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U.S. stocks sunk Friday with the Nasdaq Composite notching its worst month since 2008, as Amazon became the latest victim in April’s technology-led sell-off. The tech-heavy Nasdaq Composite fell 4.2% to 12,334.64, weighed down by Amazon’s post-earnings plunge. The S&P 500 retreated by 3.6% to 4,131.93. The Dow Jones Industrial Average shed about 940 points, or 2.8%, to 32,977.21.

Obama's cconomic narrative of the mortgage crisis gnores the facts. He has put free-market capitalism at the root of the current mortgage industry debacle, denying the real history of government interference in that market. On September 15, with banking giant Lehman Brothers filing for bankruptcy protection, Obama was given the opening to begin weaving his anti-capitalist storyline. And that he did. Artfully blurring the mortgage industry crisis with generalized tax policy, Obama declared, "I certainly don't fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last...

The "Deflationary Vortex": Global Dollar Economy Suffers Biggest Plunge Since Lehman, Down $4 Trillion One of the macroeconomic observations that has gotten absolutely no mention in recent months is the curious fact that while global economic growth has not imploded in recent quarters, it is because GDP has been represented, as is customary, in local currency terms. Of course, this comes as a time when local currencies (at least those which are not the USD) have been plunging against the greenback on the back of the expectations that the Fed will hike rates some time in the summer or later...

Obama's Chilling Crew   By Andrew WaldenFrontPageMagazine.com | Tuesday, April 28, 2009 Why is there so little media investigation of the financing behind Barack Obama’s early political sponsor—and now convicted felon—Tony Rezko?      The dual US-Syrian citizen Rezko--who assisted Obama in the purchase of his Chicago mansion--was heavily funded by loans from Iraqi-British ex-Baathist billionaire Nadhmi Auchi.  According to testimony at Rezko’s trial, Obama met Auchi at an April 3, 2004 event at Rezko’s home during Obama’s 2004 US Senate campaign.  The Times of London reports discovering, “state documents in Illinois recording that Fintrade Services, a Panamanian company, lent...

Al-Qaeda Threat in Philadelphia? Philadelphia, PA June 27, 2002 — David Henry reports from the Action Newsroom. An Action News investigation reveals that a chain of jewelry stores operating in the Delaware Valley is being investigated by the FBI for possible connections to the Al Qaeda terror network. A series of raids were carried out yesterday in Philadelphia and across the state of Pennsylvania. The stores are mostly kiosks in shopping malls operating under the name "Intrigue Jewelers." They are all owned by Pakistanis under franchise agreements with a company called Gold Concepts, based in Pennsacola, Florida. Intrigue operates stores...

Even Timmy is slowly realizing that the Administration will need to find a way to deflect Main Steet's anger at Goldman and keep it focused exclusively on Wall Street instead of equating it with Obama et al. The problem is - you make some very serious, tentacled enemies in the process. Geithner also flip flops on his prior position on the transaction tax. While before he was more opposed to the transaction tax than even Marla, his new "windsocked" position on the topic may now provide a challenge even to Nitric Oxide inhibitors. But here is the clincher for the...

The Subprime home mortgage collapse...a Primer. It's ALL about the CRA of 1977 Community Reinvestment Act (CRA) of 1977 - This required banks to offer credit throughout their entire market area for “underserved” populations and small businesses. The CRA gave incentives to help low income borrowers become “home owners”. Liberals call this group “low income borrowers”. Conservatives call them a RISK!The CRA was passed by the Carter administration. In 1995 the Clinton administration authorized subprime loans under the CRA. Democrats added these provisions for the securitization of subprime loans and then ENFORCED the lending to high risk individuals. By 2000,...

Financial Crisis Revisited - this is a political Satire song about Lehman Bros. (sept. 15 is the anniversary of their bankruptcy btw) and the recession. It was made by Ryan Stotland, a 22 yo Canadian, who is currently doing a 12,000 Km bike-ride is South America to raise money for charity (skin cancer center) Financial Crises Revisited watch on YouTube

The stock market, as measured by the Dow Jones average, has dropped about 3500 points since Obama pulled ahead in the polls last October, and today, it dropped another 300 points as Obama signed his pork-stimulus bill. Investors, in dealing with their own money, are giving a clear message: this is about the most stupid thing we could be doing at this time, and the history of the period from 1932 to 1942 proves it. It was the collapse of the monumental bubble in the housing market combined with an accompanying period when gasoline was selling for $4.00 per gallon...

Former Lehman boss sells mansion to wife for US$100 FALLEN Lehman Brothers chief executive Richard Fuld sold his $US13.3 million mansion to his wife for just $US100 last November, according to Florida real estate records. The 62-year old executive, who could face civil lawsuits after overseeing the storied investment bank's collapse into bankruptcy proceedings last September, transferred ownership of the 3.3 acres seaside home to Kathleen Fuld on November 10, records show. The couple had jointly bought the home for $US13.75 million in March 2004, as first reported by Cityfile.com. Mr Fuld has been blamed for Lehman's collapse on September...

How the Fed Reached Out to Lehman It’s a $138 billion mystery. In the early hours of Sept. 15, after the government refused to rescue the foundering Lehman Brothers, something odd happened. The Federal Reserve lent tens of billions of dollars to a subsidiary of the newly bankrupt bank.

Democratic Presidential candidate Barack Obama was quick to blame the bankruptcy of Wall Street giant Lehman Brothers on Republicans’ “failed philosophy”. Obama’s September 15 comments were repeated throughout the media--yet reporters have not noted Obama’s glaring conflict of interest—the Lehman debt owed to a bank owned by the financier who loaned millions of dollars to Tony Rezko.

Lehman chief on hot seat Fuld grilled on bankrupt firm's bonus plans worth millions By JULIE HIRSCHFELD DAVIS Associated Press Oct. 6, 2008, 10:47PM WASHINGTON — The now-bankrupt investment bank Lehman Bros. arranged millions in bonuses for fired executives as it pleaded for a federal lifeline, lawmakers learned Monday, as Congress began investigating what went so wrong on Wall Street to prompt a $700 billion government bailout.The first in a series of congressional hearings on the roots of the financial meltdown yielded few major revelations about Lehman's collapse, and none about why government officials, as they scrambled to avert...

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