Analysts: New Era Of Chaos Has Taken Hold

Banking collapse has already happened; Crisis is worst ever; Financial system has effectively disintegrated; Mass social insurrection likely

MSM: Roubini tells Geithner to nationalise US banks

Tim Geithner must nationalize some of America’s biggest banks and take the total toll of the US bail-out to around $2 trillion, according to one of the world’s most prominent economists.

A Bankrupt and Discredited Country: The Era of American Leadership Is Over

Vast numbers of people in the United States and abroad are hoping that President Obama will end America’s illegal wars, halt America’s support for Israel’s massacre of Lebanese and Palestinians, and punish, instead of reward, the shyster banksters whose fraudulent financial instruments have destroyed economies and imposed massive sufferings on people all over the world. If Obama’s appointments are an indication, all of these hopeful people are going to be disappointed.

MSM: Stocks Could Drop 20%, No Safe Haven: Dr. Doom

US and global stocks are still likely to fall because the corporate and economic news will be worse than expected, Nouriel Roubini, RGE Monitor Chairman, told CNBC.

Global Economic Tremors

On October 28, the Financial Times’ columnist Martin Wolf wrote: “Preventing a global slump must be the priority.” He cited Nouriel Roubini back in February listing “twelve steps to financial disaster,” all of which the US took and dragged the whole world down with it.

Priority one is to rescue it and avoid a possible depression. “Given the near-disintegration of the western world’s banking system, the flight to safe assets, the tightening of credit to the real economy, collapsing equity prices, turmoil on currency markets, continued steep declines in house prices, rapid withdrawal of funds from hedge funds and ongoing collapse of the so-called “shadow banking system.” More worrisome is that “next year could be far worse” so what does Wolf think should be done?

“Grand Larceny” on a Monumental Scale: Does the Bailout Bill Mark the End of America as We Know It?

OCTOBER 1, 2008—Tonight the Senate passed the $700 billion Wall Street bailout bill by a vote of 74-25. This follows the rejection of the bill by the House on Monday. In an MSNBC poll, 62 percent of Americans oppose the giveaway, but the lobbyists are doing everything possible to assure the rejection is overturned. According to Bob Borosage, co-director of The Campaign for America’s Future, House leaders “are bringing in the small business lobby and the banking lobby to buy the twelve Republican votes they need.”

Hundreds of banks will fail, Roubini tells Barron’s

(Reuters) – The United States is in the second inning of a recession that will last for at least 18 months and help kill off hundreds of banks, influential economist and New York University Professor Nouriel Roubini told Barron’s in Sunday’s edition.