Economic crash in focus

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Economic crash in focus

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Economic crash in focus

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Impending U.S. Economic Collapse And Death Of Democracy

Clive Maund | The elites have almost arrived at their nirvana of dictatorial control in the United States.

Read article... Financial Meltdown: We’re on “the Edge of the Abyss”

Mike Whitney | As the French premier, Francois Fillon, warned on Saturday the world is “on the edge of the abyss”.

Read article... Poll: 60% say depression ‘likely’

CNN Money | Poll finds 6 of 10 believe a depression is somewhat or very likely - seeing 25% unemployed and millions homeless and hungry.

Read article... Shock & Awe: Bi-Partisan Beltway Terrorists Launch Economic 9/11 on the American People

Chris Floyd | The bailout bill — or as Arthur Silber more rightly terms it, the “Extortion Bill” — is already law, thanks to the Democrats in Congress, and to Barack Obama.

Read article... Financial Dictatorship Comes to America

Michael S. Rozeff | There is absolutely nothing in Article 1, Section 8 of the U.S. Constitution that empowers the Congress to do what this Act authorizes.

Read article... Foreclosure Alley

KCET | In the newer developments, house after house sits vacant — either up for auction, for sale by a bank or going for what’s called a “short sale” which is when the owner owes more than the house is worth.

Read article... LaRouche: “They Will Kill You”

YouTube | The banker takeover bill will push the American to the point of revolution.

Read article... Banker Bailout: Total Financial Dictatorship

Michael S. Rozeff | It is the original Paulson plan raised to the tenth power.

Read article... Bailout Fixes Nothing, Banking System Collapse Approaches Climax

Market Oracle | The irony of the lifted depositor insurance is that big financial conglomerates can now raid the private accounts worth over $100k now, with government coverage in the bankruptcy courts.

Read article... The People’s Republic of Wall Street

Pepe Escobar | What is in fact being saved - capitalism or a banking oligopoly?

Read article... Wachovia faced a ‘silent’ bank run

Charlotte Observer | The FDIC, for the first time, used legislative authority created in 1991 to help it deal with a “very large complex bank failure” on short notice.

Read article... Breakdown of the Senate Version of the Banker Bill

Infowars | A funny — or not so funny — thing happened when we attempted to download and post the entire bill in PDF format.

Read article... Kucinich tells Maddow: Bailout plan is ‘immoral’

Raw Story | Many conservatives and libertarians have been wary about giving the government such a large role in the financial sector as would happen in the Bush administration’s proposed bailout.

Read article... Main Street turns against Wall Street

CNN Money | Washington hath no fury like Middle America scorned - and there’s reason to think it will only get uglier.

Read article... How I Learned to Stop Worrying and Love the Depression

Ezra Klein | The scoundrels may go belly up, but the “weakest” who get “purged” are not the lions of Wall Street.

Read article... World leaders look to US for salvation as economies near abyss

AFP | European leaders led the calls for action by President George W. Bush who called close advisors into emergency talks after the defeat and was to make a statement on Tuesday.

Read article... The risk of a total systemic meltdown is now as high as ever

Nouriel Roubini | It is obvious that the current financial crisis is becoming more severe in spite of the Treasury rescue plan.

Read article... Bailout by Stealth

James Corbett | While the public is distracted by the “bailout bill” and its rejection, trillions are pumped in to keep financial balloon inflated.

Read article... Bankruptcy, not bailout, is the right answer

CNN | The fact that government bears such a huge responsibility for the current mess means any response should eliminate the conditions that created this situation in the first place, not attempt to fix bad government with more government.

Read article... House votes against $700 billion rescue package

Market Watch | House lawmakers voted 205 to 228 Monday against approving the historic $700 billion financial rescue plan.

Read article... UK government nationalizes Bradford & Bingley

Associated Press | The British government is nationalizing troubled mortgage lender Bradford & Bingley, the Treasury confirmed Monday, taking over the bank’s 50 billion pound ($91 billion) mortgage and loan books.

Read article... Treasury Would Emerge With Vast New Power

New York Times | Paulson can choose to buy from any financial institution that does business in the United States, or from pension funds, with wide discretion over what he will buy and how much he will pay.

Read article... Stop the Bailout! Save America!

The Market Ticker | The bailout is a direct attack upon capital structuree of every financial firm, every bank and related company on Wall Street and all will go down… except those favored by Paul Paulson and the Fed.

Read article... I’ve watched the economy for 30 years. Now I’m truly scared

The Observer | I have known the system was becoming increasingly fragile, but for all the ferocity of my criticisms, I never expected the scale of today’s events.

Read article... End Of The Road

Roger Wiegand | Hank and Ben intend to spread the free money beyond their buddies in the investment banking and brokerage firms into the criminal scam hedge funds too.

Read article... Dems Drop Mortgage Help for Homeowners from Banker Bailout

Associated Press | House Democrats say the idea of letting judges rewrite mortgages to help bankrupt homeowners avoid foreclosure won’t be a part of the $700 billion financial industry bailout.

Read article... Big bailout is unlikely to work

Reuters | The U.S. “hold-to-maturity” bailout plan is really just the new “mark-to-myth,” and even its heroic proportions are not likely to paper over solvency problems in the banking system.

Read article... Joseph Stiglitz: Bailout Scam “Monstrous”

Zogby International | “This plan is nothing else but a short term solution… We’re turning risk investment funds into the hands of taxpayers… we’re simply wall papering them on to the taxpayer, and this is monstrous.”

Read article... Fed’s Fisher: “We are deeply submerged in a vast fiscal chasm”

Bloomberg | Fisher made the comments as the central bank expands its role in the biggest government intrusion into markets since the New Deal, with Fed Chairman Ben S. Bernanke trying to persuade Congress to approve Paulson’s bailout plan.

Read article... Bank Shares Slump, Led by Wachovia

Wall Street Journal | Following the failure of Washington Mutual Inc., investors are taking aim at other major banks, particularly Wachovia Corp. and National City Corp, both of which are sustaining double-digit losses in early Friday action.

Read article... Almost Armageddon: Markets were 500 Trades from a Meltdown

New York Post | Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed.

Read article... What If US Collapses? Soviet Collapse Lessons Every American Needs To Know

Dmitri Davydov | The “Collapse Gap” – to go along with the Nuclear Gap, and the Space Gap, and various other superpower gaps that were fashionable during the Cold War.

Read article... Lawsuit Challenges Banker Bailout Scam

Kurt Nimmo | Republican Congressional candidate Peter James works with We The People to serve the government in a lawsuit challenging the banker bailout plan.

Read article... McCain Shuts Down Campaign Until Bailout Scam Passes

Kurt Nimmo | Good news! McCain has shut down his election campaign. Maybe we won’t have to see his mug all the time on television.

Read article... Small Banks Want In On Bailout Giveaway

Wall Street Journal | “You can’t address the root causes of this problem unless you deal with the real-estate loans on the books of the community banks.”

Read article... Bailout: Not $700 Billion, More Like $5 Trillion

Bloomberg | “Mr. Strategy” calls for trillions, not billions, for liquidity so “people won’t get panicky.”

Read article... Bernanke: Not Only Should Taxpayers Buy the Toxic Waste, They Should Pay Premium Prices for It

Cryptogon | In a sane world, these monsters would be torn limb from limb and shredded into maggot food—a role in which they could actually do some good.

Read article... Rice Echoes McCain: ‘The Fundamentals Of The U.S. Economy Are Strong’

Think Progress | “I believe the United States’ standing has not been really affected,” said the Secretary of State, apparently out of touch with reality.

Read article... Night of the Living Debt

Edgar J. Steele | In the course of just two weeks, America’s entire financial system — banks, S&Ls, insurance companies, brokerages, etc. — have become adjuncts to the US government.

Read article... The Treasury Morphs Into A Hedgefund

Moon of Alabama | The bailout language morphed from “mortgage related assets” to “any financial instrument.”

Read article... America Versus the Financial Elite

George Washington’s Blog | The only people who want it are the big money boys, the ultra elite, including the Wall Street fat cats and Fed who got us into this mess.

Read article... Oil Posts Biggest Gain Ever

Bloomberg | Crude oil for October delivery rose $16.37, or 17 percent, to settle at $120.92 a barrel at 2:46 p.m. on the New York Mercantile Exchange.

Read article... The end of America as you knew it

HousingPANIC | Unless there’s rage in the street, which there won’t be — the new Fall TV season is starting — it’s over.

Read article... Treasury Grab Bag Has Few Limits, No Oversight

Wall Street Journal | The effort to block court review reminded some congressional staffers of the Bush administration’s response to the Sept. 11, 2001, terrorist attacks, when it issued language and took steps to keep judges from second-guessing decisions about wiretapping and detention of suspected enemy agents.

Read article... Apocalypse Now?: New world order could have devastating implications for Western nations

Mail Online | The Western world — Britain, Europe and the U.S. — has moved from excess to austerity overnight. This week’s financial typhoon will savagely impact living standards.

Read article... Cooking the Books, Circa 1999

Kurt Nimmo | After the dollar is destroyed we will be told our only choice will be to create a new transnational currency, most likely the Amero, and in order to survive and prosper we must merge with Canada and Mexico into a North American Union.

Read article... Flashback: Bailouts Will Push US into Depression

CNBC | The end result of the global economic slowdown may be the U.S. announcing national bankruptcy as the government cannot afford the bailouts that it promised and the market will not bail out the government.

Read article... Major Stock Market Crash Ahead? Comparing 1929 to 2008

| It looks like Wall Street has essentially already committed the same malfeasance that ultimately lead to the great stock market crash of 1929.

Read article... Wall Street Leads the Socialist Revolution

John Kelley | We could end up a third world country where a very few control most of the wealth while the rest are pitted against each other for survival.

Read article... Another Bank Failure: Ameribank Inc.

CNNMoney | Ameribank Inc. was shut down on Friday by the Office of the Thrift Supervision, making it the 12th bank this year to go under.

Read article...

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