Archive for the 'Economy' Category
The Trillion Dollar Meltdown
March 31st, 2008Via: Bloomberg: Be it ever so devalued, $1 trillion is a lot of dough. That’s roughly on a par with the Russian economy. More than double the market value of Exxon Mobil Corp. About nine times the combined wealth of Warren Buffett and Bill Gates. Yet $1 trillion is the amount of defaults and writedowns […]
USA and UK Joined at the Hip for Financial Crisis Management
March 31st, 2008Via: Financial Times: George W. Bush, US president, and Gordon Brown, UK prime minister, have agreed to step up co-operation over the crisis in financial markets. They are setting up a joint working group which will develop plans to monitor and regulate the banking system. At the heart of the proposals, agreed on Wednesday by […]
As Jobs Vanish, Food Stamp Use Is at Record Pace
March 31st, 2008Via: New York Times: Driven by a painful mix of layoffs and rising food and fuel prices, the number of Americans receiving food stamps is projected to reach 28 million in the coming year, the highest level since the aid program began in the 1960s. The number of recipients, who must have near-poverty incomes to […]
Empty Bowls, Stomachs and Pockets
March 31st, 2008Via: Economist: THE soaring price of rice and dwindling stockpiles of Asia’s staple food are causing anxiety across the continent. In particular the Philippines, a big, hungry country which cannot grow enough to feed itself, could be in trouble. The front pages of Manila’s newspapers scream about a “rice crisis”, as politicians float drastic solutions, […]
FEDERAL RESERVE CONSIDERING NATIONALIZING BANKS
March 31st, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Hmm. I wonder what the U.S. dollar will be worth in various foreign currencies after this? Or… Maybe it won’t be dinero, but more like… Amero? If you have plans for using your already crashed U.S. dollars outside of the U.S. […]
EMERGENCY: PHILADELPHIA SUSPENDS SALES OF FORECLOSED HOMES
March 31st, 2008As governments take emergency actions—which amount to economic martial law—the consequences will explode through the wider financial house of cards. The banks, already running in crisis mode, will be under even greater pressure to raise money as governments cut off their ability to liquidate seized properties. If this can happen in Philadelphia, the big money […]
“Cash for Keys”: Banks Attempt to Bribe Squatters to Prevent Destruction of Properties Before Eviction
March 30th, 2008Via: Wall Street Journal: The stucco subdivisions of Las Vegas are caught up in the nation’s foreclosure crisis. These days, bankers and mortgage companies often find that by the time they get the keys back, embittered homeowners have stripped out appliances, punched holes in walls, dumped paint on carpets and, as a parting gift, locked […]
Attorney General: Piracy Funding Terror
March 30th, 2008Please see: Militant Electronic Piracy: Non-Violent Insurgency Tactics Against the American Corporate State for more context. Via: AP: Attorney General Michael Mukasey warned Friday that the huge profits generated from piracy and counterfeiting are increasingly flowing into the coffers of terrorist groups. In remarks to Silicon Valley executives at the Tech Museum of Innovation, Mukasey […]
EMERGENCY: AUCTION FOR UBS CASH EQUIVALENT SECURITIES FAILS; RATE FALLS TO CONTINGENCY LEVEL DEFINED BY CONTRACT; ILLIQUID SITUATION; INVESTORS CAN’T CLOSE POSITIONS
March 30th, 2008The crooks wait for the weekend to let the really hairy cats out of the bag. The victims, in this case, are the top tier, wealthiest clients. Via: Bloomberg: UBS AG has cut the value of the auction-rate securities its customers have in their accounts by about 5 percent following more than a month of […]
Federal Reserve Seeks Broad Authority to Oversee “Financial Market Stability”
March 29th, 2008“Some changes could actually reduce the power of the Securities and Exchange Commission, which is charged with maintaining orderly stock and bond markets and protecting investors.” Check out some of the background stories that have been leading up to this: Goldman Sachs Creates Private Stock Exchange for Unregistered Securities, Clients with $100 Million Minimum NASDAQ […]
