World-News

For The New York Times, Paul Krugman writes: "A year ago, as the outlines of the current financial crisis were just becoming clear, I suggested that this crisis, unlike a superficially similar crisis in 1998, wouldn't end quickly. It hasn't. The good news, I guess, is that we've been experiencing a sort of slow-motion meltdown, lacking in dramatic Black Fridays and such. The gradual way the crisis has unfolded has led to an angels-on-the-head-of-a-pin debate among economists about whether what we're suffering really deserves to be called a recession. Yet even a slo-mo crisis can do a lot of damage if it goes on for a year and counting."

http://www.truthout.org/article/a-slow-mo-meltdown

--------

The perfect storm leading to a global recession

Recent developments suggest that all G7 economies are already in recession or close to tipping into one. Other advanced economies or emerging markets (the rest of the eurozone; New Zealand, Iceland, Estonia, Latvia, and some Southeast European economies) are also nearing a recessionary hard landing. When they reach it, there will be a sharp slowdown in the BRICs (Brazil, Russia, India, and China) and other emerging markets.

http://www.timesofmalta.com/articles/view/20080818/opinion/the-perfect-storm-leading-to-a-global-recession



Morgan Stanley Says Financial Crisis Will Last: Report

"We will likely see more insolvencies among small U.S. regional banks that have focused on mortgage business".

http://www.cnbc.com/id/26252398



Lehman Brothers in talks over sale of $40bn real estate assets

Lehman Brothers, the Wall Street investment bank, is understood to be in talks to sell its entire $40 billion (£21.5 billion) real estate portfolio in a move to stem losses incurred during one of the worst property slumps since the Great Depression.

http://tinyurl.com/6xfawn


From Information Clearing House



http://freepage.twoday.net/search?q=financial+crisis
http://freepage.twoday.net/search?q=recession
http://freepage.twoday.net/search?q=mortgage
http://freepage.twoday.net/search?q=real+estate
http://freepage.twoday.net/search?q=Great+Depression
http://freepage.twoday.net/search?q=Morgan+Stanley
http://freepage.twoday.net/search?q=Lehman+Brothers
http://freepage.twoday.net/search?q=Paul+Krugman