Posted on 16 July 2008 by admin
Steve Watson / Infowars.net | Wednesday, July 16, 2008
With three more financial outlets collapsing under the economical meltdown last week, queues of angry people outside banks with no access to their money, inflation at its highest rate for 27 years and scores of economists predicting a recession may tip into a full blown depression, president Bush reacted by declaring that the economy is still fundamentally sound.
Popularity: 100% [?]
Posted on 16 July 2008 by admin
John Whitesides
Reuters
Wednesday, July 16, 2008
Public confidence in U.S. economic policy dipped this month as unstable markets and shaky financial institutions left Americans uneasy about the future, according to a Reuters/Zogby poll released on Wednesday.
The Reuters/Zogby Index, which measures the mood of the country, dropped to 88.7 from 90.4 in June as five of the 10 measures of public opinion used in the index fell at least slightly and three remained steady.
The index fell to near its record low of 87.7, recorded in March, as optimism about personal finances waned and approval ratings for the Bush administration’s economic and foreign policies dropped.
The rating for economic policy suffered the sharpest fall, earning positive marks from just 10 percent of Americans — down 4 percentage points from June.
The drop came amid a continuing housing crisis, pledges of government help for the top two mortgage finance agencies and the collapse last week of IndyMac Bancorp — the third-largest bank failure in U.S. history.
Popularity: 100% [?]
Posted on 16 July 2008 by admin
AFP | Wednesday, July 16, 2008
US wholesale inflation jumped a surprisingly strong 1.8 percent in June from May amid soaring energy and food prices, the Labor Department said Tuesday.
Popularity: 100% [?]
Posted on 16 July 2008 by admin
Daily News Wire Services | Wednesday, July 16, 2008
Police ordered angry customers lined up outside an IndyMac Bank branch to remain calm or face arrest Tuesday as they tried to pull their money on the second day of the failed institution’s federal takeover.
Popularity: 2% [?]
Posted on 14 July 2008 by admin
Louise Story / IHT | Monday, July 14, 2008
As home prices continue to decline and loan defaults mount, U.S. regulators are bracing for dozens of American banks to fail over the next year.
Popularity: 4% [?]
Posted on 14 July 2008 by admin
Eric Burroughs / Reuters | Monday, July 14, 2008
The dollar inched up from near a record low against the euro on Monday after the U.S. Treasury and Federal Reserve launched emergency measures to restore investor confidence in embattled U.S. mortgage lenders Fannie Mae and Freddie Mac. The Treasury boosted its direct credit lines to the companies that fund half of all U.S. mortgages and said it would buy their shares if necessary, while the Fed said its direct lending window to financial firms was available to them.
Popularity: 4% [?]
Posted on 14 July 2008 by admin
Lewa Pardomuan / Reuters | Monday, July 14, 2008
Gold extended gains on Monday, hovering near its highest level in almost four months hit last week, and record high exchange-traded fund holdings suggested flight-to-safety buying was gaining pace.
Popularity: 4% [?]
Posted on 13 July 2008 by admin
Fred W. Frailey / Kiplinger.com | July 12, 2008
Fannie Mae and Freddie Mac are not banks. But like most financial companies, they stand or fall on public trust — and right now, fewer and fewer people are confident that the two government-chartered mortgage-finance companies can survive on their own.
Popularity: 3% [?]
Posted on 13 July 2008 by admin
Kathy M. Kristof and Andrea Chang / LA Times | July 12, 2008
The federal government took control of Pasadena-based IndyMac Bank on Friday in what regulators called the second-largest bank failure in U.S. history.
Citing a massive run on deposits, regulators shut its main branch three hours early, leaving customers stunned and upset. One woman leaned on the locked doors, pleading with an employee inside: “Please, please, I want to take out a portion.” All she could do was read a two-page notice taped to the door.
Popularity: 3% [?]
Posted on 11 July 2008 by admin
Paul Craig Roberts / Counterpunch | Thursday, July 10, 2008
The collapse of world socialism, the rise of the high speed Internet, a bought-and-paid-for US government, and a million dollar cap on executive pay that is not performance related are permitting greedy and disloyal corporate executives, Wall Street, and large retailers to dismantle the ladders of upward mobility that made America an “opportunity society.” In the 21st century the US economy has been able to create net new jobs only in nontradable domestic services, such as waitresses, bartenders, government workers, hospital orderlies, and retail clerks. (Nontradable services are “hands on” services that cannot be sold as exports, such as haircuts, waiting a table, fixing a drink.)
Popularity: 1% [?]
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