Economic News Round-Up

“Time is that quality of nature which keeps events from happening all at once. Lately it doesn’t seem to be working.”  – Anonymous

It’s impossible to adequately summarize the rapid changes in the financial world.  These are only a few of the most notable developments that you may have missed in all the turmoil…

War and the Financial Crisis: Global Research’s Top 100 Stories – Global Research 10/6/08

Strange Liberators: Militarism, Mayhem, and the Pursuit of Profit – Global Research 10/3/08

Why Is the Government Keeping Key Documents About the Bailout Under Wraps? – Alternet 10/22/08

Bailout contracts contain redactions – Raw Story 10/21/08

Banks Admit They’ll Keep on Hoarding Cash  – Global Research 10/21/08

“To the Bunkers!”: Central banks slash rates in emergency “midnight” meeting – Global Research 10/8/08

County halts fore-closure evictions – Raw Story 10/8/08

Wealth gap creating a social time bomb – Guardian, UK 10/23/08

Growing inequality in US cities could lead to widespread social unrest and increased mortality, says a new United Nations report on the urban environment.
In a survey of 120 major cities, New York was found to be the ninth most unequal in the world and Atlanta, New Orleans, Washington, and Miami had similar inequality levels to those of Nairobi, Kenya Abidjan and Ivory Coast. Many were above an internationally recognised acceptable “alert” line used to warn governments.

Sad Guys On Trading Floors – BoingBoing 10/7/08

Britain part-nationalises eight main banks in bailout (AFP)  – Yahoo 10/8/08

People Line Up to Buy Gold in Britain – Cryptogon 10/7/08

IMF calls for coordinated action to address crisis – USA Today 10/7/08


$100b in ‘sweeteners’ inside Senate passed bailout bill – Raw Story 10/1/08

Food Riots Have Already Begun as Global Grain Prices Skyrocket, Supplies Dwindle – Global Research 10/4/08

Nature loss ‘dwarfs bank crisis’ – BBC 10/9/08

The global economy loses more money from deforestation than the current banking crisis, says an EU-commissioned report.

Rep. Brad Sherman said Congress threatened with martial law if bailout bill not passed – YouTube 10/2/08

Greenspan: Don’t use Fed as a ‘magical piggy bank’ (AP)  – Yahoo 9/4/08

Treasury Would Emerge With Vast New Power – NYTimes 9/28/08

Sheriff’s actions show desperation of financial crisis  – CNN 10/10/08

Stocks are on track for their worst year since 1937  – Global Research 10/10/08

“There are 10^11 stars in the galaxy. That used to be a huge number. But it’s only a hundred billion. It’s less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers.”  – Richard Feyneman

US national debt tops $10 trillion – Raw Story 10/3/08

Mark ‘quietly’ reached at end of Sep.; Bush raised debt ceiling in July.

SEC gets power to suspend the mark-to-market accounting rule – USA Today 10/3/08

“A hotly contested accounting rule at the center of the financial crisis has reared up again in the bailout bill…The bill gives the Securities and Exchange Commission the power to suspend the mark-to-market accounting rule.  This arcane accounting rule requires companies to write down the value of certain assets to their current market value — defined as the price that similar assets are fetching in an open market.”

US Corporate Debt Default Rate May Top 23% by 2010 – Implode Explode 9/27/08

BofA CEO Says ‘Half the Banks Will be Gone’ in 5-Years – Implode Explode 9/26/08

Why a World Food Crisis?  – Global Research 9/23/08

Food Riots Have Already Begun as Global Grain Prices Skyrocket, Supplies Dwindle – Natural News 10/1/08

Global Famine. Is It A Conspiracy? – Global Research 9/1/08

Banks Now Permitted to Count Goodwill as Capital – Implode Explode 9/17/08

Wall Street’s Next Target: Roads and Bridges – Alternet 9/9/08

“The only function of economic forecasting is to make astrology look respectable.”  – John Kenneth Galbraith

Term Auction Facility increased to $900 Billion  – Implode-Explode 10/6/08

Banker Bailout Bill Contains IRS Police State Provision  – Implode-Explode 10/5/08

Yakuza: Organized Crime Represents The “Biggest Private Equity Firm in Japan” – Times UK via Cryptogon 10/4/08

Hazardous Companies Forced to get Environmental Insurance in Argentina – Treehugger 10/22/08



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