Paulson the Bungler Crisis Is Beyond The Reach of Traditional Solutions A Credit Crisis or a Collapsing Ponzi Scheme? Who Got Bailout Money So Far? U.S. Military Fails To Learn An Ancient Military Lesson Obama and the Crisis of Expecation Germany falls into recession: The figures indicate that Germany is in its worst recession for at least 12 years as the global financial problems curb exports and spending. U.S. Foreclosure Filings Rose as Home Prices Fell: More than a quarter million U.S. households received a foreclosure filing in October even as state laws designed to protect property owners from losing their homes slowed the pace of defaults, RealtyTrac Inc. said. 85,000 homes lost to foreclosure in October: As government and industry scrambled to stem the housing crisis, another 84,868 homes were lost to foreclosure in October, according to a report released Thursday. Soros says deep recession inevitable, depression possible: Said hedge funds will be "decimated" by the current financial crisis and forced to shrink their portfolios by 50-75 percent. Bush defends free market amid 'awful' US jobless figures: More than 500,000 Americans lost their jobs last week, representing the fastest rise in US unemployment since the terrorist attacks of 2001.
By Mike Whitney
There's more pain to come, but the suffering can be mitigated by sound decision-making and Keynesian policies. That means public work programs, bankruptcy reform, and extensions on unemployment. Nobel prize winner Paul Krugman recommends a stimulus package of $600 billion. That's a good start, but it will take much more than that. Continue
By Paul Craig Roberts
I cannot predict the future. However, I can explain what the problems are, how they differ from past times of troubles, and why traditional remedies, such as the public works programs that Reich proposes, are unlikely to succeed in reviving the U.S. economy. Continue
The Two Trillion Dollar Black Hole
By PAM MARTENS
Bloomberg News reporter, Mark Pittman, filed a Freedom of Information Act request (FOIA) with the Federal Reserve asking for detailed information relevant to whom the central bank was giving these massive loans and precisely what securities these firms were posting as collateral.Continue
By Reuters
The Troubled Asset Relief Program (TARP) has so far committed the following funding:Continue
No Industrial Economy Equals No Army
By Richard McCormack
It wasn't long ago that the world watched the collapse of the Soviet Empire. At the time, the USSR had a mighty military force that was overextended throughout the world and was bogged down in Afghanistan. Within a flash in 1989, the Soviet Union came tumbling down, not because it could not produce tanks and nuclear warheads, but because it couldn't produce bread. The collapse happened so rapidly it even surprised the U.S. intelligence community. Continue
By Shamus Cooke
As the economic crisis deepens, Obama’s first priority will be to save the financial institutions and major corporations by providing them with further bailouts, with working people continuing to foot the bill. But opposition has already broken out in response to this perversion of justice:Continue
Friday, 14 November 2008
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