Massachusetts Accuses Merrill of Fraud

The top securities regulator in Massachusetts accused Merrill Lynch on Friday of defrauding the city of Springfield with subprime-linked investments, casting light on how Wall Street banks sold complex mortgage securities that are now plummeting in value as the housing slump deepens. Skip to next paragraph Stephan Savoia/Associated Press William Galvin, Massachusetts secretary of state, […]

Stagflation is Here

War—after all, what is it that the people get? Why—widows, taxes, wooden legs and debt. Samuel B. Pettengill “Armies, and debts, and taxes are the known instruments for bringing the many under the domination of the few. James Madison, 4th U.S. President (April 20, 1795) “Let me issue and control a nation’s currency and I […]

Why the right loves a disaster

Ideologues use times of crisis as an opportunity to foist their economic policies on desperate societies. By Naomi Klein January 27, 2008 Moody’s, the credit-rating agency, claims the key to solving the United States’ economic woes is slashing spending on Social Security. The National Assn. of Manufacturers says the fix is for the federal government […]

Stocks fall after Bush announces stimulus plan

Wall Street resumed its downward trek Friday as skittish investors, unable to hold on to much optimism about the economy, drew little comfort from President Bush’s stimulus plan. Investors had already pulled back from a big early gain, with the major indexes trading mixed as Bush began to speak. By the time the president finished […]

Citibank Restricts Wire Transfers & ATM Withdrawals

Here’s a story that’s flown under the radar. Citibank (NYSE: C) is in serious trouble. You probably already knew that, given the fact the banks’ been begging for billions from SWFs. But did you know that in late December Citibank quietly announced a restriction on wire transfers? The bank told customers that outgoing wire transfers […]

What will we do if big two go bust?

They don’t know it, but taxpayers stand to lose billions as the housing bubble bursts. And in a bipartisan effort to “do something” to save the housing market, President Bush and the Democratic Congress appear set to put taxpayers on the hook for billions more. Until now, losses in the housing world have been confined […]

Bossess hould share big bucks with their workers

Fat cat executives – some earning more than 100 times the average wage – should be sharing their wealth with their workers, says a top Kiwi commentator. Corporate liaison for the New Zealand Shareholders Association and businessman Des Hunt said good bosses spread the benefits of an organisation rather than lining their own pockets. “What […]

The Post-Bush Regime: A Prognosis

In order to understand why John Key should not even be allowed to be in politics  it is necessary to have some understanding who it is that really makes the decisions behind the scenes, and what their interests are. It turns out that the world is essentially run by a very small clique of extremely […]

Former media mogul Conrad Black jailed

CHICAGO, Illinois (CNN) — A federal judge Monday sentenced former media tycoon Conrad Black to 6.5 years in prison for his role in defrauding shareholders and skimming $60 million from his Hollinger International newspaper conglomerate. Conrad Black’s media empire once stretched across three continents. Black, 63, was convicted in July of mail fraud and obstruction […]

Fed seems poised to lower interest rates

A lot has changed since the Federal Reserve hinted two months ago that it might be finished cutting interest rates for a while. Credit has become harder to obtain, Wall Street has convulsed again and the housing slump has intensified. As a result, policymakers at the central bank now appear to have changed their minds […]

National Debt Grows $1 Million a Minute

WASHINGTON (AP) — Like a ticking time bomb, the national debt is an explosion waiting to happen. It’s expanding by about $1.4 billion a day — or nearly $1 million a minute. What’s that mean to you? It means almost $30,000 in debt for each man, woman, child and infant in the United States. Even […]

“A Generalized Meltdown of Financial Institutions”

By Mike Whitney  Reality has finally caught up to the stock market. The American consumer is underwater, the banks are buried in debt, and the housing market is in terminal distress. The Dow is now below its 200-Day Moving Average — the first big “sell” signal. Anything below 12,500 could trigger program-trading and crash the […]

Dollar Crash: The Real Challenge For OPEC

At its recent summit in Riyadh, the Organization of Petroleum Exporting Countries faced an unprecedented crisis: the price of oil was edging up towards the $100 per barrel mark, as the dollar itself was continuing its inexorable slide on all financial markets. Although the Saudi hosts were eager to keep the dollar’s agony out of […]

Property overtakes manufacturing as biggest employer

New Zealanders not only spend most of their money on property, but looking after it has now outstripped manufacturing as the country’s biggest employer. Statistics New Zealand’s Linked Employer-Employee Data (LEED) series showed 238,200 people were employed in property and business services during the September 2006 year, up 3 percent from 2005. The manufacturing industry […]

Top-level leak of arms case evidence

Are “the powers that be” trying to manufacture consent for a wider, less discriminatory  anti terror law?(travellerev) Secret police evidence in the anti-terror case has been leaked in what appears to be a high level security breach, prompting calls for an inquiry. Crown lawyers last night stopped TV3’s Campbell Live from broadcasting evidence in files prepared […]

7 Countries Considering Abandoning the US Dollar (and what it means)

By Jessica Hupp It’s no secret that the dollar is on a downward spiral. Its value is dropping, and the Fed isn’t doing a whole lot to change that. As a result, a number of countries are considering a shift away from the dollar to preserve their assets. These are seven of the countries currently […]

The Economic Consequences of Mr. Bush

The next president will have to deal with yet another crippling legacy of George W. Bush: the economy. A Nobel laureate, Joseph E. Stiglitz, sees a generation-long struggle to recoup. by Joseph E. Stiglitz December 2007 The American economy can take a lot of abuse, but no economy is invincible. When we look back someday […]

Anatomy of a credit crisis

Northern Rock’s collapse and Citigroup’s disastrous losses stem from the same roots, planted a decade ago, but still not widely understood By Sean Farrell Published: 06 November 2007   With the credit crisis entering a new and possibly more dangerous phase, and Wall Street heads rolling left, right and centre, the question on everyone’s lips – […]

Oil hunters turn to West Coast

Doesn’t it feel good to be considered one of the most industry-friendly countries by a Petroleum CEO?  Petroleum explorers have laid claim to over 15,000 square kilometres of the offshore West Coast basin, as oil hits record prices and nears peak production. Crown Minerals has granted the New Zealand subsidiary of a United States oil […]

I Don’t Think That’s What They Mean By “Golden Opportunity”

Would you like your parents to be taken care of by the Carlyle group? A caravan of over 200 healthcare workers organized by the SEIU arrived in Washington DC today to demonstrate outside the Carlyle Group headquarters. What does that have to do with Jeralyn Merritt’s mom? Jeralyn’s mom lives in a Manor Care facility. […]

Key reveals briefing by SIS chief

The Security Intelligence Service has issued a rare public statement to dispel speculation it was involved in this week’s police operation that culminated in the arrest of 17 alleged activists. Yesterday, Prime Minister Helen Clark, who is the minister responsible for the service, refused to comment on National Party claims that the service had briefed […]

Japan and China lead flight from the dollar

Japan and China led a record withdrawl of foreign funds from the United States in August, heightening fears of a fresh slide in the dollar and a spike in US bond yields. The US requires $70bn a month in capital inflows to cover its current account deficit Data from the US Treasury showed outflows of […]