tagged w/ US Financial Crisis
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Two years ago, when I began writing about the housing crisis, I got to know a bungalow in Sulphur Springs, a Tampa, Fla., neighborhood that was famous in the 1920s for its sprawling oaks, giant water slide and shopping arcade, but which is now a ghetto. The oaks are still mostly there, but the water slide is long gone, the arcade a parking lot for a dog track. Suffer Springs is what a lot of folks call it these days.
http://opinionator.blogs.nytimes.com/2010/07/08/the-ecology-of-foreclosures/Two years ago, when I began writing about the housing crisis, I got to know a bungalow... more
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KQED Public TV, Bill Moyers interview William K. Black on America's Economic Fraud Issue.
The financial industry brought the economy to its knees, but how did they get away with it? With the nation wondering how to hold the bankers accountable, Bill Moyers sits down with William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. Black offers his analysis of what went wrong and his critique of the bailout
More about William K. Black
http://www.pbs.org/moyers/journal/04032009/profile.htmlKQED Public TV, Bill Moyers interview William K. Black on America's Economic... more
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WASHINGTON, March 2 /PRNewswire-USNewswire/ -- Explosive growth in the number of people on probation or parole has propelled the population of the American corrections system to more than 7.3 million, or 1 in every 31 U.S. adults, according to a report released today by the Pew Center on the States. The vast majority of these offenders live in the community, yet new data in the report finds that nearly 90 percent of state corrections dollars are spent on prisons. One in 31: The Long Reach of American Corrections examines the scale and cost of prison, jail, probation and parole in each of the 50 states, and provides a blueprint for states to cut both crime and spending by reallocating prison expenses to fund stronger supervision of the large number of offenders in the community.WASHINGTON, March 2 /PRNewswire-USNewswire/ -- Explosive growth in the number of... more
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Today is threatening to turn into Black Friday as stock exchanges across the world plunge in value amid the worsening global financial crisis.
The German DAX stock index was among those worst affected, as it opened 8.5% down today.
Similar losses were recorded in Japan, where the Nikkei the stock exchange in Tokyo opened at a new low following a day of heavy losses on Wall Street.
It dropped more than 9% to its third lowest level ever. At the end of business, the value of 226 stocks had dropped 881.06 points or 9.62% and was heading into the long weekend at 8276.43 points.
The Tokyo exchange is closed on Monday, a public holiday in Japan. The TOPIX (Tokyo Stock Price) made up for the poor performance in the markets by increasing 64.25 points or 7.09% to 840.86.
In New York, the Dow Jones Index endured a torried time yesterday. It initially went up but soon sank 680 points to 8579 points, a drop of 7.3% - the biggest in more than five years.
Against this backdrop, G7 finance ministers and banking heads are preparing to meet in Washington. The market remains sceptical. “Investors are not so sure that the G7 will announce effective measures to contain the global financial crisis," said senior strategist Yukata Miura at Shinko Securities Co. Ltd. in Tokyo.
Today is threatening to turn into Black Friday as stock exchanges across the world... more
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regisb
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added this
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3 years ago
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African stock markets are feeling the heat of the world financial crises created in the United States. At the Nairobi Stock Exchange of Kenya (NSE), the share price fell to a new historical low of Sh4.30 on Tuesday.
Strong indications have emerged that the Council of the Nigerian Stock Exchange (NSE) may have made headway in its efforts to bail out the nation's stock from its lingering slide. By the end of last week, foreign investors had reduced their South African equity holdings by R24bn this year, compared to net purchases of almost R60bn over the same period last year.
All these and recent trends show that finally, the global financial crises has begun hitting African continent. On Monday, Prime Minister Raila Odinga joined world leaders in warning that the financial crisis on Wall Street would inflict significant damage on African economies, including Kenya's.
Speaking on the sidelines of an international development conference in France, Odinga told Reuters that the turmoil in world markets “will impact very negatively on the Kenyan economy in the short and medium term.”
"They say that when America sneezes, Europe catches a cold, Asia develops pneumonia and Africa's tuberculosis gets worse. This is what we are beginning to see,” Odinga added.
World Bank and United Nations officials also spoke about Africa's prospects for continued economic growth. Panic on Wall Street and in other financial centres could cause Western investors to reduce their stakes in African businesses, Shanta Devarajan, the World Bank's top economist for Africa, said in Washington on Monday.
“Now there is a risk that if there is a really difficult financial crisis in the United States and Europe and risk aversion rises, it is possible these capital flows which have fuelled growth in Africa will fall,” Devarajan said.
In the case of Kenya, the NSE 20 share index, a key performance indicator, has over the past 12 months dropped by about 1,000 points, washing away about a quarter in returns. That means an investor who bought shares on all the 20 counters included on the NSE 20 index in October 2007 has by now lost a quarter of his investment.African stock markets are feeling the heat of the world financial crises created in... more
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