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Posts Tagged ‘failing banks’
LPACTV: Nationalization, No– Bankruptcy, Yes!
Posted by seumasach on February 25, 2009
Posted in Financial crisis | Tagged: failing banks, financial collapse, stop the bailout | Leave a Comment »
The biggest bank robbery in Iceland’s history?
Posted by seumasach on February 23, 2009
23rd February, 2009
“Another day, another scandal,” someone wrote in the comments the other day – and ain’t it the truth. A day hardly passes around here with some dirty deed being dredged up from the cesspool that is Iceland’s economic collapse.
Posted in Revolution in Iceland | Tagged: failing banks, financial collapse, financial fraud, Revolution in Iceland | Leave a Comment »
British government to bankrupt state
Posted by seumasach on February 19, 2009
The British government had the option to either put the banks through bankruptcy or to take on their liabilities and bankrupt the state. In the end it was always going to be what in popular parlance is now referred to as a “no-brainer” and the latter option was to be the preferred one. The British state has done the right thing on behalf of private interests and agreed to sacrifice itself and £60 million citizens on the altar of oligarchy. Do not send to ask for whom the bell tolls; it tolls for thee.
19th February, 2009
RBS and Lloyds to add £1.5trn to national debt
The banking bail-outs and collapsing tax revenues have left the UK’s public finances in a shocking state…
This morning the Office for National Statistics painted a frightening picture of the UK’s current financial position: the national debt soared to £703bn last month, equivalent to 47.8% of GDP, which is the highest proportion in over 30 years. January is usually a good month for tax receipts, but with incomes and corporate profits being squeezed in the downturn, revenues have plummeted – the monthly surplus was just £3.3bn, compared to £13.9bn last year. And perhaps most alarmingly, the ONS also plans to add the liabilities of bailed-out RBS and Lloyds to the public sector debt, which will push us an extra £1.5 trillion into the red…
Posted in Financial crisis | Tagged: End of empire, failing banks, financial collapse, stop the bailout | 1 Comment »
Britain’s bankers plumb new depths
Posted by seumasach on February 15, 2009
Patrick Hosking
February 14, 2009
Posted in Financial crisis | Tagged: bankrupt Britain, failing banks, financial collapse, financial fraud, stop the bailout | Leave a Comment »
Stiglitz Criticizes Bad Bank Plan as Swapping ‘Cash for Trash’
Posted by seumasach on February 3, 2009
“John Monks, general secretary of the European Trade Union Confederation, told the same audience that governments are getting “close to straining the patience of the public and voters” by repeatedly extending lifelines to banks.”
That rare phenomena, the British dissident, emboldened, no doubt, by his exile in Europe and his remoteness from the heart of darkness.
3rd February
Nobel laureate Joseph Stiglitz said any decision by President Barack Obama to establish a so-called bad bank to rid financial companies of toxic assets risks swelling the national debt.
Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, financial collapse, stop the bailout | Leave a Comment »
“Too Big to Fail:” a Bailout Hoax-How Schemes to Rescue Wall Street Gamblers Are Prolonging this Recession
Posted by seumasach on January 31, 2009
Ismael Hossein-Zadeh
30th January, 2009
Using the “too big to fail” scare tactic, the U.S. government has kept a number of terminally ill Wall Street gamblers on an expensive life-support system that is estimated to cost taxpayers $8.5 trillion [1]. In light of the fact that (according to IRS Data Book) there were 138 million taxpayers in 2007, this figure represents a burden of $61,594.20 per tax payer. Or, to put it differently, it represents a burden of $28,333.33 per man, woman and child for the entire U.S. population.
This massive giveaway of public money has been devoted to a wide range of fraudulent programs, including asset purchases of insolvent institutions, loans and loan guarantees, equity purchases in troubled financial companies, tax breaks for banks, assistance to a relatively small number of struggling homeowners, and a currency stabilization fund.
Posted in Financial crisis | Tagged: failing banks, financial collapse, stop the bailout | Leave a Comment »
FDIC To Go Bankrupt in 2009?
Posted by smeddum on January 7, 2009
January 06, 2009
FDIC To Go Bankrupt in 2009?
Posted by Chris Brunner at January 6, 2009 02:43 PM
If you keep up with LRC, you probably already know that a major role of the FDIC is to give the public a false sense of confidence. Typically the FDIC keeps a little over fifty billion dollars in its Deposit Insurance Fund to cover the deposits of account holders in the event of bank failure. According to the data published on September 30, 2008, there is just under $8.8 trillion deposited in US banks. The fact that the FDIC has squat for cash to cover bank failures isn’t really news. So long as there are only three or four bank failures each year, the FDIC is able to cover the losses, and life goes on. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, FDIC | 1 Comment »
US emerging as failed State
Posted by smeddum on January 3, 2009
False Deflation Diagnosis and Gold Bullish Crossover Signal
Jan 02, 2009 – 05:25 AM
By: Jim_Willie_CB Market Oracle
One of the most bothersome questions from 2005 to 2007 used to be whether the Untied States would ultimately submit to inflation or deflation. This is actually the wrong question. Many analysts in my view are incorrect in their conclusion that the US suffers from a powerful deflation episode, since they endorse the wrong definition, confuse effect with cause (as usual), do not properly monitor the money flow, and then draw improper conclusions from prices. They suffer from a type of Keynesian Tunnel Vision. They are confused, and fail to adapt certain key measures after the financial sector highjacked the entire national system in the last two decades. Read the rest of this entry »
Posted in Financial crisis | Tagged: dead banks, declining dollar, economic disaster, economic disintegration, End of empire, failing banks, western media | Leave a Comment »
BIS warns of collapse in global lending
Posted by seumasach on December 10, 2008
Ambrose Evans-Pritchard
9th December, 2008
The City of London has suffered a dramatic collapse in its core business as global lending falls at the steepest rate since records began, according to new figures from the Bank for International Settlements (BIS).
Posted in Financial crisis | Tagged: Add new tag, economic collapse, failing banks, financial collapse, Financial crisis, stop the bailout | Leave a Comment »
Britain is in no position to laugh at Iceland’s problems
Posted by smeddum on November 28, 2008
November 22, 2008
Britain is in no position to laugh at Iceland’s problems
Patrick Hosking Business commentary
Is Britain simply a bigger version of Iceland? Certainly the City of London is starting to look a bit too much like Reykjavik, but with taller buildings and fewer cod. It is an exaggeration, but not that much of an exaggeration, to liken the UK to the broken, bankrupt North Atlantic island. Read the rest of this entry »
Posted in Financial crisis | Tagged: bankrupt Britain, failing banks | 2 Comments »
Niall Ferguson compares US to Japan’s “lost decade”
Posted by smeddum on November 18, 2008
Posted in Financial crisis | Tagged: failing banks, Failing industries, Great Depression 2, Lou Dobbs, Niall Ferguson, US economy | Leave a Comment »
In These New Times 