House OKs new taxes on big oil companies - Yahoo! News

House OKs new taxes on big oil companies - Yahoo! News: "WASHINGTON - The House approved $18 billion in new taxes on the largest oil companies Wednesday as Democrats cited record oil prices and rising gasoline costs in a time of economic troubles."

Economy.com: One in 10 Home Loans Under Water

Economy.com: One in 10 Home Loans Under Water: "NEW YORK -- One-tenth of U.S. homeowners hold mortgages that are larger than the worth of their homes, Moody's Economy.com said Friday."

Bloomberg.com: U.S.

Bloomberg.com: U.S.: "Feb. 26 (Bloomberg) -- Bank seizures of U.S. homes almost doubled in January as property owners failed to make higher payments on adjustable-rate mortgages.

Repossessions rose 90 percent to 45,327 last month from the same period a year ago, according to RealtyTrac Inc., a seller of foreclosure statistics that has a database of more than 1 million properties."

After subprime debacle, U.S. wrestles with question of bank bailouts - International Herald Tribune

After subprime debacle, U.S. wrestles with question of bank bailouts - International Herald Tribune: "WASHINGTON: Over the past two decades, few industries have lobbied more ferociously or effectively than banks to get the government out of its business and to obtain freer rein for 'financial innovation.'

But as losses from bad mortgages and mortgage-backed securities climb past $200 billion, talk among banking executives about a major government rescue plan is suddenly coming into fashion."

Traitor Greenspan Urges Gulf States To Abandon Dollar

Traitor Greenspan Urges Gulf States To Abandon Dollar: "Greenspan's zeal to destroy the dollar is evident in numerous public statements he has made predicting the replacement of the dollar with the Euro as the world reserve currency.

The former Fed chairman has repeatedly badmouthed the dollar and hyped the inevitability of economic chaos at a time when market confidence is in the toilet. Greenspan's rhetoric matches that of the IMF, who in October of last year bizarrely slammed the dollar as 'overvalued' at the same time the greenback hit its all time low against the Euro."

Foreclosures up 57 percent in the past year - Mortgage mess- msnbc.com

Foreclosures up 57 percent in the past year - Mortgage mess- msnbc.com: "LOS ANGELES - The number of homes facing foreclosure jumped 57 percent in January compared to a year ago, with lenders increasingly forced to take possession of homes they couldn’t unload at auctions, a mortgage research firm said Monday."

Economy.com: One in 10 Home Loans Under Water

Economy.com: One in 10 Home Loans Under Water: "NEW YORK -- One-tenth of U.S. homeowners hold mortgages that are larger than the worth of their homes, Moody's Economy.com said Friday."

FDIC to Add Staff as Bank Failures Loom - WSJ.com

FDIC to Add Staff as Bank Failures Loom - WSJ.com: "WASHINGTON -- The Federal Deposit Insurance Corp. is taking steps to brace for an increase in failed financial institutions as the nation's housing and credit markets continue to worsen."

U.S. existing home sales lowest in 9 years - Pacific Business News (Honolulu):

U.S. existing home sales lowest in 9 years - Pacific Business News (Honolulu):: "Existing home sales plummeted to the lowest level in nine years nationwide, as the housing market battles a critical credit crunch and a flood of homes listed for sale, the National Association of Realtors said Monday."

David Ignatius - Wall Street Bank Run - washingtonpost.com

David Ignatius - Wall Street Bank Run - washingtonpost.com: "It doesn't look like an old-fashioned bank run because it involves the biggest financial institutions trading paper assets so complicated that even top executives don't fully understand the transactions. But that's what it is -- a spreading fear among financial institutions that their brethren can't be trusted to honor their obligations.

Frightened financiers are pulling back from credit markets -- going on strike, if you will -- to escape the unraveling daisy chain of securitized assets and promissory notes that binds the global financial system. As each financier tries to protect against the next one's mistakes, the whole system begins to sag. That's what we're seeing now, as credit market troubles spread from bundles of subprime residential mortgages to bundles of other kinds of debt -- from student loans to retailers' receivables to municipal bonds."

Northern Rock deal could cost us each �3,500 - Telegraph

Northern Rock deal could cost us each 3,500 pounds - Telegraph: "The cost of the Northern Rock crisis has reached the equivalent of 3,500 pounds for every taxpayer as experts warned that the nationalisation rescue of the bank was bound to fail."

U.S. Credit Markets Collapsing!

U.S. Credit Markets Collapsing!: "The U.S. credit markets, the giant growth engine that powers the American economy, are collapsing ... with few credit sectors spared from damage, few investors escaping losses, and little hope of federal action that's quick or strong enough to make a major difference."

As gold prices climb, prospectors head for Alaska | Jerusalem Post

As gold prices climb, prospectors head for Alaska | Jerusalem Post: "But with gold prices reaching an all-time high of $900 an ounce and the US economy slumping, Alaska expects to see more and more people trekking to the edge of the continent in search of gold."

Iran's envoy: Iran and Russia can rid world of dollar's slavery - Irna

Iran's envoy: Iran and Russia can rid world of dollar's slavery - Irna: "Iran's Ambassador to Moscow said here Friday Iran and Russia, as major energy suppliers, can rid the world of US dollar's slavery by promoting oil and gas deals using different currencies."

Bloomberg.com: Japan

Bloomberg.com: Japan: "Feb. 15 (Bloomberg) -- Dollar sales by Japanese individual investors on the Tokyo Financial Exchange Inc. rose to a record high on speculation the U.S. economy will suffer a recession."

1st phase of Iran oil stock inaugurated on Kish island - Irna

1st phase of Iran oil stock inaugurated on Kish island - Irna: "The first phase of Iran's oil stock market started its work on Kish island in the Persian Gulf, southern Iran, on Sunday presenting oil and petrochemical products."

Press TV - OPEC considers dumping US dollar

Press TV - OPEC considers dumping US dollar: "Organization of Petroleum Exporting Countries plans to discuss a proposal by Iran and Venezuela to price oil in non-dollar currencies."

Press TV - Iran Oil Bourse may use Russian ruble

Press TV - Iran Oil Bourse may use Russian ruble: "The Russian national currency, ruble, is an option for dealings at the Iran Oil Bourse, set to be launched soon, an Iranian official says.

'We are seeking to launch an oil exchange in Iran selling the crude in currencies other than US dollar. It is possible that in the future, we'll be able to use the ruble, Russia's national currency, in our operations,' the Iranian Ambassador to Moscow Gholam-Reza Ansari noted."

Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "Feb. 16 (Bloomberg) -- The dollar had its biggest weekly loss this year against the euro after Federal Reserve Chairman Ben S. Bernanke signaled he may cut interest rates further amid mounting concern that the economy is headed for a recession."

China still goes for the gold as haven _English_Xinhua

China still goes for the gold as haven _English_Xinhua: "BEIJING, Feb. 15 -- China surpassed the United States as the world's second-biggest retail gold market after India in 2007 by volume despite rocketing prices of the metal.

Total consumer demand in China's mainland, Hong Kong and Taiwan reached 363.3 tons, up 23.5 percent from a year earlier, the World Gold Council said in a research report.

India had a gold demand of 773.6 tons last year, while the figure in the US sat at 278.1 tons."

Greenspan sees strong chance of U.S. recession - Feb. 15, 2008

Greenspan sees strong chance of U.S. recession - Feb. 15, 2008: "HOUSTON (CNNMoney.com) -- Former Federal Reserve Chairman Alan Greenspan said Thursday there's at least a 50% chance the United States will slip into recession, and that the storm clouds over the economy won't clear until home prices bottom out."

US subprime crisis costs global 7.7 trillion dollars: bank

US subprime crisis costs global 7.7 trillion dollars: bank: "The meltdown in the US subprime real-estate market has led to a global loss of 7.7 trillion dollars in stock-market value since October, a report by Bank of America showed Thursday.

The crisis, which has spread beyond US shores to banks and other sectors worldwide, is 'one of the most vicious in financial history,' according to Bank of America chief market strategist Joseph Quinlan."

U.S. economy's descent steepens - International Herald Tribune

U.S. economy's descent steepens - International Herald Tribune: "LONDON: Job losses and a contraction in the business sector where more than 80 percent of Americans work show that the angle of descent for the U.S. economy is steepening."

Charge: Freddie and Fannie taking on too much debt - Feb. 7, 2008

Charge: Freddie and Fannie taking on too much debt - Feb. 7, 2008: "NEW YORK (CNNMoney.com) -- The increased share of housing debt taken on by Freddie Mac and Fannie Mae during the housing slump has put the two government sponsored enterprises at risk, it was charged Thursday."

CapeCodTimes.com - Retailers report worst January in nearly 40 yearsbsb

CapeCodTimes.com - Retailers report worst January in nearly 40 yearsbsb: "NEW YORK — Here's a sign of how shaky the economy has become: Wal-Mart says its shoppers are redeeming their holiday gift cards for basic items — pasta sauce, diapers, laundry detergent — instead of iPods or DVDs."

Euros Accepted signs pop up in New York City | U.S. | Reuters

Euros Accepted signs pop up in New York City | U.S. | Reuters

Wal-Mart leads parade of huge sales misses - Feb. 7, 2008

Wal-Mart leads parade of huge sales misses - Feb. 7, 2008: "NEW YORK (CNNMoney.com) -- U.S. retailers are on track to report their slowest monthly sales growth in five years, which would further cement fears that American consumers are buckling under the weight of a slowing economy.

Leading the way is No. 1 retailer Wal-Mart Stores Inc., (WMT, Fortune 500) which reported a big miss in its January same-store sales, or sales at stores open at least a year. Same-store sales is a key measure of performance in the retail industry."

Lenders freeze equity lines in response to tumbling property values - The Californian / North County Times - Riverside County -

Lenders freeze equity lines in response to tumbling property values - The Californian / North County Times - Riverside County -: "Several banks issued statements this week saying they were temporarily suspending withdrawals from open home equity lines out of concern that borrowers could owe more than the house is worth."

Greenback Has Lost 30% in Past 7 Years, Becomes "Bernanke Peso"

Greenback Has Lost 30% in Past 7 Years, Becomes "Bernanke Peso": "The dollar has lost 30% of its purchasing power during the last 7 years. Against gold, oil and other key commodities - and other major currencies - it is down much more. In many sunny places with shady finances, this must seem all-too familiar. The ‘banana republics’ did business this way themselves - running up huge debts to overseas lenders… selling off their capital assets to foreign savers… printing money by the boatload… and generally making themselves look ridiculous. Now, the kvetchers are labeling the United States as “the world’s largest banana republic.”"

Asia Times Online :: Asian news and current affairs

Asia Times Online :: Asian news and current affairs: "The recent meltdown in global stock markets is the first truly global financial crisis since the word 'globalization' became widely used. While Latin America and Asia suffered in the 1990s, this crisis marks a wider, possibly deeper set of problems underlining how vulnerable the integrated world economy has become to failures in one part of the globe. What began as worry over tremors in the US mortgage market has become a full-blown confidence crisis."

Press TV - Iran Oil Bourse to deal blow to dollar

Press TV - Iran Oil Bourse to deal blow to dollar: "The long-awaited Iranian Oil Bourse, a place for trading oil, petrochemicals and gas in various non-dollar currencies, will soon open."