Smashing Capitalism

 Barbara Ehrenreich  Somewhere in the Hamptons a high-roller is cursing his cleaning lady and shaking his fists at the lawn guys. The American poor, who are usually tactful enough to remain invisible to the multi-millionaire class, suddenly leaped onto the scene and started smashing the global financial system. Incredibly enough, this may be the first […]

Subprime Loans = Primetime for Vampire Lenders

How “reputable” financial firms are using an arsenal of tricks to extract high payments from homeowners, drain their equity and steal their homes. More stories by Jim Hightower One of the most dramatic stories from the New Testament is of the time that Jesus encountered money changers in the temple. Enraged by their usury and […]

Save Subprime Borrowers, Not Bloated Bankers

By Dean Baker     t r u t h o u t | Columnist    Monday 20 August 2007     There is a simple and direct way in which the federal government can help out millions of moderate-income families struggling to keep their homes: They can simply change the rules on foreclosure to allow moderate-income homeowners the option to […]

Domestic Use of Spy Satellites To Widen

Law Enforcement Getting New Access To Secret Imagery By Joby Warrick Washington Post Staff Writer Thursday, August 16, 2007; A01 The Bush administration has approved a plan to expand domestic access to some of the most powerful tools of 21st-century spycraft, giving law enforcement officials and others the ability to view data obtained from satellite […]

Mercenaries Bill first reading speech

I move that the Mercenary Activities (Prohibition) Bill be now read a first time. I propose that the Bill be referred to the Foreign Affairs, Defence and Trade Committee. This Bill contains legislation needed for New Zealand to become a party to the International Convention against the Recruitment, Use, Financing, and Training of Mercenaries, which […]

Man kissed ailing wife, threw her off balcony, prosecutors sayStory Highlights

KANSAS CITY, Missouri (AP) — A man threw his seriously ill wife four stories to her death because he could no longer afford to pay for her medical care, prosecutors said in charging him with second-degree murder. Stanley Reimer was taken away from the scene by ambulance Tuesday evening. According to court documents filed Wednesday […]

Stock market meltdown . . . it’s a bloodbath

By Mike Whitney Online Journal Contributing Writer Aug 6, 2007, 00:40 Email this article  Printer friendly page On Friday the Dow Jones took a 280-point nosedive on fears that that losses in the subprime market will spill over into the broader economy and cut into GDP. Ever since the two Bear Sterns’ hedge funds folded a couple weeks ago, […]

Mercenary Activities (Prohibition) Bill – Second Reading

The Green Party supports this bill, so that we can help get rid of the scourge of mercenaries – the soldiers of fortune who kill people for their personal profit. This bill will enable New Zealand to implement the International Convention against the Recruitment, Use, Financing, and Training of Mercenaries. The disastrous situation in the […]

Exclusive excerpt: The Road to 9/11: Wealth, Empire, and the Future of America

By Peter Dale Scott Terror, oil and the “shadow government” In this exclusive excerpt from his powerful new book, The Road to 9/11: Wealth, Empire, and the Future of America (Berkeley and Los Angeles: University of California Press), UC Berkeley professor emeritus Peter Dale Scott asks whether there is a connection between America’s historical use […]

Economic Collapse As Precursor To Open Plan For Martial Law?

Many fear recession, bank run, strike on Iran or terror attack could signal green light for state of emergency The open announcement of a program on behalf of the federal government that is recruiting clergy to aid the authorities in “quelling dissent,” gun confiscation and forced relocation in the event of martial law has many […]

The Economic Tsunami

By MIKE WHITNEY “If the world’s central bankers accumulate fewer dollars, the result would be an unrelenting American need to borrow in the face of an ever weaker dollar – a recipe for higher interest rates and higher prices. The economic repercussions could unfold gradually, resulting in a long, slow decline in living standards. Or […]

Liquidity woes hit more lenders

Several mortgage lenders have seen their shares slump amid fresh concerns over the impact of global credit market turmoil on liquidity. Firms have seen the credit squeeze – prompted by woes in the US sub-prime mortgage market – hit their ability to refinance debt. Australian lender RAMS closed down 37%, while US firm Countrywide has […]

Investors seek refuge as stock slide snowballs

European stocks have tumbled as credit market jitters intensified, the yen rose, government bond yields fell and all measures of risk reflected growing investor queasiness. Financial stocks led a 2.7 per cent fall in Europe as part of an across-the-board slide fuelled by worries over exposure to the battered US subprime mortgages market. Read more

Clark ‘appalled’ at Air NZ’s Iraq troop flights

By COLIN ESPINER – The Press | Thursday, 16 August 2007 Furious Government ministers are demanding answers from Air New Zealand after it admitted carrying Australian troops to and from the war in Iraq. The state-owned airline admitted yesterday that it had flown two charter flights, using Boeing 767 and 777 aircraft, to commercial airports […]

The Mercenary Revolution: Flush with Profits from the Iraq War, Military Contractors See a World of Business Opportunities.

By Jeremy Scahill From the August 15, 2007 issue | Posted in International | Email this article By Jeremy Scahill If you think the U.S. has only 160,000 troops in Iraq, think again. With almost no congressional oversight and even less public awareness, the Bush administration has more than doubled the size of the U.S. […]

Stock Market Brushfire; Will there be a run on the banks?

By Mike Whitney 08/12/07 “ICH” — – On Friday, the Dow Jone’s clawed its way back from a 200 point deficit to a mere 31 point loss after the Federal Reserve injected $38 billion into the banking system. The Fed had already pumped $24 billion into the system a day earlier after the Dow plummeted […]

96 F&P workers lose jobs to Thailand

5:00AM Thursday August 16, 2007 By Derek Cheng  Fisher & Paykel managing director John Bongard. Photo / Richard Robinson About 100 Aucklanders at Fisher & Paykel – some who have been with the company for more than 20 years – will lose their jobs in the latest exodus of manufacturing production to South Asia. The […]

Australian High Court radically expands scope of military power

Judges sanction “control order” on Jack Thomas By Mike Head 13 August 2007 Australia’s High Court on August 2 upheld the constitutional validity of a “control order” imposed on a Melbourne worker, Jack Thomas, sanctioning one of the central features of the 2005 Anti-Terrorism Act. The ruling in Thomas v Mowbray has serious implications for […]

Key backtracks on medicine bill

By Audrey Young    State Services Minister Annette King is seeking a meeting with National leader John Key to “start again” on a joint transtasman therapeutics regulatory agency. She made an approach to his office yesterday after controversial comments he made to the Herald that appeared to change National’s position – something Mr Key denies. […]