Share on Google Plus Share on Twitter Share on Facebook Share on LinkedIn Share on PInterest Share on Reddit Share on StumbleUpon Tell A Friend
Printer Friendly Page Save As Favorite View Favorites View Article Stats
No comments

General News

Global Financial Virus Spreading

By (about the author)     Permalink       (Page 2 of 2 pages)
Related Topic(s): ; ; ; ; ; ; ; ; ; ; (more...) ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; , Add Tags  (less...) Add to My Group(s)

View Ratings | Rate It

opednews.com

In a mixed political message, a newly released UK poll showed that a plurality of Britons (43%) thought Brown was the best leader to nurse the nation through the current financial sickness compared with only 35% who thought Conservative Party chief, David Cameron, was the best person for that job. Nevertheless, 43% of British respondents claimed they would vote for Conservative Party candidates while only 34% said they intended on voting for Brown's Labour Party in parliamentary elections.

In other European and world power centers, governments were likewise responding to the spreading financial virus. Belgium and Luxembourg were moving to staunch the market bleeding caused by the nationalization of Fortis, the Belgian-Dutch bank after the failure of its Netherlands business.

Kevin Rudd, the Prime Minister of the Commonwealth of Australia, decried the era of "extreme capitalism" and denounced the laissez-faire philosophy of  "greed is good." Rudd is imploring international leaders to construct what Samantha Maiden, The Australian online political editor has described as "a new world order of global financial regulation."

In the United States, the US Congress passed, and President George W. Bush signed into law, a $700 billion bailout bill aimed at keeping Wall Street on life support. Even with the bailout bill's passage, the Dow Jones Industrial Average (DJIA), NASDAQ, S&P 500, and the 10 Year Bond all ended the trading week lower on Friday.

The $700 billion bailout comes after a $200 billion nationalization of mortgagers, Fannie Mae and Freddie Mac, and atop an $85 billion bailout of the American insurance giant, AIG.

The US state of California, the world's tenth largest economy, announced it would seek $7 billion from the federal government to bridge budget deficits and lack of state treasury funds to pay for state and local government services.  Governor Arnold Schwarzenegger (R-CA) told the US Treasury on Thursday that California's cash flow to cover routine operations was crimped by an inability to acquire short-term loans. Expect other US states, such as New York, to follow.

Despite the historic and massive infusion of money, the financial crisis in the states is spreading. AT&T Chairman and CEO Randall Stephenson told the AP that his company was unable to trade any commercial paper last week for terms longer than overnight. Automobile manufacturers General Motors and Ford announced steep declines in the purchase of new cars. And the US unemployment rate shot up to a five year high.

Stock indices across the Asia Pacific region from Hong Kong to Sydney and Tokyo were trading down early Monday at the start of the business week.

Next Page  1  |  2

 

http://www.blogger.com/profile/4236373

Constance Lavender is an HIV-Positive pseudonymous freelance e-journalist from a little isle off the coast of Jersey; New Jersey, that is...

In the Best spirit of Silence Dogood and Benj. Franklin, Ms. Lavender believes that a free (more...)
 
Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Submit to Reddit Submit to Stumble Upon

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Heterosexism and the African American Community

Stay Tuned...NJ Corruption Probe Extended To Other States

Deviating from the Norm: A Deviant Analysis of Kate Chopin's The Awakening as Coming Out Story

The Hero Myth in Maya Art & Culture

The Hero Cycle in Maya Myth & Culture

Now that Wall Street has been bailed out, where are the rest of US going?

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
No comments