Is it possible that in this historic election that the first debate featuring McBama was actually overshadowed by other news? As lawmakers prepare to vote on the $700 billion dollar bailout (and McCain maneuvers to take the credit), the House approves a trillion dollars in spending- not for the bailout, but to expand the empire.
Operation Itch produces The Hermit with Davis Fleetwood with viewer support. Your donations support this site. Enjoy the videos? Consider a donation. Thank you- D
questions for the comments: 1. Who the hell can shed some light on this derivative market thing? 2. Is the current crisis the start of a a depression, or just a normal bump in the free market road? 3. Investment tips? 4. Is the Hermit video making style derivative of any other? 5. AC/DC- lover em or hate em?
Also – I notice there are some newbies here. If you are wondering what all of this is about, read below the fold: Read the rest of this entry ?
originally posted online by Truthdig.com. You can read the original article here.
With the demise of Fannie Mae, Freddie Mac, IndyMac, Bear Stearns and now Lehman Brothers, we’ve been treated to the failure of more major financial firms than during any year since the Great Depression. The sight of rich bankers getting the boot might be lots of fun if it were just a spectator sport. Unfortunately, we are in the game with these clowns.
As a result of their incompetence, irresponsibility and greed, the housing bubble was allowed to grow to dangerous proportions. Its collapse threw the economy into recession, putting millions of people out of work and lowering the wages of those who still have their jobs. The plunge in house prices has destroyed much of the life savings for tens of millions of people nearing retirement. Read the rest of this entry ?
You know, I shy away from talking about economics, because I feel like someone (yours truly) who can’t keep their bank account above zero for very long, or who famously decided to enter the market on the day the tech bubble burst (my mediaplex stock went from 50 bucks a share to somewhere in the neighborhood of 32 cents a share in a matter of months in the spring of 98 or thereabouts) I found the following article as easy to comprehend as it is horrifying. A kind of cliff notes crystal ball economic vision of the future. -DT
You know you’re in a heap of trouble when the lender of last resort suddenly runs out of money.
Having pumped $100 billion into the banking system and lent $115 billion more to rescue Bear Stearns and AIG, the Federal Reserve was forced to ask the Treasury yesterday to borrow some extra money to replenish its coffers. If there was any good news in that, it was that investors here and abroad were eager to help out, having decided that the only safe place to put their money is in U.S. government securities. Indeed, demand was so brisk at one point yesterday that, for an investor, the effective yield on a three-month Treasury bill was driven below zero, once the broker’s fee was figured in. Read the rest of this entry ?
