World-News

Licensed Kleptocracy for Years to Come

By Michael Hudson

Wall Street is in control, but its policies are so shortsighted that they are eroding the underlying economy - which is passing from democracy to oligarchy, and indeed it seems to a bipartisan financial kleptocracy.

http://www.informationclearinghouse.info/article21066.htm



What Went Wrong in the Capitalist Casino?

By Tony Benn

What we are watching is nothing less than the steady transfer of real political power from the polling station to the market and from the ballot to the wallet - reversing the democratic gains we have made over the last century when we were able, increasingly, to use our votes to shape our economic future.

http://www.informationclearinghouse.info/article21062.htm



Why Wont The Bail Out Work?

Video

Voters are rightly furious at the proposal to spend $700,000,000,000 that the government doesn't have to bail out Wall Street bankers who created the current economic crisis in the first place. But why then aren't we concerned about the trillions of dollars the Federal Reserve is pumping into the system? Or the trillions missing from the Pentagon? Or the quadrillion dollar derivatives bubble.

http://www.informationclearinghouse.info/article21071.htm



Layoffs spreading across corporate America

Shock waves from the global financial crisis are now being felt in almost every corner of working America as companies press the eject button on increasing numbers of employees.

http://www.reuters.com/article/newsOne/idUSTRE49G5N420081017



Homeless numbers 'alarming'

More families with children are becoming homeless as they face mounting economic pressures, including mortgage foreclosures, according to a USA TODAY survey of a dozen of the largest cities in the nation.

http://www.usatoday.com/news/nation/2008-10-21-homeless_N.htm


From Information Clearing House

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Any Pay Cuts on Wall Street Yet?

Dean Baker, Truthout: "Congress assured us that there would be no more big paychecks for incompetent Wall Street bankers when they passed their bailout bill. They told us that the tough pay provisions would put an end to the multimillion-dollar payouts to these folks."

http://www.truthout.org/102108R

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No Golden Parachutes for the Working Poor
http://www.commondreams.org/headline/2008/10/21-6

Current Crisis Demonstrates Anti-Democratic Nature of Financial System
http://www.commondreams.org/headline/2008/10/21-1

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Fed announces new plan to help money market funds

Las Vegas Review-Journal

10/21/08

First, it was the banks. Now the Federal Reserve has come to the aid of money market funds as the government seeks to break the credit logjam that threatens the global economy. A week after the government announced it would spend $250 billion to buy stakes in U.S. banks, the Fed stepped up Tuesday to help money market funds that have been squeezed by worried investors demanding to cash out their holdings. Meanwhile, the Treasury named two accounting firms to help manage the $700 billion bailout package...

http://tinyurl.com/6m7j5z



Taxpayer-funded bank mergers?

Tom Paine/Our Future
by Isaiah J. Poole

10/21/08

The New York Times reported Tuesday that the Treasury Department is considering using part of a $250 billion fund associated with the Wall Street bailout effort to help facillitate bank mergers. Is this a good idea? The surprising answer in this video from Dean Baker of the Center for Economic and Policy Research highlights why it’s important for grassroots activists to stay informed and stay active as federal officials move quickly, with no real congressional or public input, to reshape the financial landscape...

http://tinyurl.com/6hlaym


Informant: Thomas L. Knapp



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