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 […]

A Stimulus to What? Delusions Prevail in Washington

By Paul Craig Roberts 21/01/08 “ICH” — — With his tax rebate policy, President Bush has put economic policy back on a Keynesian basis. Will it work? During the two decades it was in effect, supply-side economics had restorative effects on the American economy. Its predecessor, Keynesian demand management, stimulated demand more than supply. Consequently, […]

Udate: US recession fears wipe £77bn from London shares

London’s FTSE 100 fell to an 18-month low as markets took a dim view of President Bush’s plan to fight off a US downturn Patrick Hosking and Leo Lewis About £77 billion was wiped from UK blue chip share values this morning as fears of a US recession reverberated around the globe, sending the FTSE […]

Corporate Default Risk Soars to Record on Ambac Ratings Cut

By Hamish Risk and Abigail Moses Jan. 21 (Bloomberg) — The risk of European companies defaulting soared to a record on concern credit ratings cuts at bond insurers Ambac Financial Group Inc. and MBIA Inc. may trigger forced asset sales and worsen credit market turmoil. Credit-default swaps on the Markit iTraxx Europe index of 125 […]

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 […]

Calm MFS NZ ‘unfazed’

MFS New Zealand has substantial amounts both borrowed from and loaned to entities associated with its troubled parent company. Queensland-based MFS had about A$1 billion (NZ$1.16 billion), or 70 per cent of the company’s value, shorn from it on Friday over worries about its debt levels. Yesterday MFS chief executive Michael King resigned, replaced by […]

The Fraud of Bushenomics: They’re Looting the Country.

The New York Times made it official. The Economy is a problem! So, now, at last we can discuss it. Not just discuss it, in rapid order “recession” became the word of the day, from White House, Congress, the Fed and the media. It’s blamed, mostly, on the subprime crisis. But that’s not the problem. […]

Shares suffer biggest fall since 9/11

The FTSE 100 on Monday suffered its biggest one-day fall since the attacks on the World Trade Centre more than six years ago as the worst fears about the prospects for the global economy took hold. In a tumultuous session, the index was down as much as 5.7 per cent to 5,571.0 as dealers capitulated […]

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 […]

Mortgage writedown leads to massive Merrill Lynch loss

Did I mention that Merrill Lynch was the bank that John Key worked for, and that one of his positions with this bank was; Head of Bonds and Derivatives Europe. The very products that are now causing the credit crunch. And did I mention that these financial products were developed by the bank John Key worked for […]

The banks’ £4bn protection racket

After a record fine for an ‘extortionate’ loan protection scheme, customers are urged to claim back what they are owed By Martin Hickman, Consumer Affairs Correspondent Published: 17 January 2008 A new scandal is brewing in the personal finance industry that could dwarf the revolt against overdraft charges which has tarnished the reputation of the banks […]

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 […]

Citigroup’s Layoffs Could Reach 24,000 This Year

Citigroup plans to announce a writedown of as much as $24 billion and layoffs that could total as much as 24,000 due to subprime and credit-related losses, CNBC has learned. Oliver Quillia for cnbc.com Citigroup plans to announce a $24 billion writedown and layoffs that could total as much as 24,000. The plans will be […]

2008 election charade, part 2: White House bought by big money

Jan 15, 2008, 00:18 Email this article  Printer friendly page As previously written, the 2008 election is a manipulation, rigged by political elites working behind sock puppet candidates. This fact is even more obvious when one follows the money. What big money interests want OpenSecrets.org is one vital resource that tracks campaign money flows in detail, and virtually in […]

2008 presidential charade promises deepening of government criminality and expansion of war

By Larry Chin Online Journal Associate Editor Jan 10, 2008, 00:49 Email this article  Printer friendly page Every election in modern US history has been a criminal manipulation, choreographed and rigged by political elites and performed by hand-picked elite puppets, each backed by their teams of corrupt war criminals, intelligence/security “advisors” and think tank assets. The 2008 affair will […]

Subprime Litigation Wave Hits Merrill Lynch

Investors undoubtedly were angry after Merrill Lynch announced on October 24, 2007 (here) that the company’s 3rd quarter results included “write-downs of $7.9 billion across CDOs and subprime mortgages, which are significantly greater than the incremental $4.5 billion write-down Merrill Lynch disclosed at the time of its earnings pre-release.” The $3.4 billion write-down increase less […]

ECB warns crashing dollar may stop Fed cuts

On a day when Citigroup announces an $18 billion write-down on subprime, news of Alan Greenspan’s latest consulting gig brings to the forefront a painful reminder that not everyone was hurt by the mortgage-market meltdown. The former Federal Reserve chairman—the very man whom many blame for ushering in the housing collapse with his bargain-basement interest-rate […]

Citi Loses Almost $10B, Slashes Dividend

 largest quarterly deficit in its 196-year history, and slashed its dividend and 4,200 jobs as it recorded a mammoth write-down for bad bets on the mortgage industry.The nation’s largest bank wrote down the value of its portfolio by $18.1 billion. It also boosted loan-loss reserves by $4.1 billion, signaling further problems in its consumer businesses […]

Subprime lender to file for bankruptcy

NEW YORK (AP) — Friedman Billings Ramsey Group’s mortgage lending arm, First NLC Financial Services, will file for bankruptcy protection and plans to liquidate because demand among investors for home loans has vanished, the investment bank said Monday. First NLC Financial Services, which FBR bought in February 2005 for $100.8 million, plans to file for […]

US subprime lenders targeted blacks, poor: report

WASHINGTON (AFP) — US mortgage lenders targeted minorities and people with low incomes in recent years as the “best candidates” for subprime home loans, with devastating economic consequences, a report claimed Tuesday. The report by the United for a Fair Economy (UFE) advocacy group said subprime mortgages, home loans issued to Americans with scant finances, […]

Housing: A Fresh Jolt of Bad News

Getty Images In case you were still harboring a tiny bit of optimism about the U.S. housing sector, just take a look at a couple of headlines from Jan. 8. KB Home (KBH) President and Chief Executive Officer Jeffrey Mezger said in a conference call with investors that he sees “no sign” that the sinking […]

‘Shocking’ sales results from M&S deepen fears of recession in UK

Pressure mounts for rate cut; Forward sales slump at Persimmon; UK economy ‘vulnerable’ By Sean O’Grady, Economics Editor and Nikhil Kumar Published: 10 January 2008 Fears of a consumer recession hit stock marketsyesterday after Marks & Spencer’s third-quarter trading results were described as “shocking” by analysts, while the influential World Economic Forum warned that the UK […]

US credit crisis pushes up NZ mortgages

The US credit crunch has finally hit New Zealand home-buyers directly in the form of rising mortgage rates. Westpac yesterday raised its fixed rate mortgages by 20 points, taking its two-year fixed rate from 9.4 per cent to 9.6 per cent. The increase matches moves by New Zealand’s largest bank, ANZ National, within the last […]

Aussie banks exposed to sub-prime crisis

Australia’s biggest four retail banks, which own New Zealand’s top five banks, have a A$850 million (NZ$972 million) direct exposure to the troubled United States sub-prime mortgage market, The Australian newspaper reported today. The Commonwealth Bank of Australia, National Australia Bank, ANZ Group and Westpac’s exposure comes through investments in troubled US mortgage group Countrywide […]

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 […]