Financial crisis: Mortgage lending plunges 95 per cent as housing market suffers

The value of mortgages lent to British homebuyers fell 95 per cent last month, according to the Bank of England.Mortgage approvals hit a record low after banks tightened lending Photo: PAIt said mortgage lending dived to just £143 million during August - its lowest since this data was first collected in April 1993 and [...] continue reading world news

Ron Paul: We are on the verge of destroying a worldwide economy

Added: Sept. 29, 2008Source: YouTube continue reading world news

FDIC Announces Citigroup to Buy Wachovia

Citigroup has agreed to buy Wachovia bank in a deal brokered by the Federal Deposit Insurance Corporation to avoid another major corporate failure in the midst of the ongoing financial crisis.The FDIC announced the deal on its Web site this morning. No price for the transaction was included in the announcement. But the FDIC said [...] continue reading world news

Fortis Gets EU11.2 Billion Rescue From Governments

Sept. 29 (Bloomberg) — Fortis, the largest Belgian financial-services firm, received an 11.2 billion-euro ($16.3 billion) rescue from Belgium, the Netherlands and Luxembourg after investor confidence in the bank evaporated last week.Belgium will buy 49 percent of Fortis’s Belgian banking unit for 4.7 billion euros, while the Netherlands will pay 4 billion euros for a [...] continue reading world news

U.K. to Protect Bradford & Bingley; BBC Reports Nationalization

Sept. 28 (Bloomberg) — The U.K. government will act to protect Bradford & Bingley Plc customers, Chief Whip Geoff Hoon said after the British Broadcasting Corp. reported the country’s biggest lender to landlords will be taken over by the state. Prime Minister Gordon Brown and Chancellor of the Exchequer Alistair Darling “have worked right [...] continue reading world news

Markets face major crash if US bail-out plan collapses

There will be a depression anyway, but if the bailout “succeeds” there will be a complete meltdown in the not too distant future. Again the elite is pressing the fear button._____________________________________________________________________________World markets depend on Paulson’s plan Photo: GETTY London shares could lose a fifth of their value and the money market faces collapse unless [...] continue reading world news

Bailout can’t hide it - the United States is broke

By Chris PowellCHRIS POWELL IS MANAGING EDITOR OF THE JOURNAL INQUIRER IN MANCHESTER.Even leading Republicans in Congress, including presidential nominee Sen. John McCain, recoiled from Treasury Secretary Henry M. Paulson’s proposal to take absolute power over $700 billion to be borrowed by the federal government and used to purchase every sort of bad debt without [...] continue reading world news