging by economic data showing new mortgage lending has collapsed, consumer confidence near all-time lows, and lower productivity that will put pressure on businesses to cut jobs. Read the rest of this entry »
Posted in Financial crisis | Tagged: Fall of the empire | Leave a Comment »
In These New Times 