CNN’s Glenn Beck and Peter Schiff: Inflation Nation and Martial Law

Added: Oct. 13, 2008Source: YouTube continue reading world news

U.S. Stocks Drop Most Since Crash of 1987 on Recession Concerns

A trader looks up at monitor while working on the floor of the New York Stock Exchange in New York on Oct. 15, 2008. Photographer: Jin Lee/Bloomberg NewsOct. 15 (Bloomberg) — U.S. stocks plunged the most since the crash of 1987, hammered by the biggest drop in retail sales in three years and growing doubt [...] continue reading world news

Japan Stocks Drop Most in 21 Years as Recession Concerns Mount

Pedestrians walk past an electronic stock board in Tokyo, Oct. 16, 2008. Photographer: Tomohiro Ohsumi/Bloomberg NewsOct. 16 (Bloomberg) — Japanese stocks plunged the most in two decades as a drop in U.S. retail sales pointed to a deepening recession and Prime Minister Taro Aso reinforced concern a bank bailout will fail to stem a rout [...] continue reading world news

Feds investigate Washington Mutual failure

A sign at a Washington Mutual Bank (WaMu) branch is shown in San Francisco, California September 26, 2008. REUTERS/Robert GalbraithNEW YORK (Reuters) - Federal investigators have opened an investigation into the collapse of Washington Mutual Inc, the largest U.S. banking failure.Jeffrey Sullivan, U.S. attorney for the western district of Washington, said in a statement on [...] continue reading world news

Switzerland Bails Out UBS; Credit Suisse Raises Funds

Pedestrians walk past a branch of the UBS bank in Bern, Switzerland, on Thursday, Oct. 2, 2008. Photographer: Adrian Moser/Bloomberg NewsOct. 16 (Bloomberg) — Switzerland gave UBS AG, the European bank with the biggest losses from the credit crisis, a $59.2 billion rescue and pushed Credit Suisse Group AG to raise funds, joining authorities around [...] continue reading world news

US hedge funds suffer heavy withdrawals

Investors pulled at least $43bn from US hedge funds in September as market turmoil led to unprecedented withdrawals, an analysis by a leading research house shows.The data from TrimTabs Investment Research - which was to be sent to clients late on Wednesday - come as hedge funds are working to prevent far bigger redemptions by [...] continue reading world news

Birmingham on the brink of bankruptcy

With $3.2 billion in debt, the county that is home to Alabama’s largest city is about to go bust. How the credit crisis went South.(Fortune Magazine) — Bob Riley wanted to help. It was Sunday, Oct. 5, and the Alabama governor was on the phone with Neel Kashkari, a Treasury Department official who the next [...] continue reading world news

Crisis spreads to Eastern Europe as Ukraine, Hungary and Serbia call IMF

Ukraine, Hungary, and Serbia are all in emergency talks with the International Monetary Fund, raising fears that an exodus of foreign investors will set off a systemic crisis across Eastern Europe.A team of IMF trouble-shooters rushed to Kiev on Wednesay to draw up a possible standby loan to help Ukraine stabilize its bank after a [...] continue reading world news

Financial crisis: Moscow supermarket shelves increasingly empty in Soviet era reminder

Russian shoppers have been served an uncomfortable reminder of the Soviet era after finding shelves in some Moscow supermarkets empty, a further sign that the woes of the financial markets have begun to affect the mainstream economy. For a generation of Russians who queued daily in the snow for the most basic of staples, the [...] continue reading world news

Hedge funds shake in the teeth of financial storm

Thousands of hedge funds are expected to go bust in the next few months, amid fears that the secretive sector of the financial industry will be the next to buckle under the pressure of global market turmoil.Tumbling stock markets and a reluctance among banks to do business with hedge funds has further worked against an [...] continue reading world news

Banks Hoard Cash as Credit Card Defaults Rise

Consumers are increasingly unable to pay off their credit cards, forcing banks to hoard cash to protect against future losses and lend to fewer people, according to reports yesterday from several of the nation’s largest banks.These financial disclosures showed a spike in credit card loans going bad, putting further pressure on already-stressed balance sheets. J.P. [...] continue reading world news