Allco’s Value Getting Close to Zero

Oh oops, another one bites the dust. Terry McCrann of the Herald Sun referred to Allco Finance Group (ASX:AFG) as “Mini-Mac” the other day. What he meant was that the company has similarities to Macquarie Group (ASX:MQG). If we were Macquarie Group, we’d be downright insulted. How are the two similar? Well they’re both leveraged […]

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 […]

Crisis may make 1929 look a ‘walk in the park’

Meet some of John Key’s palls. And wonder if you want someone who adheres to the same principles is your first choice as Prime minister of New Zealand. As central banks continue to splash their cash over the system, so far to little effect, Ambrose Evans-Pritchard argues things are rapidly spiralling out of their control […]

ARM Teaser Freezer Plan Designed To Help Banks, Not the Market

So it was that Henry Paulson came up with an idea… the ‘teaser freezer‘ plan. The ARM teaser freezer is being sold to the public as a way to protect homeowners. But it has another purpose, says a reporter from the San Francisco Gate, to help save the banks from their own bad judgment. “The […]

Failed Lender Makes Grab for Employee Funds

Bankrupt American Home Mortgage is attempting to seize as much as $27 million that former employees set aside from paychecks for retirement, according to an attorney representing them. Employees say Melville, N.Y.-based American Home Mortgage Investment wants to release retirement money from a trust fund to pay off large creditors. The attorney for a group […]

Prepare for prolonged turmoil, says US Treasury Secretary

From The Times September 18, 2007 Suzy Jagger and Gabriel Rozenberg Investors should brace themselves for a prolonged period of market turmoil, Henry Paulson, the US Treasury Secretary, said yesterday as he held emergency meetings with the Chancellor and the French Finance Minister. Mr Paulson flew to London to discuss the financial crisis with Alistair […]

Rising Commodity Prices More Bad News for US Dollar

Posted by Dan Denning on Sep 14th, 2007 The moves in oil, gold, and even wheat are all telling us something. First, they’re telling us that the U.S. dollar is headed for the black pit of currency hell, where poorly managed fiat currencies go to suffer and die. And here’s a question for you: how […]

As We Stand on the Brink of Catastrophe, Bio-Fuels are no Magic Bullet

By Debi Barker and Jerry Mander, AlterNet. Posted September 12, 2007.Having made ethanol into this magic elixir, politicians, financial investors, and the occasional environmental organization are masking the need for far deeper investigation and solutions. AdvertisementThe burgeoning reality of global climate change, rooted in a century of over-consumption of fossil fuels, is merging with another […]

Central bankers warn housing crisis could hit whole US economy

BASEL, Switzerland (AFP) – The crisis in the US housing market risks spreading to the whole of the nation’s economy, European Central Bank chief Jean-Claude Trichet said Monday on behalf of world central bankers.Trichet was speaking in his capacity as head of the G10 group of central bankers from industrialised and emerging economies, who met […]