Associated Press
By CHRISTOPHER BODEEN – 7 hours ago
BEIJING (AP) — China and Venezuela hailed rising oil exports and growing energy cooperation during a visit to Beijing by Venezuelan President Hugo Chavez that lent him a new platform from which to criticize Washington. Read the rest of this entry »
Chavez hails oil cooperation with China, blasts US
Posted by smeddum on September 24, 2008
Posted in Multipolar world | Tagged: Chavez, China, Oil, russia | Leave a Comment »
Ban on shorting financial stocks sends betting soaring
Posted by smeddum on September 24, 2008
Ban on shorting financial stocks sends betting soaring
By Sean Farrell, Financial Editor Independent
Thursday, 25 September 2008
Fixed-odds betting on financial markets has surged in recent days as traders find ways to get around the ban on short-selling financial stocks. Read the rest of this entry »
Posted in Uncategorized | Tagged: short-selling | Leave a Comment »
Thinking the Unthinkable: A Debt Write Down, and Jubilee Year Clean Slate
Posted by seumasach on September 24, 2008
“Here’s why the government giveaway logic is fallacious: It’s a giveaway, not a bailout. A bailout is designed to keep the boat afloat. But the existing Wall Street boat crafted by the investment bankers seeking to unload their junk must sink. The question as it sinks is simply who will be able to grab the lifeboats, and who drowns.”
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Michael Hudson 24th September, 2008 We have reached the point where it may finally be able to break through the membrane of cognitive dissonance that has been blinded people. The very first course in economics –starting in high school, followed up in college and then refined in graduate school – should explain to students why it is false to believe the advertisement that Wall Street has been trying to sell for the past half century: The deceptive promise that an economy can get rich off the mathematical “magic of compound interest.” |
Posted in Uncategorized | Tagged: financial collapse, the bailout | Leave a Comment »
Mahmoud Ahmadinejad: Iran and other nations prepared to rescue US from economic collapse
Posted by alfied on September 24, 2008
At 4:17 into the video, this quote: “The Iranian people are prepared, along with other nations, to help you be rescued from your current situation and establish peace and prosperity”
It is clear from the “along with other nations” part that this is a serious offer. Certainly it is far more attractive than Paulson’s 700 billion or else proposal.
Posted in Multipolar world | Tagged: Bailout of the US | Leave a Comment »
The great bailout: U of M expert on mortgage crisis says Paulson plan is ‘reverse criminal action’
Posted by smeddum on September 24, 2008
The great bailout: U of M expert on mortgage crisis says Paulson plan is ‘reverse criminal action’
By MOLLY PRIESMEYER 9/23/08 12:27 PM Minesota independent
For some consumer-rights advocates, the great Wall Street bailout is starting to look like a heist for the ages. Prentiss Cox, a professor of law at the U of M and former assistant attorney general, calls Treasury Secretary Henry Paulson’s bill “outrageous.” Wall Street was the cause of the problem, he says. “And now they want a bailout completely on their terms? It serves the very wealthy and completely ignores the homeowners victimized by this. It is appalling.” Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, financial fraud, mortgage crisis, Paulson | 3 Comments »
Democrats signal support for Wall Street bailout at Senate hearing
Posted by seumasach on September 24, 2008
By Barry Grey
WSWS
24 September 2008
At a hearing Tuesday, Democratic members of the Senate Banking Committee assured Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke that they would move quickly to pass legislation authorizing the Bush administration to launch a trillion-dollar-plus bailout of Wall Street.
While a number of senators from both parties sought political cover in the face of growing popular opposition to the taxpayer-funded bailout by making populist-sounding declarations, the basic tone was set by Charles Schumer, the Democratic senator from New York who heads the Joint Economic Committee of Congress.
Posted in Uncategorized | Tagged: financial crash, Paulson, the bailout | Leave a Comment »
Sarkozy wants to unite Europe and Russia
Posted by seumasach on September 24, 2008
“What Europe is telling Russia is that we want links with Russia, that we want to build a shared future with Russia, we want to be Russia’s partner,” Sarkozy said. “Why not build a continent-wide economic space which would unite Russia and Europe?” he asked.
Sarkozy Calls for Global Summit to Overhaul Financial System
French President Sarkozy called Tuesday for a summit to tackle the global financial crisis and urged world leaders to draw lessons from capitalist excesses in a speech before the UN General Assembly.
23rd September, 2008
In a hard-hitting speech before the UN General Assembly in New York on Tuesday, Sept 23, French President Nicolas Sarkozy demanded that those responsible for the global financial turbulence be punished and called for a “regulated capitalism.”
Posted in Multipolar world | Tagged: EU-Russian relations | Leave a Comment »
Paulson’s whopper
Posted by smeddum on September 24, 2008
Good ideas and lies New York Times
Daniel Davies, in one of the great blog posts of this era, laid down a key principle:
Good ideas do not need lots of lies told about them in order to gain public acceptance.
He was talking about the selling of the Iraq war, but it applies more generally.
So, this morning Hank Paulson told a whopper: Read the rest of this entry »
Posted in Financial crisis | Tagged: bailout, economy, failing banks, financial fraud, Paulson, wall street | Leave a Comment »
Short-seller with a £1bn bet that British banks will fall
Posted by smeddum on September 24, 2008
Short-seller with a £1bn bet that British banks will fall
Tom Teodorczuk in New York Evening Standard
24.09.08
A hedge fund named as a major short seller in a string of British banks was defiant today, saying: “These companies are not strong.”
Paulson & Co, run by US billionaire John Paulson, was identified by the Financial Services Authority as gambling that four British banks would see their share prices plunge.
Its identity was revealed after a temporary ban on short selling in 32 financial firms, the practice in which investors borrow shares, sell them and gamble that they will be able to buy them back for a lower price at a profit. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, short-selling | Leave a Comment »
Anti-Iran ministerial meeting canceled
Posted by seumasach on September 24, 2008
24th September, 2008
Foreign ministers from the six major powers have called off talks to discuss further sanctions against Iran over its nuclear program.
US Secretary of State Condoleezza Rice and her counterparts from Russia, China, France, Britain and Germany were to hold the meeting in New York on Thursday to consider more pressure on Tehran.
“There is not going to be a P5-plus-one ministers meeting” on the sidelines of the UN General Assembly, State Department spokesman Sean McCormack told reporters on Tuesday.
The decision came after Russia complained of US plans to “punish” it, AFP reported.
Posted in Iran | Leave a Comment »
Keiser: US dollar “backed by bananas”
Posted by seumasach on September 24, 2008
20th September, 2008
Press TV interviewed Paris-based financial analyst Max Keiser on the US financial meltdown on September 20. What follows are his free-wheeling comments on the US government bailout of Wall Street and the potential consequences for America.
“We have a treasury secretary in America – Hank Paulson. I’m afraid he’s gone insane. He’s become like the Colonel Kurtz of Treasury Secretaries. He’s gone native. He’s co-opted trillions of dollars of American taxpayers’ money and he’s playing hedge fund like a rogue trader. We have got a rogue trader in the Treasury Secretary’s office. He’s being aided and abetted by Ben Bernanke who’s been discredited as the entire Federal Reserve Bank has been utterly discredited. We’re looking at a possible inflationary depression in America and the worse is yet to come, much worse is yet to come.”
Posted in Uncategorized | Tagged: financial collapse, Paulson | Leave a Comment »
