Lets Hang Together or We Will Surely Hang Apart!
No More Corporate Welfare for Wall Street
This bailout was a terrible idea. Here’s why.
The current mess would never have occurred in the absence of ill-conceived federal policies. The federal government chartered Fannie Mae in 1938 and Freddie Mac in 1970; these two mortgage lending institutions are at the center of the crisis. The government implicitly [...]
Largest Bank Failure in U.S. History
Sept. 26 (Bloomberg) — Washington Mutual Inc. was seized by government regulators and its branches and assets sold to JPMorgan Chase & Co. in the biggest U.S. bank failure in history.
WaMu became “unsound” after customers withdrew $16.7 billion since Sept. 16, the Office of Thrift Supervision said yesterday. Branches are [...]
Federal Reserve is Bailing Out A.I.G. to the Tune of $85 Billion
The decision, only two weeks after the Treasury took over the federally chartered mortgage finance companies Fannie Mae and Freddie Mac, is the most radical intervention in private business in the central bank’s history.
A major concern is that the A.I.G. rescue won’t be the [...]
Oil Fell Below $100 a Barrel on Friday Yet Gasoline Continues to Rise
NEW YORK (AP) - The worst oil shock since the 1970s has put a permanent mark on the American way of life that even a drop in oil’s price below $100 a barrel won’t erase.Public transportation is in. Hummers are out. Frugality is [...]
The Worlds Largest Superconducting Particle Collider Was Switched On in Switzerland Today
Even though some apprehension led up to the device’s launch, the Large Hadron Collider was switched on today and it successfully fired protons around a 17-mile tunnel. Physicists celebrated all over the world as the “white blips” flashed across the control screens, indicating the [...]
Worst Housing Crisis Since the Great Depression
Sept. 5 (Bloomberg) — Silver State Bank of Henderson, Nevada was closed by U.S. regulators today, the 11th bank to collapse this year amid a surge in soured real-estate loans stemming from the worst housing slump since the Depression.
Silver State, with $2 billion in assets and $1.7 billion in [...]
Mortgage Giants Fannie Mae and Freddie Mac to be Placed Under Federal Control
The government has formulated a plan to put troubled mortgage giants Fannie Mae and Freddie Mac under federal control, dismiss their top executives, and use government funds to prop them up, government officials told the two companies yesterday, according to sources familiar with [...]
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