Archive for the 'Collapse' Category
Pictures: Greek Riots
December 17th, 2008Boston Globe Research Credit: DP
The Desperate Final Hours of the World’s Biggest Ever Financial Fraud
December 15th, 2008UPDATE: Madoff Claims to Have Acted Alone Impossible. It’s like I said when the news first broke. He’s trying to stay alive. This one goes all the way up the ladder. One wrong word and he’s dead, his family is dead, etc. He knows it. He’s sticking to a script. For the first time, I’m […]
Americans From All Social Classes Are Pawning Their Possessions
December 15th, 2008Via: Reuters: Whether it’s a Tiffany diamond or a three-year-old lawnmower, more and more Americans from all social classes are pawning their possessions to make ends meet. Pawn shop owners see strong business across the country, even in unexpected locales like Beverly Hills, the mecca of luxury living and shopping. “Banks aren’t lending so people […]
Fannie to Let Renters Remain in Foreclosures
December 15th, 2008Via: Washington Post: Fannie Mae has agreed to let renters stay in their homes even if the owners of the properties have been foreclosed on, according to an announcement from the company yesterday. About 4,000 renters live in properties foreclosed on by Fannie Mae. The move comes after the mortgage-finance giant came under pressure from […]
Fears of Unrest Spreading Across Europe
December 15th, 2008Via: Scotsman: THE unrest that has gripped Greece this week is spilling into the rest of Europe, raising concerns that it could be a trigger for opponents of globalisation, disaffected youth and others outraged by economic turmoil. Protesters in Spain, Denmark and Italy smashed shop windows, pelted police with bottles and attacked banks this week, […]
Homelessness Rising; Shelters Overwhelmed
December 14th, 2008Via: Reuters: Homelessness and demand for emergency food are rising in the United States as the economy founders, a report said on Friday, and homeless advocates cautioned many cities were not equipped for the increase. A survey by the U.S. Conference of Mayors showed that 19 of 25 cities saw an increase in homelessness in […]
ECUADOR DEFAULTS
December 14th, 2008Via: Reuters: President Rafael Correa declared a default on Ecuador’s foreign sovereign bonds on Friday, vowing to fight “monster” debt-holders in court in one of most aggressive moves against investors in the region for years. Ecuador’s dollar-denominated debt prices plunged on news of its second default in a decade and the first in Latin America […]
Obama’s Economic Team Planning for Global Economic Collapse
December 13th, 2008“There’s going to be a crisis come along on the 21st or 22nd of January that we don’t even know about right now.” —Colin Powell, October 2008 Mmm hmm. Via: The Atlantic: It’s quite unsettling to talk to members of Barack Obama’s transition teams these days, especially those who are helping with the economics portfolio. […]
U.S. Treasury Standing By to Begin Nationalization of Big 3 Automakers
December 12th, 2008Fear not, Comrade! The U.S. Government’s Ministry of Shitty Automobiles will begin drawing up plans for the Zaporozhets Liberty soon enough. Via: AFP: The US Treasury said Friday it is “ready” to avert the collapse of the Big Three US automakers until Congress can address their problems, a spokeswoman said Friday. “Because Congress failed to […]
GREECE SHUT DOWN BY GENERAL STRIKE, RIOTING
December 10th, 2008Via: AP: Protesters attacked Athens’ main courthouse with firebombs during a hearing for police officers whose shooting of a teenager set off rioting that appeared to be tapering off Wednesday even as a general strike paralyzed the country. The strike shut down schools, public services, hospitals and flights, increasing pressure on the fragile conservative government […]
