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The Texas Republican says the bailout’s infusion of government money will lead to inflation, that our current monetary system is coming to end, and the market, not politicians, can best solve the economic crisis.
Kiran Chetry: The last time you were with us you explained why you were against the government’s bailout plan, why you were voting against it, and you …

After a four-year spending spree, Icelanders are flooding the supermarkets one last time, stocking up on food as the collapse of the banking system threatens to cut the island off from imports.
“We have had crazy days for a week now,” said Johannes Smari Oluffsson, manager of the Bonus discount grocery store in Reykjavik’s main shopping center. “Sales have doubled.”
Bonus, a nationwide chain, has stock at its warehouse for about two weeks. After that, the shelves will start emptying unless it can get access to foreign currency, the 22-year-old manager said, …

Glenn Beck urges America to, “wake up now!” “There is a global meltdown coming. It is global depression. And one world currency and one world financial system is the endgame.” Glenn Beck Says, “China said last week they want one global currency. France said yesterday … they want one world order - a new world order at the end of this event.

There wasn’t much new in U.S. markets Thursday, and that was the problem. Credit markets remain mostly frozen, as wary banks still refuse to lend to one another despite the federal government’s attempts to break that logjam.
The plan for the Treasury to buy up $700 billion in bad loans from banks now is roundly viewed as too little, too late, or just wrong-headed. Critics say it won’t get the banks to lend again any time soon.
New reports from Washington on Thursday said the Treasury may try another approach: injecting capital …

The world’s financial markets face an uncertain and possibly volatile week as investors await details about how the Treasury will implement the government’s financial rescue package — and watch for any further fallout from the credit crisis around the globe.
The markets have switched their focus to the world economy now that the $700 billion bailout plan has become law. And there’s reason for their concerns — governments across Europe are rushing to prop up failing banks. On Sunday, Germany said it would follow suit with Ireland and Greece in guaranteeing …

The stock market on Monday suffered its most devastating collapse since the 1987 crash as shellshocked investors dumped shares en masse after the House voted down a proposed $700-billion rescue of the financial system.
The unexpected defeat of the bailout package fanned fears that the most debilitating financial crisis since the Great Depression could intensify.
The Dow Jones industrial average sank 777 points — the largest point drop in its 112-year history. The Standard & Poor’s 500 index plunged 8.8%, its sharpest decline since Black Monday two decades ago, while the Nasdaq …

As the debate over a $700 billion bank bailout rages on in Washington, one of the nation’s largest banks - Washington Mutual Inc. - has collapsed under the weight of its enormous bad bets on the mortgage market.
The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift’s banking assets to JPMorgan Chase & Co. for $1.9 billion.
Earlier, urgent efforts to lash together a $700 billion rescue plan for the national economy appeared to be stalling Thursday night, hours after key lawmakers had declared they had reached …

Hong Kong injected nearly $500 million £269 miillion into the financial system today to shore up liquidity a day after the Bank of East Asia was hit with what appears to be the region’s first big bank run since the global financial crisis erupted last year.
The embattled bank got a boost when Li Ka-shing, the territory’s richest man and a billionaire tycoon, bought the company’s shares after they plunged yesterday. “He did buy Bank of East Asia shares. It’s a personal investment.” a Li spokeswoman said.
Thousands of customers converged on …

Last Thursday, the top economic policymakers in the United States told congressional leaders that the financial system was only days away from a catastrophic failure — and that the only hope was an immediate, massive government bailout. Congress agreed in principle, buoying financial markets. But five days later, the specifics of the rescue legislation remain undecided. Two of yesterday’s market events — a 372-point drop in the Dow Jones industrial average and a $16-per-barrel jump in the price of oil — show just how rapidly the clock is ticking.
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