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More banks will fail in the weeks ahead despite dramatic moves by policymakers across the world to tackle the financial crisis, the US Treasury Secretary admitted on Wednesday night (10/7/08).
In comments which sent share prices in Wall Street tumbling, Hank Paulson warned that the crisis would claim further victims and ruled out a “grand plan” [...]

Three weeks after an $85 billion bailout, AIG is turning to the New York Fed for yet more additional funding. The New York Federal Reserve is lending up to $37.8 billion to American International Group to give the troubled insurer access to much-needed cash.
Under the new program, the Federal Reserve Bank of New York will [...]

The depression of 1929 is the wrong model for the current economic crisis
As a historian who works on the 19th century, I have been reading my newspaper with a considerable sense of dread. While many commentators on the recent mortgage and banking crisis have drawn parallels to the Great Depression of 1929, that comparison is [...]

Singapore appears headed for its first recession since 2002 as the city-state suffers from a US economy wilting under its worst financial crisis since the Great Depression, economists say.
Southeast Asia’s wealthiest economy in terms of GDP per capita is heavily dependent on trade, which makes it sensitive to hiccups in developed economies, particularly key export [...]

The Federal Reserve, European Central Bank and four other central banks lowered interest rates in an unprecedented coordinated effort to ease the economic effects of the worst financial crisis since the Great Depression.
The Fed, ECB, Bank of England, Bank of Canada and Sweden’s Riksbank each cut their benchmark rates by half a%age point. The Bank [...]

After the FTSE 100 index suffered its biggest points fall in a single day this week and another bank went bust, freezing 300,000 British savers deposits of £4.5bn, the Telegraph’s Personal Finance team asked a panel of experts to name the villains they blame and suggest how we can get out of this mess.
Neil Darke [...]

Indonesia’s stock exchange halted share-market trading on Wednesday (10/8/08) for the first time in eight years after the benchmark index plunged 10%, the biggest decline since the 1998 Asian financial crisis.
Trading was suspended indefinitely, the exchange said in an e-mailed statement. The Jakarta Composite Index plummeted the most in Asia, where credit market turmoil drove [...]

Asian stocks tumbled on Wednesday (10/8/08), driving the Nikkei 225 Stock Average to its biggest drop since October 1987, and U.S. futures fell on concern the credit crisis will topple more banks and slowing growth will cut demand for exports.
Indonesia halted stock trading after the benchmark index tumbled 10%. Mitsubishi UFJ Financial Group Inc. dropped [...]

The financial meltdown the economists of the Austrian School predicted has arrived.
We are in this crisis because of an excess of artificially created credit at the hands of the Federal Reserve System. The solution being proposed? More artificial credit by the Federal Reserve. No liquidation of bad debt and malinvestment is to be allowed. By [...]