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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 |
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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September 18, 2008 |
Central Banks Offer Extra Funds to Calm Money Markets
Bloomberg
The Federal Reserve almost quadrupled the amount of dollars central banks can auction around the world to $247 billion in a coordinated bid to ease the worst crisis facing financial markets since the 1920s. |
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September 17, 2008 |
Russian Emergency Funding Fails to Halt Stock Rout
Bloomberg
Russia poured $44 billion into its three biggest banks and halted stock trading for a second day in a bid to halt the biggest financial crisis since its devaluation and debt default a decade ago |
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September 16, 2008 |
How the Masters of the Universe ran amok and cost us the earth
The Scotsman
SLAM. Slam. Slam. Slam. Like a scene from a gathering of Mafia dons, the doors of 30 black Lincolns slammed shut as their besuited occupants stepped out into a Manhattan downpour – and into a global financial storm. |
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September 16, 2008 |
Who's next after Lehman Brothers is fed to the wolves?
Telegraph (UK)
One can date the onset of the Great Depression from December 1930 with the collapse of the Bank of the United States, a mid-size lender to the Jewish community in New York. |
