Stock exchanges in Britain and the USA have been on the slide over the past few days. The reason is not hard to seek. The FTSE has been spooked by bank shares collapsing. Barclays, for instance, saw 25% of its share price shaved off in one hour last Friday (16.01.09). This was the day after the bank announced 2,100 job losses.
Tag: Mick Brooks
Jan 20 2009
Dec 03 2008
The U.S. has elected a new president, Barack Hussein Obama. Along with the dramatic turn in the economic situation, this marks a definite turning point in the history of the country and of the world. Big illusions have been created that Obama will provide “change”. What American workers have voted for is an end to policies that benefit the rich – but does Obama represent real change?
Sep 09 2008
The Financial Times has hailed the effective takeover of Fannie Mae and Freddie Mac by the US government as “what could become the world’s biggest ever financial bail-out.” Treasury secretary Henry Paulson has promised he will pump in ‘unlimited liquidity.’ Don’t you wish the government would grant you unlimited liquidity? When it comes to the food and fuel bills of the poor and the working class, the British and American governments find that the cupboard is bare. But now it’s not bare. Predictably markets all over the world have breathed a sigh of relief. Fannie and Freddie have effectively been nationalised – and big business thoroughly approves!