October 24, 2008 :: staff :: No Comment Yet
Former Fed chairman Alan Greenspan today told the House committee on Oversight and Government Reform, investigating the collapse of the American credit markets, that he experienced “shocked disbelief” in the face of the financial system’s near unraveling, and admitted, under questioning from Rep. Henry Waxman (D-CA), that he now recognizes there were flaws in the ideology which informed his policy decisions. Waxman pressed Greenspan to admit that excessive deregulation had been the principle factor in bringing about the financial crisis.
More on page 674
October 2, 2008 :: Denver Lessing :: One Comment
Senators Biden, Obama, McCain vote with majority (74 to 25) to support the financial rescue bill, including a raft of tax incentives aimed at creating economic stimulus, putting money in hands of non-banking interests. The Senate’s version of the rescue package includes tax credits for wind and solar power, “greening” the recovery plan so that individual Americans can begin to take action that will make the energy economy more sustainable and give leverage to those budding industries. Importantly, the bill also raises the FDIC cap for individual accounts to $250,000, from $100,000.
More on page 632
September 17, 2008 :: staff :: No Comment Yet
One of the “pillars of Wall Street”, 158-year-old Lehman Brothers investment bank, has entered bankruptcy proceedings, in order to prevent creditors from seizing its assets. The move came after Barclays and Bank of America withdrew offers to buy out the stumbling giant, and the US government refused to intervene to protect the firm. Merrill Lynch, known for “bringing Wall Street to Main Street”, was sold to Bank of America for less than half of what it was worth at the beginning of 2007. Amid concern that the massive insurance firm AIG could be the next to fall, the Federal Reserve to issue an $85 billion loan, taking an 80% stake.
More on page 624
July 11, 2008 :: J.E. Robertson :: No Comment Yet
Amid plummeting stock values and fears of an expanding threat of mass numbers of mortgage foreclosures —estimates range from 3 to 6 million homes in foreclosure within one year—, observers have suggested failure of one of the two major government-backed lenders could push the American economy into “depression”. The Treasury Department is reported to be considering a takeover of one or both of the mortgage-backing giants, which between them control $5 trillion in debt.
More on page 472
July 3, 2008 :: J.E. Robertson :: No Comment Yet
TheHotSpring.com :: Every participant in any system, is dependent upon the quality of information behind the major forces at play, just as any player in any system is beholden to the quality or jeopardy posed by the system’s prevailing methods. Free flow of information is the best hope of achieving the optimum level of functionality […]
More on page 464
January 28, 2008 :: admin :: No Comment Yet
28 January :: Sen. Edward Kennedy (D-MA) to announce support for candidacy of Sen. Barack Obama (D-IL); sources tell press Sen. Kennedy will make announcement alongside niece, Caroline Kennedy, youngest daughter of assassinated pres. John F. Kennedy, who wrote in Sunday NY TImes that Obama has the capacity to inspire people the way her father […]
More on page 158
January 22, 2008 :: admin :: No Comment Yet
22 January :: British agribusiness report suggests steep rise in food prices to continue over prolonged period; environmental degradation, water scarcity and climbing fuel prices will contribute to short supply, higher cost of production… Panic selling and steep Asian drop, for second day running, have caused massive losses in stocks across the world, as fears […]
More on page 149
January 20, 2008 :: admin :: No Comment Yet
20 January :: Electronic voting machines in Horry County, South Carolina, have reportedly failed in 100% of its precincts, creating the real possibility that South Carolina’s Republican primary vote cannot be confirmed by any official means; with the machines used already known to be vulnerable to hacking and malfunction, “Late in the week poll workers […]
More on page 147
January 2, 2008 :: admin :: No Comment Yet
2 January :: Crude oil prices hit record $100, before falling to $99, amid claims of high demand, violence in oil producing countries, driving prices higher; the rapidly weakening dollar is also considered to be a factor in the rising prices… US Justice Dept. launches criminal probe of CIA destruction of hundreds of hours of […]
More on page 129
December 4, 2007 :: jr3o :: No Comment Yet
The Secretary of the US Treasury Dept., Henry Paulson, has proposed a plan whereby Congress would approve new legislation allowing state and local governments to issue tax-exempt bonds to homeowners with adjustable rate mortgages who need to refinance in order not to suffer foreclosure. The plan would allow “innovative mortgage programs” to be kept at lower cost, allowing affected borrowers to keep their homes while they pay down potentially crippling loans.
More on page 302
November 23, 2007 :: admin :: No Comment Yet
23 November :: Discovery of skin-cell property that allows stem-cell behavior hope for researchers, conservative candidates; the discovery means research into curing diseases through stem-cell treatments need not be held back by ban on research that destroys human embryos, conservative candidates in US need not face criticism for opposing life-saving research… Pakistan has been suspended […]
More on page 104
November 6, 2007 :: admin :: No Comment Yet
6 November :: Privacy advocates say Real ID —a Homeland Security plan to force all US citizens to carry uniform biometric ID cards— may be finished, as DHS official reportedly indicated to officials from several states their citizens will not be penalized for the states’ rejecting Real ID; 17 states have passed legislation opposing the […]
More on page 69
November 2, 2007 :: admin :: No Comment Yet
2 November :: 60 Minutes reveals WMD intel fraud, Iraqi emigré known as ‘Curve Ball’ by spy agencies said to have lied to officials about involvement in WMD work in Iraq in order to get asylum in Germany; US later used his false claim as support for invasion of Iraq; program to air Sunday in […]
More on page 60
October 29, 2007 :: admin :: No Comment Yet
29 October :: American Bar Association finds irregularities throughout death-penalty system in US, says moratorium should be imposed by all states until thorough examination, correction of systemic flaws is carried out; “After carefully studying the way states across the spectrum handle executions, it has become crystal clear that the process is deeply flawed” an ABA […]
More on page 56
October 26, 2007 :: admin :: No Comment Yet
26 October :: Report from Government Accountability Office (GAO) finds terrorist watch list may be targetting too many people to be effective, including 755,000 names as of May 2007, 860,000 at present; critics of the list say it threatens civil liberties, contravenes Constitutional protections; Sen. Lieberman has expressed concern about its “500 percent increase in […]
More on page 53
October 19, 2007 :: admin :: No Comment Yet
19 October :: US att. gen. nominee Mukasey has told Senate panel he believes so-called ‘unlawful combatants’ are not entitled to Geneva Conventions protections, a view contravened by existing law and jurisprudence; US Supreme Court has already ruled the Conventions govern US treatment of prisoners, not which prisoners enjoy protections; HRW reports “In Hamdan v. […]
More on page 46
October 17, 2007 :: admin :: No Comment Yet
17 October :: Lake Lanier, Atlanta’s main water source, might be dry within four months, according to one worst-case projection; drought across the US southeast has reached the most severe warning level… Guardian reports “Britain risks the prospect of a US-style crash in its house prices as the credit crunch in the financial markets takes […]
More on page 44
September 6, 2007 :: admin :: No Comment Yet
6 September :: European Central Bank has injected another 42.245 billion € into the euro-zone markets, via monetary auction with minimum interest of 4%; at least 46 banks and financial institutions are reported to have participated in the bidding for extra cash; the move is intended to shore up the euro against increasing ‘volatility’ as […]
More on page 8
November 22, 2005 :: J.E. Robertson :: 2 Comments
The global economy in its present form is not only full of and forced to deal with problematic distortions; it has come to depend a great deal on the “bubble” effect of certain miscalculations and manipulations. Assumptions built into weak threads in the economic web mean that markets are not able to set prices or distribute wealth at sustainable levels.
More on page 725
