Posted by seumasach on December 23, 2008
21st December, 2008
DETROIT – One measure of how tough times are in the Motor City: Some of the offenders in jail don’t want to be released; some who do get out promptly re-offend to head back where there’s heat, health care and three meals a day.
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Posted in Financial crisis | Tagged: bankrupt america, economic collapse, financial collapse | Leave a Comment »
Posted by smeddum on December 19, 2008
The Fallen Natures of Men Took Control Of The Economy And Destroyed It
November 12 2008
International Forecaster Weekly
Summary: some still wonder how it could have happened, we have a crony capitalist system, whole world now cutting back on spending, joblessness on the rise, banks now doing very little lending, a new head treasurer to choose, inequality in US cities may boil over, an impossible balancing act in the economy, an increase in the federal debt ceiling is also coming Read the rest of this entry »
Posted in Financial crisis | Tagged: economic collapse, financial fraud | Leave a Comment »
Posted by seumasach on December 17, 2008
F. William Engdahl
15th December, 2008
The Federal Reserve has bluntly refused a request by a major US financial news service to disclose the recipients of more than $2 trillion of emergency loans from US taxpayers and to reveal the assets the central bank is accepting as collateral. Their lawyers resorted to the bizarre argument that they did so to protect ‘trade secrets.’ Is the secret that the US financial system is de facto bankrupt? The latest Fed move is further indication of the degree of panic and lack of clear strategy within the highest ranks of the US financial institutions. Unprecedented Federal Reserve expansion of the Monetary Base in recent weeks sets the stage for a future Weimar-style hyperinflation perhaps before 2010.
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Posted in Financial crisis | Tagged: dollar collapse, economic collapse, financial collapse, stop the bailout, The Great Depression | 1 Comment »
Posted by seumasach on December 10, 2008
Ambrose Evans-Pritchard
9th December, 2008
Posted in Financial crisis | Tagged: Add new tag, economic collapse, failing banks, financial collapse, Financial crisis, stop the bailout | Leave a Comment »
Posted by smeddum on November 28, 2008
Detroit: Coming In On A Wing and A Prayer
Jerry Flint, 11.27.08, Forbes.com
As bad as this year has been for the auto industry, next year could be worse–perhaps much worse. Read the rest of this entry »
Posted in Uncategorized | Tagged: economic collapse, US auto industry | 2 Comments »
Posted by smeddum on November 27, 2008
Americans’ Food Stamp Use Nears All-Time High
By Jane Black
Washington Post Staff Writer
Wednesday, November 26, 2008; Page A01
Fueled by rising unemployment and food prices, the number of Americans on food stamps is poised to exceed 30 million for the first time this month, surpassing the historic high set in 2005 after Hurricane Katrina. Read the rest of this entry »
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Posted by smeddum on November 24, 2008
Recession’s Grip Forces U.S. to Flood World With More Dollars
By Rich Miller
Nov. 24 (Bloomberg) — The world needs more dollars. The United States is preparing to provide them.
In an all-out assault on capitalism’s worst crisis since the Great Depression, the U.S. is taking on the role of both lender and borrower of last resort for the global economy.
The Federal Reserve, which has already pumped out hundreds of billions of dollars, might formally adopt a policy of flooding the world financial system with even more money. The Treasury, on course to borrow some $1.5 trillion this fiscal year, may tap global capital markets for even more to finance a fiscal stimulus package of as much as $700 billion and provide additional bailout money for banks. Read the rest of this entry »
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Posted by smeddum on November 24, 2008
Posted in Financial crisis | Tagged: dollar collapse, economic collapse, Peter Schiff | Leave a Comment »
Posted by smeddum on October 26, 2008
General Motors, Driven to the Brink
By BILL VLASIC and NICK BUNKLEY NewYorkTimes
Published: October 25, 2008
IN late May, senior executives at General Motors confronted a decision that few thought they would ever face: whether to continue developing the next generation of one of the most successful products in G.M.’s 100-year history — the full-size sport utility vehicle — or to punt the program entirely.
Saying Goodbye to the S.U.V. Read the rest of this entry »
Posted in Uncategorized | Tagged: economic collapse, General Motors, US car industry | Leave a Comment »
Posted by smeddum on October 17, 2008
Banks borrow record $437.5 billion per day from Fed yahoo.news
NEW YORK (Reuters) – Financial institutions ran to their lender of last resort for record amounts of cash in the latest week, under extreme pressure from the worst global financial crisis in a generation, Federal Reserve data showed on Thursday. Read the rest of this entry »
Posted in Uncategorized | Tagged: economic collapse, failing banks, Financial crisis | Leave a Comment »
Posted by smeddum on October 15, 2008
Largest Bubble Burst in History
16 October 2008
By Nouriel Roubini MoscowTimes
The rich world’s financial system is headed toward a meltdown. Stock markets have been falling most days, money markets and credit markets have shut down as their interest-rate spreads skyrocket, and it is still too early to tell whether the raft of measures adopted by the United States and Europe will stem the bleeding on a sustained basis. Read the rest of this entry »
Posted in Financial crisis | Tagged: bubble burst, bubble bursting, economic collapse, financial collapse, Financial crisis | Leave a Comment »
In These New Times 