Meltdown – in the news March 27 2008

Credit Crunch Fallout: Germans Fear Meltdown of Financial System

Germany and other industrialized nations are desperately trying to brace themselves against the threat of a collapse of the global financial system. The crisis has now taken its toll on the German economy, where the weak dollar is putting jobs in jeopardy and the credit crunch is paralyzing many businesses.

http://www.spiegel.de/international/business/0,1518,543588,00.html

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Predatory Lenders’ Partner in Crime (by then N.Y. Governor Eliot Spitzer) February 13, 2008, Washington PostSeveral 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. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets. Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers . . . .

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html

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Is an International Financial Conspiracy Driving World Events?   Richard Cook, March 27, 2008

Was Alan Greenspan really as dumb as he looks in creating the late housing bubble that threatens to bring the entire Western debt-based economy crashing down?

Was something as easy to foresee as this really the trigger for a meltdown that could destroy the world’s financial system? Or was it done, perhaps, “accidentally on purpose”?

And if so, why? . . .

http://www.globalresearch.ca/index.php?context=va&aid=8450

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Argentina, Brazil to Drop U.S. Dollar in Bilateral Transactions

http://news.xinhuanet.com/english/2008-03/16/content_7800121.htm

One Response

  1. I actually watched several AG speeches (it took a lot of diet coke) he warned against housing bubbles & low standards at GSEs numerous times, he was a broken record that nobody listened to-just like David Walker.

    Its not his fault the Congress didn’t listen.

    “We face threats to Democracy that not even our Constitution may protect us from” he wasn’t speaking of terrorism, when he made that statement -I replayed it, there was barely a yawn in the congressional audience.

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