Posted by seumasach on October 4, 2008
US corporate greed and political complicity
3rd October, 2008
Paul J. Balles predicts that the next great disaster for the USA won’t be from terrorists abroad giving Washington a lame excuse to go to war, but it will be “a severely pained American public rising up … against the US corporate monarchy”.
Posted in Financial crisis | Tagged: financial collapse | 1 Comment »
Posted by smeddum on October 3, 2008
FOREX-US dollar falls vs euro as bailout bill approved
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NEW YORK, Oct 3 (Reuters) – The U.S. dollar fell versus the euro on Friday after the U.S. House of Representatives passed a bill to help the U.S. financial system. Read the rest of this entry »
Posted in Uncategorized | Tagged: dollar collapse, financial collapse | Leave a Comment »
Posted by smeddum on September 26, 2008
2 rallies today to protest Wall Street bailout democratandchronicle
Groups of activists are organizing a pair of local protests in downtown Rochester and Palmyra to decry the proposed $700 billion federal bailout of troubled Wall Street financial firms. Read the rest of this entry »
Posted in Financial crisis | Tagged: bailout protest, financial collapse, no bailout, Paulson plan | Leave a Comment »
Posted by seumasach on September 26, 2008
“It is not fair that we are doing this in good faith and are prepared to bear serious consequences and you are still labeling China this and that, accusing China of this and that”
More hints that economic support for ailing US economy comes with a political price – otherwise there might be “panic selling”.
By Kevin Hamlin
Sept. 25 (Bloomberg) — Japan, China and other holders of U.S. government debt must quickly reach an agreement to prevent panic sales leading to a global financial collapse, said Yu Yongding, a former adviser to the Chinese central bank.
“We are in the same boat, we must cooperate, Yu said in an interview in Beijing on Sept. 23.“If there’s no selling in a panicked way, then China willingly can continue to provide our financial support by continuing to hold U.S. assets.
Posted in Uncategorized | Tagged: financial collapse, international bailout of US | Leave a Comment »
Posted by seumasach on September 26, 2008
Julia Collewe
26th September, 2008
Stockmarkets were plunged into turmoil today after talks on a $700bn (£380bn) rescue for the US financial sector descended into chaos and the country’s largest savings and loans company Washington Mutual collapsed.
The FTSE 100 index in London fell 90.2 points to 5106.8 points in early trading, a fall of 1.74%. Asian stockmarkets also slid, with Japan’s Nikkei down nearly 1%.
Federal regulators closed WaMu early this morning and seized its assets in the largest banking failure in US history, then sold much of the company to JP Morgan Chase for $1.9bn. The deal will create the largest bank in the country, surpassing Bank of America. It is the second time the authorities have called on JP Morgan after the investment bank took over Bear Stearns in a rescue orchestrated by the US Federal Reserve in March.
Last night US lawmakers came close to reaching a final agreement on the bail-out, but an emergency White House meeting between Congressional leaders and George Bush “devolved into a contentious shouting match,” according to a statement from the John McCain campaign. The meeting was attended by the two presidential candidates, McCain and Barack Obama.
Adding to the gloom in Britain, it emerged today that the UK’s biggest bank HSBC is laying off 1,100 people worldwide – 4% of its global banking and market operations – including 500 in the UK.
Washington Mutual held $188bn in deposits as of June, far more than any bank that has ever failed. The bank, which was founded in Seattle in 1889, has seen its share price virtually wiped out after it made thousands of mortgage loans that its borrowers cannot repay, saddling it with billions of dollars in bad debts.
The deal was orchestrated by Sheila Bair, chairman of the Federal Deposit Insurance Corp, on terms that preserve Washington Mutual’s deposits and avoid what could have been a huge drain on the insurance fund that protects deposits of up to $100,000.
The Fed expanded its foreign exchange swaps facilities with the European Central Bank and the Swiss National Bank to pump billions of dollars of liquidity into the banking system. The Bank of England said it would lend $30bn of funds for one week and auction £40bn on Monday.
This morning on Asian stock markets, Japan’s Nikkei fell 0.94% to 11893.16. Taiwan’s stock market fell 2.2% to 5929.63 while Hong Kong’s Hang Seng fell 1% to 18741.51 and Singapore’s Straits Times lost 1.2% to 2415.45
Posted in Uncategorized | Tagged: financial collapse, Washington Mutual | Leave a Comment »
Posted by smeddum on September 26, 2008
Bailout Outrage Races Across the Web
The Internet is flooded with angst about Treasury Secretary Paulson’s proposed $700 billion bailout—and inspiring old-fashioned street protests
by Moira Herbst Business week
Arun Gupta was enraged as he learned the details of Treasury Secretary Henry Paulson’s plan to fix the U.S. banking system with $700 billion in taxpayer funds. The 43-year-old copy editor and freelance journalist, who publishes his own alternative newspaper, The Indypendent, needed to channel his angst but couldn’t find a live protest to attend. So on Sept. 22, he sent an e-mail to some politically active friends in New York. Within days, they’d planned a protest against the bailout in New York and at 80 other locations in the U.S. on Sept. 25. Read the rest of this entry »
Posted in Financial crisis | Tagged: bailout protest, financial collapse, no bailout, Paulson | Leave a Comment »
Posted by smeddum on September 26, 2008
House Republicans Undercut Bush on Rescue, Slow Talks
By Alison Vekshin and James Rowley
Sept. 26 (Bloomberg) — Negotiations on the $700 billion rescue of the U.S. financial system stalled as House Republicans undercut the Bush administration and left it to congressional leaders to hammer out a compromise to calm markets. Read the rest of this entry »
Posted in Financial crisis | Tagged: bailout protest, financial collapse, house republicans, no bailout, Paulson plan | Leave a Comment »
Posted by smeddum on September 26, 2008
Tell McCain – Oppose Derivatives Rense
Bailout Or Drop Out
Of White House Bid
By Webster G. Tarpley
9-25-8
WASHNGTON, DC — Supporters of John McCain should tell their man right away and in no uncertain terms that he needs to take the lead in opposing the insane and futile derivatives bailout demanded by the Wall Street financial parasites through their spokesmen Hanky-Panky Paulson and Helicopter Ben Bernanke. Obama, a wholly owned subsidiary of the Rockefellers, Soros, and Goldman Sachs, is a sure vote in favor of whatever monstrosity Paulson is able to extort. If McCain were to join Barky in voting to flay the American people alive for the sake of Wall Street’s derivatives casino, he might as well give up the race for the White House and go home. If McCain were to accept Obama’s weasel demand for a joint statement in support of the bailout, the Arizona senator might as well drop out. Two thirds of the American people are not supporting the $700 billion bailout. A growing anti-elitist and anti-oligarchical rage is abroad in the land. If Obama and McCain are in a united front to support Wall Street blackmail, voters will conclude that Obama is a plausible candidate, and he will emerge victorious. Read the rest of this entry »
Posted in Financial crisis | Tagged: bailout, bailout protest, financial collapse, McCain, Paulson plan, Webster Tarpley | Leave a Comment »
Posted by seumasach on September 25, 2008
24th September, 2008
(John Laughland for RIA Novosti) – There used to be a habit of framing old Tsarist bonds and putting them on the wall. Lenin’s decision to renege on the Russian imperial debt meant that it became mere paper, interesting only as a historical relic.
In the light of the recent financial crisis in the USA, could the same thing happen now to the bonds issued by the American government, and could the country which has dominated the world for the last half century now enter history as a bankrupt state? And what can Russia do in the circumstances?
Posted in Uncategorized | Tagged: financial collapse, new financial architecture, russia | Leave a Comment »
Posted by smeddum on September 25, 2008
Credit Suisse: Global Investor “Return to a multipolar world”
23/09/2008 13:42 FinChanel
The FINANCIAL — In the latest edition of Credit Suisse’s “Global Investor”, in-house analysts and external experts from the scientific and business communities discuss the ongoing change in the distribution of global economic power. Read the rest of this entry »
Posted in Multipolar world | Tagged: financial collapse | Leave a Comment »
Posted by seumasach on September 25, 2008
25th September, 2008
“Wall Street and the world will never again be the way they were before the crisis,” said Steinbrueck in a speech to the German parliament, the Bundestag, on Thursday, Sept. 25. Write-downs and write-offs of bad credit spawned by “a blind drive for double-digit profits” have so far totaled $550 billion and no end to the crisis is in sight, he added.
The world financial system will consequently become more “multi-polar,” he predicted.
Posted in Financial crisis | Tagged: financial collapse, multipolartiy, new financial architecture | Leave a Comment »
In These New Times 