On the occasion of this 26th – Summer 2008 Special – edition of the Global Europe Anticipation Bulletin, the LEAP/E2020 team has decided to launch an alert on the July-December 2008 period. Indeed, our team is now convinced that this period will consist for the whole world in a major plunge into the heart of the phase of impact of the global systemic crisis. The upcoming six months are in fact the core of the unfolding crisis. The troubles met in the past six months were mere harbingers.
Posts Tagged ‘financial collapse’
The world plunges into the heart of the global systemic crisis
Posted by seumasach on August 28, 2008
Posted in Financial crisis | Tagged: financial collapse | 1 Comment »
Lehman Brothers in talks over sale of $40bn real estate assets
Posted by seumasach on August 19, 2008
Suzy Jagger
16th August, 2008
See also: Lehman and the Liars
Lehman Brothers, the Wall Street investment bank, is understood to be in talks to sell its entire $40 billion (£21.5 billion) real estate portfolio in a move to stem losses incurred during one of the worst property slumps since the Great Depression.
Posted in Financial crisis | Tagged: financial collapse, Lehman | Leave a Comment »
Fannie, Freddie shares tumble 22% and 25%
Posted by seumasach on August 18, 2008
Report suggests that the administration doubts mortgage giant firms will be able to raise needed capital, making a government takeover inevitable
NEW YORK (CNNMoney.com) — Shares of Fannie Mae and Freddie Mac tumbled Monday on a report suggesting that a government takeover of the troubled mortgage finance giants is inevitable.
Shares of Fannie (FNM, Fortune 500) and Freddie (FRE, Fortune 500) fell 22% and 25% respectively. Both companies have seen their shares plunge more than 80% since the start of the year.
Posted in Financial crisis | Tagged: fannie and freddie, financial collapse | Leave a Comment »
The Real State of the US Economy
Posted by seumasach on August 5, 2008
Henry Paulson has lost the control over US finance
William F. Engdahl
2nd August, 2008
When Henry Paulson agreed to leave his job as chairman of the powerful Wall Street investment bank, Goldman Sachs to go to Washington as Treasury Secretary in 2006 he demanded extraordinary powers as de facto economic czar. He got it. Paulson is also head of the President’s Working Group on Financial Markets — the secretary of the treasury and the chairmen of the Federal Reserve Board, the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Working Group is the financial world’s equivalent of the Pentagon war room. Paulson, not Fed chairman Bernanke, is the person running the Administration’s crisis management. And his recent actions indicate he has lost control as the snowballing problems from the semi-government mortgage companies Freddie Mac and Fannie Mae to the collapse of the multi-trillion dollar market in Asset Backed Securities (ABS) to the real economy are compounding into the worst crisis since the 1930’s Great Depression.
Posted in Financial crisis | Tagged: financial collapse, Financial crisis | Leave a Comment »
Rich begin feeling the pain in down economy
Posted by smeddum on August 4, 2008
Associated Press
By MARK JEWELL
The rich are sharing your financial pain — and contributing to it.
It may have taken longer and it may not be as acute, but there are early hints that the economic slump is crimping the lifestyles of the wealthy. Read the rest of this entry »
Posted in Financial crisis | Tagged: economic slump, financial collapse | Leave a Comment »
Suicide Spreads as One Solution to the Debt Crisis
Posted by seumasach on July 31, 2008
By Barbara Ehrenreich, Barbaraehrenreich.com.
In a culture where credit rating is the key measure of self-worth, the increasing response to huge debts is “Just shoot me!”
Posted in Financial crisis | Tagged: financial collapse | Leave a Comment »
Will the Economic Crash Wake People Up?
Posted by seumasach on July 30, 2008
21st January, 2008
Preface: I am truly sorry for the suffering of those Americans who will lose their home, their job, or their life savings as a result of the economic crash. This article focuses on one potential silver lining — an opportunity to promote truth and justice.
Posted in Financial crisis | Tagged: financial collapse | Leave a Comment »
How Wall Street Wrecked Your Retirement
Posted by seumasach on July 30, 2008
Howl
Nicholas von Hoffman
23rd July, 2008
Our disfunctional financial system hit a new low last week when Citigroup, the hopeless wreck of Wall Street, announced it had lost $2.5 billion in the past three months–a cheer went up, and so did the Dow. Only $2.5 billion; people were afraid the losses would be much higher. Happy days are here again
Posted in Financial crisis | Tagged: financial collapse | Leave a Comment »
Golden rule changes ‘designed to save banks
Posted by seumasach on July 20, 2008
Or viewed from another perspective: what happens when you save the banks but everyone else goes under? What happens when consumption collapses, the pound tumbles and the state itself is bankrupt? With a dead stare, Britain looks into the abyss.
Edmund Conway
20th July, 2008
The Treasury may be planning to raise the limit on public borrowing in an effort to give it “room for manoeuvre” for a potential rescue operation for the banking system, a leading expert has suggested.
Posted in Financial crisis | Tagged: financial collapse | Leave a Comment »
Dawnay:Founded upon debt and derivatives
Posted by smeddum on July 20, 2008
By Kate Burgess and Daniel Thomas
Published: July 19 2008 03:00 | Last updated: July 19 2008 03:00
Pity the poor receivers and administrators sent in to restructure the labyrinthine collection of private companies, joint ventures and investments that makes up the crumbling business empire of Guy Naggar and Peter Klimt. Read the rest of this entry »
Posted in Financial crisis | Tagged: debt, financial collapse | Leave a Comment »
Swan Song for Fannie
Posted by seumasach on July 18, 2008
By Mike Whitney
18/07/08 “ICH” — – The Fed’s emergency rescue plan for the financial markets is hopelessly flawed. It’s a scattershot approach that doesn’t address the real source of the problem; an unregulated, unsustainable structured finance system that emerged in full-force after 2000 and spawned a shadow banking system that creates trillions of dollars of credit without sufficient capital reserves. This is the heart of the problem and it needs to be debated openly. The present system doesn’t work; it’s as simple as that. It makes no sense to provide trillions of dollars of taxpayer money to shore up a system that is essentially dysfunctional. It’s just throwing money down a rat-hole.
Posted in Financial crisis | Tagged: financial collapse | Leave a Comment »
In These New Times 