America and China Joined at the Hip

By DAVE LINDORFF

With the government now having spent over $800 billion in less than a year shoring up tottering financial companies that had become little more than casinos (and rigged ones at that), America is looking increasingly like China, a country where the state has been gradually getting out of the business of directly owning companies.

//www.informationclearinghouse.info/article20797.htm



The Meaning of the Collapse of Lehman Brothers

By Sam Marcy

The following article, written by Workers World Party chairperson Sam Marcy in the April 26, 1984, issue, holds tremendous lessons today as a growing number of Wall Street firms are collapsing with no end in sight. The root cause of the Lehman Brothers' crisis 24 years ago was attributed to its merger with Shearson/American Express.

//www.informationclearinghouse.info/article20801.htm



Socialism or Barbarism

By Frank Scott
//www.informationclearinghouse.info/article20805.htm



No Bull

On Ethics, Deregulation and Financial Chaos

By William A. Cohn

US government policy has encouraged recklessness - most recently by taking extraordinary measures to privatize gains while socializing losses. As part of the agenda of its so-called ownership society (excepting ownership of responsibility by powerful bankers and insurers who fail) the govt. even sought to privatize public obligations - recall the Bush proposal to privatize social security. So why not play fast and loose if the rules are heads I win tails you lose?

//www.informationclearinghouse.info/article20800.htm



You've Been "Shafted" (Again)

By Larry Dorshkind

The ultimate tax obligation of your family figure is humongous? Just to give you a little sense of the scale, though, the present $9.5 trillion National Debt works out to be $38,000 per person (based on 250,000 Americans who can be expected to pay taxes). Therefore, for your 6-member family unit, your obligation for the current National Debt is $228,000.

//www.informationclearinghouse.info/article20802.htm



The MSM Jumps on the Economic Bandwagon

By Kathy Sanborn

So the US economy is on the brink? Yawn. Tell me something I didn't know at least two years ago. Now the mainstream media have been given the green light to announce, bold as you please, that we are in for some pretty tough times, but Internet news and blog readers have known about our faltering financial system for a long, long time. Now, in the mainstream press, it has become popular to state the obvious: the country is broke.

//www.informationclearinghouse.info/article20806.htm



Corporations Not Paying Income Tax

By LYNNLEY BROWNING

Two out of every three United States corporations paid no federal income taxes from 1998 through 2005, according to a report released Tuesday by the Government Accountability Office, the investigative arm of Congress.

//www.informationclearinghouse.info/article20799.htm



Senate Passes $612 bln Defense Spending Bill

By Jim Wolf

The U.S. Senate on Wednesday overwhelmingly approved a $612.5 billion defense spending bill for fiscal 2009, including $70 billion for operations in Iraq and Afghanistan. As passed on an 88-8 vote, the measure would authorize $103.9 billion for Pentagon procurement, $1.2 billion more than President George W. Bush's request. Overall, Bush had asked for $611.1 billion for national defense.

//www.informationclearinghouse.info/article20796.htm



The Point of No Return

By Mike Whitney

Neither China nor the Saudi princes are buying any more failing investment banks. They'll leave that to the US taxpayer.

//www.informationclearinghouse.info/article20811.htm



Grasping at Straws

By Mike Whitney

If Paulson is not removed and his rescue plan scrapped altogether; the dollar will lose its position as the world's reserve currency and the US government will face a historic funding crisis as foreign sources of capital dry up. That will thrust the country into a hyper-inflationary depression.

//www.informationclearinghouse.info/article20828.htm

--------

Understanding the Crisis
//www.lewrockwell.com/rockwell/understanding-the-crisis.html

The SEC’s Second-Hand Socialism
//www.lewrockwell.com/rozeff/rozeff221.html

Dispossession by Decree
//www.lewrockwell.com/grigg/grigg-w46.html

Will Government Bail Out Chili Mac?
//www.lewrockwell.com/orig9/masty2.html



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