Day July 11, 2008

Plunge Protection Team intervenes again

On Friday during market hours, a rumor went round that Helicopter Ben Bernanke was giving Fannie Mae and Freddie Mac access to the discount window, which would allow them to borrow huge amounts of money. The market rallied. After the…

IndyMac seized by Feds

This after a run on the bank. They are the second largest bank ever to fail in the US and were up to their eyeballs in subslime mortgages. It would be criminal if the executives that destroyed this bank were…

Heating oil costs a potential crisis

Governors of New England states are seriously concerned about heating oil prices, which have doubled in a year, saying some low income households may have to choose between food or heat. They want more federal subsidies (which only helped poor…