Economic News (have we crashed yet?)


73% of Americans in recent poll support $100 Billion expenditures on infrastructure (Chicago Tribune)

Goldman Sachs guru warns of war-debt failure: Is America becoming a global credit risk? (MarketWatch.com)

U.S. Treasury Secretary Henry Paulson: Coming Financial Crash Shows Need for Immediate Monetary Reform (GlobalResearch.ca)

Wall Street Analysts Gave Favorable Stock Ratings In Exchange For Favors (MSNBC via MParent blog)

Bundesbank chief seeks to calm fears of banking crisis in Germany due to U.S. housing mortgage defaults (Int’l Herald Tribune via MParent blog)

China : Economic powerhouse, environmentally unstable (OnlineOpinion)

Pan Yue is deputy director of China’s State Environmental Protection Administration (SEPA). Part of a new generation of outspoken Chinese senior officials, Pan has given rise to a tide of environmental debate, attracting enormous attention and controversy.

The Toxic Mortgage Waste Crisis (Counterpunch)

Appearing now in a neighborhood near you: the Budget Deficit that Ate America or, How Wal-Mart Robbed 200,000 Americans of their Jobs (Existentialist Cowboy blog)

U.S. housing market unlikely to recover before 2009, Countrywide Financial Co CEO (CNN)

U.S. Economy heading for the cliff (BitsOfNews)

Full of links and graphs dealing with the investment banking collapse

Rising food costs curb aid to global poor (Christian Science Monitor)

“Worldwide, basic foods now cost 21% more at the wholesale level than in 2005.”

Goldman Sachs flagship hedge fund faces double digit losses (MParent blog)

Why Fannie & Freddie are fidgety (BusinessWeek)

Are taxpayers about to bail out the hedge funds? (MParent blog)

Why Detroit is stuck in second gear (Business Week)

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