B.I.S WARNS OF A GLOBAL GREAT DEPRESSION - AGAIN!
Thu, 12 Jun 2008 21:21:01 +0000
Central bank body warns of Great Depression
(08/09)The Bank for International Settlements (BIS), the organisation that fosters cooperation between central banks, has warned that the credit crisis could lead world economies into a crash on a scale not seen since the 1930s.
In its latest quarterly report, the body points out that the Great Depression of the [...]
NEEDED: A NATIONAL CONFERENCE ON ECONOMIC REFORM
Mon, 09 Jun 2008 21:58:03 +0000
By Danny Schechter.
Where Are Progressive Voices On The Economic Crisis Wrecking America?
Boston, MA: The media reform conference was just starting in Minneapolis
when word bounded in from New York that the market dropped 394 points as
oil prices rose and, to borrow an Iraq war word, unemployment ?surged.?
The number of unemployed people grew by 861,000 in May [...]
DEBT AS A TOOL FOR CONTROL
Wed, 28 May 2008 21:03:32 +0000
Debt is control only when it is collectible. If the debtor has the legal or other means to resist “repayment”, debt is meaningless.
I’ve been thinking of this story for quite some time. I wanted it to reflect on my stance and pursuit to help Humanity at my own level. Bad economics being a great source [...]
THE FRAUDS MARCHE ON
Thu, 15 May 2008 19:46:54 +0000
Oh what a tangled web of deception… This time, you will not believe what you read - alas it is all true!
Bernanke lunched with Wall Street before Bear rescue, a Bloomberg.com headline says.
… The luncheon at the New York Fed gave Bernanke a chance to hear from chiefs of some of the biggest U.S. financial [...]
INVESTIGATING WALL STREET CRIME
Mon, 12 May 2008 18:27:55 +0000
By Danny Schechter:
The Question: As The Feds Broaden A Mortgage Fraud Probe, Will The White Collar Perps Of Subprime Crime Ever Do Time?
New York, May 6: There is a time in the life of every writer when you find yourself fearing that you have become a robo call phone machine?repeating the same message over and [...]
THE POISON SPREADS
Mon, 12 May 2008 18:24:03 +0000
While there plenty of bad news gathering momentum out there, the most frightening picture is without a doubt The Ticking Credit Card Time Bomb:
For those holding out hope that the American economy can miraculously avoid a long and deep recession consumer credit is often viewed as the wonder drug that can cure all manner of [...]
WHY THE NUMBERS ARE WRONG
Fri, 02 May 2008 20:19:38 +0000
By Danny Schechter
The official headline for U.S. Q1 GDP growth says a
positive 0.6% growth but the details are ugly and
confirm that we are in a recession.
First of all, if you exclude the increase of inventory
of unsold goods (that moved positive after a negative
figure in Q4) the Final Sales of Domestic Product were
a negative 0.2%. In [...]
25 YEARS OF DEEP RECESSION?
Mon, 14 Apr 2008 18:42:36 +0000
Yes, you read well… and if we’re lucky “deep recession” is a mild terminology. The worse case scenario is the “D” word - like depression.
Whie this is true that we do not have to become paranoid every time somebody is ‘crying wolf’, this time we’d take it very seriously because the fundamentals say so.
Let’s [...]
150 BANK FAILURES PREDICTED
Tue, 08 Apr 2008 21:44:29 +0000
Major headlines today and simply shocking.
Some US banks face failure as credit problems mount-RBC
Mon Apr 7, 2008 (Reuters) - During the next two to three years, U.S. bank failures will likely increase dramatically from the low levels recorded from 2004 to 2007, as credit problems mount for the industry, a RBC Capital Markets analyst [...]
THE COLLAPSE OF THE MIDDLE CLASS - VIDEO
Tue, 08 Apr 2008 21:30:35 +0000
Distinguished law scholar Elizabeth Warren teaches contract law,
bankruptcy, and commercial law at Harvard Law School. She is an outspoken critic of America’s credit economy, which she has linked to the continuing rise in bankruptcy among the middle-class.
http://www.youtube.com/watch?v=akVL7QY0S8A&eurl
