The Psychology Of The Taliban

Just to give you an idea of how powerful the Taliban is in both Afghanistan and Pakistan. ——————————– By Adeel Malik December 08, 2008 “Information Clearinghouse” — Just today, the Taliban have struck in the heart of NWFP (North West Frontier Province), inside Peshawar and set fire to 62 containers and other 100 vehicles that […]

Rare insight of SAS operations in AfghanistanAustralian SAS Units Function as Death Squads in Afghanistan

The good new just keeps on coming. ——————————– By James Cogan December 11, 20008 “WSWS” — An Australian Defence Department (ADD) report published in October, and highlighted on November 26 by the Australian Broadcasting Corporation’s “Lateline” program, provides a rare account of the shameful operations being performed by the Australian military as part of the […]

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 […]

Stormy times ahead?

Economists are predicting unemployment to double to between 6 and 7 per cent if the international credit crunch turns critical here. ANZ chief economist Cameron Bagrie predicts that, at best, the unemployment level will increase from 3.4 to 5 per cent as tightening credit conditions hamper economic growth. If the credit crunch grips New Zealand, […]

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 […]

After subprime debacle, U.S. wrestles with question of bank bailouts

John Key was working for banks who were at the forefront of those who developed these fantastic new financial innovations. He worked for the Bankers Trust; one of the first banks that started to experiment with these funky new “securitized investment vehicles”. In fact while working for Merrill Lynch he worked for a while as […]

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 to Blame for the Mortgage Carnage and Coming Financial Disaster? Unregulated Free Market Fundamentalism Zealotry

The sub-prime and overall mortgage carnage is now likely to lead to a financial crisis whose cleanup and bailout costs will make the S&L bailout bill look like spare change. We are only at the beginning of this fallout but, already, several proposals and bills in Congress have been submitted to help millions of sub-prime homeowners […]

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 […]

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 […]

Why the attacks on 9/11 should still matter to New Zealanders today?

On 13 January 2008 in the first session of the year of the Japanese Defense and Foreign Affairs Committee  Senator  Yukihisa Fujita leader of the opposition who might very well one day become the prime minister of Japan made a presentation of evidence casting doubt on the official US version of the attacks on New York […]

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 […]

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 […]

America’s middle classes are no longer coping

 By Robert Reich 30/01/08 “FT” — – 28/01/08 — It is an election year and the US economy is in peril of falling into recession or worse. Not surprisingly, Washington is abuzz with plans to prevent it. President George W. Bush has proposed a $150bn stimulus package and all the main presidential candidates are offering […]

FBI quizzes companies over sub-prime collapse

The FBI is investigating 14 corporations for possible accounting fraud and other crimes related to the sub-prime lending crisis. Neil Power, chief of the bureau’s economic crimes unit, would not identify the companies, though he said the cases involved “valuation-type stuff”. The probes included reviews of sub-prime lenders, housing developers and Wall St banks that […]

Fed cuts rate for 2nd time in 8 days

WASHINGTON (AP) — The U.S. Federal Reserve on Wednesday cut a key interest rate for the second time in just over a week, reducing the federal funds rate by a half point. It signaled that further rate cuts were possible. Ben Bernanke, chair of the Federal Reserve, which Wednesday cut its key rate for the […]

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. […]

MORTGAGE MELTDOWN

Interest rate ‘freeze’ – the real story is fraud Bankers pay lip service to families while scurrying to avert suits, prison Sean OlenderNew proposals to ease our great mortgage meltdown keep rolling in. First the Treasury Department urged the creation of a new fund that would buy risky mortgage bonds as a tactic to hide […]

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 […]