- Fed Announces its Intention to Buy UNSECURED DEBT (U.S. Commercial Paper) [Bloomberg]
- Treasuries Decline as Fed’s Commercial Paper Plan Reduces Demand for Haven [Bloomberg]
- Christopher Cox Fiddled as Bear Stearns Burned, SEC’s Censored Paper Shows [Bloomberg]
- CNBC verifies reports Richard Fuld was attacked for financial institution’s bankruptcy. [Business & Media Institute]
- Realtwhores giving financial advice? Are they qualified?
“Now is the time to think about the future for you and your family. As home prices are starting to decline, there may never be a better time to reposition your equity and employ those funds elsewhere.”
…Like your IRA and 401k. Seriously. Oh yeah, this will end well. [Housing Doom]
- DJIA below 1998 high of 10,000– ten years of gains wiped out in the last few months.
- Did the song Sixteen Tons foretell the current crisis?
“the line ‘I owe my soul to the company store’ is a reference to the truck system and to debt bondage. Under this system workers were not paid cash; rather they were paid with unexchangeable credit vouchers for goods at the company store (usually referred to as scrip). This made it impossible for workers to store up cash savings. Workers also usually lived in company-owned dormitories or apartment buildings, the rent for which was automatically deducted from their pay. “In the U.S. the truck system and associated debt bondage persisted until the strikes of the newly-formed United Mine Workers and affiliated unions forced an end to such practices.”
Tennessee Ernie Ford: Johnny Cash: