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By Cormac McCarthy

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Tag: 2008 Crisis


Records Show Federal Reserve Wildly Misunderstood Crisis

“Hundreds of pages of transcripts, based on recordings made at the time, reveal the ignorance of Fed officials about economic conditions during the climactic months of the financial crisis,” The New York Times reports.

Posted on Feb 23, 2014 READ MORE



Still Broken Five Years Later

Very few people seem to know that the crisis began in a shadowy part of the financial system called repo, which is short for repurchase agreement.

Posted on Feb 22, 2014 READ MORE



DVIDSHUB (CC BY 2.0)

Is Homeland Security Preparing for the Next Wall Street Collapse?

An Associated Press article in February confirmed a purchase order by the Department of Homeland Security for 1.6 billion rounds of ammunition. That’s enough to sustain an Iraq-sized war for over twenty years. Someone in government seems to expect some serious civil unrest. Why?

Posted on Oct 7, 2013 READ MORE



DeathByBokeh (CC BY-NC 2.0)

Poverty Damages the Mind

There is a strong connection between scarce resources and cognition: The more a person struggles financially, the less he or she can channel brain processes to completing other tasks. When you can’t make ends meet, the weight of worry occupies a large portion of the mind.

Posted on Aug 31, 2013 READ MORE



The Irish Independent

Listen: Irish Banksters Plot to Take the Public’s Money

Tape recordings from inside the once-“doomed” Anglo Irish Bank reveal for the first time how the institution’s top executives lied to the government about the extent of their losses at the height of the financial crisis in 2008 in a scandal that drove the nation into austerity, Paul Williams reports at The Irish Independent.

Posted on Jun 25, 2013 READ MORE


Credit

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Posted on Jun 3, 2013 READ MORE


Housing Market Up

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Posted on Jun 2, 2013 READ MORE


Feeding On the Small

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Posted on May 27, 2013 READ MORE


Dam Austerity

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Posted on May 1, 2013 READ MORE



Democracy Now!

Truthdigger of the Week: Dean Baker

“We all misjudged the risks involved,” former Federal Reserve Chairman Alan Greenspan said in March 2010 of the housing bubble that led to the financial crisis. He forgot about economist Dean Baker.

Posted on Dec 15, 2012 READ MORE



Concrete Forms (CC BY 2.0)

Housing Starts Pick Up in September

Just in time for the election, the Commerce Department reported that construction starts on houses and apartments in September increased at the fastest rate since the beginning of the recession.

Posted on Oct 17, 2012 READ MORE



World Economic Forum (CC BY-SA 2.0)

Pandit Steps Down as Citigroup CEO

In a development that may please Truthdigger of the Week Sheila Bair, Vikram Pandit, the man who was in charge of megabank Citigroup during the financial crisis, left his job abruptly and with little explanation on Tuesday.

Posted on Oct 16, 2012 READ MORE



Fortune Live Media (CC BY-ND 2.0)

Truthdigger of the Week: Sheila Bair

Few voices in the regulatory community called for the expulsion of derelict executives and the means to force banks to lend bailout money to the public amid the 2008 financial crisis. Former FDIC Chairman Sheila Bair was among them.

Posted on Oct 13, 2012 READ MORE



Wonderlane (CC BY 2.0)

BofA Pays $2.43 Billion to Settle Merrill Lynch Suit

Rather than fight its way through court, Bank of America has dipped into its “litigation reserves” to settle a shareholder lawsuit over the dubious methods it used to acquire Merrill Lynch as the credit crisis ramped up.

Posted on Sep 28, 2012 READ MORE



Mike Licht, NotionsCapital.com (CC BY 2.0)

Update: 25 People at the Heart of the Meltdown

At the height of the financial crisis, The Guardian identified 25 bankers, economists, politicians and financial officials who helped bring about the worst economic crisis since the Great Depression. What are they up to now?

Posted on Aug 7, 2012 READ MORE



http2007 (CC BY 2.0)

China’s Economic Growth Slows

Growth for the world’s largest exporter hit its slowest pace in three years as demand for Chinese products waned in the U.S., Europe and elsewhere, prompting the country’s leaders to encourage investment with stimulus measures.

Posted on Jul 13, 2012 READ MORE



Robin Hood Tax USA (CC BY 2.0)

Petition Demands Dimon Be Fired From Fed Board

On Monday, economist Simon Johnson presented officials at the Federal Reserve with a petition containing 38,000 signatures appealing for the removal of JPMorgan Chase CEO Jamie Dimon from the Federal Reserve Board of Governors.

Posted on Jun 26, 2012 READ MORE



nikoretro (CC BY-SA 2.0)

Rich Greeks Look the Other Way

Amid a festering economic crisis, Greek society’s super-rich have retreated to their private mansions and island resorts to sip cocktails, kick back on imported Asian sand and figure out new ways to slip their money out of the country.

Posted on Jun 14, 2012 READ MORE



Todd Ehlers (CC BY-ND 2.0)

Banks Rake In Highest Quarterly Profits Since 2007

The American banking industry enjoyed profits of $35.3 billion in the first quarter of 2012, the industry’s best performance since 2007, according to the Federal Deposit Insurance Corp. But it did so largely because banks put aside less money to cover bad loans, while keeping a lid on new lending.

Posted on May 24, 2012 READ MORE



Fey Ilyas (CC BY-SA 2.0)

We Told You So

Two months before the collapse of Lehman Brothers in 2008, a group of experts and I warned the Obama campaign about the likelihood of a global economic crisis. Not the slightest word came back.

Posted on May 18, 2012 READ MORE



401K (CC BY-SA 2.0)

Gloom and Doom on the Global Job Front

In the wake of the 2008 crash and the widespread government-imposed austerity that followed, high levels of long-term and youth unemployment across the globe are in danger of becoming fixed, according to an annual report by the International Labor Organization.

Posted on Apr 30, 2012 READ MORE



Gabriela Camerotti (CC-BY)

In Europe, Crisis-Provoked Suicide on the Rise

Tally the fatal, unhappy costs of runaway capitalism. Across Europe, businessmen unable to cope with the world made by the 2008 economic crash are taking their lives.

Posted on Apr 14, 2012 READ MORE



bogieharmond (CC-BY)

Vacant Houses Outnumber Homeless People in U.S.

There are more than five times as many vacant homes in the U.S. as there are homeless people, according to Amnesty International USA. Since 2007, banks have shuttered about 8 million American houses, almost doubling the previous number, while 3.5 million homeless shiver in the cold.

Posted on Dec 31, 2011 READ MORE



Flickr / SS&SS

The Way Away From a Second Term

In his first essay for New York Magazine since quitting The New York Times last spring, Frank Rich thoughtfully details Barack Obama’s failure to push back against the financial wheeler-dealers who drove the country to the brink of ruin ... (more)

Posted on Jul 5, 2011 READ MORE


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