Posted by seumasach on September 21, 2008
Cailean Bochanan
21st September, 2008
Much has been made of the collapse of the system which we have been witnessing with ever greater intensity. There is no doubt that the Anglo-American financial system has reached its end: that Washington and London will no longer dominate the world and the dollar and the pound are set to sink into oblivion.
Posted in Uncategorized | Tagged: financial collapse, oligarchy | 2 Comments »
Posted by smeddum on September 20, 2008
Financial Bailout: America’s Own Kleptocracy
The largest transformation of America’s Financial System since the Great Depression
by Michael Hudson
September 20, 2008
Nobody expected industrial capitalism to end up like this. Nobody even saw it evolving in this direction. I’m afraid this failing is not unusual among futurists: The natural tendency is to think about how economies can best grow and evolve, not how it can be untracked. But an unforeseen road always seems to appear, and there goes society goes off on a tangent. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, financial collapse | Leave a Comment »
Posted by seumasach on September 20, 2008
September 19, 2008
The Age
Be very, very careful. There are reports the US Federal Deposits Insurance Commission is running out of money. Chairman Sheila Blair has been forced to issue a statement. “US banks are overwhelmingly safe and sound and the Government fund used to cover insured deposits will be adequate to absorb any losses, even high losses,” she says.
But Brian Bethune, US economist at consulting company Global Insight, said: “Additional failures of large banks or savings and loans companies seem likely, and that could overwhelm the FDIC’s insurance fund.”
Posted in Financial crisis | Tagged: FDIC, financial collapse | Leave a Comment »
Posted by seumasach on September 19, 2008
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?
Posted in Uncategorized | Tagged: financial collapse | Leave a Comment »
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 »
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 »
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 »
Posted by seumasach on September 18, 2008
The last pocket of resistance has now folded. The policy is now confirmed: “Save the bankers, sink the pound”. The flight to safety has begun and the price of gold will rise dramatically.
Ashley Seager
18th Septmber, 2008
The Bank of England yesterday reversed its decision to end an emergency lending scheme for banks next month, citing the turmoil in money markets this week since Lehman Brothers collapsed.
Posted in Financial crisis | Tagged: failing banks, financial collapse, Save the bankers, sink the pound! | Leave a Comment »
Posted by seumasach on September 17, 2008
John Hoefle
19th September, 2008
Immediately upon hearing of the action by Treasury Secretary Henry Paulson to have the United States government assume the liabilities of Fannie Mae and Freddie Mac, Lyndon LaRouche declared the move “tantamount to treason.”
“This is an un-Constitutional fraud,” he said, adding, “We’re going to hold these people accountable for this ‘tantamount to treason’ action.” If they do this, he said, “they are going to jail.”
For the past year, we have been warning that Paulson, Fed chairman Ben Bernanke, and the Plunge Protection Team were engaged in a systematic bailout of the bankrupt U.S. financial system, and, in doing so, were bailing out the global Anglo-Dutch Liberal system. Despite all the spin about “protecting homeowners,” this is a plan to save the parasites by transferring their losses to the taxpayers.
Posted in Financial crisis | Tagged: financial collapse, financial feudalism | Leave a Comment »
Posted by seumasach on September 16, 2008
Saj Karsan
16th September, 2008
How can investors trust analysts who can’t tell the difference between a company that’s solvent and one that is worth virtually nothing to shareholders? We’ve seen other examples where analysts appear fraudulent in their recommendations. The latest example? That of Lehman Brothers (LEH).
Posted in Financial crisis | Tagged: financial collapse, financial fraud | Leave a Comment »
Posted by seumasach on September 15, 2008
NEW YORK – Shares of Washington Mutual Inc. fell sharply Monday, as the collapse of Lehman Brothers Holdings Inc. and the sale of Merrill Lynch & Co. rattled the broader banking sector.
Posted in Uncategorized | Tagged: financial collapse, wamu | Leave a Comment »
In These New Times 