By Reenita Malhotra •
November 16, 2008
The “shock” of the financial meltdown has passed, now comes, the “awe,” and with it plenty of questions. Primarily, “What’s next?” Is there another bubble brewing? What happens if millions of Americans begin to default on their credit card debt?
Overstock.com chairman and CEO Patrick Byrne, says we are less than 50% of the way through the mess, he predicted the coming of this current crisis many times before, starting 3 years ago, Watch this montage to [...]
By John Ivanko •
September 24, 2008
There’s nothing sustainable about the $700 billion Federal bailout plan for the decomposing financial sector of the US financial system. Americans know it, judging by the outpouring of objections sent to US legislators and reflected in national polls this past week.
According to various estimates by experts in the financial industry, the proposal to let the government buy bad assets from banks range from $500 billion to $1 trillion. Hank Paulson, Treasury Secretary, and Ben Bernanke, Fed Chairman, are asking for $700 billion – for now.
Keep in mind that this is ON TOP OF the costs already incurred for various government actions this year, including, but not limited to:
* up to $85 billion for AIG
* up to $29 billion to fund JPMorgan’s takeover of Bear Stearns
* up to $200 billion each for nationalization of Fannie Mae/Freddie Mac
* as much as $50 billion to insure money market funds
* up to $25 billion for special loans extended to GM and Ford
Let’s not forget the billions of dollars in expenses to help those in flooded or hurricane-destroyed areas – so recent that the costs aren’t even in for the damage done from Hurricane Gustav and Hurricane Ike. There’s plenty of other federal funds flowing to counties throughout the US that were declared federal disaster areas in 2008 – like in Vernon County, Wisconsin, where we own a silviculture operation.
