Economic Glance
Making the rounds on the Sunday morning talk shows, Treasury Secretary Henry Paulson repeatedly said today's financial problems were long in the making. He should know. He was part of the Gold Rush that has brought the global financial system to the brink of collapse.
Paulson presided over one of the most profitable runs on Wall Street as chairman and chief executive officer of investment banking titan Goldman Sachs & Co. from 1999 until President Bush nominated him on May 30, 2006 to take over the Treasury Department.
Can you trust a Wall Street veteran with a Wall Street bailout?
Confessions of a sub-prime mortgage baron
The former loan company boss now sees himself as little better than a mid-rank drug dealer.
"I almost look at the mortgage industry kind of like the drug trade. Wall Street and the investment banks are the Bolivian drug lords," he says. "You look at this and you go: What were we doing? Who doesn't want the feeling of euphoria? Who doesn't like to get money?"
He continues: "Wall Street, the drug lords, were creating this product. Lenders and brokers are the street dealers who were largely making it available based on a consumer desire; a want for it."
Bank of America chief: half of banks won't exist in 5 years
In a speech in Washington, D.C. on Friday, Bank of America Corp. CEO Ken Lewis said he envisions a banking industry that is smaller but better.
He declined to predict when financial markets might recover, but said that many banks will have to merge or be bought out in order to survive.
Failed Bank List
This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership.
Illuminati Bankers Are Making A Killing
I'm not an economist but it seems that the Fed is making a killing on our banking woes. The Fed is creating this "money" out of thin air and using it to buy US Treasury Notes and Bonds. The Treasury (i.e. US taxpayer) are on the hook for these securities plus interest.
So while it looks like the Fed is riding to our rescue, in fact it is doing a very brisk business. And the US is falling so far into "debt" that political independence is a thing of the past.
Stock-market woes highlight risk U.S. families now face
As millions of people watched their 401(k) retirement plans rise and fall this week along with the stock markets, their fears reflect a sweeping revolution in how Americans save for retirement.
Whether it's disappearing work-based health care, the move from traditional pensions to 401(k)s, the push to privatize Social Security or just making it harder to file for personal bankruptcy, these and other social supports and safety nets that were designed to make Americans more secure have been watered down, abandoned or altered so that individuals bear a greater share of the risk and cost.
Chart of who "owns" the Federal Reserve
Chart 1 reveals the linear connection between the Rothschilds and the Bank of England, and the London banking houses which ultimately control the Federal Reserve Banks through their stockholdings of bank stock and their subsidiary firms in New York. The two principal Rothschild representatives in New York, J. P. Morgan Co., and Kuhn,Loeb & Co. were the firms which set up the Jekyll Island Conference at which the Federal Reserve Act was drafted, who directed the subsequent successful campaign to have the plan enacted into law by Congress, and who purchased the controlling amounts of stock in the Federal Reserve Bank of New York in 1914. These firms had their principal officers appointed to the Federal Reserve Board of Governors and the Federal Advisory Council in 1914. In 1914 a few families (blood or business related) owning controlling stock in existing banks (such as in New York City) caused those banks to purchase controlling shares in the Federal Reserve regional banks. Examination of the charts and text in the House Banking Committee Staff Report of August, 1976 and the current stockholders list of the 12 regional Federal Reserve Banks show this same family control.
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