Treasury’s Plan Would Give Fed Wide New Power - New York Times

Treasury’s Plan Would Give Fed Wide New Power - New York Times: "WASHINGTON — The Treasury Department will propose on Monday that Congress give the Federal Reserve broad new authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system."

The Associated Press: FDIC Plans Staff Boost for Bank Failures

The Associated Press: FDIC Plans Staff Boost for Bank Failures: "WASHINGTON (AP) — Federal bank regulators plan to increase staffing 60 percent in coming months to handle an anticipated surge in troubled financial institutions."

In Debt We Trust: America Before The Bubble Bursts, page 1

In Debt We Trust: America Before The Bubble Bursts, page 1

Eliot Spitzer - Predatory Lenders' Partner in Crime - washingtonpost.com

Eliot Spitzer - Predatory Lenders' Partner in Crime - washingtonpost.com: "Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive 'teaser' rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets."

GoldMoney Market Commentary and Analysis

GoldMoney Market Commentary and Analysis: "To conclude, there is now more reason than ever to own gold and silver. They are continuing to fulfil their function as an inflation hedge, but those who own physical gold and silver are also benefiting in another way - they are protected from counterparty risk. In other words, gold and silver are a hedge against financial catastrophe, and more of that is probably on the way."

Weak dollar costs U.S. economy its No. 1 spot | Reuters

Weak dollar costs U.S. economy its No. 1 spot | Reuters: "PARIS (Reuters) - The U.S. economy lost the title of 'world's biggest' to the euro zone this week as the value of the dollar slumped in currency markets."

Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "March 17 (Bloomberg) -- Ben S. Bernanke's interest-rate cuts have touched off a vicious circle of doom for the dollar."

Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "March 17 (Bloomberg) -- U.S. stock index futures, Asian and European equities and the dollar tumbled after the Federal Reserve cut its discount interest rate at an emergency meeting and JPMorgan Chase & Co. agreed to buy Bear Stearns Cos. for $2 a share. Bonds, gold and crude oil climbed."

JPMorgan Acts to Buy Ailing Bear Stearns at Huge Discount - New York Times

JPMorgan Acts to Buy Ailing Bear Stearns at Huge Discount - New York Times: "Bear Stearns, pushed to the brink of bankruptcy by what amounted to a run on the bank, agreed late Sunday to sell itself to JPMorgan Chase for a mere $2 a share, narrowly averting a collapse that threatened to cascade through the financial system."

Switzerland to sign huge Iran gas deal | Jerusalem Post

Switzerland to sign huge Iran gas deal | Jerusalem Post: "Swiss energy giant EGL is set to sign a 25-year deal in Teheran on Monday to buy 5.5 billion cubic meters of Iranian natural gas per year, starting in 2011, for a reported €18 billion."

Bloomberg.com: U.K. & Ireland

Bloomberg.com: U.K. & Ireland: "March 17 (Bloomberg) -- The pound fell 2 percent against the euro, the most in six years, declining to a record, after the Federal Reserve cut its discount rate and JPMorgan Chase & Co. bought Bear Stearns Cos."

Silver Stock Report: The Financial Dominoes are Falling

Silver Stock Report: The Financial Dominoes are Falling

Carlyle Fund Expects Assets Will Be Seized - New York Times

Carlyle Fund Expects Assets Will Be Seized - New York Times: "LONDON — Shares of Carlyle Capital plunged on Thursday, losing most of their value, after the company said it expected its lenders to promptly take over all its assets after discussions with banks to refinance the fund failed."

Key Forecaster Says U.S. In Recession - Forbes.com

Key Forecaster Says U.S. In Recession - Forbes.com: "'My personal opinion is that the economy is now in a recession,' said Martin Feldstein, president and chief executive of the National Bureau of Economic Research (NBER), in a speech in Boca Raton, Fla."

UK tycoon Joe Lewis loses $800m on Wall Street - Times Online

UK tycoon Joe Lewis loses $800m on Wall Street - Times Online: "JOE LEWIS, the secretive British billionaire, has lost an estimated $800m in the collapse of the American investment bank Bear Stearns."

What the Price of Gold Is Telling Us by Ron Paul

What the Price of Gold Is Telling Us by Ron Paul

Dollar plunge sets off global alarm bells - Telegraph

Dollar plunge sets off global alarm bells - Telegraph: "The dollar has plummeted against all major currencies on dire US retail sales and fears that the Federal Reserve may need to slash interest rates further to stop the downward spiral in the credit markets."

Watching The Dollar Die

Watching The Dollar Die: "The 10 cent piece of my youth contains $1.42 worth of silver at today's silver price. The quarter is worth $3.55, and the half dollar contains $7.10 of silver. The silver dollar is worth 15.2 times its face value. These are just the silver values of coins that might be worth far more depending on condition and rarity. The silver in the wartime nickel is worth $1.10, which is 22 times the coin's face value. Even the copper penny is worth 2.5 cents."

Oil For War - WBAL Radio - wbal.com

Oil For War - WBAL Radio - wbal.com: "Earlier this week, I mentioned an article in The American Conservative that absolutely blew me away by revealing the astounding amount of fuel being used to continue our failed occupation of Iraq."

Bush family private equity fund in deep trouble as Financial Tsunami rolls on

Bush family private equity fund in deep trouble as Financial Tsunami rolls on: "Carlyle Capital reports it is attempting to convince lenders holding $16 billion in securities not to liquidate the company's remaining collateral. The company is a listed mortgage-bond fund managed by the Carlyle Group. The Carlyle Group already has loaned Carlyle Capital $150 million to cover debt obligations since July 2007. In the past several days it failed to meet margin calls with four banks. The fear in the market according to informed reports is that its entire portfolio, recently valued at $21 billion, could be sold off in a distress sale, putting major downward pressure on all mortgage bonds globally. A collapse at Carlyle would hit the value of all fixed-income securities, which have already dropped sharply as banks pull back on their lending, and force a new global round of asset sales."

Billionaire Investor Sees Bank Failures Ahead: Financial News - Yahoo! Finance

Billionaire Investor Sees Bank Failures Ahead: Financial News - Yahoo! Finance: "Billionaire investor Wilbur Ross says the current market downturn differs from previous slumps in that no American banks have yet failed this time, but he suggests that's about to change."

Alex Jones' Infowars: There's a war on for your mind!

Alex Jones' Infowars: There's a war on for your mind!: "White House Press Secretary Dana Perino mentioned in a press conference that she is not allowed to talk about the value of the U.S. Dollar. She says that the Treasury Secretary is the only one allowed to discuss the U.S. Dollar. She even said that she would be fired if she talked about the U.S. Dollar."

Dow Climbs 416.66 for Its Biggest Gain in Over 5 Years - New York Times

Dow Climbs 416.66 for Its Biggest Gain in Over 5 Years - New York Times: "Wall Street enjoyed its best trading day in more than five years on Tuesday — complete with a 400-point gain in the Dow Jones industrial average — after the Federal Reserve injected a burst of financial adrenaline into the ailing banking system."

Fed says it’ll spend, markets like the news - Stocks & economy- msnbc.com

Fed says it’ll spend, markets like the news - Stocks & economy- msnbc.com: "NEW YORK - Wall Street finally found a reason for a huge rally Tuesday, after the Federal Reserve said it plans to pump $200 billion into the financial markets to help ease the strain from the credit crisis. The Dow Jones industrial average shot up more than 416 points, its biggest one-day point gain since July 24, 2002."

AFP: US corn biofuels will expand Gulf of Mexico 'dead zone': scientists

AFP: US corn biofuels will expand Gulf of Mexico 'dead zone': scientists: "VANCOUVER, Canada (AFP) — A planned increase in US ethanol production from corn would spell environmental 'disaster' for marine species in the Gulf of Mexico, said a co-author of a science study published Monday."

Bush hopes Cheney's Mideast visit will rein in oil prices - International Herald Tribune

Bush hopes Cheney's Mideast visit will rein in oil prices - International Herald Tribune: "WASHINGTON: With oil soaring to a record $108 a barrel amid mounting signs of U.S. economic turbulence, President George W. Bush said Monday that he was sending Vice President Dick Cheney to the Middle East to raise concerns about oil prices and to press Israeli and Palestinian leaders to move toward peace."

Column: How to Get in on Gold-Price Rush - Forbes.com

Column: How to Get in on Gold-Price Rush - Forbes.com: "Experts predict gold will soon top the psychologically important $1,000 level for the first time, and some believe the metal still could reach $1,500 or even $2,000."

Oil spike to last through 2008: OPEC president: Financial News - Yahoo! Finance

Oil spike to last through 2008: OPEC president: Financial News - Yahoo! Finance: "ALGIERS (Reuters) - Oil prices will stay at current high levels for the rest of this year due to speculation and geopolitical tensions, Algerian state media on Monday reported OPEC President Chakib Khelil as saying."

Hussman Funds - Weekly Market Comment

Hussman Funds - Weekly Market Comment: "“Stocks are not cheap,” Warren Buffett noted on Monday. Not surprisingly, given a market down 15% from its highs, with many stocks down much more, he did note “I find more things to look at now than I did six months or a year ago.” Buffett also remarked “from a common-sense standpoint right now, we're in a recession.”"

The National Expositor - CNN Warns: A New Great Depression Is Coming

The National Expositor - CNN Warns: A New Great Depression Is Coming: "The American economy is propped up on faith and credit, and Wall Street is now in a short supply of both of these essentials. The video below from CNN Money contains the sort of talk that can start runs on banks to withdraw savings and shatter stock markets."

Ethanol fuel is not so green | The Courier-Mail

Ethanol fuel is not so green | The Courier-Mail: "It is not green, it is not economically viable, and any move to mandate its inclusion in fuel would have enormous repercussions for other sectors of Australian industry.

It is something of a relief, therefore, to read a just-released parliamentary research paper on the economic effects of an ethanol mandate.

The paper concludes that 'no prima facie economic case for a mandate has been established'."

Mysterious power at the heart of gold | theage.com.au

Mysterious power at the heart of gold | theage.com.au: "'I'M THINKING of putting some savings into gold … gold bars,' said my physiotherapist and I nearly fell off the table. It's unbelievable: in the space of a few weeks investors have gone from cautiously conservative to defensive in the extreme.

And nothing soothes that fear like gold - that's why the precious yellow metal is soaring to almost $US1000 ($A1078) an ounce. If that price means nothing to you, put it this way, it's the highest gold price since 1984."

Goldman Sachs raises possibility of $200 a barrel oil - MarketWatch

Goldman Sachs raises possibility of $200 a barrel oil - MarketWatch

Seeing an End to the Good Times (Such as They Were) - New York Times

Seeing an End to the Good Times (Such as They Were) - New York Times: "The dismal jobs report released Friday showed overall employment to be lower than it was three months ago. Every time such a slump has occurred since the early 1970s, a recession has followed — or already been under way."

MIDAS RESOURCES/GENESIS COMMUNICATIONS NETWORK ECONOMIC NEWS

MIDAS RESOURCES/GENESIS COMMUNICATIONS NETWORK ECONOMIC NEWS: "U.S. central banks may have less than half the gold they claim to possess in their vaults, charges a watchdog group in an ad scheduled for publication in the Wall Street Journal this week."

Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "``There's not much gas left in the tank,'' said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. ``In the early stage of a recession, consumers tend to rely on credit cards to see them through the hard times.''"

Belleville Intelligencer - Ontario, CA

Belleville Intelligencer - Ontario, CA: "And you thought that I had a gloomy outlook on the economy. Now the bad news pops up everywhere."

The Associated Press: Oil Rally May Be Economy's Undoing

The Associated Press: Oil Rally May Be Economy's Undoing: "NEW YORK (AP) — Preoccupied the last few months with shrinking credit and a slumping economy, Wall Street has all but ignored the relentless rise in oil prices that has taken a barrel of crude to a once-unthinkable $106.

But the market may not be able to look the other way much longer — especially when consumers, already hurting from the soaring cost of gasoline, find themselves paying even more to fill their tanks come spring."

Indiadaily.com - Empire State Manufacturing index at -11.7 confirms US economic depression has reached the main streets- Dow headed below 10,000

Indiadaily.com - Empire State Manufacturing index at -11.7 confirms US economic depression has reached the main streets- Dow headed below 10,000: "The Federal Reserve Bank of New York said that its Empire State Manufacturing survey showed business conditions deteriorated markedly in February, with the index at -11.7, falling below zero for the first time since May 2005.

It is another confirmation of US economic depression. The economists and the politicians do not want to utter the D word. But now it is clear that the bubble bursting effect in financial leverage markets have reached the main street dragging the consumer and business confidence with it"

Homeowner equity is lowest since 1945 - Yahoo! News

Homeowner equity is lowest since 1945 - Yahoo! News: "NEW YORK - Americans' percentage of equity in their homes fell below 50 percent for the first time on record since 1945, the Federal Reserve said Thursday."

BBC NEWS | Business | Credit crunch hits Carlyle unit

BBC NEWS | Business | Credit crunch hits Carlyle unit: "Carlyle Capital Corporation, the fund manager backed by the giant private equity firm Carlyle Group, has not been able to meet several payment demands."

Feed the world? We are fighting a losing battle, UN admits | Environment | The Guardian

Feed the world? We are fighting a losing battle, UN admits | Environment | The Guardian: "The United Nations warned yesterday that it no longer has enough money to keep global malnutrition at bay this year in the face of a dramatic upward surge in world commodity prices, which have created a 'new face of hunger'."

Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "March 5 (Bloomberg) -- Berkshire Hathaway Inc. Chairman Warren Buffett toppled Bill Gates from the top spot on Forbes magazine's annual list of billionaires worldwide, ending a 13- year reign for the Microsoft Corp. co-founder."

The Federal Reserve's rescue has failed - Telegraph

The Federal Reserve's rescue has failed - Telegraph: "The verdict is in. The Fed's emergency rate cuts in January have failed to halt the downward spiral towards a full-blown debt deflation. Much more drastic action will be needed."

Paulson Not Big Penny Fan - Business on The Huffington Post

Paulson Not Big Penny Fan - Business on The Huffington Post: "WASHINGTON — A penny for your thoughts? Treasury Secretary Henry Paulson thinks the answer to that question should be not much. In fact, if he had his way, he would like to get rid of the penny."

Press TV - Iran shifts oil sales away from dollar

Press TV - Iran shifts oil sales away from dollar: "Deputy head of the National Iranian Oil Company for international affairs says Iran has completely dropped dollar in its oil sales."

FT.com / Home UK / UK - Run of bad data adds to dollar’s slide

FT.com / Home UK / UK - Run of bad data adds to dollar’s slide: "The dollar fell to new lows Thursday after the run of woeful US data continued with weaker-than-expected fourth-quarter growth and rising unemployment claims.

The euro climbed against the currency to a fresh record of $1.5210, while the Swiss franc also powered to a new peak at SFr1.0499 following the data.

Fourth-quarter gross domestic product rose at an annual rate of 0.6 per cent, unchanged from the first estimate published last month and dashing hopes of an upward revision. Meanwhile, weekly jobless claims rose by 19,000 to 373,000."

More writedowns seen after CIBC's C$1.46 bln loss

More writedowns seen after CIBC's C$1.46 bln loss: "TORONTO (Reuters) - Canadian Imperial Bank of Commerce posted a big first-quarter loss on Thursday after taking pretax charges of C$3.38 billion ($3.47 billion) and executives acknowledged that further writedowns may be needed."

Stocks Fall Sharply on Economic Worries: Financial News - Yahoo! Finance

Stocks Fall Sharply on Economic Worries: Financial News - Yahoo! Finance: "NEW YORK (AP) -- Stocks fell sharply Friday after a series of depressing economic and corporate reports as well as high oil prices stoked concerns about the health of the economy. The major stock indexes fell more than 2.5 percent and the Dow Jones industrials lost 315 points."

AIG Hammered By Credit Crunch - Business on The Huffington Post

AIG Hammered By Credit Crunch - Business on The Huffington Post: "The credit crunch hit American International Group Inc. with brute force, as the global insurer reported a $5.3 billion fourth-quarter loss largely because of a write-down that exceeded many analysts' expectations. It was by far the worst quarterly loss the company has reported in its history, which dates back to 1919."