Mike Robinson
19th September
As I write this, in a real sucker punch, the FTSE is up 10% so far today. Hooray, the world is saved!
Or not.
What could be behind this insane, hysterical reaction?
The End Of The United States
Posted by seumasach on September 19, 2008
Posted in Uncategorized | Tagged: financial collapse | Leave a Comment »
Hey U.S., welcome to the Third World!
Posted by smeddum on September 19, 2008
Hey U.S., welcome to the Third World!
It’s been a quick slide from economic superpower to economic basket case.
Rosa Brooks
September 18, 2008
Dear United States, Welcome to the Third World!
It’s not every day that a superpower makes a bid to transform itself into a Third World nation, and we here at the World Bank and the International Monetary Fund want to be among the first to welcome you to the community of states in desperate need of international economic assistance. As you spiral into a catastrophic financial meltdown, we are delighted to respond to your Treasury Department’s request that we undertake a joint stability assessment of your financial sector. In these turbulent times, we can provide services ranging from subsidized loans to expert advisors willing to perform an emergency overhaul of your entire government.
As you know, some outside intervention in your economy is overdue. Last week — even before Wall Street’s latest collapse — 13 former finance ministers convened at the University of Virginia and agreed that you must fix your “broken financial system.” Australia’s Peter Costello noted that lately you’ve been “exporting instability” in world markets, and Yashwant Sinha, former finance minister of India, concluded, “The time has come. The U.S. should accept some monitoring by the IMF.” Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, IMF, wall street | Leave a Comment »
It’s the Derivatives, Stupid! Why Fannie, Freddie, AIG had to be Bailed Out
Posted by seumasach on September 19, 2008
Ellen Brown
18th September, 2008
Something extraordinary is going on with these government bailouts. In March 2008, the Federal Reserve extended a $55 billion loan to JPMorgan to “rescue” investment bank Bear Stearns from bankruptcy, a highly controversial move that tested the limits of the Federal Reserve Act. On September 7, 2008, the U.S. government seized private mortgage giants Fannie Mae and Freddie Mac and imposed a conservatorship, a form of bankruptcy; but rather than let the bankruptcy court sort out the assets among the claimants, the Treasury extended an unlimited credit line to the insolvent corporations and said it would exercise its authority to buy their stock, effectively nationalizing them. Now the Federal Reserve has announced that it is giving an $85 billion loan to American International Group (AIG), the world’s largest insurance company, in exchange for a nearly 80% stake in the insurer . . . . |
Posted in Financial crisis | Tagged: derivatives, financial collapse | Leave a Comment »
Hedge funds could be next victim
Posted by smeddum on September 19, 2008
Hedge funds could be next victim Montreal Gazette
PETER HADEKEL
Freelance
Friday, September 19, 2008
One wag at a financial conference here yesterday likened the current chaos in the markets to a TV reality show.
Working title: Survivor Wall Street.
Investors are wondering who will survive the brutal shakeout now under way and who will be voted down in the market panic that has spread over the last two weeks. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, hedge funds | Leave a Comment »
Bleak history lesson from original Wall Street crash
Posted by smeddum on September 19, 2008
This is the beginning of a new epoch, if you would a new times, the dog eat dog system is sharpening its teeth, streamlining its pyramid structure, leaving casualties everywhere. Yet there is fear that the system itself cannot hold, as chaos makes for much unpredictability. Commentaries are becoming sharper and sharper. Let us bring them to you here at inthesenewtimes.com
Ignorance might be bliss; but most of all, it is ignorance. It is the utterly sublime quality of not knowing, of not having the faintest clue – as in the case of Bernard Weiss, the deputy commissioner of the Berlin police. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, Ireland, nazis, wall street, Wall street crash | Leave a Comment »
What Moral Hazard?
Posted by smeddum on September 19, 2008
What Moral Hazard? Forbes
LONDON – It’s been bailout out after bailout for Wall Street banks that made ill-judged bets on the securities market, but the so-called moral-hazard theory, that banks will be all the more reckless for it, has been discarded by those watching overseas this past week. In Europe, where central bankers are typically hawkish and regulators keep an especially wary eye on state meddling in business, everybody seems glad for Fed interference. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, moral hazard, Western hypocrisy | Leave a Comment »
Public finances slide deeper into the red
Posted by seumasach on September 19, 2008
This is a hint at the extraordinary costs of public backing for the nascent private banking cartel. The price of this will be payed by all of us through taxation, cuts and, above all, inflation as the pound goes on falling( we are an import dependent economy). The vultures and parasites who fleeced the world for so long have come home to roost and pick the imperial heartland to the bone.
Ashley Seager
19th September, 2008
The public finances suffered yet another lurch into the red last month amid warnings of a record deficit this year that would force the next government to raise taxes or cut spending – or possibly both.
Posted in Financial crisis | Tagged: failing banks, financial collapse, UK government debt | 2 Comments »
Source: Five Generals To Be Disciplined Over Nukes
Posted by alfied on September 18, 2008
Defense Secretary Robert Gates will announce a range of punishments for at least five general officers and possibly several colonels for lapses connected with the nation’s nuclear weapons. Read the rest of this entry »
Posted in Uncategorized | Tagged: "War on Terror", Nuclear terrorism | Leave a Comment »
The Scent of Fear
Posted by smeddum on September 18, 2008
The Scent of Fear
AIG’s Rotten Paper Could Bring the House Down
by WILLIAM GREIDER The Nation
September 17, 2008
For the first time in this unfolding financial crisis, I felt personally scared by the news. Not about my money, but about the potential for catastrophe. The Federal Reserve’s lightning rescue of AIG has the smell of systemic fear. The house of global finance is on fire and everyone is running for the exits, no sure way to turn them around. What’s next? The question itself is ominous, because there are no good answers. Read the rest of this entry »
Posted in Financial crisis | Tagged: AIg, Banks in crisis, failing banks | Leave a Comment »
Ukraine’s PM blames president for poor relations with Russia
Posted by seumasach on September 18, 2008
Only a couple a weeks after Milliband’s foolish visit, Ukraine appears to be slipping out of Western control.
KIEV, September 17 (RIA Novosti) – Ukrainian Prime Minister Yulia Tymoshenko sharply criticized the pro-Western president on Wednesday for damaging the country’s relations with Russia.
Posted in Multipolar world | Tagged: ukraine EU NATO, ukraine-russia | Leave a Comment »
Bank stocks plummet again despite Fed’s AIG rescue
Posted by seumasach on September 18, 2008
“What is happening out there?” Mack asked in the company-wide email. “It’s very clear to me – we’re in the midst of a market controlled by fear and rumours, and short sellers driving our stock down.”
The whole thing does look choreographed: are we seeing a co-ordinated hit leading to a few selected players taking complete control? The principal players of the shady world of finance are coming to the fore: welcome to The Cartel!
The 73-year-old US investment bank Morgan Stanley became the latest financial titan to cast around for an alliance last night as fading confidence in Wall Street firms sucked its shares down by 24%.
Posted in Financial crisis | Tagged: financial collapse, financial feudalism, Morgan Stanley, The Cartel | Leave a Comment »
