Posts Tagged ‘bailout’
Posted by seumasach on October 29, 2008
Whatever the underlying reality concerning German banks, the contrast with Britain couldn’t be starker. Whereas the British banks have all been openly or covertly at the trough, the German bankers seemingly feel no urgent need for assistance and may have to be force fed. Considering that the total exposure of their state health and pension schemes to Lehman’s is a paltry 120 million, couldn’t it be the case that Germany’s exposure to US toxic garbage is, in fact, less than we have been led to believe, and that this bailout scheme has been foisted on them in an attempt to bankrupt the German state British-style.
Deccan Herald
26th October, 2008
A second German bank lined up on Saturday for a government rescue, as officials reportedly debated whether to force recapitalisation on shy commercial banks.
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Posted in Financial crisis | Tagged: bailout, financial collapse, German banks | Leave a Comment »
Posted by smeddum on October 17, 2008
The Bank Bailout’s Side Effect: Rising Mortgage Costs
By STEPHEN GANDEL – Fri Oct 17, 1:00 am ET yahoo.news
The government’s effort to boost bank lending to end the credit crisis is hurting one of the areas critical to the nation’s recovery: mortgage rates. In the past week, the average mortgage rate on a 30-year fixed home loan has jumped more than one half a percentage point to 6.74%, according to Bankrate.com. That might not sound like much, but it is the biggest one-week rise in the normally stable lending rate in 21 years. Some economists say mortgage rates could soon top 7%, a level they have not seen in more than six years. Read the rest of this entry »
Posted in Uncategorized | Tagged: bailout, housing crisis, mortgage crisis | Leave a Comment »
Posted by seumasach on October 11, 2008
Cailean Bochanan
11th October, 2008
The confusion that reigns concerning the nature of the British government’s intervention last Wednesday has reached staggering proportions. The study of Alisdair Darling’s statement leaves no doubt that there is a vast gulf between the proposal’s themselves and the way in which they have been presented. Last Sunday David Cameron had invoked the Swedish intervention in 1992 and set the ball rolling for the partial nationalisation thesis. This was very obliging coming from the so-called opposition and set in train an awesome “perception management” operation from the masters of these black arts ever since Walsingham’s Elizabethan police state had the bright idea of using the players, the stage itself, as a vehicle for official ideology. “For there is nothing either good or bad, but thinking makes it so” and if people can be made to think that giving away £500 bullion plus to private interests is part nationalisation then all the better. This propaganda onslaught saw many seemingly unlikely figures chiming in at suitable moments to confirm the story-line, and doing so all the more effectively under the guise of attacking it.
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Posted in Financial crisis | Tagged: bailout, stop the bailout | 3 Comments »
Posted by seumasach on October 10, 2008
City gang pulls off £500 billion heist.
Cailean Bochanan
10th October, 2008
After Wednesday’s dramatic events I dreamt that that was the headline in the Sun newspaper. But it was a dream; just that.
I awoke to the nightmare: The Sun, of course, had joined the rest in the great chorus of approval for Champagne Gordon, toast of the city. And an impressive chorus it was, including some onetime mavericks and black sheep who had returned to the fold just in time and were now singing with even greater gusto than more longstanding stalwarts such as the chairman of the Bank of England or the leader of the Tory party. There, was former scourge of anglo-saxon finance, Will Hutton; there, George Galloway purring with admiration now former colleague Alisdair Darling has finally decided to deliver (or, rather, stand and deliver) even if it was “too little, too late.” There too were the brand new party leaders, like Nick Clegg with his freshly-tamed financial spokesman, Vince Cable. All were there of the great and the good and they were singing off the same hymn sheet that great puritan hymn, “To be a Pilgrim”. These were the words, which in a transport of bitterness I imagined them to intone to that august melody. Read the rest of this entry »
Posted in Financial crisis | Tagged: bailout, financial collapse, stop the bailout | 2 Comments »
Posted by seumasach on October 8, 2008
One has to admire the control systems of the British elite. In the USA last week it appears that the threat of martial law was necessary to bring Congress into line. Nothing so crude over here: they already have their spokesman strategically placed right across the political spectrum ready to chime in with their support or to provide “verification” to the key lies such as that this is a partial nationalisation. The left and far-left have done more than their share in their usual treacherous fashion. Here, leftist icon, George Galloway, does his bit. In amongst all the vacuous leftist verbiage, the essential message for the government is positive though perhaps, “too little, too late”. The left continue to make great play of the sophistic notion that government hand-outs to bankers constitute a break from neo-liberalism.
A statement by George Galloway
socialist unity
“In the midst of this financial crisis which threatens us all, at last the government is taking action which may begin to shore up the banking system. I hope that it is not, as many in the City are saying, “too little, too late”. At almost every step the government has delayed: it’s taken some time to for the Prime minister and Chancellor to detach themselves from the outdated dogmas of free market economics. The Tories managed the appearance of doing so quicker, testimony to their cynicism and opportunism. If anyone suspects sincerity in the Tories mock outrage at the City spivs, then look at the party’s hedge-fund backers and its MPs’ directorships.
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Posted in Financial crisis | Tagged: bailout, financial collapse, treacherous leftists | Leave a Comment »
Posted by smeddum on October 2, 2008
Senate bailout vote pressures House The Swamp Posted October 1, 2008 9:20 PM
by Mark Silva
So it is the Senate that goes first with the bailout — some call it rescue — of the nation’s bad-mortgage-clogged banking institutions, with a vote tonight of 74-25. Read the rest of this entry »
Posted in Uncategorized | Tagged: bailout, bailout blackmail, bailout pressure, Wall Street Bailout Blackmail | Leave a Comment »
Posted by smeddum on October 1, 2008
Financial Tsunami: The End of the World as We Knew It
by F. William Engdahl
Global Research, September 30, 2008
The unexpected rejection by the US Congress of the Bush Administration financial rescue plan, TARP on September 29 has opened up the spectre for the first time of a 1931-style domino wave of worldwide bank failures. That is already underway across the US banking spectrum with the failure, nationalization or forced liquidation in the past two weeks of Fannie Mae and Freddie Mac, of the giant Washington Mutual mortgage lender, of the nation’s fourth largest deposit bank, Wachovia. That was on top of a wave of smaller bank failures that began with IndyMac in the spring. For some it is appealing and more simple to grasp the magnitude of these titanic events in the US-centered financial world by assuming it is all part of a pre-planned grand conspiracy by the Money Masters, what in the 1920s in the USA was termed the Money Trust, to control the entire financial world. Read the rest of this entry »
Posted in Financial crisis, Multipolar world | Tagged: bailout | Leave a Comment »
Posted by smeddum on October 1, 2008
What Wall Street Hoped to Win Counterpunch
By PAM MARTENS
“I got a lot of Ph.D. types and smart people around me who come into the Oval Office and say, ‘Mr. President, here’s what’s on my mind.’ And I listen carefully to their advice. But having gathered the device (sic), I decide, you know, I say, ‘This is what we’re going to do.’ And it’s ‘Yes, sir, Mr. President.’ And then we get after it, implement policy.”
— President George W. Bush, October 3, 2007
Pity poor President Bush. He’s been pushed aside as The Decider. The Decider’s strut and press entourage, along with the coffers of the United States, were to be handed to Henry M. (Hank) Paulson, U.S. Treasury Secretary, who was to have sweeping authority to share newly augmented plunder with his cronies on Wall Street and set up a vast new bailout bureaucracy, all at taxpayer expense. Read the rest of this entry »
Posted in Financial crisis | Tagged: bailout, bush, Poulson | Leave a Comment »
Posted by smeddum on October 1, 2008
Descriptions of bailout plan
By The Associated Press – Sep 23, 2008
Some Senate Banking Committee members’ descriptions of the Bush administration’s $700 billion proposal to bail out the financial industry. Read the rest of this entry »
Posted in Uncategorized | Tagged: bailout, Senate | 4 Comments »
Posted by smeddum on September 30, 2008
The Danger of Wall Street Blackmailing Us Back Into a Bad Bill
By Ian Welsh Khabrein
The Western media are upping up the volume and markets are rallying (and disregarding market fundamentals) to blackmail congress into voting for the bailout. A battle has been won but the war is not over. There is a danger that we have been lulled into a false sense of security. Protests should continue
What was causing the panicked “must pass bill now” gasps from Senators and the Treasury was not the various bank failures. They have been pretty orderly and no one who failed wasn’t expected to fail. Instead the problem was that banks aren’t lending to each other. This isn’t because they fear that other banks won’t repay if they fail, in every case when a bank has failed, the Fed has made sure that banks with outstanding interbank loans got their money back. So this isn’t a question of systemic risk causing fear. Read the rest of this entry »
Posted in Uncategorized | Tagged: bailout, bailout blackmail, bailout protest, economy, no bailout, No cash for trash, Paulson, politics, Wall Street Bailout Blackmail | 1 Comment »
Posted by smeddum on September 30, 2008
Steve Forbes: Economy In ‘Cardiac Arrest’ Washington Post
Former Republican presidential candidate and noted flat-taxer Steve Forbes appeared on CNBC moments ago with a grave diagnosis for the U.S. economy, likening it to a flatlining coronary patient.
“Right now there is fear in the marketplace,” said Forbes, also editor-in-chief of Forbes magazine. “Not since 1933 have we been as close to the abyss as we are now.” Read the rest of this entry »
Posted in Uncategorized | Tagged: bailout, Bailout charade, Bailout what next, bush, Poulson | Leave a Comment »
In These New Times 