Elite Panic as Bailout Goes Bust: The Shadow of the Pitchfork

By CHRIS FLOYD The vote by the House of Representatives on Monday to defeat the Wall Street bailout plan is the first act of political courage that the Congress of the United States has mounted in the last seven years. The fact that it was due largely to right-wing Republicans afraid of going down with […]

Why America Should Listen to Ahmadinejad

You know you’re up shit creek without a peddle if an ex-assistant treasurer and Wall street editor actually finds that Ahmadinejad’s speech to the UN makes more sense than the crap that comes out of the mouth of the President of the US of A and you actually agree with him. By PAUL CRAIG ROBERTS […]

You won’t believe where that $700-billion bailout figure came from

I rest my case. “It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday. “We just wanted to choose a really large number.” They made it up to be sufficiently ginormous to frighten everyone into rapid action. Lawmakers on Capitol Hill seem determined to work together to pass a bill that […]

People Who Opposed The Bailout are NOT To Blame for the Stock Market Crash Some people have blamed those who oppose the bailout for the crash in the stock market. Are they right?

While Cullen shows his naivete with regards to international finance and has clearly no clue about the Wall street scheisters have been up to, John key shows his callousness because as a personal advisor to Alan Greenspan and a derivatives dealer he knew full well what kind of crap he was peddling. Cullen clearly still […]

How Financial Madness Overtook Wall Street

If you’re having a little trouble coping with what seems to be the complete unraveling of the world’s financial system, you needn’t feel bad about yourself. It’s horribly confusing, not to say terrifying; even people like us, with a combined 65 years of writing about business, have never seen anything like what’s going on. Some […]

Fed Pumps Further $630 Billion Into Financial System

Well, if Bernanke pumped all that dosh in the financial system  shouldn’t that thaw the frozen system? No all it does is dilute the value of the dollar even more. Be prepared to carry bags of dollars to a shop for a loaf of bread. Sept. 29 (Bloomberg) — The Federal Reserve will pump an […]

Let Risk-Taking Financial Institutions Fail

This from the time. The Administration and Congress have felt compelled to do something about the “financial meltdown,” so an inefficient and inequitable “bailout plan” has been rushed through the legislature despite harsh criticism from the right and left. That’s unfortunate. Both presidential candidates were stalling by qualifying the plan. Whichever candidate had had the […]

Financial Tsunami: The End of the World as We Knew It

The unexpected rejection by the US Congress of the Bush Administration financial rescue plan, TARP on September 29 has opened up the spectre for the first time of a 1931-style domino wave of worldwide bank failures. That is already underway across the US banking spectrum with the failure, nationalization or forced liquidation in the past […]

Third World: Is another Debt Crisis in the Offing?

While taking a significant toll on public revenues[1], repayment of public debt has, since 2004, ceased to be a major concern for most middle-revenue countries and for raw material exporting countries in general. In fact the majority of governments of these countries are having no trouble finding loans at historically low interest rates. However, the […]

U.S. Heading for Slump, With or Without Bailout

Politicos and talking heads in the financial media backing the bailout of the financial services industry argue that the government stands to make money on the rescue plan proposed by Treasury Secretary Henry Paulson. But according to a new report, that profit is unlikely. “And it looks like Washington will be taking an equity stake […]

No Recession for Arms Sales

The CEO of a weapons manufacturer has plenty of chances to rub elbows with deputy secretaries of defense, officials from Homeland Security, retired military personnel, and the best and brightest of the defense establishment almost any week of the year. One such opportunity occurred at the ComDef 2008 conference, which wrapped up at the National […]

POLITICS-US: Bush Had No Plan to Catch Bin Laden after 9/11

So New Zealand has send troops into Afghanistan to support the coalition of the killing willing to catch Osama bin Laden, or save women or bring democracy or whatever and all that time Dubbya has no plans whatsoever to catch the big bad terrorist? WASHINGTON, Sep 29 (IPS) – New evidence from former U.S. officials […]

Will Wall Street’s Meltdown Turn America Into a Police State?

Scott Thill I’m not much of an Army Times reader, but after reading that a brigade was shipping from Iraq in October to serve as “an on-call federal response force for natural or manmade emergencies and disasters, including terrorist attacks” in the homeland right before the election, my antennae perked up. Same as they did […]

Congress Ends 9/11 Workers’ Health Care Bill

Last week the US congress voted a trillion dollars for the perpetuation of their madness in Afghanistan, Iraq and the perpetuation of empire. This week their going to pass a law to perpetuate their madness on Wall street by bailing the scheisers and their Ponsy scemes out for anywere between 700 billion to 5 Trillion […]

Black Monday? Global Investors vote “No” on Paulson’s Bailout

By Mike Whitney 29/09/08 “ICH” — – The wrangling continued on the floor of the House of Representatives all weekend, but it is still unclear whether there’s enough support to pass Treasury Secretary Paulson’s $700 billion Emergency Economic Stabilization Act of 2008. Paulson says he has the votes, but Paulson has been wrong before. The […]

US Economy: Even Hank Paulson’s bail-out plan cannot detox global banking

Even if Congress backs the Paulson bail-out, the $700 billion blast cannot save the US, Britain or the world from the deepest economic slump since the Thirties. If Congress balks, God help us. The credit system is suffering a heart attack. Inter-bank lending is paralysed. Funds are accepting zero interest on US Treasury notes for […]

Not so much bail-out as rip-off

The US Treasury’s purchase of bad debt will benefit shareholders at the taxpayers’ expense – and worse, won’t work. Nouriel Roubini guardian.co.uk, Monday September 29 2008 13:33 BST Article history Whenever there is a systemic banking crisis there is a need to recapitalise the banking/financial system to avoid a destructive credit contraction. But purchasing toxic/illiquid […]

Calls For New EU Financial Order Increase As Total Meltdown Becomes Likely

Wow, this was the bank I banked with for 36 years. it’s gone! This was one of the most solid banks in Holland. Truly staggering. With major European banks now failing, calls have increased for an entire restructuring of the financial system under a centralized EU supervisory body. With Belgian-Dutch group Fortis becoming the first […]

Financial crisis: pound falls most in 15 years in wake of B&B nationalisation

Within hours of trading opening in London, sterling was down almost four cents against the greenback to $1.8036 – the biggest intraday decline in 15 years. The news that the Government has taken ownership of the UK’s biggest buy-to-let lender also left banking shares reeling, with HBOS down 8pc, Barclays and Lloyds TSB 7pc lower, […]

Council calls halt to Belmont wind farm

The plug is set to be pulled on a multimillion-dollar Wellington wind farm proposal because of visual pollution concerns, despite a winter of power cut fears. A report by Greater Wellington regional council recommends a five-year moratorium on wind farm development at Belmont Regional Park, five years after the council called the site a “world-class wind […]

NZ Super Fund drops $880.75m

The fund set up to help out with New Zealand’s burgeoning pension bill has – as expected – lost money this year in the face of turbulent global markets. The New Zealand Superannuation Fund, which has been operating since 2003, had an after-tax loss of $880.75 million for the year to June, compared with a […]

Taxpayers run risk of a £1 trillion burden

By Sean O’Grady, Economics Editor, and Nick Clark Monday, 29 September 2008 Related Articles The nationalisation of Bradford and Bingley is set to push the combined burden of public sector debt and exposure to the housing market resting on the shoulders of the UK taxpayer to almost £1 trillion. At around 65 per cent of […]

Bradford & Bingley is nationalised

By Russell Lynch, PA Monday, 29 September 2008 While the mortgage side of B&B is being nationalised, the Spanish bank Santander confirmed that it would buy the £20bn savings business While the mortgage side of B&B is being nationalised, the Spanish bank Santander confirmed that it would buy the £20bn savings business Crisis-hit mortgage lender […]

Blue chip stocks hit by £64bn wipeout

More than £64 billion was wiped off the value of blue chip stocks in London today in another traumatic session sparked by fears of further bank failures across Europe America’s agreement over a 700 billion US dollar bank bail-out did little to calm investor nerves, rattled by news of Bradford & Bingley’s nationalisation and similar […]

Bloomberg Analyst: $700 Billion Bailout Could Balloon to $5 Trillion

Conservative House Republicans and economists warn about the toll a $700 billion federal bailout of the financial sector would have on the taxpayers footing the bill. But according to Bloomberg TV analyst Marc Faber, the actual cost could be closer to $5 trillion. Faber, author of the “Gloom Boom Doom” report, appeared on Bloomberg TV’s […]

Dollar Rallies as Bank Crisis Spreads to Europe

The euro and British pound tumbled against the dollar on Monday as bank nationalizations in Europe forced investors to calculate their risk exposure from financial instability that has now moved far beyond the United States. A crisis in European banking threatened to overshadow the proposed $700 billion U.S. bank bailout deal that looked set for […]


Patty Casazza, Monica Gabrielle, Mindy Kleinberg and Lorie Van Auken all lost their husbands on 911. Thanks to these strong and courageous women the US Government was finally forced to investigate the events of 911. The 911 commission was formed and they “investigated” the events of 911 with the forgone conclusion that 19 hijackers of […]

Rice admits Bush officials held White House talks on CIA interrogations

Condoleeza Rice confesses to war crimes. Email Picture Craig Ruttle / Associated Press United States Secretary of State Condoleezza Rice signs a Memorandum of Understanding on the WEST (Work, English Study and Travel) Program Monday, Sept. 22, at the Waldorf-Astoria Hotel in New York. Her written statement to Senate investigators is the first official high-level […]