Interview with an investment banker

Just in case you missed it. Investment bankers bet and speculate. In other words they are making money with money. When the banking world was about to collapse because the bet on packets of junk bonds, and were about to be caught out on it they changed their tack. They now bet and speculate on […]

Listed finance companies take beating

Fresh signs of stress are emerging in the finance company sector with two listed companies suffering sharp sell-offs yesterday as the credit crunch shuts down options for firms reliant on the domestic debenture market. Shares in Dorchester Pacific, which last week downgraded its profit guidance, fell as much 23 per cent, ending the day 13c […]

What exactly is National’s Agenda For Work Rights?

CTU MEDIA RELEASE 05 March 2008 What exactly is National’s Agenda For Work Rights? “National needs to start spelling out exactly what it would do with worker rights, after mixed messages from the party on the matter,” CTU president Helen Kelly said, following National Party industrial relations spokesperson Kate Wilkinson’s speech to a business audience […]

Nats would not ban airport sale

Auckland airport has blown up into a big political row after National leader John Key suggested he would not stand in the way of a part-sale to foreign buyers. • Blog: Labour cock-a-hoop over airport move Share prices for Auckland airport tumbled yesterday after 11th-hour changes by the Government effectively blocked a 40 per cent shareholding […]

The Federal Reserve’s rescue has failed

The verdict is in. The Fed’s emergency rate cuts in January have failed to halt the downward spiral towards a full-blown debt deflation. Much more drastic action will be needed.   The Federal Reserve building in Washington Read more from Ambrose Evans-Pritchard ‘Ninja’ loans explode on sub-prime frontline The latest news and views on the […]

Credit crisis turmoil claims new victims

By Stephen Foley in New York and Sean Farrell Thursday, 21 February 2008 Losses resulting from the credit market turmoil – until now largely limited to the world’s biggest investment banks – are starting to be felt much more widely, by wealthy individuals, local government and even sports teams, presaging a new and potentially litigious […]

Who is John Key?

Special report on National leader John Key By GILLIAN TETT and RUTH LAUGESEN – Sunday Star Times | Sunday, 03 February 2008 FIRST LIFE: As a money trader in London it’s speculated John Key was earning $5 million a year – that’s $96,000 a week. AdvertisementHe used to work hand in glove with the foreign […]

Wal-Mart’s distress signal

NEW YORK (CNNMoney.com) — U.S. retailers reported their slowest monthly sales growth in five years, which would further cement fears that American consumers are buckling under the weight of a slowing economy. Leading the way was No. 1 retailer Wal-Mart Stores Inc., (WMT, Fortune 500) which on Thursday reported a big miss in its January […]

US recession could be worst in 20 years

WASHINGTON – The chances of the United States avoiding a recession appear to be growing dimmer by the day, and any contraction in the economy will likely last longer and be more severe than other downturns in the past 20 years. Recent reports have shown the US housing market slump and rising defaults in the […]

America’s Teetering Banking System: “Where did all our deposits go?”

By Mike Whitney 31/01/08 “ICH” — – Somebody goofed. When Fed chairman Ben Bernanke cut interest rates to 3% yesterday, the price of a new mortgage went up. How does that help the flagging housing industry? About an hour after Bernanke made the announcement that the Fed Funds rate would be cut by 50 basis points […]

U.S. Housing Stocks Down $2 Trillion

A trillion here…a trillion there…pretty soon you’re talking real money. U.S. stocks are down about 10% so far this year…that’s about $1.5 trillion lost. U.S. housing stock is said to be down about $2 trillion. And losses from subprime, credit cards, home equity lines, rogue traders…and hanky panky…probably add up to another trillion or so. […]

Borrowers stretched to the limit

In 24 years as president and chief executive officer of Sacramento’s Safe Credit Union, Henry Wirz said he’s never seen such “widespread credit problems in the Sacramento region.” It began last September with rising delinquencies on car loans. By December, the late payments spread to real estate loans. Now, increasingly, borrowers have maxed out their […]

The Mortgage Mogul and His Victims

As banks, money markets and stock exchanges convulse over a sinking American economy, we see the folks sprawled at the bottom of the smoking rubble — debt-crushed American consumers. It is they whose reckless or trusting natures enriched so many, at least for a while, and whose troubled loans have sent markets into panic. But […]

Update: Crash! Biggest fall in shares since September 11

Recession fears wipe £84bn off the value of Britain’s biggest companies as stock markets tumble across the globe By Nick Clark Published: 22 January 2008   It was the day that the fear factor took over. From Asia to South America, share prices tumbled yesterday as the world’s investors gambled that a US recession was now […]

Fed slashes rates in shock move

The Federal Reserve, contrary to its name a private corporate entity, that has been allowed to make money out of thin air and loan it to us against interest is causing this massive depression. They are the perpetrators not the victims. Watch the video “the Money masters” or if you don’t have three hours to […]

Chinese shares close more than 5% lower

    BEIJING, Jan. 21 (Xinhua) — Chinese shares plunged more than 5percent on Monday, as investors dumped stocks amid liquidity concerns sparked by the huge share sale plan of Ping An Insurance.     The benchmark Shanghai Composite Index, which covers both A and B shares, tumbled 266.08 points, or 5.14 percent, to 4,914.44, while the Shenzhen Component […]

Bernanke: Juice the economy ‘quickly’

NEW YORK (CNNMoney.com) — Federal Reserve Chairman Ben Bernanke told Congress Thursday that legislators should enact a fiscal stimulus package in order to help beleaguered consumers as recession fears grow. The comments by Bernanke, who testified before the House Budget Committee, came as a cascade of more bad news about the housing, financial and manufacturing […]

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 […]

U.S. Stocks Decline, Poised for Worst Fourth Quarter Since 2000

Dec. 29 (Bloomberg) — U.S. stocks fell and were poised for their first fourth-quarter decline since 2000 after government reports on durable goods and unemployment reinforced speculation the housing-market collapse will push the economy into recession. Citigroup Inc., JPMorgan Chase & Co. and Merrill Lynch & Co. dropped after Goldman Sachs Group Inc. analyst William […]

Sub-prime crisis is ‘Enron all over again’

The sub-prime mortgage crisis shows the lessons of Enron’s collapse have not been heeded, says Bethany McLean, the Fortune magazine reporter famous for breaking the story that the energy giant was an emperor with no clothes. A lack of transparency, the use of off-balance sheet vehicles and the dodging of responsibility underlie the carnage on […]

Florida Schools Struggle to Pay Teachers Amid Freeze

By David Evans Nov. 30 (Bloomberg) — School districts, counties and cities across Florida sought to raise cash after being denied access to their deposits in a $14 billion state-run investment fund. The Jefferson County school district was forced to take out a short-term loan to cover payroll for the 220 teachers and other employees […]

IMF warns of ‘perfect storm’ that could drag Britain into recession

One of the world’s leading financial experts has warned that a “perfect storm” could be about to hit Western economies. There is rising concern that the U.S. economy will slip into recession next year dragging many Western economies – including Britain – down with it as the global credit crisis worsens. The Washington-based International Monetary […]

Key’s Tuhoe trip questioned

Ok, so the police spends $ 8.000.000,- of tax payers money to investigate alledged “terror activities”in the Uruweras. They have been investiging for over a year. One of the “targets” was; National leader John Key. And than two months before they decide to invade and arrest the alledged perpetrators, John Key visits an isolated Marae […]

The Financial Tsunami: Sub-Prime Mortgage Debt is but the Tip of the Iceberg

Part 1: Deutsche Bank’s painful lesson                  Even experienced banker friends tell me that they think the worst of the US banking troubles are over and that things are slowly getting back to normal. What is lacking in their rosy optimism is the realization of the scale of the ongoing deterioration in credit markets globally, centered in […]

Nats query funding for Chinese miners

The National Party is questioning why taxpayer funding is apparently being used to train coal miners in China on safety issues. The party’s industrial relations spokeswoman Kate Wilkinson said Labour Department officials confirmed to MPs on Parliament’s transport and industrial relations select committee that $84,711 had been granted to the Council of Trade Unions (CTU) […]