Divining the News (DTN)

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Archive for September 25th, 2008

Astonishing Economic Headlines

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Astonishing Economic Headlines

Picture from: http://www.boston.com/bostonglobe/editorial_opinion/cartoons/09_22_08_inktank?pg=2

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Obama’s embrace of bailout wins favor on Wall Street doran, 06:42:52 09/25/08 Thu
Democratic presidential candidate Barack Obama has seized upon the financial crisis to increase his support within the US financial elite by giving all-out backing to a federal bailout of Wall Street and providing assurances that an Obama administration will be a reliable and ruthless defender of corporate interests.
http://www.wsws.org/articles/2008/sep2008/obam-s25.shtml

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Total Notional Value Of Derivatives Outstanding Surpasses One Quadrillion

and here I thought it was only 513 Trillion,
as Dennis Kucinich stated the other day…

http://www.jsmineset.com/

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Written by morris

September 25, 2008 at 12:48 pm

commenters know best from the 24th Sept.

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commenters know best from the 24th Sept.

doran, hah, you finally missed one. mudturtle, 20:27:57 09/24/08 Wed
McCain met with Her Royal Highness Lady de Rothschild this morning instead of focusing on the economy today

http://www.americablog.com/2008/09/mccain-met-with-her-royal-highness-lady.html

the bankers have rigged the market skys39, 20:20:36 09/24/08 Wed
goldman rockets before annoucement…http://www.reuters.com/article/businessNews/idUSTRE48N7VR20080924?feedType=RSS&feedName=businessNews

Whistleblowers Tried to Stop Market Meltdown & Need to be Protected in Any Fix doran, 20:20:10 09/24/08 Wed
Like Sherron Watkins at Enron, an American Century whistleblower warned of the threats posed by fraud and questionable loan practices. A general counsel at New Century, a major subprime lender, warned about the consequences of continuing to offer flexible rate loans to individuals when the company knew they could not afford to pay after the inevitable rate increase. http://abajournal.com/… An SEC enforcement attorney specifically warned of the current crisis when investigating hedge fund corruption. The SEC fired him and suppressed the oversight. http://www.whistleblower.org/… As early as 2004, the chief risk officer at Freddie Mac warned the CEO that the company’s financial health was threatened by ongoing financing of questionable loans. He was right, but was ignored. http://www.nytimes.com/…
http://www.opednews.com/articles/Whistleblowers-Tried-to-St-by-Jesselyn-Radack-080924-582.html

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Written by morris

September 25, 2008 at 2:16 am

Posted in bailout, Dollar, economy, war

Tagged with , , , ,

Bloomberg.com: America Must Rescue the Bonuses at Goldman Sachs: Michael Lewis

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Last year Goldman paid its employees $20 billion, … Blankfein took home $68.5million, and many … took home $10 million or more.

The knives are out, even Bloomberg the supporter of the wealthy, is giving air to those that are saying enough is enough.

The powers that be – have to give up and accommodate, they have to compromise their principles and their way of life. Yes it will appear like the riff raff will take over. But all the tricks don’t work any more.

Whether the trick is a war, a false flag, an agent provocateur, its all dirty dusty stuff.

Bloomberg.com: Opinion

Updated: New York, Sep 24 19:47

Commentary by Michael Lewis

Sept. 24 (Bloomberg) — Anyone who caught even a sliver of yesterday’s hearings in the U.S. Senate on the proposed Treasury bailout of the mortgage-backed securities market knows that the current financial crisis is far from over. Suddenly all sorts of previously unthinkable catastrophes seem possible.

The total collapse of the global financial system is one thing –everyone at Davos in January saw that coming. But the shrinkage of the Goldman Sachs Group Inc. bonus pool is another. Whatever else the Treasury achieves it must know that if the employees of Goldman suffer any sort of pay cut, it will be judged to have failed. And our country may never recover.

Last year Goldman paid its employees $20 billion, 44 percent of the firm’s revenue. Chief Executive Officer Lloyd Blankfein took home $68.5million, and many otherwise ordinary human beings took home $10 million or more.

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Written by morris

September 25, 2008 at 1:31 am

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