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US debt clock runs out of digits —- BBCNews

2008-10-11T12:29:38Z

The US government’s debts have ballooned so badly the National Debt Clock in New York has run out of digits to record the spiralling figure. The digital counter marks the national debt level, but when that passed the $10 trillion point last month, the sign could not display the full amount. The board was erected [...]

General Motors held merger talks with Chrysler: reports

2008-10-11T04:07:47Z

By Alexander Davis SAN FRANCISCO (MarketWatch) — General Motors Corp. reportedly has held preliminary talks to acquire Chrysler LLC, against the backdrop of an increasingly bleak decline for the auto industry. Reports on Friday night by The Wall Street Journal and the New York Times both cited unnamed people familiar with discussions between the two U.S. [...]

US to buy stake in banks; first since Depression

2008-10-11T04:05:22Z

WASHINGTON (AP) — The government will buy an ownership stake in a broad array of American banks for the first time since the Great Depression, Treasury Secretary Henry Paulson said late Friday, announcing the historic step after stock markets jolted still lower around the world despite all efforts to slow the selling stampede. Separately, the U.S. [...]

A Great 2008-2009 Depression

2008-10-11T04:03:30Z

“The Feds cannot print enough money to save the day. We’re going into the worst depression that any living person has ever seen. It’s going to be worse than the Great Depression of 1929.” Do you realize that Barack Obama recently said that he would not rescind the Bush tax cuts. He said this on [...]

the fear is still there - doubt it will be gone by monday.

2008-10-11T04:01:18Z

One thing for sure is that we are in a HUGE mess. A 1000 point swing on the DOW in one day has never been herd of in the history of the market and clearly states that there is panic on an epic proportion. Our net worth is being wiped out from under our feet [...]

Quote by Thomas Jefferson “If a Central Bank is ever created in America- Through Inflation and Deflation the “Bankers” will Rob The Americans”

2008-10-11T03:54:07Z

B of A to own Countrywide Mtg.(B of A will by itself control close to 40% of ALL USA Mortgages) with Countrywide alone not counting the two below. JP Morgan to own EMC Mtg.—Merrill Lynch to own Saxon Mtg. (Talk about a Monarchies) Subject: Quote by Thomas Jefferson “Is a Central Bank is ever created in America- [...]

China’s Central Bank Denies Plan to Buy U.S. Treasury Bonds

2008-10-11T03:52:22Z

Epoch Times Thursday, Oct 9, 2008 According to a British Broadcasting Corporation (BBC) report, China denied reports that it would buy up to $200 billion worth of U.S. Treasury bonds to partially finance the Bush Administration’s $700 billion rescue package. Hong Kong’s Ming Pao reported on October 5 that China was going to buy another $200 billion in [...]

White House denies considering closing stock markets

2008-10-11T03:47:44Z

By Greg Robb WASHINGTON (MarketWatch) — The White House denied Friday that it had any intention of closing financial markets. “There are absolutely no plans or discussions to interfere with the functioning of markets in the United States,” White House spokesman Tony Fratto said in an email message. Earlier Friday, Italian Prime Minister Silvio Berlusconi had [...]

The 1929-1933 crash took stock market down 90%, today’s market down 45% - half way there

2008-10-11T03:38:52Z

Darn few believed a Depression would follow the crash back then. Today with a crisis of confidence, the liquidity crisis, and ratio of debt:asset dwarfing the late 20s, zero savings rate, greed/corruption, lack of Depression era regulations and enforcement - I can see why people are making the comparison… ————– “Piles of money are still [...]

It is time to work honorably for a better epoch and one where capitalism is founded on just and sustainable principles.

2008-10-10T03:57:23Z

We’re in jeopardy primarily because we mismanaged the use of debt so as to accelerate economic growth. Bubbles are created by unsustainable borrowing. Leverage creates a rosier picture than underlying fundamentals warrant. When asset prices move too far from replacement value, the game of passing the buck stops. Subtract the debt leverage and the downside [...]

U.S 1929 Great Depression vs. 2008 financial, housing, credit crisis

2008-10-10T03:58:10Z

Great Depression happened in 1929. It took over 10 years to cure. Effects of depression: 13 million people became unemployed. Industrial production fell by nearly 45% between the years 1929 and 1932. Home-building dropped by 80% between the years 1929 and 1932. From the years 1929 to 1932, about 5000 banks went out of business. That’s where when the buyer [...]

Japanese insurer Yamato Life files for bankruptcy in Tokyo

2008-10-10T03:20:55Z

HONG KONG (MarketWatch) — Japanese insurer Yamato Life Insurance Co. filed for bankruptcy protection from creditors Friday, reportedly becoming the first in the industry to do so in seven years. The insurer said recent declines in the value of its securities holdings had impaired its balance sheet, with liabilities exceeding assets by 11.49 billion yen [...]

FINANCIAL LEXICON OF THE REPUBLICAN SOCIALIST PARTY

2008-10-10T01:39:00Z

FINANCIAL LEXICON OF THE REPUBLICAN SOCIALIST PARTY (selected definitions – please add your own) “Toxic assets” means: bad investments “Melt Down” means: bad investments with cheese (no pickles) “Market Place” means: their toady, lickspittle, brown-nosed friends “Structured Investment Vehicle” syn: weapon of mass destruction “American Public” means: stupid grunts “Bail Out” means: they get to keep their assets, you lose your home “Sacrifice” [...]

The government doesn’t bail out you

2008-10-10T01:28:09Z

The problem with all this bailout is that everyone has a perfectly legitimate case to ask “why not me”. For example I have a buy to let property that was financed through Bradford and Bingley. This bank got nationalized with my tax money and now the govt. have my mortgage that they transferred into Northern [...]

“BEHIND THE PANIC: Financial Warfare over future of global bank power” By F. William Engdahl

2008-10-10T01:23:34Z

“What’s clear from the behavior of European financial markets over the past two weeks is that the dramatic stories of financial meltdown and panic are deliberately being used by certain influential factions in and outside the EU to shape the future face of global banking in the wake of the US sub-prime and Asset-Backed Security [...]