Category Credit crisis

“If something similar comes to pass in Venezuela, you should not have the slightest doubt that I won’t give a penny to the banks – I’ll expropriate them,” said Mr Chavez. But then Venezuela would have to pump billions into…

Major public pension funds have taken severe losses. Many are down 20% or more. CalPERS, the largest in the nation, managed to lose $40 billion, about 20%,  since July and their public pension benefits are guaranteed by law. A huge…

Chart from Calculated Risk. There’s no sign the current stock market crash is anywhere near done either. That 10% up a few days ago was a bear market rally. Such rallies are known to spike up ferociously then die quickly,…

Pat Oliphant. 10-27-08 Take special note of who the little guy is that’s asking”Who’s in the cart?”, and the response from the person in the crowd.

The title of this post sounds like it should come from a socialist site. But it doesn’t. It’s from Bloomberg, and comprehensively explains how the securitization of debt, and its accompanying greedfest, directly led to banks selling subprime mortgages –…