Mike Whitney | The term “subprime” is a red herring; it is used by the media to minimize what is really going on. The meltdown in financing extends across the entire range of mortgage-security products. No loan-type has been spared. The wholesale market for anything connected to mortgages is frozen and the details are being intentionally withheld from the public. more... 0 Comments
S. Ceci | - FOR IMMEDIATE RELEASE -
Heiner Geissler | "The workers who have to sell themsevles bit by bit are a commodity like every other commercial article." This quotation from the 1848 Communist Manifesto is an accurate description of the current world economic- and financial system which is morally sick and lacks consensus. more... 0 Comments
S. Ceci | National demonstration against the Mortgage Bankers Association Annual Policy Conference in Washington DC more... 0 Comments
Claas Tatje | The real estate crisis turned out more serious thant he bank's risk divisions estimated. The prices for new homes fell twelve percent in December 2007. The assets of private households shriveled around two trillion dollars within a year. more... 0 Comments
Mimi Rosenberg and Ken Nash | WBAI's Building Bridges: Your Community and Labor Report
Movement for Justice in El Barrio | Come join Movement for Justice in El Barrio on the steps of city hall at the first action to launch our
Ralf Streck | The greatest risks threaten through the crisis of the financial system, through further price increases for food, the sensitivity of global supply routes and the increasingly expensive sources of energy. 2008 could develop into a worldwide crisis year. The United Nations already sees signs for a recession on a world scale. more... 0 Comments
Michael Mandel | Michael Mandel, business editor of BusinessWeek, argues that Secretary Paulson's plan only works in a fictional world where investment banks properly regulate themselves. The most striking thing about the current problems is just how much money the banks and the investment banks have lost. more... 1 Comments
By P. Kirkpatrick Reardon | Organized by the Rainforest Action Network (RAN), the demonstration against Citibank was one of more than 150 actions and street performances staged across the world April 1 as part of Fossil Fools day, an environmental day of remembrance and action, organized by International Rising Tide Network and the Energy Action Coalition, dedicated to public pranks and humorous protest against the fossil fuel industry. more... 4 Comments
Rainer Rupp | The real inflation rate including energy and food amounted to 7.4 percent in Janaury. The number of purchased homes reached an historic low. The compulsory auctions of banks have nearly doubled compared to the preceding twelve months. more... 0 Comments
Joachim Bischoff and Richard Detje | The state has a social nature and cannot only be a power and security state. In crisis, we are all Keynesians. Taboo for a long time, the New Deal slowly sounds promising again. The 1933 "Home Owners Loan Act" was created in the first 100 days of Roosevelt's presidency. more... 0 Comments
Philppine Peasant Support Network (Pesante)-U | The Philippine Peasant Support Network (Pesante)-USA, a Filipino farmers, environmental and human rights advocacy group based in Los Angeles expressed dismay over the US-Arroyo regime’s way of solving the present rice crisis in the former rice producing nation of the Philippines. The Philippine government is going to buy two million metric tons of rice abroad at a cost of $600 or P24,600 per metric ton, that will be P49.2 billion, which is 146 times than the Philippines annual post-harvest budget. President Arroyo already released P1.5 billion to boost rice production especially in the top 10 poorest provinces. The rice will be imported- from of all places-- the United States and Vietnam.
Thomas Marczewski | Wearing yellow shirts that declare, "Stop Loan Sharks," hundreds of protestors from across the US marched on JP Morgan Case headquarters and then into the lobby of Bear Stearns across the street. Having suffered through the mortgage crisis, and finding themselves unable or struggling to pay off higher interest rates, the participants on Wednesday expressed their outrage at a government backed $20 billion dollar bail-out of Bear Stearns, one of the key investment banks behind the melt-down. more... 4 Comments
Paul Krugman | The banking crisis of the 1930s showed that unregulated, unsupervised financial markets can all too easily suffer catastrophic failure. As the decades passed, that lesson was forgotten-and now we're relearning it, the hard way. more... 0 Comments
Der Spiegel | The former head of Merrill Lynch received $161 in a severance package after the firm lost $9 billion under his leadership. more... 0 Comments
Karl Georg Zinn | The market mechanism, the Keynesians say, is not efficient or balanced. Rather markets can only produce imbalances and inefficient results because of the existing insecurity. Charles Ponzi was one of the greatest swindlers of American history. Instead of the capitalist economy holding the strings of politics, politics could use economic power to create new realities. more... 0 Comments
Ken Nash and Mimi Rosenberg | WBAI's Building Bridges: Your Community and Labor Report
Suzanne Amann | What does normality mean? The law of returns is not the only law. Awareness of risk also has to be considered. After the near-collapse of Bear Stearns, some of America's biggest banks are reeling badly. The markets are falling into a state of panic - and elbow room is lacking when the banks need it most. more... 0 Comments
Wolfgang Kaden | The shocking and reckless practices of banks behind the recent plunge in global markets illustrates how far they have veered from reality. Stricter, more effective supervision is necessary, and the banks' perverse bonus systems must be radically revamped. more... 2 CommentsPage 79 | Page 77
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