Archive for the 'Economy' Category
UK: Taxes Will Soar in Credit Crisis
September 21st, 2008Via: Times Online: TAXPAYERS in Britain face up to 5p in the pound in extra taxes because of the credit crunch created by the banks, leading economists have warned. After a week of unprecedented financial turmoil, they predict that government borrowing is about to surge as the Treasury’s tax take is slashed by a slump […]
Resolution Trust: The Mother of All Scams
September 21st, 2008Via: Subprime Showtime: In what is both the single most socialist move ever made by the US government, and the biggest robbery of US taxpayer since the creation of the union, the Fed and the Treasury have quickly realized who pays the government and acted quickly to ensure the survival of all the crooks on […]
FDIC Friday: Ameribank Bites the Dust
September 21st, 2008Via: AP: Federal regulators have shut down Ameribank Inc., a small bank in West Virginia, saying it overextended loans for the rehabilitation of distressed properties. It was the 12th failure this year of a federally insured bank. The Federal Deposit Insurance Corp. has been appointed receiver of the bank, based in Northfork, W.Va. It had […]
In Hard Times, Tent Cities Rise Across the Country
September 21st, 2008But, but… The fundamentals of the economy are strong. Sure, the prison economy. The war economy. The socialized finance economy. Via: AP: A few tents cropped up hard by the railroad tracks, pitched by men left with nowhere to go once the emergency winter shelter closed for the summer. Then others appeared – people who […]
Industrials: Biggest 2 Day Rally Since 1929
September 20th, 2008Some interesting charts at Big Picture. Research Credit: BW
U.S. GOVERNMENT NOW PROPPING UP MONEY MARKET FUNDS
September 19th, 2008Via: CNN: The Treasury Department said Friday it will provide temporary relief for the U.S. money market fund industry by pledging to insure the holdings of any publicly offered money market mutual fund. The agency said it would guarantee up to $50 billion dollars for the next year for both retail and institutional investors. Money […]
Senate Banking Committee Chairman Chris Dodd: The United States May Be “Days Away from a Complete Meltdown of Our Financial System”
September 19th, 2008Thousands of bailout stories around. Nobody knows WTF is going to happen now that we have passed the “oh shit” moment. There’s lots of “hope” though. HA Via: AP: Senate Banking Committee Chairman Chris Dodd says the United States may be “days away from a complete meltdown of our financial system” and Congress is working […]
Lost Middle-Class Tribe’s ‘Secret’ Eco-Village in Wales Spotted in Aerial Photograph
September 18th, 2008No permit? Not taxed? Must be destroyed! Well, the near-victims fought back and won. (Must see pictures.) Via: Daily Mail: For five happy years they enjoyed simple lives in their straw and mud huts. Generating their own power and growing their own food, they strived for self-sufficiency and thrived in homes that looked more suited […]
GOLD: BIGGEST ONE DAY GAIN EVER
September 17th, 2008See the story below about the Feds shopping WaMu around… Via: AP: Gold prices exploded Wednesday — posting the biggest one-day gain ever in dollar terms — as fears of more credit market turmoil unnerved investors and triggered a flood of safe-haven buying. Gold for December delivery rose as much as $90.40, or 11.6 percent, […]
REGULATORS GAUGING OTHER BANKS’ INTERESTS IN WAMU
September 17th, 2008Via: AP: The U.S. government has been reaching out to large banks in an effort to organize a buyout of the beleaguered Washington Mutual Inc., according to a person briefed on the talks between regulators and banks. The obstacle, however, is that “no one knows what’s in their books,” the person said, speaking on condition […]
