Archive for the 'Economy' Category
RBS DOWN 39%
October 7th, 2008Via: Bloomberg: European stocks fell for a second day as concern that financial firms may need more capital overshadowed speculation central banks around the world will reduce borrowing costs. U.S. index futures and Asian shares declined. Royal Bank of Scotland Group Plc tumbled 39 percent after the bank had its credit rating cut for the […]
Plunge Protection Team Issues Statement
October 7th, 2008Don’t panic. Via: U.S. Treasury: While addressing our challenges, we must also remind investors and lenders that we have a resilient and diverse economy and workforce. We have faced economic and financial market challenges in the past. Each time we have worked through them and emerged with stronger financial institutions and regulatory policies. While it […]
Russian Stocks Plunge by Nearly 20 Per Cent, Worst Daily Loss Ever
October 6th, 2008Via: The Canadian Press: Russia’s benchmark stock exchange suffered its biggest-ever one-day loss as shares went into free fall on the back of falling oil prices and deepening fears about the global economy despite the passage of a US$700 billion U.S. bank bailout. Trading on MICEX – the country’s largest index – was shut down […]
FED WILL PROVIDE AS MUCH AS $900 BILLION IN LOANS TO BANKS
October 6th, 2008Via: AP: The Federal Reserve will provide as much as $900 billion in cash loans to squeezed banks in an urgent effort Monday to break through a dangerous credit clog that threatens the economy and has unhinged financial markets around the globe. The Fed’s action is aimed at spurring spooked financial institutions, which are hoarding […]
GLOBAL EQUITIES IN VERY SHARP SELL OFF, DOW TAKES OUT 10,000
October 6th, 2008“Plunge Protection Team, please pick up the white courtesy phone.” So much for the 10,000-as-support theory. HA. Like a hot knife through butter. Via: AP: Wall Street tumbled Monday, joining a selloff around the world, as fears grew that the financial crisis will cascade through economies globally despite bailout efforts by the U.S. and other […]
Iceland: Crash
October 6th, 2008Via: Guardian: Iceland is on the brink of collapse. Inflation and interest rates are raging upwards. The krona, Iceland’s currency, is in freefall and is rated just above those of Zimbabwe and Turkmenistan. One of the country’s three independent banks has been nationalised, another is asking customers for money, and the discredited government and officials […]
Video from Foreclosure Ground Zero
October 6th, 2008I don’t want to think about how much of my metered bandwidth I used to watch this piece, but once it started, I couldn’t look away. Via: KCET: For the past few years, the Inland Empire in Riverside County has been one of the fastest growing counties in the state – home to a major […]
The United States of Goldman Sachs, Paulson’s $700 Billion Boy, Conflict of Interest and More Conflict of Interest
October 6th, 2008Via: Washington Post: The Treasury Department plans to tap Neel Kashkari, an assistant secretary of international affairs and a former Goldman Sachs banker, to oversee the government’s $700 billion financial rescue program, sources familiar with the situation said yesterday. Kashkari has been a close adviser to Treasury Secretary Henry M. Paulson Jr. on the credit […]
Oil Takes Out $90 to the Downside
October 6th, 2008Via: AP: Oil prices fell to an eight-month low below $90 a barrel Monday on speculation that the spreading financial crisis will exacerbate a global economic slowdown and cut demand for crude oil. Significant gains by the U.S. dollar against the euro also contributed to slumping oil prices. By midday in Europe, light, sweet crude […]
Yakuza: Organized Crime Represents The “Biggest Private Equity Firm in Japan”
October 5th, 2008I’ve said it before: The setting in Snowcrash is the best guess about where we’re headed. Maybe with hints of Syndicate Wars… Via: Times Online: Japan’s powerful yakuza organised crime syndicates are mounting a widespread assault on the country’s financial markets that may have left hundreds of listed companies riddled with mob connections. In a […]
