Economy
Speaking in Green Bay, Wisconsin, on September 19, Republican presidential candidate John McCain said he would create a new federal agency, called the Mortgage and Financial Institutions Trust (MFI), that would work to head off the financial crisis.
Government Bailout
Written by Brian Farmer
The government bailout of Fannie Mae and Freddie Mac will continue the downward spiral of the dollar, begetting a new downward cycle for the economy.
America's headlong rush into full-blown socialism accelerated Tuesday with the Federal Reserve's takeover of American International Group, Inc. (AIG), one of the world's largest insurance companies.
Fed Takes Over AIG
Written by Dennis Behreandt
As the deepening financial crisis worsened yesterday, the Federal Reserve sought socialism as a cure and gobbled up another formerly private entity, the huge American International Group (AIG) insurance company, in an $85 billion bailout. The move was undertaken to prevent the bankruptcy of the nation's largest insurance company in what would have been, according to Bloomberg.com, "the worst financial collapse in history."
On Monday, September 15, Lehman Brothers Holdings, Inc., long a cornerstone of the Wall Street banking establishment, filed for Chapter 11 protection with the United States Bankruptcy Court for the Southern District of New York.
