Archive for the 'Economy' Category
Can You Trust a Wall Street Veteran with a Wall Street Bailout?
September 23rd, 2008Via: McClatchy: Paulson presided over one of the most profitable runs on Wall Street as chairman and chief executive officer of investment banking titan Goldman Sachs & Co. from 1999 until President Bush nominated him on May 30, 2006 to take over the Treasury Department. Back then, Bush saw Paulson’s Wall Street experience as a […]
Mushroom Cloud over Wall Street as U.S. Constitution Burns
September 23rd, 2008Congress, “the equivalent of Caligula’s horse, albeit, with considerably less dignity.” Via: Market Oracle: These are dark times. While you were sleeping the cockroaches were busy about their work, rummaging through the US Constitution, and putting the finishing touches on a scheme to assert absolute power over the nation’s financial markets and the country’s economic […]
Bill Moyers Interviews Kevin Phillips
September 23rd, 2008Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism by Kevin Phillips. The short version is Bubble and Bail. Via: PBS: Obama told me one time he read some of my books. So I would be very interested and impressed if he in January started to say something has really gone […]
Few Limits Proposed for Paulson in Aftermath of Economic 9/11
September 22nd, 2008Dems squealing flaccidly, as usual. Via: Wall Street Journal: If the Bush administration has its way, anyone harmed by the Treasury Department’s handling of the $700 billion Wall Street bailout might have no remedy. Draft legislation proposes sweeping powers for Treasury Secretary Henry Paulson to buy and sell mortgage-related securities however he sees fit. Aside […]
Goldman Sachs and Morgan Stanley Become Banks
September 22nd, 2008Trust us. We won’t be evil anymore… Oh sure. Via: Bloomberg: The Wall Street that shaped the financial world for two decades ended last night, when Goldman Sachs Group Inc. and Morgan Stanley concluded there is no future in remaining investment banks now that investors have determined the model is broken. The Federal Reserve’s approval […]
Dollar May Get ‘Crushed’ as Traders Weigh Up Bailout
September 22nd, 2008Via: Bloomberg: Treasury Secretary Henry Paulson’s plan to end the rout in U.S. financial markets may derail the dollar’s three-month rally as investors weigh the costs of the rescue. The combination of spending $700 billion on soured mortgage-related assets and providing $400 billion to guarantee money-market mutual funds will boost U.S. borrowing as much as […]
Hank Paulson: Robber in Chief
September 21st, 2008Via: Housing Panic: The Patriot Act of Finance, otherwise known as Paulson’s $700 billion bailout bill, if passed in its present form will be the nail in the coffin for an America by, for and of the people. Just like the Patriot Act appeared to be written before 9/11, so does this Patriot Act of […]
U.S. Army 3rd Infantry Division’s 1st Brigade Combat Team Assigned to NORTHCOM Beginning October 1st
September 21st, 2008Via: Army Times: The 3rd Infantry Division’s 1st Brigade Combat Team has spent 35 of the last 60 months in Iraq patrolling in full battle rattle, helping restore essential services and escorting supply convoys. Now they’re training for the same mission — with a twist — at home. Beginning Oct. 1 for 12 months, the […]
U.S. TAXPAYERS ALSO ON THE HOOK FOR FOREIGN BANKS
September 21st, 2008Sure, Hank. Tell us another one. Via: Politico: In a change from the original proposal sent to Capitol Hill, foreign-based banks with big U.S. operations could qualify for the Treasury Department’s mortgage bailout, according to the fine print of an administration statement Saturday night. The theory, according to a participant in the negotiations, is that […]
Default by the U.S. Government Is No Longer Unthinkable
September 21st, 2008Lots of people (like me) have been thinking this for years. We’ve been wrong so far… Via: Telegraph: So, here we are – the start of a new world order. After the tumultuous events of the last fortnight, the global economic landscape will never look the same again. Power has tangibly shifted – away from […]
