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September 30, 2008 |
Bank lending seizes up worldwide
Int'l Herald Tribune
The cost of borrowing in dollars surged the most on record Tuesday after the U.S. Congress rejected a $700 billion bank rescue plan, heightening concern more institutions will fail. |
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September 29, 2008 |
Bank bailouts sweep Europe
CNNMoney
European governments had to step in with a flurry of major bank bailouts from Iceland to Germany as fear and turmoil from the U.S. credit crisis spread through the financial system. |
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September 27, 2008 |
Even Hank Paulson's bail-out plan cannot detox global banking
Telegraph (UK)
Even if Congress backs the Paulson bail-out, the $700 billion blast cannot save the US, Britain or the world from the deepest economic slump since the Thirties. If Congress balks, God help us. The credit system is suffering a heart attack. Inter-bank lending is paralysed. Funds are accepting zero interest on US Treasury notes for the first time since Pearl Harbour, because no bank account is safe. |
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September 24, 2008 |
Paulson, Bernanke Put Aiding Banks Ahead of Best Taxpayer Deal
Bloomberg
Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke signaled that their priority is shoring up the nation's banks even if it means they don't get taxpayers the cheapest prices for the devalued assets the government buys. |
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September 23, 2008 |
Paulson's bazooka may miss
Fortune Magazine
Treasury Secretary Henry Paulson fired his bazooka again, but the target remains elusive. |
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September 23, 2008 |
Pulson ultimatum: US in dire peril if Congress dithers on debt rescue
AFP/Breitbart
The US economy is in imminent peril if Congress delays approving a 700-billion-dollar rescue, Treasury Secretary Henry Paulson warned Tuesday as global markets rang the alarm. |
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September 23, 2008 |
Newt Gingrich: Kill the Paulson Plan. Hard.
Miscellaneous
He called it a "stupid plan" that looks like it had been designed by autocrat Vladimir Putin. He also said it will be a "nightmare" to implement and full of corruption. |
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September 21, 2008 |
Default by the US government is no longer unthinkable
TimesOnline (UK)
So, here we are - the start of a new world order. After the tumultuous events of the last fortnight, the global economic landscape will never look the same again. |
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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 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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