Mortgage Crisis
Wall Street sheds jobs amid talk of bank failures
By Andre Damon, June 25, 2008
Job losses on Wall Street are set to escalate as Goldman Sachs, the best performing of the major banks, began implementing a series of layoffs last week. The bank intends to cut 10 percent of its work...
Obama campaign aide controversies underscore big business control of Democratic Party
By Bill Van Auken, June 13, 2008
With the primary contests over, the Democratic Party’s presumptive presidential nominee Senator Barack Obama has launched a general election campaign focused on the crisis-ridden American econom...
Bradford & Bingley: Britain’s banking crisis worsens
By Jean Shaoul, June 7, 2008
The attempt of Bradford & Bingley (B&B), the UK’s largest buy-to-let (BTL) mortgage lender, to raise more capital has stoked fears about the health of Britain’s largest banks. It presages ...
House of Representatives passes Democratic home mortgage bill backed by the Fed and banking industry
By Barry Grey, May 9, 2008
The House of Representatives on Thursday passed a bill that provides limited relief to a fraction of the millions of homeowners who are unable to meet their mortgage payments, while enabling mortgage ...
British government commits taxpayers to bailing out the banks
By Jean Shaoul, April 26, 2008
The government and the Bank of England have been forced to step in to bail out Britain’s banking system, which is on the point of collapse.
Behind the US stock market rally
By Barry Grey, April 22, 2008
Last week, the US stock market registered major gains, despite dire first-quarter reports from major banks and investment houses and a raft of data indicating a rapid slide into recession.
In midst of recession, multi-billion-dollar paydays for US hedge fund managers
By Barry Grey, April 17, 2008
A survey of the 2007 income of American hedge fund managers published Wednesday sheds light on the ugly reality of American capitalism.
IMF cuts US growth forecast, warns of global slump
By Barry Grey, April 12, 2008
The International Monetary Fund’s biennial World Economic Outlook report, issued Wednesday, forecasts a US recession that will drag the global economy down with it.
Britain: Mortgage drought as economy faces plunge into recession
By Chris Marsden, April 9, 2008
Britain’s banks and building societies are clamping down on new mortgages against a background of rising home repossessions.
US jobless figures: The specter of a new depression
By David Walsh, April 5, 2008
Friday’s Labor Department report, revealing that US payrolls were cut by 80,000 jobs in March and that 232,000 jobs have been lost in the past three months, can only mean new levels of social mi...
US Treasury plan shields Wall Street speculators
By Andre Damon and Barry Grey, April 1, 2008
US Treasury Secretary Henry Paulson on Monday presented a broad plan to revamp the American financial regulatory system. The proposal, while giving the Federal Reserve Board expanded trouble-shooting ...
US Federal Reserve injects $200 billion into credit markets to avert financial meltdown
By Barry Grey, March 13, 2008
In the face of a mounting panic on US financial markets, the Federal Reserve Board on Tuesday announced it would lend major Wall Street investment banks up to $200 billion in Treasury bonds and accept...
