March 15th-March 21st, 2008
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 @ 10AM EST ( 3PM GMT)

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Bear Stearns Bailed Out by Fed

Fed Invokes Little-Used Authority
to Loan Billions to Aid Bear Stearns

Federal Reserve Chairman Ben S. Bernanke invoked a law last used four decades ago to keep Bear Stearns Cos. from collapsing after the securities firm sought emergency funding from the central bank.
The loan to Bear Stearns required a vote today by the Fed's Board of Governors because the company isn't a bank, Fed staff officials said.

The Fed has agreed to accept Bear Stearns collateral for the loan, and will not hold JPMorgan liable if the collateral is rendered worthless.

 

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U.S. Economy in a Recession

Harvard University economist Martin Feldstein, a member of the group that dates business cycles in the U.S., said the nation has entered a recession that could be the worst since World War II.

The collapse of the market for subprime loans, those given to borrowers with the weakest credit, has cost global financial companies $195 billion in asset writedowns and credit losses since the beginning of 2007. The losses have caused liquidity in financial markets to dry up.

Financial markets are exhibiting a pervasive ``unwillingness to trade'' and are suffering a loss of confidence' about valuations of assets.
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Bear Stearns Bad News Rocks Markets

Broker's_building

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Bank Runs Out of Cash.
Stock value falls nearly 50%

Wall Street bank Bear Stearns is right at the heart of the subprime mortgage meltdown. It's reeling from massive, multibillion-dollar losses at two hedge funds. President George W. Bush, seeking to calm investors, said policy makers will take ``appropriate steps'' to stabilize the financial system after a bailout of Bear Stearns Cos. sent shares down and the dollar to new lows.

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This Week's Top Election Stories & Events
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Note: This delegate count is immediately updated after every new primary election.
The new Iowa results are from half the 14 delegates allocated to John Edwards on the basis of caucus night projections switched Saturday and Obama got most, if not all, of them.For More information about the election results and campaigns, click here. Some reports say Clinton, because of superdelegates may have 1496 total delegate count, 16 more.

 

 

 

 

Senate rejects a one-year ban on earmarks

Senate old-timers in both parties decisively killed a proposed one-year ban on pet-project, pork barrel earmarks added as amendments to unrelated bills.

The 71-29 vote this week against the earmark moratorium came as Congress pressed ahead with a budget plan that would take away some tax benefits for the rich and instead provide tax breaks for the middle class

This would come from higher tax bills for the rich in three years by allowing some of President Bush's tax cuts to die after he leaves office.

Business argues that this would be a tax increase but it's really a battle over who gets the tax benefits. Bush has threatened to veto any change.

earmarks

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Hamas Offering Israel Truce

The Israelis must stop the aggression, including assassinations and invasions, end the sanctions and embargo of Gaza and stop expanding the settlements

Israel rejected the truce talk. Israel says it plans to continue new housing construction because it doesn't view Jewish neighborhoods in disputed east Jerusalem as settlements.
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US plotted to overthrow Hamas after election victory

USA planned project for the armed overthrow of Hamas in Gaza.

Not happy with the Palestinian election results that put Hamas in power, the Bush administration secretly planned it's overthrow.

Planned to use Fatah fighters

George Bush and the secretary of state, Condoleezza Rice, signed off on a plan for the Palestinian president, Mahmoud Abbas, to remove the Hamas authorities in Gaza. Israel funneled arms and salaries to Fatah fighters who would lead a rising against Hamas, which happened.

Back in January, Hamas foiled the Fatah plot to kill is parliamentary leader and was able to turn back an attempted overthrow by Fatah, details.

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This Weeks 'Comic Surprise'
The World View of Bush & the Banks
Our multi-media Activist archives & ideas can be found here.
This Week's Editorial > The Biggest Cash Scam in History!  
 

 
 
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