Financial Meltdown Topics

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

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  • We now move three-quarters of a century back in time to 1933. It was the middle of an era that our current moment is sometimes compared to: the Great Depression. When Franklin Delano Roosevelt took his oath of office in March of that year, over 10,000 banks had collapsed, following the stock market crash of 1929. One-quarter of American workers were unemployed, and people were fighting over scraps of food. We play an excerpt of FDR’s inaugural...
    Sep 29, 2008 | Story
  • On Monday, the House voted 228-to-205 against authorizing the largest government intervention in the financial market in US history. The measure would have granted the Treasury unprecedented authority and up to $700 billion to relieve faltering banks and other firms of bad assets backed by home mortgages, which are falling into foreclosure at record rates. As the economic crisis worsens and spreads across the globe, we speak with Robert Johnson,...
    Sep 30, 2008 | Story
  • Following Monday’s rejection in the House, the Senate plans to vote today on the $700 billion bailout of Wall Street. Lawmakers are said to have revised the bill following public outcry, but critics say the measure includes only slight, cosmetic changes. We get an update from Washington insider and former Senate Banking Committee chief economist Robert Johnson and speak to veteran journalist William Greider of The Nation magazine. [includes...
    Oct 01, 2008 | Story
  • The Senate has endorsed a revised version of the $700 billion Wall Street bailout plan. The legislation was easily approved last night on a 74-to-25 vote with a majority of Democrats and Republicans voting in favor — among them, presidential nominees Barack Obama and John McCain. Nobel Prize-winning economist Joseph Stiglitz says the measure, although flawed, should be supported now and revisited after the November elections. [includes rush...
    Oct 02, 2008 | Story
  • On Capitol Hill, the House is preparing to vote again on the revised $800 billion Wall Street bailout plan after rejecting a similar bill on Monday. All 432 seats in the House are up for election next month, and many "no" votes on Monday reflected lawmakers’ fears of a voter backlash for the unpopular bill. An array of “pork barrel” projects have been inserted into the legislation to win support from nervous incumbents. [includes...
    Oct 03, 2008 | Story
  • As the world reels from the financial crisis on Wall Street and the taxpayer-funded $700 billion bailout, we spend the hour with Naomi Klein on the economy, politics and "disaster capitalism." The Shock Doctrine author recently spoke at the University of Chicago to oppose the creation of an economic research center named after the University’s most famous economist, Milton Friedman. Klein says Friedman’s economic philosophy...
    Oct 06, 2008 | Story
  • As stock indexes plunge across Europe and Asia, Britain unveiled plans today to inject up to 50 billion pounds — close to $90 billion — into its biggest retail banks. Recent efforts to bolster world credit markets have failed to stem fears that the spreading financial crisis could lead to a global recession. We go to Rome to speak to economist Loretta Napoleoni, author of Rogue Economics: Capitalism’s New Reality. [includes rush...
    Oct 08, 2008 | Story
  • It was no surprise that the economy dominated last night’s presidential debate. We play excerpts and get reaction from Pulitzer-winning journalist David Cay Johnston, author of Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (and Stick You with the Bill). [includes rush transcript]
    Oct 08, 2008 | Story
  • In the largest loss since the crash of 1987, the Dow Jones Industrial Average fell over seven percent on Thursday, closing below 9,000 for the first time in five years. Over the past six trading days, the Dow has plummeted over 2,200 points, or about 21 percent. Earlier today, global stock values fell in trading as fears grow of a worldwide recession. [includes rush transcript]
    Oct 10, 2008 | Story
  • As the Bush administration announces a $250 billion plan to partially nationalize the nation’s banking system, we speak to Paul Craig Roberts, former Assistant Secretary of the Treasury Department in the Reagan administration and a former associate editor of the Wall Street Journal. Roberts says the latest bank measure suggests the bailout is "either incompetence or fraud." [includes rush transcript]
    Oct 17, 2008 | Story