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As stock markets headed off a cliff again last week, closely followed by currencies, and as meltdown threatened entire countries such as Hungary and Iceland

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, …

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 …

Leaders and economists from Western Europe to East Asia Tuesday urged the United States to go beyond reviving a failed domestic bailout and start working on a new global financial system.
“The Americans don’t have a choice they must absolutely have a global plan,” Christian Noyer, head of the French central bank, said in Paris.
David Smick, a global strategist and author of “The World Is Curved: Hidden Dangers of the Global Economy,” said the next U.S. president should immediately call for a second “Bretton Woods” conference to devise a new doctrine …

Many believe American has turned it’s back on God and entered what amounts to the modern-day gates of Sodom. 

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 …

The US will lose its role as a global financial “superpower” in the wake of the financial crisis, Peer Steinbrück, the German finance minister, said on Thursday, blaming Washington for failing to take the regulatory steps that might have averted the crisis.
“The US will lose its status as the superpower of the world financial system. This world will become multi­polar” with the emergence of stronger, better capitalized centrers in Asia and Europe, Mr Steinbrück told the German parliament. “The world will never be the same again.”
His were the most out­spoken …

The US financial system is facing its worst periods since the Great Depression brought about by the failure of two of the worlds biggest investment banks and questions about the strength of a giant insurance company.
Lehman Brothers has filed for bankruptcy and Merrill Lynch is undergoing a forced sale to dodge the same bullet. It’s all part of the financial bleeding caused by the meltdown in the housing and credit markets in the United States which has seen the contagion spread far offshore.
The news led to sharp falls in share …

Eight years ago, Yale superstar professor and MacroMarkets chief economist Robert Shiller famously called the top of the stock market in his book Irrational Exuberance. Then, a year before the housing bubble peaked, he predicted the colossal bust we are now experiencing.
If you recognize Shiller’s name, it’s because the Standard & Poor’s/Case-Shiller home price indexes, which he developed with Wellesley College economist Karl Case, have become the nation’s most authoritative source for home price trends.
In part one of my one-on-one with Shiller, we discuss the grim outlook for U.S. housing, …

The government says U.S. banking profits fell 86 percent in the second quarter, while the number of troubled banks rose to the highest level in about five years.
The Federal Deposit Insurance Corp. says the roughly 8,500 banks and thrifts also set aside a record 50 billion dollars to cover losses from soured mortgages and other loans in the second quarter.
FDIC says 117 banks and thrifts were considered to be in trouble in the second quarter, up from 90 in the prior quarter.
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