Archive for the 'Economy' Category
The Potential Cost of the Latest Bailout Package Comes to $2.25 Trillion, Triple the Size of the Original $700 Billion Rescue Package
October 16th, 2008Via: IHT: What happened during those three and a half hours is a story of high drama and brief conflict, followed by acquiescence by the bankers, who felt they had little choice but to go along with the Treasury plan to inject $250 billion of capital into thousands of banks — starting with theirs. Paulson […]
One Million Britons On The Dole By Christmas
October 15th, 2008Via: Guardian: More than a million Britons will be out of work and on the dole by next month as the toxic fallout from Black October filters down to ordinary families, economists are warning. A bleak Christmas lies ahead for many as the City turmoil spreads into the so-called real economy. Companies are now being […]
The Godfather: Paulson Makes Offer Banks Can’t Refuse
October 15th, 2008The backstories for what follows are: Wall Street Chop Shop Unloading Toxic Waste Mortgage Backed Securities: “We Americans Were Very Clever” Here’s part of an email that I sent to someone a couple of days ago: I’ve never been as close to honest to god mobsters as I was when I was contracted out to […]
Icelandic Shoppers Clean Out Supermarkets in Wake of Currency Collapse
October 15th, 2008Via: Bloomberg: After a four-year spending spree, Icelanders are flooding the supermarkets one last time, stocking up on food as the collapse of the banking system threatens to cut the island off from imports. “We have had crazy days for a week now,” said Johannes Smari Oluffsson, manager of the Bonus discount grocery store in […]
Europe Stuns with €1.5 Trillion Bank Rescue
October 15th, 2008Via: Telegraph: Germany, France, Italy, Spain, Holland and Austria have joined forces to launch the greatest bank bail-out in history, offering over €1.5 trillion in guarantees and fresh capital in a “shock and awe” blitz to halt the credit panic. The move – unveiled simultaneously in the six states to maximise the show of unity […]
U.S. Summons Only Super Elite Bankers to a Meeting
October 14th, 2008Via: Economic Policy Journal: The Bush administration summoned executives from leading banks to a meeting in Washington Monday afternoon to work out details of the $700 billion plan. And, as they say in Chicago, “If you are not at the table, you are on the menu.” For the record those expected at the table are: […]
How Does “Unlimited Funds” Sound?
October 14th, 2008Via: Bloomberg: The U.S. Federal Reserve led an unprecedented push by central banks to flood financial markets with dollars, backing up government efforts to restore confidence in the banking system. The ECB, the Bank of England and the Swiss central bank will offer unlimited dollar funds in auctions with maturities of seven days, 28 days […]
U.S. Treasury Said to Invest in Nine Major U.S. Banks
October 14th, 2008“My dear guests, I am Mr. Roarke, your host. Welcome to Fantasy Island.” Via: Bloomberg: The Bush administration will announce a plan to rescue frozen credit markets that includes spending about half of a total of $250 billion for preferred shares of nine major banks, people briefed on the matter said. The companies are Citigroup […]
Swindling, Iron Triangle Style
October 13th, 2008Via: New York Times: They huddled in a quiet corner at the US Airways lounge at Ronald Reagan National Airport, sipping bottomless cups of coffee as they plotted to turn America’s missile defense program into a personal cash machine. Michael Cantrell, an engineer at the Army Space and Missile Defense Command headquarters in Huntsville, Ala., […]
Bank of America: Is It Just Me…
October 13th, 2008UPDATE 3: It’s Working Again It’s there now. * Twilight Zone Music * UPDATE 2: Telephone Banking Seems to Work I called back and used the automated system. I was able to check my account balance. UPDATE 1: My Checking Account Is No Longer Listed in My Online Banking Profile When I logged into online […]
