This represents something like the separation of commercial and investment banking (the ‘Glass-Steagall Act’) that was in place until 1999. It’s difficult to tell what hand Obama is playing here – he rode to power on Wall Street donations, so though this looks like he’s actually doing something to appease the public and place restrictions on large banks that take customer deposits (and does Goldman Sachs even fall under this category?) this journal remains skeptical. It could simply prove to be a restriction on new challengers to state-tied central banking firms, a way to entrench the power of the largest hedge funds and commercial investment houses. But let’s be fair -Ãƒâ€šÃ‚Â maybe his poll numbers have truly forced his hand, and the banks are willing to take this hit to keep their guy in power a while longer. Stay tuned. We’re all learning as we go here, but wouldn’t a better solution be to enforce laws against fraudulent activities such as securities rating scams, over-leveraged investments, derivatives, and fractional reserve lending? Note that’s never been on the table.
Flashback: EU urged to adopt bank supertax | Obama ponders bank transaction levy to recoup bailout shortfalls | Explosive Leaked Emails Expose Treasury Secretary Geithner’s Deception in ‘Backdoor Bailout’ | Final Copenhagen Text Includes Global Transaction Tax | EU calls for tax on bank transactions | UK: Brown takes campaign for Tobin tax to Commonwealth | UK: Brown proposes global fund to kick-start Copenhagen climate change process | Flaherty, USA say no to global financial tax, yes to continued ’stimulus’ at G20 | Bernanke continues pressing for sweeping new powers for Fed | IMF chief wants global bank tax | G20 nations meet as protests flare on issue of international banking regulation | IMF approves $13bn gold sale to boost lending fund | China Set to Buy $50 Billion in IMF Notes | China calls anew for super-sovereign currency | No one talking about dumping dollar: China minister | China explores buying $50bn in IMF bonds | Chinese economists deem huge holding of US bonds “risky” as Geithner visits | A Bigger, Bolder Role Is Imagined For the IMF | UK PM reveals G20 plan to boost IMF by $1 trillion, hails new world order (again) | UN & IMF Back Agenda For Global Financial Dictatorship | IMF poised to print billions of dollars in ‘global quantitative easing’ | Gordon Brown seeks sweeping reforms to give IMF global ’surveillance role’ | IMF may need to “print money”, act as “world’s central bank” as crisis spreads | Globalists Exploit Financial Meltdown In Move Towards One World Currency | World needs new Bretton Woods, says Brown | IMF prescribes state regulation of ‘global financial order’ | Bilderberg Seeks Bank Centralization Agenda | Banks face “new world order,” consolidation: report
January 21, 2010
WASHINGTON–U.S. President Barack Obama threatened to fight Wall Street banks on Thursday with a new proposal to limit financial risk taking, sending stocks and the dollar tumbling.
Obama, a Democrat who is struggling to advance his agenda after a key election loss this week, laid out rules to restrict some banks’ most lucrative operations, which he blames for helping to cause the financial crisis.
“We should no longer allow banks to stray too far from their central mission of serving their customers,” Obama told reporters, flanked by his top economic advisers and lawmakers.
“If these folks want a fight, it’s a fight I’m ready to have,” he said.
After a mixed first year as president, Obama’s move showed a tougher, populist-tinged stance aimed at revving up his political base by exploiting anger over Wall Street excess.
The proposals, which require congressional approval, would prevent banks or financial institutions that own banks from investing in, owning or sponsoring a hedge fund or private equity fund.
Obama also called for a new cap on banks’ size in relation to the overall financial sector that would take into account deposits–which are already capped–as well as liabilities and other non-deposit funding sources.
The rules would also bar institutions from proprietary trading operations, unrelated to serving customers, for their own profit.
Proprietary trading involves firms making bets on financial markets with their own money rather than executing a trade for a client. These expert trading operations, which can bet on stocks and other financial instruments to rise or fall, have been enormously profitable for the banks but also increase market volatility.
The White House blames the practice for helping to nearly bring down the U.S. financial system in 2008.
Big financial institutions criticized the move.
“Trading, proprietary or otherwise, did not lead to the financial crisis,” said Rob Nichols, president of the Financial Services Forum, a lobbying group for CEOs of firms such as Goldman Sachs and JPMorgan Chase.
He said the government should be focused on better risk management, corporate governance and other forms of regulatory oversight, “rather than arbitrarily banning certain activities, or setting arbitrary size limits.”
Political Strike Hits Shares
Obama’s move is the latest in a series to crack down on banks and comes as he reels from a devastating political loss for his party in Massachusetts on Tuesday, when a Republican captured a U.S. Senate seat formerly held by the late Democratic senator Edward Kennedy.
Bank shares slid and the dollar fell against other currencies after Obama’s announcement.
JPMorgan fell 4.65 per cent, helping push the Dow Jones industrial average lower.
Citigroup Inc. fell 3.47 per cent and Bank of America Corp. fell 4.24 per cent while Goldman was down 3.7 per cent despite posting strong earnings on Thursday.
“This is going to have a tremendous impact on big-name brokerage firms like Goldman Sachs and JPMorgan,” said Ralph Fogel, investment strategist at Fogel Neale Partners in New York.
“If they stop prop trading, it will not only dry up liquidity in the market, but it will change the whole structure of Wall Street, of the whole trading community.”
Underscoring the high level of public anger at banks, a majority of 1,006 Americans surveyed in a Thomson Reuters/Ipsos poll said executive pay was too high.
White House economic adviser Austan Goolsbee said the proposals were not designed to be punitive. He said they aimed to end the concept that some banks were “too big to fail” and to show that when such firms “mess up, they die.”
Before his announcement, Obama met with Paul Volcker, the former Federal Reserve chairman who heads his economic recovery advisory board and who favours putting curbs on big financial firms to limit their ability to do harm.
The House approved a sweeping financial regulation reform bill on Dec. 11.
The House bill contains a provision that empowers regulators to restrict proprietary trading by financial firms subjected to stricter oversight because they are judged to pose a risk to the stability of the financial system.
The Senate has not yet acted on the matter, but the Senate Banking Committee continues to seek bipartisan agreement on financial regulation reform.
In Congress, Democrats’ reactions ranged from enthusiastic endorsement to caution, while Republicans immediately ripped into the president’s proposals.
Representative Barney Frank, the Democratic chairman of the House Financial Services Committee, said he would oppose any move by the government to force banks to divest hedge fund and private equity fund interests right away.
“Any mandate to make them do it immediately would be a mistake,” Frank said on CNBC. “I will be supportive of this with a timeframe of no less than three, maybe five years.”
Source | Alternate Coverage 1 2 | See also under Economics: High dollar to slow recovery, central bank says | EU Embargoes Canada’s GMO-sabotaged Flax Industry | Could Greece drag down Europe | EU urged to adopt bank supertax | Record surge in UK inflation | Iceland sets date for Icesave vote | ‘Green jobs’ are key to U.S., Canadian recovery: US Ambassador | Flaherty to use February G7 in Iqaluit (or Ottawa?) to push for global changes to financial system | ‘Significant chance’ of second financial crisis, warns World Economic Forum | Iceland says IMF aid likely delayed | Wall Street’s leading bankers admit: we made mistakes | The next big scam: Fraud endemic to carbon market | Flaherty’s economic plan blasted as leading to taxation or cuts | Idle job market hurting recovery, Flaherty warns | No new stimulus, economy ’stabilized’: Harper | Obama ponders bank transaction levy to recoup bailout shortfalls |TSX trades above 12,000 before retreating | Explosive Leaked Emails Expose Treasury Secretary Geithner’s Deception in ‘Backdoor Bailout’ | America slides deeper into depression as Wall Street revels | Tipping point at CanWest | Sarkozy says world currency disorder unacceptable | UK: Interest rates and quantitative easing on hold | Iceland blocks central bank debt repayment deal | Bernanke defends Fed’s actions, forecasts interest hikes | US Bankers Get $4 Trillion Gift From Barney Frank | Review panel green-lights Mackenzie pipeline | Flu Inc.: How vaccines became big business | Canada’s rate hikes will be tied to the Fed | Canada warms to idea of a tougher ‘perimeter’ | ABCP penalties near $140-million | Mint’s missing gold now accounted for | Climate summit showcases new world order | Final Copenhagen Text Includes Global Transaction Tax | Lower tax haul helps widen Ottawa deficit, $56.2B shortfall expected | Canada puts for sale sign on nuclear reactors | Federal Reserve Chairman Bernanke’s 2nd term clears hurdle | Beyond ACTA: Proposed EU — Canada Trade Agreement Intellectual Property Chapter Leaks | Financial Crisis Perpetrator Bernanke Hailed As World’s Saviour By TIME | Ontario eyes sale of crown corporations | Canadians struggling to dig out of debt | Financial reform bill passes U.S. House | Can’t say if federal stimulus is working: watchdog | Copenhagen climate summit releases draft final text | EU calls for tax on bank transactions | IMF could fund climate adaptation: Soros | US Environmental Protection Agency Threatens “Command-and-Control” Economy to Push Climate Change Agenda | HST bill passes, 13% tax starts July 1 | Copenhagen climate summit in disarray after ‘Danish text’ leak | Harper confirms June G20 summit in Toronto | Taibbi: Obama’s sellout to Wall Street creates ‘permanent bailout’ | Tories, Liberals, Bloc approve HST for Ontario and B.C. | Who’s afraid of high-frequency trading? | Liberals call stimulus numbers ‘fiction’ | Tory HST protest halts Ontario question period | Gold surges above $1,200 | Building Blocks Towards an Asia-Pacific Union | UAE markets dive on Dubai debt woes | Dubai’s ‘big pyramid scheme’ grounded by debt load | A world awash in debt | UK: Brown proposes global fund to kick-start Copenhagen climate change process | UK: Brown takes campaign for Tobin tax to Commonwealth | Ottawa on track for largest-ever deficit | Federal HST tax bill to be introduced, plays politics with law | U.S. markets fall on Dubai crisis | U.S. banking troubles far from over | Ontario Tories walk out to protest lack of hearings on HST | Fed Sicks Attack Dogs On Ron Paul After Audit Amendment Passes | 1 in 10 Americans delinquent in paying mortgage | Personal bankruptcies still soaring | Americans Deserve a Transparent Federal Reserve | Is G20 more than Toronto can handle? | With only seven months to go, G20 site may be moved to Toronto | Top Mountie says Huntsville too small for G20 | Current And Former IMF Heads Call For New Global Currency | U.S. urges China to strengthen currency | Contentious HST bill introduced in Ontario | US Demands Banks Prepay Insurance as More Failures Expected | Leaked G20 Documents Shed Light on Global Carbon Tax | Food under $4 to be HST-free, Ontario says | GPS Tracked Road Tolls Back On Agenda for Toronto Metrolinx | Report suggests road tolls, parking and fuel taxes for GTA | George Soros Calls for World Currency and “New World Architecture” | U.S. dollar sags on global financial leaders’ omission | Flaherty, USA say no to global financial tax, yes to continued ’stimulus’ at G20 | Gold rallies to record above $1,100 | G20 to pledge continued ’stimulus’, examine international reserve fund | Economic picture still not very bright, and more layoffs are in store, manufacturers say | Czech President: Copenhagen to be ‘Largest tax increase in world history’ | Bank of England extends quantitative easing to Ãƒâ€šÃ‚Â£200bn | Friends of the Earth attacks carbon trading as banker scam | G20 Meet To Finalize Dumping Of Dollar This Weekend? | Gold prices surge as India buys IMF reserves | Plentiful paper currency buffing gold’s shine | GM kills Opel sale to Magna | Fund me or axe me, parliamentary budget officer says | UK banks receive more bailouts, restructuring | Al Gore Set To Become First “Carbon Billionaire” | How we’re creating an illegal workforce | McGuinty says HST doubters exist in Liberal ranks | When it Comes to the Economy, Be Prepared for the Worst | Soros: China Will Lead New World Order | Terence Corcoran: Central banks are a hazard to banks | Bernanke continues pressing for sweeping new powers for Fed | Ontario deficit billions more than expected | Nortel employees to lose pensions, Liberals vow change to bankruptcy laws | Goldman Sachs breaks record with $16.7bn bonus pot | Loonie continues race toward parity with U.S. dollar | Dollar Reaches Breaking Point as Central Banks Shift Reserves | UK: Lord Mandelson and Nat Rothschild share Brazilian ambitions | The Keynesian quagmire | Gold continues record-breaking run | Police break up IMF protests in Istanbul | Gold price rises to all-time high | Fisk: Nations to hasten demise of dollar in new world order | IMF chief wants global bank tax | U.S. unemployment claims spike | Federal Reserve Appeals Order to Disclose Emergency Bank Loans | Banks balk at new credit card rules | Economy was a dud in July | Tight credit new threat to rebound, IMF warns ahead of Istanbul meeting | Stephen Harper trumpets economic report card | US dollar set to be eclipsed, World Bank president predicts | Bilderberg Wants Global Currency Now | Ontario deficit $2.5B worse than expected due to drop in corporate tax | G20 decides to become world’s new ruling economic council | Carney says G20 must stay the course on stimulus | G20 nations meet as protests flare on issue of international banking regulation | Dollar to fall under scrutiny at G20 summit | Credit card debt balloons | If passed, HST locked in through 2012 | The Economy is a Lie, too | Swine flu ‘could kill millions unless rich nations give Ãƒâ€šÃ‚Â£900m’ | IMF approves $13bn gold sale to boost lending fund | Thousands rally against coming HST tax in BC | Gordon Brown urges EU to back new economic order | Israel ‘will attack Iran this year’ if West does not cripple Tehran with sanctions | Unemployed to reach postwar high: OECD | US credit shrinks at Great Depression rate prompting fears of double-dip recession | Nassim Taleb on the economy: ‘We still have the same disease’ | Up to two million march to US Capitol to protest against Obama’s spending in ‘tea-party’ demonstration | Ottawa’s deficit plan would hike EI premiums | Canada’s $1-trillion debt baby | Gold regains $1,000 | Flaherty sees deficit, debt, and timetable to return to surplus all expanding | Sarkozy launches carbon tax to help ’save the human race’ | Magna wins battle for Opel | Food prices set to rise? | A year after financial crisis, a new world order emerges | UN wants new global currency to replace dollar | G20 agrees to continue economic stimulus measures; Geithner shops international reserve accord | Gold toys with $1000/oz | How the collapse of Lehman Brothers pushed Wall Street to the brink | China Set to Buy $50 Billion in IMF Notes | Investors dump money market funds | Scotiabank: Global economy set to recover, China and developing nations to lead | More US Bank Failures and The Coming Deposit Insurance Bailout | Industrial demand for silver sharpens bullish view | German Scientists Call for ‘World Climate Bank’ | Underwhelming GDP growth fails to move stocks, loonie | Irish state plans to take majority stake in debt-ridden banks | Flaherty chooses himself as authority on banking oversight | Ottawa plans U.S. dollar bond | A Stock Market Rally Engineered by Government | Judge Orders Federal Reserve To Disclose Who Received Bailout Trillions | Central bank of Canada stands ready to inflate currency in response to strong loonie | Arrest Over Software Illuminates Wall St. Secret | Boost Bank of Canada powers: Carney | Arrest Over Software Illuminates Wall St. Secret | Credit delinquencies up 24% in June | Geithner lambastes US economic watchdogs resistant to planned transfer of powers to Federal Reserve | Statistical Deceptions: How Fake is the “Recovery”? 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| Bank of Canada poised to print money to buy bonds | Credit companies seek to avoid regulation, create global debit system | After Three Amigos rendezvous, White House confirms there’s no plan to reopen NAFTA | Stocks in triple-digit losses on Bay, Wall streets | A Bigger, Bolder Role Is Imagined For the IMF | US govt considers becoming bank shareholder | US to put conditions on bank bailout repayments | Harper Pledges to Double Funding to International Bank at Americas Summit | NRTEE Carbon Market Panel is ‘Round Table on Socialist Planning’ | TSX moves up for 6th week | Climate panel presses for federal cap-and-trade system | Congressman: Reckless Spending And Taxation Prolonged Great Depression | Barclays, Lloyd’s, RBS join Goldman-Sachs in the black | U.S. retail sales fall unexpectedly | Goldman-Sachs to repay TARP loan, resume private operations, bonuses, at “earliest time” possible | Which Banks Will Rule? | Ontario can’t cover GM pensions, premier says | GM chief says company is preparing in case it files for bankruptcy | Another 663,000 jobs lost in March in U.S. | G20 deal part of ‘unprecedented’ response to crisis: Harper | UK PM reveals G20 plan to boost IMF by $1 trillion, hails new world order (again) | Global stock markets surge | World Bank President Admits Agenda For Global Government | Financial Rescue Nears US GDP as Pledges Top $12.8 Trillion | Gordon Brown chooses pulpit as latest platform to push New World Order | Whitehouse fires General Motors CEO | Will U.S. financial woes lead to new world order? 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Environment Head Wants Global Warming Tax | Ottawa considering aid for private broadcasters | Financial Post editor: America’s future at risk of ‘inflationary outburst’ | U.N. panel says world should ditch dollar | IMF poised to print billions of dollars in ‘global quantitative easing’ | G20 officials pledge ‘whatever action necessary’ to revive economy | Changes to law could affect navigation of Canadian waters, critics say | Mainstream Financial Publication Finally Admits that Austrian Economists Were Right | Global recession deepening, Geithner says | Obama calls for G20 joint action | UK Central Bank begins using ‘new’ money | Brace for sharp slump, IMF warns Canada | IMF, World Bank predict a global recession | Worst crisis since 1930s says Fed, calls for ‘forceful action’ | Jobs data grim, Flaherty says | Atlas felt a sense of dÃƒÆ’Ã‚Â©jÃƒÆ’Ã‚Â vu | UK government takes control over Lloyd’s bank | Canada expects EU free-trade talks soon: Stockwell Day | GM pensions: Who’s responsible? | Stimulus needed now, Bank of Canada says | GM says it will go bust in days without new US bail-out | Terence Corcoran: Ontario’s green energy plan sneaks in feed-in taxes | Time to emulate Roosevelt’s New Deal and create green jobs | Central bank tactics pushed to brink | Ontario facing massive deficit | Obama outlines ‘hard choices’ budget | UK: Loss-making Northern Rock to pay bonuses to managers | IMF emergency fund is doubled to $500bn, Northern Rock bank granted $14bn bailout | EU backs sweeping new financial rules, more power for IMF | GM wants twice as much taxpayer’s money | Volcker sees crisis leading to global regulation | Gold Tops $1,000, First Time Since March as Recession Deepens | Stocks Drop Around the World; Stoxx 600 Falls to 6-Year Low | Greenspan backs bank nationalisation | Behemoth budget bill to be rammed through parliament unread | Obama signs stimulus bill | Congressman warns unread ’stimulus’ bill will prolong agony | Gordon Brown seeks sweeping reforms to give IMF global ’surveillance role’ | $787B stimulus package passes through U.S. Congress | Paul Martin prescribes international regulatory body for ailing fiat economies | US Congress reaches deal on economic stimulus package | World stocks fall on skepticism over U.S. bank plan | Next US bailout could top $1-trillion | Geithner Said to Have Prevailed on the Bailout | Canada lost 129,000 jobs in January: StatsCan | Economic crisis: The shakeup Canadians need? | Pass stimulus or watch out, Obama warns | Canadian credit card delinquencies rising | Iceland to be fast-tracked into the EU | France responds to economic downturn with a general strike | U.S. House passes $819B economic stimulus | World Economic Forum elite blame ‘profit’, not fraud, for crisis | Fed infrastructure money requires provincial spending | Ignatieff lets government stand with budget amendment demand | Rewriting the rulebook for 21st-century capitalism | Obama urges Republicans to support economic plan | The budget: Global shock therapy | All maxed out? Budget measures would improve credit access | $12B for infrastructure forms key pillar of stimulus package | Few surprises as government turns on the spending taps | U.S. Senate confirms Geithner as treasury secretary despite reservations | Iceland’s government collapses | Optimistic central bank expects speedy economic rebound | Ottawa risks erasing decade of debt reduction | Canadian, U.S. energy policies to be inextricably linked: Prentice | Business Development Bank will get $350M injection, Clement says | Prominent Economist: Crisis Caused By Government Interventions | New UK bank bailout | Vancouver dodges public referendum requirement for funding to finish Olympic Village | Zimbabwe unveils 100 trillion dollar banknote | Financial crisis: Bank of America given $138bn rescue package | Q&A: Prime Minister Stephen Harper speaks with The Post’s John Ivison | Premiers to press Harper for infrastructure boost | Vancouver mayor to recall legislature to handle Olympic Village crisis | Bring in a Canadian securities regulator: Flaherty’s handpicked business panel | Merged Citigroup, Morgan brokerage would be largest | Obama to visit Canada, Tories to propose ‘integrated carbon market’ | Brace for a big, ‘comprehensive’ budget: Harper | Canadians starting to save cash, shun debt | GM’s U.S. bailout deal bars strikes | European Leaders Call For New Global Order | Transport Minister Baird calls for dramatic action on stimulus package | Obama calls for ‘dramatic action’ on stimulus package | UK PM unveils ‘New Deal’ plan to create 100,000 jobs | Flaherty vows short-lived deficit, consults corporate chiefs on spending initiatives | Analyst: One Third Of Banks Could Collapse or Merge In 2009 | Auto bailout gives Federal, Provincial governments incremental nationalization powers | Banks won’t say where U.S. bailout money going | UK: Bailiffs get power to use force on debtors | Kissinger Calls For New International System Out Of World Crises | Canadian auto bailout could reach more than $4-billion | U.S. to spend $17.4-billion to ‘rescue’, nationalize auto industry | Harper government plans deficits as deep as $30 billion | Flaherty appoints business leaders to economic advisory council | IMF Chief Warns Of Riots In Response To Economic Crisis | Bank of Canada ready to monetize distressed equities | Canada may backstop ABCP rescue: Flaherty | The ugly spectre of ‘new Keynesianism’ and the self-appointed Guardians | Army ‘Strategic Shock’ Report Says Troops May Be Needed To Quell U.S. Civil Unrest | Federal government, Ontario agree on $3.3B auto bailout package | ‘Outrage’ greets banks’ failure to match rate cut | State to bail out, control US auto industry | Get close to Obama on economy and security, paper says | Financial Times: And now for a world government | Terence Corcoran: It’s Twilight for Detroit and the U.S. economy | Mexico to downsize metal in coins to save a few cents | Automakers seek $6B aid package from Ontario, federal government | Bank of England mulls “nuclear option” of cash injection | Zimbabwe tackles cash shortage amid riots and looting | Icelanders storm central bank in protest | Liberals and NDP sign unprecedented pact; to pursue stimulus, carbon taxes | UN Climate Change Conference open with call for ‘co-operation’ | UK closer to joining euro, EU commission president says | Iceland turns 90 amid economic ruin, currency freeze | TSX drops 600 points, N.Y. also falls | Britain buys control of Royal Bank of Scotland | Iceland inflation soars to 17.1% | Canada in recession: OECD | Maybe we should look at Zimbabwe before trying to print our way out of a money crisis | Britain to introduce massive stimulus package | Obama appoints architects of economic collapse, financial globalism to economic team | Jim Flaherty Urging Greater Federal, International Control over Canadian economy | Citigroup seeks ‘emergency cash’ | Deficits ‘essential,’ Harper says | Harper vows Canada will remain open to international trade | 5 injured during protest in Iceland over economic meltdown | ‘Hard decisions’ needed during economic crisis: throne speech | Paulson, Bernanke defend change of plan: $700-billion now to be given directly to banks | After G20 meeting, Ottawa ready to spend to spark economy | Congress Accuses Federal Reserve Bagman Of Bailout “Bait and Switch” During Angry Hearing | Flaherty eyes sale of Canadian government assets | Analysts Predict Hyper-Inflation To Push Gold To $2000, Oil to $300 | Terence Corcoran: Rescuers pulling market under | U.S. government won’t use bailout fund to buy troubled assets | Ottawa to pour another $50B into mortgage markets | Bank of Canada adds $8B to credit markets | Merrill CEO: Economic Environment Recalls 1929 | Fed Hides Destination Of $2 Trillion In Bailout Money | PM, premiers agree to speed up infrastructure investment | Flaherty lauds Keynesian global ‘economic stimulus’ strategies | Who are the Architects of Economic Collapse? | The Bush gang’s parting gift: a final, frantic looting of public wealth | IMF may need to “print money”, act as “world’s central bank” as crisis spreads | Morgan Chase Exec Brags Bailout Is for Takeovers, Restructuring, Not Lending | Draft letter calls on IMF to play critical role in financial crisis | Ottawa to guarantee interbank lending | More cash needed to save economy: Bernanke | Wall Street banks in $70bn staff payout | German parliament backs bail-out | Regulator says brokers failed on ABCP, sets new guidelines | US Bailout Cost Heads Towards $5 Trillion | Market Euphoria Dissipates | Loonie leaps, then reverses course | $25B credit backstop for banks ‘not a bailout’: Harper | Brown wants ‘global’ bank support | US considers following British example of taking stakes in banks | New World Order: Global co-operation, nationalisation and state intervention — all in one day | TSX closes up 226 points in wild day after rate cuts | Federal Reserve Moves to Monetize Commercial Paper Debts | Stocks recoup some losses after markets hit by panic selling | Star column blames ‘Capitalism’ for market woes, offers false choice: Authoritarianism or Socialism | Bank of Canada greases financial system with $12B in new cash | Stock markets drop despite bailout | Why Paulson’s Plan is a Fraud | Representatives Were Threatened With Martial Law In America Over Bailout Bill | Congress Rejects (First) Bail-Out Plan | Congressman Ron Paul: Bailout Will Destroy Dollar, World Economy | Paul Martin calls for ‘global solution’ | Markets sink as woes spread | UK banking shares plunge as crisis deepens | Congressman Ron Paul Schools Fed Chairman Bernanke on the Bailout Plan | Bailout is “petty cash”, Inflation is the Federal Reserve’s real crime | Private Federal Reserve Makes Power Grab as Bush, McCain Urge Congress to Approve Plan | Canadian Supreme Court refuses to hear appeal in ABCP case | Last major investment banks in U.S. change status | U.S., British market regulators ban short-selling | Next Federal Reserve bank bailout round could cost taxpayers 1$ Trillion Dollars | Bank of Canada piles on in global inflationary swindle | Central banks continue inflating global economy | Central Banks Move to Transfer Wealth from Taxpayers to Banks | Crisis on Wall St. as firms collapse | Goldman-Sachs Alumni Hold Reins of Financial System | Frontrunners emerge in scramble to save another major bank | Lehman Brothers on Verge of Collapse, Wall Street Fears | US Treasury nationalizes Freddie Mae, Fannie Mac | Cities Debate Giving Away Public Infrastructure to Bankers | Court Grants Big Banks Immunity from Lawsuits over Derivatives Losses | Bush Calls for New Highway Tolls, More Private Funding of Roads | US mortgage firm bailout includes rider clause to expand police state: all credit card transactions now to be reported to IRS | Global ‘liberalization’ illusion under threat. Economist calls for world economic regime, Keynesian saviour. Irony? | Federal Reserve cites global stakes in Fannie and Freddie rescue | Financial ’super cop’ role for Fed | What Really Killed Bear Stearns? | Soros points out regulated markets fail to operate on market fundamentals, calls for more regulation | Competition study calls for lowered barriers to foreign ownership, bank mergers | Massive overhaul urged on foreign investment in airlines, media, and banks | Bilderberg Seeks Bank Centralization Agenda | Secretive Bilderberg Group Reverses Policy, Releases Press Release and Attendance List | Banks face “new world order,” consolidation: report