The Worst Is Not Behind Us The Election is Over; Time to Move On to the Recriminations Wall Street's Bailout is a Trillion-Dollar Crime Scene Ecuador to miss $30.6 million foreign debt payment: Ecuador will delay a $30.6 million interest payment on its foreign debt while it investigates signs of lawbreaking in the contracts, the finance minister said Friday, prompting a quick and negative reaction in bond markets. British banks battered in wake of Paulson's U-turn on US bail-out: SHARES in Royal Bank of Scotland, Barclays and other banks were hit yesterday in the wake of the US government's abandonment of the cornerstone of its $700 billion (£467bn) rescue effort for the financial system. European Car Sales Fall 15% as Credit Crisis Deepens: European car sales plunged almost 15 percent in October, the sixth consecutive monthly decline, as credit-market turmoil and an economic slowdown hurt demand. As factories close, Chinese workers suffer: The slowdown in exports contributed to the closing of at least 67,000 factories across China in the first half of the year, according to government statistics. Labor disputes and protests over lost back wages have surged, igniting fear in local officials. October budget deficit hits record of $237.2B: The Treasury Department said Thursday that the deficit for the first month in the new budget year was the highest monthly imbalance on record. It was far bigger than analysts expected, over four times larger than the October 2007 deficit of $56.8 billion, and more than half the total for all of last year. U.S. Economy: Retail Sales Drop in October by Most on Record: Retail sales and prices of goods imported to the U.S. dropped by the most on record, signaling the economy may be in its worst slump in decades. Sun to cut up to 6,000 workers, 18 pct of staff: Sun's shares have fallen so steeply they've crossed an ominous threshold, driving the company's market value below its cash on hand. Freddie seeks gov't aid after $25.3B loss: Freddie Mac is asking for an initial injection of $13.8 billion in government aid after posting a massive quarterly loss. US Senate to take up auto bailout on Monday-Reid: The U.S. Senate plans to take up a $25 billion bill on Monday to bail out distressed domestic auto companies, but it is unclear if proponents can muster the necessary support.
Beware of those who say we've hit the bottom.
By Nouriel Roubini
The recession will continue until at least the end of 2009 for a cumulative gross domestic product drop of over 4%; the unemployment rate will likely reach 9%. The U.S. consumer is shopped-out, saving less and debt-burdened: This will be the worst consumer recession in decades.Continue
Let the Trials Begin!
By DOUGLAS VALENTINE
Amid the euphoria and angst of the Obama apotheosis, the unreality of a mismanaged, two trillion dollar, taxpayer funded bailout of freewheeling capitalists, and the wars of limbo in Iraq and Afghanistan, one little thing is being overlooked. Continue
Why Aren't the Dems Doing Something About It?
By Naomi Klein
The more details emerge, the clearer it becomes that Washington's handling of the Wall Street bailout is not merely incompetent. It is borderline criminal. Continue
Saturday, 15 November 2008
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