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Moyers Interviews Phillips: Only half-way through this bursting bubble?!!
Bill Moyers interviews former Nixon White House strategist and political and economic critic Kevin Phillips, who gives a ground-level perspective on the mess we're in the middle of. Phillips rips into Bush, shakes his head at Greenspan and doesn't give the democrats much in the way of props either.
Though I am no finance major, this was a fascinating, frank and somewhat frightening discussion. Bill Moyers interviews former Nixon White House strategist and political and economic critic Kevin Phillips, who gives a ground-level ... more -
Markets slammed by Lehman collapse
Dow drops more than 500 points or 4.5 % as investors panic after Lehman Brothers files for chapter 11.
US stocks were slammed on Monday after a stunning upheaval on the Wall Street landscape. The Dow Jones fell more than 504 points or 4.42 percent, the largest one-day drop since September 2001. This as investors reacted badly to a shake-up of the financial industry that took out two storied names: Lehman Brothers Holdings Inc. and Merrill Lynch & Co. Lehman Brothers, which had 60 billion US dollars in soured real-estate holdings, filed a Chapter 11 bankruptcy petition in court after attempts to rescue the 158-year-old firm failed. Employees started to clean out their offices in New York on Sunday night. About 26000 Lehman Brothers employees lost their jobs worldwide. Another Wall St. icon Merrill Lynch was snapped up by Bank of America in a 50 billion dollar all-stock transaction in what was essentially a forced sale. Merrill Lynch was said to have 80-plus billion dollars of risky asset exposures. The disappearance of the two firms could mean the loss of up to 50,000 jobs in the financial sector. That industry has already lost 100,000 jobs since the start of the credit crisis a little more than a year ago.
Doug Henwood is the founder and editor of the Left Business Observer. Dow drops more than 500 points or 4.5 % as investors panic after Lehman Brothers files for chapter 11. ... more -
Greenspan: This is the worst economy I've ever seen
America Can't Afford McCain's Tax Plan "I'm not in favor of financing tax cuts with borrowed money"
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The 10 Worst Corporations of 2007
Neither Honest Nor Trustworthy: The 10 Worst Corporations of 2007
by Russell Mokhiber and Robert Weissman
The U.S. public holds Big Business in shockingly low regard.
A November 2007 Harris poll found that less than 15 percent of the population believes each of the following industries to be "generally honest and trustworthy:" tobacco companies (3 percent); oil companies (3 percent); managed care companies such as HMOs (5 percent); health insurance companies (7 percent); telephone companies (10 percent); life insurance companies (10 percent); online retailers (10 percent); pharmaceutical and drug companies (11 percent); car manufacturers (11 percent); airlines (11 percent); packaged food companies (12 percent); electric and gas utilities (15 percent). Only 32 percent of adults said they trusted the best-rated industry about which Harris surveyed, supermarkets.
With the 10 Worst Corporations of 2007, we aim to show - again - that Big Business is out of control and to connect comparable abuses to the failure of government overseers, regulators and enforcers.
Presented alphabetically, here are the 10 Worst Corporations of 2007:
http://www.multinationalmonitor.org/mm2007/112007/mokhi... Neither Honest Nor Trustworthy: The 10 Worst Corporations of 2007 by Russell Mokhiber and Robert Weissman ... more -
Weimar Inflation in America
By James Turk
(Excerpt from main article)
Crude oil is $132. Corn is $6.The cost of everything is rising. Inflation is worsening, and it’s not hard to understand why. M3, the total quantity of dollars, is now growing by 17% per annum. Weimar inflation has arrived in America.
The Federal Reserve is following the footsteps of the central bank in Weimar Germany. It is the same path taken by many central banks that have issued countless fiat currencies based on nothing but government promises. It is the path to the fiat currency graveyard, and the once almighty US dollar – which long ago used to be “as good as gold”, just like the Reichsmark once held that same exalted title – is knocking at the graveyard’s gate.
Full article at link.
http://www.kitco.com/ind/Turk/turk_may262008.html
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James Turk is the Founder & Chairman of GoldMoney.com http://goldmoney.com/ . He is the co-author of The Coming Collapse of the Dollar, which has been updated for a newly released paperback version, now entitled The Collapse of the Dollar http://www.dollarcollapse.com .
Photo from Bernd Widdig's book “Culture and Inflation in Weimar Germany.”
Reprinted at www.kitco.com By James Turk (Excerpt from main article) ... more -
Why not let the markets set prices?
"Those unfamiliar with marketplace dynamics may not recognize how government activity has created price distortions across our economy. But when these chains fail to restrain the market, the underlying forces become easier to see."
~Peter Schiff, President of Europacific Capital and author of Crashproof: How to Profit From the Coming Economic Collapse
Excerpt from "Why Not Let the Markets Set Prices?", 4/25/2008
http://www.europac.net
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In his latest weekly commentary, Peter Schiff explains how the U.S. government's and the Federal Reserve's manipulation of the markets has had a detrimental effect on the economy. He specifically points out how they have contributed to the subprime mortgage mess, the food and energy crisis and "pushed college tuitions up to the stratosphere." "Those unfamiliar with marketplace dynamics may not recognize how government activity has created price distortions across our ec... more -
Ross Healy blames the Fed and calls Bush a "megalomaniac"
Ross Healy, the CEO of Strategic Analysis Corporation, provides insight into the subprime mortgage crises and puts the spotlight on former Federal Reserve Chairman Alan Greenspan. Ross Healy, the CEO of Strategic Analysis Corporation, provides insight into the subprime mortgage crises and puts the spotlight on fo... more
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Illuminati Mystery Babylon
The Illuminati leaders of Mystery Babylon have put their stooges in the highest offices. Alan Greenspan, chairman of the Federal Reserve, is one of them. So is Russian President Vladimir Putin, France's President Jacque Chiraq, and Britain's Prime Minister Tony Blair.
In a tremendous new video/DVD exposé, Texe Marrs unmasks this Luciferian sect that has used its cunning, treachery, and massive wealth to such unbelievable advantage. Virtually every major nation on earth has by now fallen into its hands.
The awful, staggering truth must get out. We are no longer a free people. Illuminati Mystery Babylon is reaching the zenith of its power, and our very lives are now at risk. The Illuminati leaders of Mystery Babylon have put their stooges in the highest offices. Alan Greenspan, chairman of the Federal Reser... more -
Greenspan's new book blames Republicans
Finally he can speak not so guardedly
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Ayn Rand and Alan Greenspan
Okay, so Greenspan's devotion to Ayn Rand is not exactly breaking news... but I hadn't actually read much about how he came to know her in the first place, so I found this article really interesting. Plus, I had no idea that the book held such sway in business circles (well, that's what the article suggests, anyway).
I have to admit that I enjoyed the Fountainhead when I read it in high school; then again, I had a lot invested in my self-image as someone who read thick books. I am an Objectivist no longer.
Any members of the Collective out there? Okay, so Greenspan's devotion to Ayn Rand is not exactly breaking news... but I hadn't actually read much about how he came ... more
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Alan Greenspan
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Alan Greenspan
