Financial Meltdown Topics

Democracy Now! stories, posts and pages that relate to Financial Meltdown

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  • The US government has seized control of insurance giant American International Group in an unprecedented $85 billion bailout. The Federal Reserve made the deal on Tuesday to save AIG from collapse in what the New York Times describes as "the most radical intervention in private business in the central bank’s history." The move comes as a series of financial crises has altered the landscape of Wall Street. We speak with investment...
    September 17, 2008 | Story
  • A new book by New York Times labor reporter Steven Greenhouse examines how much of the American workforce is working more but earning less. Wages have stagnated, health and pension benefits have grown stingier, and job security has shriveled. Greenhouse joins us to talk about The Big Squeeze: Tough Times for the American Worker. [includes rush transcript]
    July 29, 2008 | Story
  • It has been a tough seven days for the US economy. On Friday, the FDIC seized control of the failed California-based IndyMac Bank. It was second largest bank failure in US history. Analysts project another 150 banks could collapse. On Sunday, Treasury Secretary Henry Paulson announced extraordinary moves to bail out the mortgage giants Freddie Mac and Fannie Mae. On Tuesday, the Dow Jones Industrial Average dipped below 11,000 for the first...
    July 17, 2008 | Story
  • As the country and the world reel from crises ranging from skyrocketing oil prices and global food shortages to housing and climate change, how best to understand the government policies being pushed through? We spend the hour with Naomi Klein, author of The Shock Doctrine: The Rise of Disaster Capitalism. Klein also discusses Barack Obama’s economic advisory team, whom she calls "Obama’s Chicago Boys"; why she’s...
    July 15, 2008 | Story
  • The worst of the economic crisis may be far from over. That was the message of Federal Reserve Chairman Ben Bernanke Tuesday. He indicated that the housing and financial turmoil will persist deep into next year. The Senate, meanwhile, is deliberating a bill this week that would provide government-backed loans to 400,000 homeowners on the brink of foreclosure. We speak with former investment banker turned journalist and author, Nomi Prins,...
    July 09, 2008 | Story
  • In the latest issue of Mother Jones magazine, David Corn writes, "Who’s to blame for the biggest financial catastrophe of our time? There are plenty of culprits, but one candidate for lead perp is former Sen. Phil Gramm. Eight years ago, as part of a decades-long anti-regulatory crusade, Gramm pulled a sly legislative maneuver that greased the way to the multibillion-dollar subprime meltdown. Yet has Gramm been banished from the...
    July 09, 2008 | Story
  • In the late 1960s, Dr. Martin Luther King recognized that the next phase in the quest for civil rights and equality would focus on the economic divide. A new report from the Institute for Policy Studies titled “40 Years Later: The Unrealized American Dream” lays out key elements of the inequality that African Americans still experience in the United States around education, employment and wealth accumulation. We speak with the co-author of the...
    April 10, 2008 | Story
  • Italian economist, journalist and author Loretta Napoleoni argues that recent events on Wall Street indicate a much larger upheaval and could “signal the end of the ‘Roaring Nineties,’ nearly two decades of easy money, cheap credit, and soaring global debt.” It’s an argument Napoleoni develops in her latest book called Rogue Economics: Capitalism’s New Reality. [includes rush transcript]
    March 31, 2008 | Story
  • Hundreds of homeowners are planning a demonstration today in Manhattan in front of the corporate offices of Bear Stearns and JPMorgan Chase to protest the "taxpayer bailout...and refusal of the government and Federal Reserve to provide real solutions for the millions of homeowners at risk of foreclosure." We speak with Bruce Marks, the founder of the Neighborhood Assistance Corporation of America that is organizing the demonstration....
    March 26, 2008 | Story
  • The nation’s fifth largest investment bank Bear Stearns nearly collapsed last week. It was saved only after the Federal Reserve took extraordinary measures to help JPMorgan purchase the eighty-five-year-old firm. The Fed has become the lender of last resort for other investment banks in a move that marks one of the broadest expansions of the Fed’s lending authority since the 1930s. We speak with Nomi Prins, an author and former...
    March 20, 2008 | Story