By Ronald D. Orol
WASHINGTON (MarketWatch) — The Treasury Department on Wednesday said it is challenging for government officials to understand how financial institutions participating in a $700 billion bank bailout program are using the capital they receive. “Each individual financial institution’s circumstances are different, making comparisons challenging at best, and it is difficult to track [...]
Michel Chossudovsky
Global Research
November 16, 2008
The financial crisis is deepening, with the risk of seriously disrupting the system of international payments.
This crisis is far more serious than the Great Depression. All major sectors of the global economy are affected. Recent reports suggest that the system of Letters of Credit as well as international shipping, [...]
By Barry Grey
27 October 2008 “WSWS” — In an unusually frank article published in Saturday’s New York Times, the newspaper’s economic columnist, Joe Nocera, reveals what he calls “the dirty little secret of the banking industry”–namely, that “it has no intention of using the [government bailout] money to make new loans.”
As Nocera explains, [...]
Not content to waste $700 billion of taxpayer money, Fannie and Freddie are going to waste another $40 Billion a month buying troubled assets.
Federal regulators directed Fannie Mae and Freddie Mac to start purchasing $40 billion a month of underperforming mortgage bonds as the Bush administration expands its options to buy troubled financial assets [...]
“What’s clear from the behavior of European financial markets over the past two weeks is that the dramatic stories of financial meltdown and panic are deliberately being used by certain influential factions in and outside the EU to shape the future face of global banking in the wake of the US sub-prime and Asset-Backed Security [...]
By Jan Harvey
LONDON, Oct 6 (Reuters) - Gold recovered on Monday from losses made in Asia overnight, as worries over the outlook for the financial sector after a sharp slide in equity markets boosted interest in gold as a haven from risk.
But gains were limited as the dollar held near a 13-month high against the [...]
I am very worried about the bank bailout plan being passed by Congress. It posed the risk of lowering the value of the dollar, busting the national debt, and may not even work. At the same time there are alternatives.
Because of this $700 billion plus bailout bill over the next two years you can expect [...]
US Rep Frank:GOP ‘Not Serious’ About Alternative Bailout Plan-TV
Last Update: 9/26/2008 8:20:53 AM
DOW JONES NEWSWIRES
U.S. Rep. Barney Frank, D-Mass, said House Republicans are in revolt against
George Bush but “aren’t serious” about providing an alternative to Treasury’s
$700 billion bank bailout plan. Frank blamed the GOP for the breakdown in talks
and said the first time the Democrats [...]
U.S. stock futures hit on stalled bailout package
By Steve Goldstein, MarketWatch
Last Update: 9/26/2008 8:06:00 AM
LONDON (MarketWatch) - U.S. stock futures dropped Friday after encountering speed
bumps on the road to the $700 billion bank bailout package and as Washington
Mutual was seized by regulators in the country’s largest-ever bank failure.
S&P 500 futures fell 20.3 points to 1,193.30 [...]
LONDON (MarketWatch) — Japan’s yen posted strong gains against the dollar
Friday, boosted by mounting risk aversion and heightened money-market tensions
after talks on the U.S. Treasury’s proposed $700 billion bank-rescue plan failed
to produce an agreement.
The yen also gained ground against the euro, with strategists noting that the
Japanese currency and, to a lesser degree, the Swiss franc [...]
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