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Economy - Economics USA

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Washington Post

Congressional leaders and the Bush administration this morning said they had struck an accord to insert the government deeply into the nation's financial markets, agreeing to spend up to $700 billion to relieve Wall Street of troubled assets back

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AP

Senators have passed in a 78-12 vote a $634 billion spending bill that subsidizes federal loans for automakers. Also lifts a quarter-century ban on oil drilling off the Atlantic and Pacific coasts. Provides money to keep the government running until

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Bill Kristol sees a giant earth-shattering asteroid that will hit by Monday morning if congress doesn't hand out blank checks this weekend. Translation: the Billionaire Bailout is going to be much worse than predicted by tomorrow night.

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news.BBC.co.uk

Barbara used to work in housing finance - this is the double whammy of the housing collapse where many who worked in the sector lost their jobs and their homes.

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mises.org

Analysis of these events and the economic theory that helps explain what is happening and what to do about it. There are many thousands of articles available and the full text of thousands of books as well as journal articles.

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Reuters.com

"This is the derivative nightmare that everyone has been warning about," says Peter Schiff. It was like writing fire insurance, assuming no one is ever going to have a fire, only now they're turning around and watching as the whole town

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NY Times

As Congress tried to cobble together a plan to spend huge sums on a financial bailout, lawmakers also moved to final approval of an omnibus spending bill with more than 2,300 pet projects, including a $2 million study of animal hibernation.

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Reuters

Washington Mutual Inc was closed by the U.S. government in by far the largest failure of a U.S. bank [and they didn't wait until Friday], and its banking assets were sold to JPMorgan Chase & Co for $1.9 billion. [Pressuring CONgress?]

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Youtube

"No, you're thinking of this place all wrong, as if I have the money back in the safe!

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www.universityofreason.com/a/29887/KWADzukm