Tag: Economy
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lehman files for bankruptcy & other disasters
from bbc: Wall Street bank Lehman Brothers has filed for chapter 11 bankruptcy protection after emergency talks to find a buyer failed. Confidence in the 150-year-old investment bank – the fourth largest in the US – crumbled last week amid growing concerns that its large portfolio of mortgage-backed assets was worth far less than it…
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economoney: integrity 10th bank failure & incomes plunge
integrity bank becomes 10th US failure this yearfrom bloomberg: Integrity Bank of Alpharetta, Georgia, was closed by U.S. regulators today, the 10th bank to collapse this year amid a surge in soured real-estate loans stemming from the worst housing slump since the Great Depression. Integrity Bank, with $1.1 billion in assets and $974 million in…
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organized crime dumping weak US dollar for euro
from afp: The weakened US dollar has fallen out of favor with organized crime groups to pay for drug shipments or to settle scores, a Canadian government report said Friday. And if the greenback continues its slide in 2008, as expected, more and more criminals are likely to exchange euros for illicit goods, said Criminal…
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ice abandons self-deportation program for illegals
from washington times: With only eight takers since the program’s creation this month, U.S. Immigration and Customs Enforcement (ICE) has decided to scrap its self-deportation program for illegal immigrants who previously had ignored court orders to leave the country. The pilot program, which began Aug. 5 in five cities, officially ended Friday. It had been…
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nra mole, e-passports, vp lieberman, nwo & dc madam
nra silent on alleged gun-control mole from kprc: A Democratic U.S. senator demanded Thursday that the National Rifle Association respond to charges it placed a paid spy in rival gun-control organizations for more than a decade. The powerful firearms lobby has remained silent since reports broke last week that gun-control activist Mary McFate, 62, of…
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nyu prof nouriel roubini says hundreds of banks will fail
from reuters: The United States is in the second inning of a recession that will last for at least 18 months and help kill off hundreds of banks, influential economist and New York University Professor Nouriel Roubini told Barron’s in Sunday’s edition. Taxpayers will pay a big price for helping bail out the rest of…
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collateral 53: untaxed to death
from collateral news: How exactly did we get into the economic mess we’re faced with? According to a prominent economist, it stems from our succumbing to anti-tax snake oil salesman. The next crisis to hit our sinking ship of state may be a pension fund debacle that, had we stuck to a sensible tax policy,…
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the real state of the US economy
from william f engdahl: When Henry Paulson agreed to leave his job as chairman of the powerful Wall Street investment bank, Goldman Sachs to go to Washington as Treasury Secretary in 2006 he demanded extraordinary powers as de facto economic czar. He got it. Paulson is also head of the President’s Working Group on Financial…
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collateral 52: stealing the future, every day
from collateral news: History is full of examples of affluent societies experiencing hard economic times. But according to a growing number of independent analysts – ones whose jobs do not depend on painting a false picture of reality – the economic convulsion the U.S. is headed for may far surpass the Great Depression in terms…
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gm & ford ‘on the verge of bankruptcy’
from bloomberg: General Motors Corp. and Ford Motor Co., the two biggest U.S. automakers, have about a 46 percent chance of default within five years, according to Edward Altman, a finance professor at New York University’s Stern School of Business. “Both are in very serious shape and the markets reflect that,” Altman, the creator of…
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boho grove, mexi drugs, truckstop tasers & rp
vanity fair editor arrested at bohemian grovefrom oakland focus: Alex Shoumatoff, a contributing editor at Vanity Fair magazine, tried to sneak into the exclusive Bohemian Grove in Monte Rio, Calif., this week. He was hoping to get an inside look at the exclusive retreat of some of the world’s most prominent CEOs, business leaders and…
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Economic Meltdown Just Heating Up
wholesale inflation is worst in 27 years…stocks drop again amid fears about financials…fannie-freddie lifeline puts taxpayers on the hook…analyst warns on wachovia amid more bank worries…bernanke signals growth risks & intensified’ inflation danger…citigroup shares drop to lowest price since 1998… dollar freefall: new record lowfrom bloomberg: The dollar declined to a record low against the…
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mortgage giants’ collapse could herald 30’s-style depression
from paul joseph watson: Veteran London Times journalist William Rees-Mogg predicts that the collapse of U.S. mortgage giants Fannie Mae and Freddie Mac could herald a downturn into a 1930’s style depression that threatens to sweep away democratic governments. Rees-Mogg served as editor of The Times, Britain’s oldest surviving newspaper, from 1967 to 1981, and…
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dollar doom, fed failure & bank runs
jim rogers: dollar doomed, fed will failfrom blacklisted news: In this very recent interview with Bloomberg, Jim Rogers says Asia is the future, the dollar is a terribly flawed currency and he doesn’t want to own any, oil will certainly pass $200/barrel soon, and the (privately owned) Federal Reserve will disappear within the next decade.…
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the buck doesn’t stop here, it just keeps falling
from ap: The almighty dollar is mighty no more. It has been declining steadily for six years against other major currencies, undercutting its role as the leading international banking currency. The long slide is fanning inflation at home and playing a major role in the run-up of oil and gasoline prices everywhere… Everything made in…