http://list.lewrockwell.com/t/1114302/12759198/58814/0/
http://www.howestreet.com/audio/lewrockwell17092008.mp3
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Stocks Tumble After Government Bailout of AIG
Tim Paradis, The Associated Press: "Wall Street plunged again in a crisis of confidence Wednesday as anxieties about the financial system still ran high after the government's bailout of insurer American International Group Inc. The Dow Jones industrial average dropped more than 400 points, and investors seeking the safety of hard assets and government debt sent gold, oil and short-term Treasurys soaring."
http://www.truthout.org/article/stocks-tumble-after-government-bailout-aig
Facing the Financial Fallout
On Friday: "Amidst historic economic failures, 'Bill Moyers Journal' takes an in-depth look at what led to the financial meltdown, what it means for American families and how it will affect voters between now and November."
http://www.truthout.org/article/facing-financial-fallout
Crisis Endgame
Paul Krugman, The New York Times: "On Sunday, Henry Paulson, the Treasury secretary, tried to draw a line in the sand against further bailouts of failing financial institutions; four days later, faced with a crisis spinning out of control, much of Washington appears to have decided that government isn't the problem, it's the solution. The unthinkable - a government buyout of much of the private sector's bad debt - has become the inevitable. The story so far: the real shock after the feds failed to bail out Lehman Brothers wasn't the plunge in the Dow, it was the reaction of the credit markets. Basically, lenders went on strike: U.S. government debt, which is still perceived as the safest of all investments - if the government goes bust, what is anything else worth? - was snapped up even though it paid essentially nothing, while would-be private borrowers were frozen out."
http://www.truthout.org/article/crisis-endgame
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FED Socializes Losses, Privatizes Profits
http://www.commondreams.org/headline/2008/09/17
The Financial Meltdown Continues
http://www.commondreams.org/view/2008/09/19-1
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AIG bailout upsets Republican lawmakers
CNN
09/17/08
Key Republicans on Capitol Hill blasted the Treasury Department and the Federal Reserve on Wednesday for orchestrating an $85 billion bailout of insurance giant American International Group, and the White House for not informing them of the plan. Meanwhile, Democrats blamed the Bush administration for the financial crisis, while the White House pointed a finger at Congress...
http://tinyurl.com/44396n
A rising tide of anger
The Nation
by Nicholas von Hoffman
09/17/08
When Julius Caesar crossed the Rubicon, he knew he was starting a new political system. As the Bush administration takes over trillion-dollar AIG, it has no idea what it is starting. It does not even know what to do next. All that Secretary of the Treasury Henry Paulson knew was that if AIG was allowed to slip under the waters, all hell would break loose. There might be something close to panic in the streets. The Secretary and his co-workers knew that one money market fund had already lost so much money when Lehman Brothers declared bankruptcy that it had to suspend its depositors’ withdrawals. But Lehman is small potatoes compared to AIG, a gigantic insurance-cum-investment corporation. If it collapsed, many more money market funds would be in danger of being frozen...
http://www.thenation.com/doc/20080929/howl3
Rescue package could cost half-trillion dollars
MSNBC
09/18/08
Treasury Secretary Hank Paulson briefed congressional leaders Thursday night on plans to address the ‘illiquid assets’ on U.S. financial institutions’ balance sheets, possibly including the creation of a government facility to take on financial firms’ bad debts. The proposal to create a massive facility to buy mortgage-backed securities could cost as much as a half-trillion dollars and would involve the purchase of both private-label and government-guaranteed mortgages, according to an administration official...
http://www.msnbc.msn.com/id/26780312/
Reckless mortgages brought financial market to its knees
Fox News
by John R. Lott, Jr.
09/18/08
The stock market has fallen dramatically from its peak a year ago. The Dow Jones Industrial Average has declined by about 25 percent, a significant drop, though not anywhere near as large as the 36 percent drop that occurred over two months from August to October 1987. Few would argue, though, that the financial market is not in a mess. Meanwhile the economy has kept growing. … Obviously some sectors of the economy have been doing well, while others, such as housing, have been in a real mess. With the government takeover of Freddie Mac and Fannie Mae as well as other bankruptcies in the financial sector, there are a lot of questions...
http://www.foxnews.com/story/0,2933,424945,00.html
Informant: Thomas L. Knapp
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The Party's Over
By Patrick J. Buchanan
The Crash of 2008, which is now wiping out trillions of dollars of our people's wealth, is, like the Crash of 1929, likely to mark the end of one era and the onset of another.
http://www.informationclearinghouse.info/article20809.htm
Hey U.S., Welcome to the Third World!
By Rosa Brooks
It's been a quick slide from economic superpower to economic basket case.
http://www.informationclearinghouse.info/article20808.htm
Paulson and Bernanke Stampede Washington - Continue Raid On The Public Purse
Citing Grave Financial Threats, Officials Ready Massive Rescue
By Binyamin Appelbaum and Lori Montgomery
The Bush administration is urgently preparing a massive intervention to" revive" the U.S. financial system, including a plan to sweep away the unpaid loans that are choking banks and blocking the flow of money to borrowers. - Paulson and Bernanke presented a "chilling" picture of the state of the financial system, according to a participant in the meeting who spoke on condition of anonymity.
http://www.informationclearinghouse.info/article20807.htm
http://freepage.twoday.net/search?q=Federal+Reserve
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