Welcome to the USA : Saving Wall Street from itself

But Lehman, with debts of $613bn, overtook Worldcom to become the hugest bankruptcy in US history. Technically the default was not equivalent since Lehman had assets and the object of liquidation was to realise them. ... Continue reading

Will the Crisis Bring Down the Global Financial System? Go Get ...

16 September 2008: The central banks of the US, European Union UK, Japan, Switzerland and Canada set up au$s 180 billion emergecy currency swap fund 17 September 2008: The largest insurance company in the US and the world, American ... Continue reading

Opening Bell: 10.07.08

We all knew it was going to be a bad quarter for BoA, but here's the official figure, announced a week in advance: earnings of $1.18 billion, or 15 cents a share, down 68% from $3.7 billion, or 82 cents a share. ... Continue reading

The great implosion: Capitalist finance system nears meltdown

(Since then, more liquidity in the form of short-term loans have been pumped in by central banks.) Paulson had allowed Lehman and Merrill to collapse, but faced with the possible collapse of a giant insurance company, American ... Continue reading

The End of American Hegemony By Paul Craig Roberts

The 20th century proves that the market is likely to know better than a central planning bureau. It was Soviet Communism that collapsed, not American capitalism. However, the market has to be protected from greed. ... Continue reading

Trip to Honduras

Very little is know about the basic ecology of life history of nearly all Central American salamander species. With Joe and Dan, we found 2 species of Bolitoglossa on the Finca - B. dofleini and B. rufescens. The dates are Nov7-Nov 16 ... Continue reading

THE WORLD today!

Barack Obama, winning more than 2206 delegates (including 441 superdelegates) has succeeded to clinch the Democratic Presidential nomination and Clinton, the most successful female Presidential candidate in US history, ended her ... Continue reading

Daily Dose: 10/06/08

Bank of America is teaming up with celebrity Asian American designer Vern Yip to conduct a makeover at the Tenderloin Family Apartments of Chinatown Community Development Center. The facility offers safe, high-quality affordable housing ... Continue reading

Unfolding Worldwide Turmoil Could Reverse Years of Prosperity

“Quite frankly, what the market is looking for is some kind of coordinated action from central banks around the world.” said Kathy Lien, director of currency research at GFT Forex. The Paulson plan, she added, is like a “Band-Aid for a ... Continue reading

Economic Shocks Getting Worse

Even with our massive bailout package approved and with various other central banks engaged in a number of (apparently) uncoordinated actions, the global economic crisis is getting worse. Of course, no one should have expected our ... Continue reading