Filed under: central bank, Credit Crisis, david walker, DEBT, Dollar, Economic Collapse, economic depression, Economy, fannie mae, freddie mac, GAO, George Bush, Great Depression, Greenback, housing market, Inflation, mortgage companies, neocons, real estate, Stimulus Package, Stock Market, subprime, subprime lending, tax rebates, Uncategorized, US Economy
US debt now at an astonishing $53 trillion
SF Gate
July 17, 2008
As the Bush administration proposes backstopping mortgage giants Fannie Mae and Freddie Mac with a $300 billion line of credit and Congress contemplates another economic stimulus, the question is who will bail out the government?
“People seem to think the government has money,” said former U.S. Comptroller General David Walker. “The government doesn’t have any money.”
A rare consensus has developed across the political spectrum that the government’s own fiscal affairs are precarious, with an astonishing $53 trillion in long-term liabilities, according to the Government Accountability Office.
Filed under: Bank of America, bernanke, Big Banks, central bank, China, citigroup, countrywide, Credit Crisis, david walker, DEBT, Dow, Economic Collapse, economic depression, Economy, Federal Reserve, food prices, gaza, glenn beck, gold, Goldman Sachs, Great Depression, Greenback, henry paulson, housing market, Inflation, interest rate cut, interest rate cuts, Japan, job market, JP Morgan, Merrill Lynch, rate cut, Ron Paul, Stock Market, subprime, subprime lending, Tony Blair, UN, unemployment, US Economy, US Treasury
Fed Ready To Cut Rates Again
ABC
January 10, 2008
Federal Reserve Chairman Ben Bernanke pledged Thursday to slash interest rates yet again to prevent housing and credit problems from plunging the country into a recession.
The Fed chief made clear the central bank was prepared to act aggressively to rescue a weakening economy. “We stand ready to take substantive additional action as needed to support growth and to provide adequate insurance against downside risks,” he said.
Glenn Beck Interviews U.S. Comptroller General
http://www.youtube.com/watch?v=I-16u9x3tfE
UN: US recession could cause global slowdown
http://rawstory.com/news/200.._global_0110.html
‘Brace yourselves, taxpayers of America. You’re going to help Bank of America finance its $4 billion buyout of Countrywide’
http://mparent7777-2.blogspot.com..urselves-taxpayers-of-america.html
Tony Blair To Join JP Morgan
http://news.yahoo.com/s/nm/2..nm/jpmorgan_blair_dc
Jobless Claims Fell By 15, 000 Last Week
http://www.reuters.com/article/businessN…dName=businessNews
Paulson Sees `No Evidence’ Housing Decline Is Ending
http://www.bloomberg.com/apps/news?p..JukkXAFuWo&refer=home
Japanese Stocks Tumble on Goldman U.S., Domestic Recession Call
http://www.bloomberg.com/apps/news?pid=..LlqAo&refer=japan
Write-down at Merrill Lynch may hit $15 billion
http://www.iht.com/articles/2008/01/11/business/11wall.php
Helicopter Ben About to Shift the Confetti Shredder Into Afterburner
http://blacklistednews.com/view.asp?ID=5243
Food Crisis In Gaza
http://afp.google.com/article/ALeqM5h4RRlEa_z4MbOnNbq_n6O_H8g_Sg
Dow Drops Nearly 250 Points
http://biz.yahoo.com/ap/080111/wall_street.html?.v=40
Gold Hits Record After Bernanke Speech
http://www.breitbart.com/article.php?id=D8U36JQO2&show_article=1
Goldman Sachs sees recession in 2008
http://biz.yahoo.com/rb/080109/usa_economy_goldman.html
Merrill Lynch: Recession “Has Arrived”
http://news.bbc.co.uk/2/hi/business/7176255.stm
Chinese & Kuwaitis Bail Out Citigroup
Ron Paul: Get Back to Gold
‘Shocking’ sales results from M&S deepen fears of recession in UK
National Bureau of Economic Research: “Odds Of Recession More Than 50%”
Jim Rogers Says U.S. to Have Worst Recession `in a While’
Gold futures back off in early U.S., near $900/oz
Gold Forecast for 2008
noworldsystem.com 