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September 21, 2008 |
Paulson to Bail Out Foreign Banks, Too!
Miscellaneous
In a change from the original proposal sent to Capitol Hill, foreign-based banks with big U.S. operations could qualify for the Treasury Department’s mortgage bailout, according to the fine print of an administration statement Saturday night. |
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September 21, 2008 |
Palin learns foreign policy from Henry Kissinger?
New York Times
Gov. Sarah Palin will meet with former Secretary of State Henry A. Kissinger and President Álvaro Uribe of Colombia as the United Nations General Assembly opens on Tuesday, an aide to Senator John McCain’s presidential campaign said. |
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September 20, 2008 |
Seven days that shook the world
The Independent (UK)
Some 30 of the finest minds on Wall Street, the super-remunerated chief executives of the country's biggest finance houses, had been huddled all weekend in the Manhattan fortress that is home to the Federal Reserve's New York offshoot. There, they had tried to come up with a solution to the tottering of Lehman Brothers, a bank brought to the brink of insolvency by its multibillion-dollar losses on mortgage derivatives. |
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September 20, 2008 |
The $1 trillion question: Will this gigantic bailout work?
The Independent (UK)
This is what we might call the $1trillion question. That's $1,000,000,000,000, by the way. It is a little like surgery. The US government has amputated the gangrenous leg of the banking system to save the patient. But it is now preparing to graft the infected limb on to the body politic of America. The US taxpayers will be lucky if they do not feel distinctly unwell as a result of this little experiment. |
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September 20, 2008 |
U.S. Treasury Proposal to Buy Mortgage-Related Assets: Text
Bloomberg
Following is the text of a legislative proposal by the U.S. Treasury to buy mortgage- related assets from financial institutions: |
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September 20, 2008 |
Thousands march in Sweden against globalisation
Breitbnart.com
More than 10,000 marched in the Swedish city of Malmoe on Saturday in a demonstration against the excesses of globalisation, organised as part of the European Social Forum being held there. |
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September 20, 2008 |
Europeans on left and right ridicule U.S. money meltdown
Los Angeles Times
It's a rare day when finance officials, leftist intellectuals and ordinary salespeople can agree on something. But the economic meltdown that wrought its wrath from Rome to Madrid to Berlin this week brought Europeans together in a harsh chorus of condemnation of the excess and disarray on Wall Street. |
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September 19, 2008 |
Bailout cost: higher than you think
Fortune Magazine
Henry Paulson and Ben Bernanke have saved us, for now, from a market meltdown - but at the cost of allowing the folks who caused the current crisis to keep ducking reality. |
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September 18, 2008 |
Global credit system suffers cardiac arrest on US crash
Telegraph (UK)
The global credit system almost grinds to a halt as yields on US Treasury bills reach zero for the first time since the Great Depression, writes Ambrose Evans-Pritchard |
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September 18, 2008 |
Russia trading halted amid stock crisis
CNNMoney
Russia's finance minister said trading on Russian exchanges won't resume until Friday, as the government tried to stem the dizzying plummet in share prices and restore confidence in the economy. |
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