How Wall Street insiders are using the bailout to stage a revolution

Incredible piece in The New Rolling Stone by MATT TAIBBI:

People are pissed off about this financial crisis, and about this bailout, but they’re not pissed off enough. The reality is that the worldwide economic meltdown and the bailout that followed were together a kind of revolution, a coup d’état. They cemented and formalized a political trend that has been snowballing for decades: the gradual takeover of the government by a small class of connected insiders, who used money to control elections, buy influence and systematically weaken financial regulations.

See full article HERE

Bankers Home Attacked

Here comes the summer of rage?

A warning of more attacks on UK bankers was made on Wednesday after the home of former Royal Bank of Scotland boss Fred Goodwin was vandalized.

Windows were smashed in Goodwin’s house in the Scottish capital Edinburgh and those of a Mercedes-Benz limousine parked outside.

It is not known if anyone was at home at the time. Goodwin — dubbed “Fred the Shred” by the media for his ruthless cost-cutting — and his family have not been living in the house since it was revealed that the 50-year-old Goodwin was receiving an annual pension of $1 million (£700,000) for life.

A statement issued to media organizations including the Press Association after the attack said: “We are angry that rich people, like him, are paying themselves a huge amount of money and living in luxury, while ordinary people are made unemployed, destitute and homeless.

“Bank bosses should be jailed. This is just the beginning.”

No group was named in the message and it did not explicitly claim responsibility for the attack.

Goodwin took early retirement after RBS nearly collapsed amid the economic crisis and was later part-nationalized.

On the same day as the size of his pension was revealed RBS announced a UK record loss of $34.6 billion (£24.1 billion) for 2008.

Politicians and commentators have expressed fury about the deal and excessive bonuses being given by bailed-out banks. See more from CNN HERE

Czech Government latest to fall due to the Ecomic Crisis

The Czech government collapsed Tuesday after losing a parliamentary no-confidence vote over its handling of the economic crisis.

It was a huge embarrassment for Prime Minister Mirek Topolanek, coming just days before a planned visit by President Barack Obama and midway through the Czech Republic’s six-month European Union presidency.

The lower house of Parliament voted 101-96 to declare no confidence in the three-party coalition government, after four lawmakers broke rank with their parties and voted with the opposition. Three legislators were absent from the vote.

It was the first time a government has been ousted by parliament since the country came to existence after the 1993 split of Czechoslovakia.

Topolanek said he could resign after a planned trip to Brussels on Wednesday. “I take the vote into account and will act according to the Constitution,” he said.

There has been no indication of whom President Vaclav Klaus might choose to form a new Cabinet. If three attempts to form a government fail, early elections must be called.

Topolanek’s minority coalition took charge in January 2007, after months of difficult negotiations following 2006 general elections that resulted in no clear winner.

The government has struggled to resolve deep divisions within Parliament over whether to allow components of a U.S. missile defense shield on Czech territory, and whether to adopt the EU reform treaty to streamline decision-making in the bloc.
Story continues below

In recent months, opposition lawmakers also said they became frustrated with the government’s response to the global economic slowdown. Before the crisis, the Czech Republic’s export-oriented economy had been growing fast, but the country is expected to enter a recession this year. Annual industrial output fell 23.3 percent in January.

The opposition said the government acted too late and did too little _ approving a stimulus package only last month worth 70 billion koruna ($3.5 billion), including measures for investments in ecology and infrastructure along with tax cuts and loan guarantees.

“The government got what it deserved,” said former Prime Minister Jiri Paroubek, who leads the opposition Social Democratic party. “It was not able to handle the affects of the economic crisis.” Paroubek said, however, that he was not against Topolanek’s government staying in office until the end of the Czech term leading the EU presidency.

The European Union executive said it trusted the Czech Republic would be able to continue its duties in the EU presidency.

“It is for the Czech Republic’s democratic process under the constitution to resolve the domestic political issues; the Commission is confident that this is done in a way which ensures the full functioning of the Council Presidency,” the European Commission said in a statement.

Meanwhile, it will likely be left to a new government to deal with the two other main issues in Czech Parliament _ the proposed U.S. missile defense project and the EU reform treaty.

The Czech Parliament’s lower house has passed the so-called Lisbon Treaty, but the upper house _ controlled by Topolanek’s own Euro-skeptic party _ has yet to vote on it. All 27 EU nations must approve the treaty for it to take effect.

The government’s deal to allow a U.S. radar base near Prague is also up in the air. Topolanek was forced last week to withdraw legislation on the U.S. missile defense plan from lower house because he did not have enough votes to ensure it would pass.

The missile defense shield was likely to be high on the agenda during Obama’s visit April 4-5 to Prague. Obama has never said if the U.S. will go ahead with the deal, brokered under President George W. Bush.

The opposition has argued against the missile defense plan because it could anger Russia, which has vehemently opposed the missile shield within its former sphere of influence. Washington has said the shield, also including 10 interceptor missiles to be housed in neighboring Poland, would protect Europe from attacks by “rogue states” in the Middle East. See more from The Huffington Post
HERE

US Bankrupt according to Experts

Technically, the U.S. is already “bankrupt” because it has a debt that is almost four times the size of its economy, says Puru Saxena, CEO of Puru Saxena Wealth Management. He tells CNBC that the U.S. is at risk of hyperinflation. See HERE

We will we see a “Class War” in France?

France faces a “class war” that could undermine President Nicolas Sarkozy’s reform efforts and spark a period of damaging labour unrest, one of the country’s most prominent business leaders has warned.

In an interview with the Financial Times as France braced for its second national strike in less than two months, Maurice Lévy, head of Publicis, said “people are really angry” over the country’s growing economic hardship and costly bank rescues.
EDITOR’S CHOICE
Workers pile pressure on Sarkozy – Mar-18
Brussels and France resolve auto dispute – Mar-02
France softens plan to deny aid to carmakers – Feb-26
Sarkozy pressed to add social element to plan – Feb-18
Lex: French car industry – Feb-13
French aid to car industry remains under fire – Feb-13

Mr Lévy criticised the government for fanning the discontent. The boss of the advertising group said ministers had failed to explain adequately why the state had bailed out banks while refusing to help consumers with new tax breaks or wage rises.

Unions have promised another record turnout for Thursday’s general strike, with more protests planned across the country than in January when up to 2.5m people came out on to the streets.

The public mood has worsened, with protests becoming militant amid factory closures and as the government struggles to revive the economy. See full story from the Financial Times HERE

Why There Will Be No Economic Return to Normal

A must read from economist James K. Galbraith:

“The most likely scenario, should the Geithner plan go through, is a combination of looting, fraud, and a renewed speculation in volatile commodity markets such as oil. Ultimately the losses fall on the public anyway, since deposits are largely insured. There is no chance that the banks will simply resume normal long-term lending. To whom would they lend? For what? Against what collateral? And if banks are recapitalized without changing their management, why should we expect them to change the behavior that caused the insolvency in the first place?

The oddest thing about the Geithner program is its failure to act as though the financial crisis is a true crisis—an integrated, long-term economic threat—rather than merely a couple of related but temporary problems, one in banking and the other in jobs. In banking, the dominant metaphor is of plumbing: there is a blockage to be cleared. Take a plunger to the toxic assets, it is said, and credit conditions will return to normal. This, then, will make the recession essentially normal, validating the stimulus package. Solve these two problems, and the crisis will end. That’s the thinking.” See more HERE

Revolution Brewing? The New Tea Partys

A revolution is brewing as American patriots and free-market advocates unite in protest against out-of-control government spending – with a wildfire movement of more than 170 nationwide tea parties. See full story and video from World Net Daily HERE

How broke is Spain?

On the heels of the recent ruling changing the laws about accepting large denominations of euros which possibly stimulated the economy and definitely helped the mafias and criminal gangs, comes this:

“Spain is offering impunity for those bringing money into the country from financial havens to buy public debt

The Spanish Government has announced that it has prepared, via a Royal Decree, a method to invest in public debt in Spain bringing in the money from financial havens, which will grant total impunity to the owners of the cash.

In addition such money will not be subject to tax, and the Royal Decree also cancels the obligation to declare the identity of the owner if non-resident, its country of precedence, and the amount involved.”

When a country is so broke that it is practically begging for dirty money, you know how bad things really are.

See full story HERE

Up to 45% of the worlds wealth is gone

From Reuters: Private equity company Blackstone Group LP (BX.N) CEO Stephen Schwarzman said on Tuesday that up to 45 percent of the world’s wealth has been destroyed by the global credit crisis.

“Between 40 and 45 percent of the world’s wealth has been destroyed in little less than a year and a half,” Schwarzman told an audience at the Japan Society. “This is absolutely unprecedented in our lifetime.”HERE

Overvalued euro set to fall within months

From The Telegraph:

Investors take out short trades when they expect a currency to fall. In recent days, futures traders in the US have significantly increased their bets that the euro will fall against the dollar. Data released by the Washington-based Commodity Futures Trading Commission on Friday showed that the “net short position” of trades against the euro by hedge funds and speculators almost doubled in the week to March 3 to 19,431 contracts from 10,081 contracts a week earlier.

“Quite a significant correction in the euro is coming in the next few months. The European Central Bank (ECB) is behind the curve in getting to grips with its economic problems,” said David Buik of BGC Partners. He added that the eurozone entered recession later than other economies, but policy-makers had been too slow to act, putting the currency at risk.

The global recession means that the euro is facing its strongest test since its launch a decade ago as the less productive countries such as Spain, Greece and Italy have failed to match the efficiency of some of Europe’s faster growing economies. See full story HERE

The FDIC did not collect insurance from US baks for the LAST 10 YEARS!

I really don’t know how much more of this I can take.

The federal agency that insures bank deposits, which is asking for emergency powers to borrow up to $500 billion to take over failed banks, is facing a potential major shortfall in part because it collected no insurance premiums from most banks from 1996 to 2006.

The Federal Deposit Insurance Corporation, which insures deposits up to $250,000, tried for years to get congressional authority to collect the premiums in case of a looming crisis. But Congress believed that the fund was so well-capitalized – and that bank failures were so infrequent – that there was no need to collect the premiums for a decade, according to banking officials and analysts. See story from BOSTON.COM HERE

3 Car Dealership Executives, Dozens of Vehicles Missing

Take the money (and the cars) and run!

Scores of new cars vanished from a western Nebraska car dealership and a prosecutor said Wednesday that some had turned up in other states and warrants had been issued for three missing executives.

The 81 Fords and Toyotas taken from Legacy Auto Sales in Scottsbluff were valued at about $2.5 million.

The Fords were put on transporter trucks and taken away Saturday and the Toyotas were shipped out late Monday, John Childress, Scotts Bluff County’s chief deputy county attorney, said Wednesday.

Childress said arrest warrants had been issued for owner Allen Patch, controller Rachel Fait and general manager Rick Covello, who are wanted on suspicion of theft.

“Employees were expecting these people to be in Tuesday morning, and they were surprised no one was there,” Childress said. “It is not an expected departure.”
See the rest of the story from FOX HERE

They want your guns

After the terrible attacks in Germany and the US, the “anti-gun” mob are out once again to get your guns, that is if your a law abiding citizen. For gun laws are aimed at law abiding citizens. Perhaps its the same law abiding citizens who just saw the banks and politicians just steal their money? Perhaps, perhaps, perhaps.

From Yahoo.com:
Several European countries have restricted gun laws in the wake of school massacres, gang violence and other gun-related crimes:

_Finland announced plans Wednesday to impose stricter restrictions on firearms, including raising the minimum age for handgun ownership from 15 to 20. The proposal was prompted by two school massacres within a year in which lone gunmen opened fire on classmates and teachers.

_Germany, where a gunman killed at least 11 people Wednesday, raised the legal age for owning recreational firearms from 18 to 21 following a 2002 shooting in Erfurt that killed 16 people, including 12 teachers.

_Belgian lawmakers passed strict new gun control laws in 2006 in reaction to the racially motivated shooting deaths of a toddler and her black baby sitter in Antwerp.

_Swiss citizens are demanding a referendum aimed at confining army weapons to military compounds and banning private purchases of pump-action rifles and automatic weapons — following a spate of suicides and homicides.

_The Portuguese Parliament is currently discussing a government proposal to tighten gun laws, including denying bail to anyone suspected of a gun crime.

See more HERE

Global Financial Assets Lost $50 Trillion Last Year

From Bloomberg.com: The value of global financial assets including stocks, bonds and currencies probably fell by more than $50 trillion in 2008, equivalent to a year of world gross domestic product, according to an Asian Development Bank report.

Asia excluding Japan probably lost about $9.6 trillion, while the Latin American region saw the value of financial assets drop by about $2.1 trillion, said Claudio Loser, a former International Monetary Fund director and the author of the report that was commissioned by the ADB. The report didn’t give a breakdown of asset declines in other regions.

“The loss of financial wealth is enormous, and the consequences for the economies of the world will unfortunately commensurate,” said Loser, now the Latin American president of strategic advisory firm Centennial Group Inc.. “There are serious economic and political stumbling blocks that may well cause the recovery to be costly and slow to consolidate.” See story HERE

Gun Makers and Retailers Post Strong Sales Increases, up to 81%!

From AdAge: The economy might be tanking, but firearm sales are going great guns. Despite the weakest holiday season on record, outdoor-products retailer Cabela’s turned in strong fourth-quarter sales, largely as a result of an increase in firearm and ammunition sales. Smith & Wesson is reporting pistol sales up 40%, and Sturm, Ruger & Co. reported an 81% increase in firearm revenue. See story HERE

More bad news for workers: Lower pay and more depression

From Reuters: With “no end in sight” for U.S. job losses amid a recession that could stretch into 2010, American workers will soon have to contend with another blow to their confidence: stagnant, or even falling wages.

Job seekers — already coping with the highest unemployment rate in a quarter century, their savings mugged by a plunging stock market — can also expect lower pay once they land a new job, labor market experts say, because the current downturn shows no signs of turning around anytime soon. See story HERE

From The Telegraph: Thousands of extra therapists are being trained amid Government fears that the financial crisis could drive up levels of mental illness and long-term unemployment. See full story HERE

And in the USA the competition is so bad that a school received over 700 applications for a low paying janitorial job. From Yahoo News: Evidence of the slumping economy is stacking up at an Ohio school which has nearly 700 applications for one open janitorial job.

Officials at Perry Local Schools near Canton in northeast Ohio say they’ve extended the deadline until Monday to accommodate the overwhelming response to the week-old posting. The full-time position at Edison Junior High School pays $15 to $16 an hour plus benefits. See full story HERE

World Bank: Economy worst since Depression

The world economy is on track to post its worst performance since the Great Depression, with developing countries bearing much of the economic pain, the World Bank said Monday.

Those countries face a credit shortfall of up to $700 billion, the bank said.

“The global economy is likely to shrink this year for the first time since World War II,” the bank said, noting that global industrial production, by the middle of 2009, could be as much as 15% lower than in 2008.

Based on those projections, world trade is on track to record its largest decline in 80 years, with the sharpest losses expected in East Asia. More from CNN Money HERE

Bomb Explodes at Citibank Branch in Greece

How long before we see more of these kinds of actions worldwide?

A bomb exploded outside a Citibank branch in Athens early Monday causing damage but no injury.

A police statement said the bomb went off at 3 a.m. local time (0100 GMT) Monday in the Nea Ionia district of the capital. The device had been planted behind the two-story bank building, which suffered moderate damage.

There was no claim of responsibility for the attack, and police said they had received no warning call.

Police said the bomb was detonated from very close to the blast site, with the use of electric cables. A police spokeswoman said the attackers used “a medium-sized improvised device,” and the damage to the building was not severe. She was speaking on customary condition of anonymity.

The target of the attack pointed to Greek far-left militant groups, which have become increasingly aggressive following the police shooting of a 15-year-old boy in December — an incident that sparked the country’s worst riots in decades. See full article HERE

Morgan Stanley predicts downturn will be worse than the Depression.

worse than the Depression.
Comments (15)

Some bleak predictions from Morgan Stanley this morning including the forecast that UK profits could fall by 60% in the current downturn – a worse performance than the great depression of the 1930s. See full article from The Guardian HERE

Is the Euro Dead?

Was Milton Friedman correct in predicting trouble for the Euro?

From The Telegraph:

During the current crisis we have several times heard invoked the wisdom of Milton Friedman about the unfeasibility of the euro as a currency surviving a recession. In an interview not long before his death three years ago, Friedman said: “The euro is going to be a big source of problems, not a source of help. The euro has no precedent. To the best of my knowledge, there has never been a monetary union, putting out a fiat currency, composed of independent states. There have been unions based on gold or silver, but not on fiat money – money tempted to inflate – put out by politically independent entities.” See full story HERE

Ukraine facing a run on the banks?

Is the Ukraine about to face a run on the Banks? From the Financial Times:

Olexander Pavlenko, a young computer programmer, is one of tens of thousands of Ukrainians who cannot get their money out of the bank.

He stood in line in Kiev at Nadra Bank and Ukrprombank, two big troubled banks, planning to withdraw more than $10,000 (€7,950, £7,125). But like many others, he was told the cash was not available.

“I stood in line a couple times with other bank clients who were protesting, crying and screaming. But the bank told me: ‘Sorry, we simply don’t have the money now and can’t help you.’”

With about nine banks now under the central bank’s special control, Ukrainians are increasingly worried.
See story HERE

Global recession will be ‘worse than forecast’

The global recession is set to be deeper than already pessimistic forecasts, according to the Organisation for Economic Cooperation and Development (OECD), which warned that protectionist measures will only intensify the financial crisis. See full story from THE TELEGRAPH HERE

Economic crisis has brought tensions between the ‘old’ and ‘new’ EU to boiling point

So much for a compelling display of European unity. A disastrous summit in Brussels at the weekend laid bare what everyone already knew: the global economic crisis is threatening to tear apart both the continent’s single market and the peaceful transition to a prosperous European era after the dissolution of the USSR.

Mirek Topolanek, prime minister of the Czech Republic, one of the first former Eastern Bloc countries to hold the European Union’s rotating presidency, warned of “the greatest crisis in the history of European integration”. Ferenc Gyurcsany, his Hungarian counterpart, spoke of fears that the economic meltdown would lead to the abandonment of poor by rich, of East by West. “We do not want any new dividing lines. We do not want a Europe divided along a North-South or an East-West line … We should not allow a new Iron Curtain to be set up.”

But disputes between East and West were very much in evidence. Germany scoffed at Hungary’s call for a mass bail-out of economies near the brink in eastern Europe. The French, who recently handed the EU presidency to the Czechs, continued to act like disruptive back-seat drivers. Nicolas Sarkozy openly suggested the Czechs were not up to the task of running the EU. See story from THE TELEGRAPH HERE

Ukraine: Nation on the brink of bankruptcy

When the United States sneezed, Old Europe’s banks caught a heavy cold, and New Europe’s mini-tiger economies have succumbed, one by one, to a nasty bout of flu. But in the so-called neighbourhood states immediately to the east, chief among them Ukraine, pneumonia threatens – and the experts’ prognosis is not good.

International financiers will say, without wanting to be quoted, that Ukraine is already, for all practical purposes, bankrupt. They do not like the D-word, default, though that is clearly on their mind. Ukrainian officials like the word still less, smacking as it does of national humiliation. But the taboo was broken in recent days, when a senior IMF official, Marek Belka, director of the fund’s European department, was quoted in the Ukrainian press as rejecting that idea. Which, in many Ukrainian minds, only made the prospect more real.

D-day – in almost every sense – could come as early as next Saturday when Ukraine has to pay its next instalment for Russian gas deliveries under the agreement painfully negotiated in January. It is grimly forecast that Kiev will not be able to pay, so triggering a new cut-off. Even if this particular Armageddon is averted, there is still April – when the warmer days of spring will still be only on the horizon. See story from the THE INDEPENDENT HERE

140,000 British manufacturing jobs to be lost this year

More than 140,000 manufacturing jobs will be lost this year in the wake of a “dramatic” downturn that continues to cut deeper into British industry, says a report published today.

The Engineering Employers Federation (EEF) said research among almost 800 companies made “grim reading”, with a slump in output and orders, increasing job cuts, huge constraints on cashflow and warnings that the outlook could get worse. See full story HERE

New ‘Iron Curtain’ will split EU’s rich and poor

From the Times Online:

Eastern European countries gave an apocalyptic warning yesterday of hordes of unemployed workers heading west as a new Iron Curtain divides rich from poor inside Europe.

Twenty years after the fall of the Berlin Wall, Western leaders were told yesterday that five million jobs could be lost in the “new” European Union countries of the East unless radical action were taken to bail them out.

The spectacular collapse of some of the post-communist tiger economies led to demands at an EU summit in Brussels for a rescue fund of €190 billion (£170 billion) to stop social collapse in the Eastern nations spilling over into the rest of Europe. See more HERE

Is Ireland the new Iceland?

From The Guardian :

What separates Ireland from Iceland? According to a local joke, the letter C. According to Morgan Kelly, about six months.

The stunning fall of Iceland late last year and the spreading contagion of the financial crisis have ignited fears – fanned by bloggers, analysts and a small group of outspoken economists like Kelly – that Ireland, another small, open economy plagued by deficits and an outsize banking industry with incalculable losses, may suffer a similar fate. See HERE

MI5 ALERT ON BANK RIOTS

Fear mongering? Maybe. But then again…

TOP secret contingency plans have been drawn up to counter the threat posed by a “summer of discontent” in Britain.

The “double-whammy” of the worst economic crisis in living memory and a motley crew of political extremists determined to stir up civil disorder has led to the ­extraordinary step of the Army being put on ­standby.

MI5 and Special Branch are targeting activists they fear could inflame anger over job losses and payouts to failed bankers.

One of the most notorious anarchist websites, Class War, asks: “How to keep warm ­during the credit crunch? Burn a banker.” See story
HERE

Fresh evidence points to paralysis of global economy

The sharpest contraction in US growth for more than a quarter of a century, a collapse in Japanese factory output and an emergency package of help for the struggling countries in Eastern Europe provided fresh grim evidence today of the paralysis in the global economy.

Amid fears that the downturn triggered by the credit crunch has turned into the worst slump in output since the 1930s, data from Washington showed that the havoc wreaked by the problems on Wall Street last Autumn was far worse than originally believed. See story from The Guardian HERE

Give to the Rich to help the poor?

Get the tar & feathers ready!

From The Guardian:

On Tuesday night, 100 billionaires will gather at London’s sumptuous Dorchester hotel, to watch Mr Ted Turner in conversation with Ms Carol Vorderman. Ms Joss Stone will sing, and some model or other will be in attendance. Can you guess the aim of this evening, which I trust you would cross continents to avoid in the infinitely unlikely event that you had been invited? No? Then allow me to assist. The aim is to make the government give tax breaks to the super-rich, in order to tempt them to give the same percentage of income to charity as the poorest 20% of people in this country already do. See full story HERE

A little “Crisis Diversion ” on way?

Will the neo-cons and Israel finally get what they want? Would it make for a nice diversion from the economic crisis?
With all the anti-Iran stories in the press this past week, I wouldn’t be surprised if an attack on Iran happened soon. Maybe even caused by a nice “false flag”….we will see. See Iran likely has stuff to make nukes, U.S. military chief says

Arsonists Torch Berlin Porsches, BMWs on Economic Woe

From Bloomberg.com:

German unemployment began to rise last November after almost three years of declines. Deutsche Bank AG Chief Economist Norbert Walter predicts the German economy, Europe’s biggest, may shrink by more than 5 percent this year.

The worst recession since World War II is fueling anger among youths across Europe who “perceive their future as rather precarious,” said Margit Mayer, a politics professor at Berlin’s Free University.

“Whether you look at the Berlin events or these anarchist groups in other European cities and countries, they are all making reference to the deepening economic crisis and how the various governments are dealing with them,” said Mayer, a specialist in urban social and protest movements.

Some groups are “very quick to attack whoever they can make out as responsible for having robbed them of decent life prospects,” according to Mayer. See story HERE

‘There will be blood’

Harvard economic historian Niall Ferguson predicts prolonged financial hardship, even civil war, before the ‘Great Recession’ ends. See interview at The Globe and Mail HERE

Great Depression Quotes 1929 vs 2008: Have We Learned Anything?

A nice observation from over at CHARTING STOCKS.NET:

A few select quotes during the depression years of 1929 to 1931.

Notice the “Expert” opinions which convey optimism, the bank bailouts, government assurances, the Hoover (Paulson) plan, and the deliberate attempt by the main stream media to manufacture consent for bailing out Wall St. Has anything changed?

“There is no cause to worry. The high tide of prosperity will continue”
- Andrew W. Mellon, Secretary of the Treasury. September 1929

Stock Prices Will Stay at High Level For Years to Come, Says Ohio Economist .
-Dr. Charles Amos Dice, professor of business organization at Ohio State October 13, 1929

“FISHER SEES STOCKS PERMANENTLY HIGH”
-Irving Fisher, Yale economist, October 16h, 1929

“BROKERS IN MEETING PREDICT RECOVERY; Partners in 35 Wire Houses at Conference Agree Selling Has Been Overdone.” October 25, 1929

See more HERE

Beware The Middle Class

From The Mail Online:

A summer of discontent? It seems a real possibility. Senior officers in the Met are worried. Of course, there are always groups which want to stir up disorder on the slightest excuse or none.

The question in these deeply depressed times is how many people who would normally stay aloof might feel like joining them?

It is difficult to think of a time when so many people of so many ages at so many levels of society have cause to be fed up and fearful for their futures. See full story HERE