The World As We Know It Is Going Down


Moguls Steal Home While Companies Strike Out

Bill Moyers and Michael Winship, Truthout: "From our offices in Manhattan, we look out on the tall, gleaming skyscrapers that are cathedrals of wealth and power - the Olympus ruled by the gods of finance, the temples of the mighty, the holy of holies, whose priests guard the sacred texts of salvation - the ones containing the secrets of subprime lending and derivatives as mysterious and elusive as the Grail itself."


In Hard Times, Tent Cities Rise Across the Country

Since foreclosure mess, homeless advocates report rise in encampments.

Escape of the bankrupt

The world's financial markets remain at the eye of a perfect economic storm.- In the most glaring example of capitalism gone wrong, the Russian stock market was forced to close its doors for the second consecutive day yesterday. For a system that is built and flourishes on confidence, the future is extremely uncertain.

Where's Our Bailout?

Almost overlooked in this morning's extraordinary headlines about government intervention to protect the nation's financial system from collapse was the failure of the House of Representatives on Thursday to act on a $50 billion stimulus package for the rest of us.

For AIG, $85 billion might not be enough

AIG had $971.7 billion of liabilities at the end of June, but a subsidiary also has about $447 billion of credit derivatives on its books. That compares with a little more than $1 trillion of assets.

Tab for Government Rescues Rises to $900 Billion

The U.S. Federal Reserve stepped in to rescue insurance giant American International Group from bankruptcy with an $85 billion loan on Tuesday. The action brings the total tab for government rescues and special loan facilities this year to more than $900 billion. Following are details of actions and amounts...

Fannie Mae and Freddie Mac Invest in Lawmakers

When the federal government announced two months ago that it would prop up mortgage buyers Fannie Mae and Freddie Mac, CRP looked at how much money members of Congress had collected since 1989 from the companies.

Confessions of a sub-prime mortgage baron

Across the US, an estimated 2.5 million people are in danger of losing their homes to foreclosure this year as a result of the sub-prime mortgage crisis. Bitner's description of day-to-day business at Kellner is an eye-watering glimpse of the industry's slide into anarchy.

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