Europeans feel the pain from the global economic storm
IHT - Few places in Europe have prospered in recent years like this bustling crossroads city of 700,000, halfway between Barcelona and Madrid. Factory employees here pulled overtime shifts. Companies hired temporary workers to satisfy growing consumer demand. A half dozen new bridges were built across the Ebro river and office buildings were filled as fast as they could be thrown up. The capital of Spain’s fastest-growing region, inland Zaragoza kept booming even as the overbuilt Mediterranean coast came to symbolize how real estate excess was not just an American ill. But just as the cold autumn wind is blowing down from the Pyrenees, Zaragoza and the surrounding region of Aragón have suddenly been hit by a sharp economic downturn.
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Speculators, Politicians, and Financial Disasters
Commentary - Fueled by easy credit, the real-estate market had been rising swiftly for some years. Members of Congress were determined to assure the continuation of that easy credit. Suddenly, the party came to a devastating halt. Defaults multiplied, banks began to fail. Soon the economic troubles spread beyond real estate. Depression stalked the land. The year was 1836.
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The U.S. Economic Crisis: Three Growth Scenarios
BusinessWeek - The financial crisis is a symptom, not a cause. At root, this is a crisis of the entire global economy as it has developed over the past 10 years. The U.S. must solve its trade deficit and invest its credit wisely.
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Time to face down the myth that banks always know best
Guardian - I asked two bankers involved in the negotiations if the government has demanded details of how they lend now compared with last year. No, they said, they haven’t had to provide those accounts. Labour needs to clear a quick path through this thicket to make sure the funds made available really do reach businesses in need.
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New worries grip Russian economy
IHT - At the start of the global financial crisis, the Russian authorities insisted they had ample cash reserves to weather any storm. But as sorrow has succeeded sorrow — plummeting oil prices, a 70 percent descent in stock markets here, a global credit crisis and a slow-motion bank run on this country’s private banks — Russia has had to spend its reserves faster than anybody imagined.
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Working Together for a Green New Deal
Nation - The time has come for a public-private community partnership to fix this country and put it back to work. In the framework of a Green New Deal, the government would become a powerful partner to the problem solvers of the world–and not the problem makers.
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Shell and Exxon join the profits bonanza
Guardian - Royal Dutch Shell and Exxon Mobil followed BP yesterday by revealing record quarterly profits. Royal Dutch Shell, the biggest oil firm in Europe, beat City expectations with third-quarter current cost-of-supply profits - which strip out unrealised inventory gains and losses - up 74% to $10.9bn (£6.7bn). Exxon Mobil, the world’s largest oil company, smashed its own record for the highest quarterly earnings from a US firm, by delivering a profit of $14.83bn.
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Banks to Continue Paying Dividends
Washington Post - U.S. banks getting more than $163 billion from the Treasury Department for new lending are on pace to pay more than half of that sum to their shareholders, with government permission, over the next three years.
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