Europe’s Economic Slump Widens Wall Street Journal
Factory Contraction,
Retail Sales Decline
Present Bleak Outlook
By EMMA CHARLTON and JOE PARKINSON
August 4, 2008
LONDON — Manufacturing contracted in 14 of the 15 euro-zone countries last month, with Germany’s slowed growth as the lone exception. Read the rest of this entry »
Posts Tagged ‘Financial crisis’
Europe’s Economic Slump Widens
Posted by smeddum on August 5, 2008
Posted in Uncategorized | Tagged: europe, Financial crisis | Leave a Comment »
Will the Fall of an Aussie Bank Rock Wall Street? Apocalypse Down Under
Posted by seumasach on July 31, 2008
Mike Whitney
30th July, 2008
Monday’s trading on the New York Stock Exchange (NYSE) was a real humdinger. It started off with the White House announcing that this year’s fiscal deficit would soar to a new record of nearly $500 billion. That was followed by news of rising oil prices, weak quarterly earnings and a slowdown in consumer spending. By mid-morning the markets were in full retreat. That’s when investment giant Merrill Lynch announced that it would notch a $4.6 billion second-quarter loss and write-downs of $9.4 billion on collateralized debt obligations (CDOs) and other mortgage-related assets. Stocks quickly went verticle and the rout was on. By the closing bell the Dow was down 240 points. Traders staggered from floor of the exchange slumped-over and bedraggled, looking like they just got a missive from the draft board.
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Bailout cure worse than disease
Posted by smeddum on July 28, 2008
Asian Times
By Peter Schiff
With President George W Bush no longer threatening a veto, the subprime mortgage and Fannie and Freddie “bailout” bill was able to sail through the US Congress. In anticipation of its enactment, congress had the foresight to raise the national debt limit to US$10.6 trillion. Who says that politicians don’t plan ahead?
Once signed into law, the budget-busting legislation will hand the administration a blank check to prop up the ailing home lenders. The ultimate cost is anybody’s guess. I believe that the price tag will be higher than just about anyone imagines. Treasure Secretary Henry Paulson’s Bazooka will be locked and loaded with enough fire power to blow what’s left of the US economy into the dustbin of history. Read the rest of this entry »
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LaRouche: ‘The Fannie/Freddie Crisis Is the Collapse of the Greenspan Bubble’
Posted by smeddum on July 11, 2008
PRESS RELEASE EIR
LaRouche: ‘The Fannie/Freddie Crisis Is the Collapse of the Greenspan Bubble’
July 11, 2008–This release was issued on July 10 by the Lyndon LaRouche Political Action Committee (LPAC).
The intensifying crisis of the government-backed mortgage enterprises Fannie Mae and Freddie Mac “signals the final collapse of the Greenspan bubble,” economist and Democratic statesman Lyndon LaRouche commented today. “This is not a crisis of these two institutions,” LaRouche emphasized. “It is the concentrated collapse of the entire globalized debt bubble Greenspan created—falsely called the ‘U.S. subprime mortgage bubble’—falling onto these two institutions. And it signals that the next phase is the total explosion of entire financial system.” Read the rest of this entry »
Posted in Financial crisis | Tagged: Financial crisis | 2 Comments »
Financial Collapse: Banks Going Quietly Into the Night?
Posted by smeddum on July 10, 2008
Wednesday, 9 Jul 2008 cnbc
Posted By:Stan Yee
In a somewhat solemn moment, Cramer brings up a problem lurking in the market: stocks dropping without a sound. There’s plenty of noise about certain companies because someone said this or that, but what of the ones that sink quietly? Lately, there are more of these companies going quietly into the night: banks, brokers, homebuilders — the trifecta (or “Achilles’ heel” per Cramer’s label) of the down market. These companies are failing not because of things said, but because of things not said — none of the right people are saying the right things. Read the rest of this entry »
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Credit crisis makes Americans sell possessions
Posted by seumasach on May 13, 2008
Last Updated: 2:40AM BST 13/05/2008
Americans who have lost their homes in the property crisis are starting to lose their possessions too as even the cost of storage proves too much for them.
Auctioneers across the United States are conducting sales at self-storage facilities, selling off the contents of units belonging to people who have fallen behind with their payments.
Thousands of Americans have lost their homes in the sub-prime mortgage meltdown and many have turned to putting their belongings in storage ready for a day when they could buy another home.
There are 51,000 self-storage facilities across the US and business has been booming since the recession.
Ironically, many of the companies have tempted poorer customers with the same low “teaser” rates that prompted them to buy homes they later could not afford when the rates increased.
When a storage unit renter cannot meet their monthly payments, the facility’s owner is usually entitled to sell the contents – often for a knockdown price.
Blair Auction & Appraisal, which conducts auctions at self-storage facilities in the Mid-West, said it recently sold the contents of 45 units at one site in Detroit alone.
“If the site used to have 10 auctions, these days it has 15 or 20,” Wayne Blair, the company’s owner, told the New York Times.
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