Economic News: US city declares bankruptcy, Fed accepts credit cards as collateral, and other signs of accelerating collapse

The collapse is accelerating – oil vs euro charts – The People’s Voice 4/27/08


US Fed now accepts credit card debt as collateral – Daily Reckoning, Australia 5/5/08


UN: World economy on thin ice – CNN 5/15/08


Dynamic maps of sub-prime mortgages – via Global Economic Analysis 5/15/08


City of Vallejo, California to file bankruptcy – Bloomberg 5/7/08


Bank bail-outs to be kept secret – ThisIsMoney 4/27/08


Pennies and nickels now cost more to make than they’re worth – CNN 5/7/08


Survivalism goes mainstream as middle class and wealthy fear breakdown of society – PrisonPlanet 4/9/08


A new world order as US sinks – Australian News 4/4/08


The IMF’s going down – is that a bad thing? – Alternet 5/1/08


The Coming Collapse of the Middle Class – Metafilter 5/1/08


Many states appear to be in recession – AP/Yahoo 4/25/08

EXCERPTS: “The finances of many states have deteriorated so badly that they appear to be in a recession, regardless of whether that’s true for the nation as a whole, a survey of all 50 state fiscal directors concludes. The situation looks even worse for the fiscal year that begins July 1 in most states.”


Nobel-winning economist Stiglitz: Bush and Greenspan to blame for US financial crisis – AP/Yahoo 4/27/08


Tent city highlights US homes crisis – BBC 3/14/08


Authorities lose patience with collapsing dollar – Telegraph UK 4/19/08


Meltdown of the Banking System – WUFYS 3/31/08


Another way around the credit crisis – Global Research 3/23/08


IMF says US in worst economic crisis since Great Depression – PrisonPlanet 4/2/08


IMF’s Lipsky warns of ‘unthinkable’ – CNBC 3/12/08


Individual bankruptcy filings up 27% in Q1 – CNN 4/2/08


CRASH! The Housing Market Freefall and Client #10: Lessons from the Great Depression Part 6 – Doctor Housing Bubble blog 3/15/08


Should the US nationalize its’ own money supply? – WUFYS 4/1/08


Forecast slashed for four largest banks – Reuters 3/26/08

EXCERPTS: “The earnings outlooks for the four largest U.S. banks have been slashed by Oppenheimer & Co analyst Meredith Whitney, who said there is “no clear end in sight” to downward pressure on the sector’s profits….She added: “We anticipate the current credit cycle to be the worst in generations.”


“This is class war”: Auto workers fight 50% pay cut demand – Alternet 4/15/08


CEO of subprime mortgage company fined $29,000 for dropping 73 f-bombs during testimony – BoingBoing 3/20/08

EXCERPT: “Aaron Wider, CEO of HTFC, a mortgage broker implicated in the subprime meltdown and embroiled in a lawsuit with GMAC Bank, was fined $29,000 after he said “fuck” 73 times during his deposition. The cowboyism of the subprime boom is only starting to come to light — guys like Wider were part of a movement of savage rapine of the world’s economies and exploitation of the poor and disenfranchised, something that went all the way up to the big trading houses and their regulators.
Q: This is your loan file. What do Mr. and Mrs. Fitzgerald do for a living?
A: I don’t know. Open it up and find it.
Q: Look at your loan file and tell me.
A: Open it up and find it. I’m not your fucking bitch.
Q: Take a look at your loan application.
A: Do it yourself. Do it yourself. You want to do this in front of a judge. Would you prefer to [do] this in front of a judge? Then, shut the fuck up.
Q: Sir, take a look–
A: I’m taking a break. Fuck him. You open up the document. You want me to look at something, you get the document out. Earn your fucking money, asshole. Better get used to it. You’ll retire when I’m done. “


Russia quietly preparing to switch oil trading from dollars to rubles – Int’l Herlad Tribune, UK 2/25/08


US’s lone fiscal watchdog resigns because he isn’t allowed to do his job – via BitOfNews 2/27/08


Bush administration shuts down economic indicators website ‘due to budget constraints’ – Think Progress 2/13/08


Bernake: Bank failures likely – CNBC 2/28/08


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