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Mark of the Beast

Dow Jones plunges 777 points after House rejects rescue

Sept. 30, 2009 - Yesterday the House of Representatives rejected the proposed $700 billion financial bailout package, resulting in fear and uncertainty in the stock market.

The Dow Jones Industrial Average finished at 10,365.45, down 777.68 points, or 7%, giving the blue-chip index its worst point loss in its history, topping Sept. 17, 2001, when it plunged 684 points.

Source: Market Watch

Stocks open higher a day after huge drop - MSNBC

Commentary: The Connection Between the Economy and Prophecy

Wall Street bail-out goes to vote

Sept. 29, 2008 - Congress is debating passage of a $700bn plan to bail out Wall Street.

President Bush has urged the House of Representatives to pass the bill - designed to end the credit crunch - and send a strong signal to the markets.

Meanwhile Wachovia, the fourth largest US bank, was bought by rival Citigroup. In the UK, the Bradford & Bingley bank was nationalised. In Europe, Benelux giant Fortis was bailed out by three governments.

Source: BBC

Bailout Negotiations in Disarray

Sept. 26, 2008 - The President and top political leaders, including Presidential candidates McCain and Obama, met yesterday to try to settle details of a $700 billion bailout plan. The long day ended with no agreement.

It was the Republicans' surprise championing of a competing plan late Thursday that derailed a carefully crafted compromise previously taking shape.

Source: Wall Street Journal

US ‘will lose financial superpower status’ - Prophecy Central New World Order Section

Commentary: Finding a Christian Perspective on the Economic Crisis - Albert Mohler

WaMu Is Seized, Sold Off to J.P. Morgan, In Largest Failure in U.S. Banking History

Sept. 26, 2008 - After a wave of deposit withdrawals, Washington Mutual was taken over by federal regulators, who then sold most of its operations to J.P. Morgan Chase & Co for $1.9 billion. This was the largest bank failure in U.S. history. But the takeover averted the need for payment to depositors from the bank-insurance fund.

All WaMu depositors will have access to their cash, but holders of more than $30 billion in debt and preferred stock will likely see little if any recovery.

Source: Wall Street Journal

Bush to Meet With Presidential Candidates, Lawmakers on Bailout Plan

Sept. 25, 2008 - President George W. Bush has called a crisis financial summit and has summoned Barack Obama, John McCain and legislative leaders to attend. The President is in favor of a $700 billion financial industry bailout, and warned in a speech last night that failure to act could lead to "a long and painful recession."

Source: Fox

How Did We Get Into This Mess?
Action in a Congressional committee could have stopped it in 2005 but every Democrat voted against action and every Republican voted for it!

Sept. 24 - In 2005 Fed chairman Alan Greenspan told senators that Fannie Mae and Freddie Mac were engaged in risky business practices and that there was a risk of insolvency and crisis without restrictions on those institutions.

The Republicans, in a bill co-sponsored by John McCain, tried to impose oversight regulations on Fannie Mae and Freddie Mac comparable to those that are used by bank regulators.

In the U.S Senate Committee on Banking, Housing, and Urban Affairs, every Republican voted for the bill and every Democrat voted against it!

Sources:

Alan Greenspan and the Federal Reserve Warned Congress - IUSB Vision

Testimony of Chairman Alan Greenspan - The Federal Reserve Board - April 6, 2005

How Did We Get in this Wall St. Mess? -Michael Graham (WTKK, Boston, MA) and Jim Angle (FOX) - 9/24/09

MRC/NB's Bozell: Media Covered Enron More This Year than Fannie Mae, Freddie Mac Corruption - NewsBusters

Gingrich On Why Bailout Plan Is 'Just Wrong'

Sept. 23, 2008 - Newt Gingrich, the former speaker of the House of Representatives, warns that the Founding Fathers believed congress should move slowly in order to avoid sudden panic and unwise decisions.

In a conversation with NPR's Melissa Block, Gingrich says he thinks the bailout plan is "just wrong," and that "it's likely to fail, and it's likely to make the situation worse over time."

Source: NPR

Dollar May Get `Crushed' as Traders Weigh Up Bailout

Sept. 22, 2008 - The U.S. Treasury plans to spend $700 billion on soured mortgage-related assets and $400 billion to guarantee money-market mutual funds will boost U.S. borrowing as much as $1 trillion. However, the dollar itself may suffer large losses against other world currencies.

``As we get to the other side of this, the dollar will get crushed,'' said John Taylor, chairman of New York-based International Foreign Exchange Concepts Inc., the world's biggest currency hedge-fund firm, which manages about $15 billion.

Source: Bloomberg

The coming one-world currency

Sept. 21, 2008 - The Gulf Cooperation Council approved a proposal last week to create a monetary union and move toward a single currency.

The six Islamic states constituting the Gulf Cooperation Council are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Oman pulled out of the agreement last year.

Jerome Corsi, editor of the online newsletter, "Red Alert," sees this as a major step in the worldwide movement to abandon national currencies in favor of regional currencies, and eventually result in a one-world currency.

Source: WorldNetDaily

Shares surge on US bail-out plan

Sept. 19, 2008 - Government plans to correct the problem of bad mortgage-related loans has resulted in a market rebound today.

The Dow Jones jumped 230.5 points to 11,250.2 in the opening minutes of trading and continued to plough ahead, recovering from steep falls earlier in the week.

The government will buy unstable mortgage loans to allow the financial institutions to recover. There will also be restrictions on short-selling - a practice that puts financial pressure on banking institutions. In addition, the Treasury will guarantee US money market funds to help restore confidence in pension funds.

Source: BBC

Bush Administration Proposes $700 Billion Financial Bailout - Fox

Central bank moves cheer markets

Sept. 18, 2008 - U.S. stocks opened higher today after a severe plunge during the past few days. The Market was cheered by news that six of the world's top central banks will release $180bn (£99bn) to lift the amount of credit available.

The main Dow Jones index was up 1.34%, or 142.2 points, at 10,751.8, in early exchanges in New York.

Source: BBC

Bush: Economy Strong Enough to Handle Turmoil - YouTube

Survey: Americans losing sleep, sweating over economic woes

Sept. 18, 2008 - According to a recent survey published by Compass Bank. Americans are very worried about the troubled economy. Even before the current stock market plunge, their economic woes included skyrocketing gasoline and food prices. Nearly 50 percent of families are trying to reduce spending, eating out less and driving less.

... 38 percent of Americans said they couldn't sleep because of financial worries, 34 percent experienced the butterfly feeling in their stomachs for the same reason - while 9 percent have even broke out in cold sweats after toiling over their finances.

Source: Washington Times

Special Report From Forbes: Crisis On Wall Street

Sept. 16, 2008 - This report is really an index to many insightful articles about the economic crisis. Major categories include: The Overview, The Leaders, The Firms, The Future, and Commentary. One of the commentaries, "Barack Obama and John McCain on the Financial Crisis," explores the impact of the crisis on the elections. Carl Lavin concludes that

The more voters worry about the security of the financial markets -- and the general state of the economy -- the more they will tend to support the Democratic ticket.

Source: Forbes

Global market turmoil continues - BBC

World Stock Markets Tank on Wall Street Crisis

Sept. 15, 2008 - Financial giant Lehman Brothers will declare bankruptcy and Merrill Lynch is being sold to Bank of America. As Wall Street and the U.S. government take a series of steps aimed at bringing an end to the credit crisis that has plagued the financial world for more than a year. The major changes are causing alarm in foreign markets and will surely have a huge negative impact on U.S. stock markets.

In Europe, the FTSE index was down 2.72 percent in London, the Paris CAC-40 was off 3.52 percent and Germany's DAX 30 index of blue chips sagged 2.99 percent.

Source: Fox

Greenspan: U.S. in 'Once-in-a-Century' Financial Crisis - NewsMax

`Tectonic' Shift on Wall Street as Lehman Fails, Merrill Sold - Bloomberg

Meltdown Monday - BBC

The global economy is at the point of maximum danger

June 21, 2008 - British analyist Ambrose Evans-Pritchard looks at the big picture of the global enonomy, and concludes that excessive American debt, failing banks, the oil crisis, ineptitude of the International Monetary Fund (IMF), and other factors place the economy of the entire world at risk. Some of his comments are interesting from a prophetic point of view. Here are some of these comments:

No world leader seems able to discern the problem, let alone forge a solution...

True "mean-reversion" would imply debt deflation on such a scale that would, if abrupt, threaten democracy...

If we are lucky, America will start to stabilise before Asia goes down. Should our leaders mismanage affairs, almost every part of the global system will go down together. Then we are in trouble.

Source: Telegraph - UK

Bank troubles continue but consumers seem unfazed

July 16, 2008 - After the government had to take over IndyMac Bancorp Inc. last Friday, consumers are beginning to wonder if any bank is safe.

Those companies that did not go heavily into the subprime mortgage market are generally in better shape. But financial institutions of all sizes are nonetheless facing problems with souring debt in a weak economy.

However, analysts are pleasantly surprised that most people are not fleeing from their current banks in search of safety elsewhere.

Source: Business Week

Royal Bank of Scotland issues global stock and credit crash alert

June 19, 2008 - Clients of RBS have been advised to prepare for a full-fledged crash in the global stock market. Inflation threatens to paralyze the major central banks.

"A very nasty period is soon to be upon us - be prepared," said Bob Janjuah, the bank's credit strategist.

According to their report, the S&P 500 index of Wall Street equities is likely to fall by more than 300 points to around 1050 by September.

Source: Telegraph - UK

'Hysteria' drives oil to record high: Oil surges $11 to record $138

June 6, 2008 - Oil prices reached a new high on Friday at $138.54 a barrel. This was a jump of nearly $11/ barrel and was the largest single-day increase in oil prices on record.

Stocks fell more than 400 points Friday due to the rally in crude prices and a report from the Labor Department that showed the unemployment rate rose to 5.5% in May ... the biggest monthly jump in more than two decades.

Source: Money/ CNN

Bush Weighs New Policies to Help Economy - NewsMax

Brace Yourself for Fifteen-Dollar Gas - Money News - We may be near peak now, but in the future it will rise higher.

Oil hike sparks 'serious concern' - BBC

Global Food Crisis Expected to Produce Social Unrest

Apr. 5, 2008 - A growing global food crisis demands immediate attention of world leaders. World Bank President Robert Zoellick says the prices of staples have jumped 80 percent since 2005. Corn, rice and wheat prices have all reached new highs.

"As financial markets have tumbled, food prices have soared," Zoellick said in a speech on Wednesday. He said the situation is not expected to get better any time soon -- and he is pushing what he calls a "new deal for global food policy."

Without immediate action by The United States, the European Union, Japan, and other donor countries, the UN's World Food Program will not have the $500 million of additional food supplies to meet emergency calls. The result will be that many more people will suffer and starve.

Source: Crosswalk

Corn Hits $6 a Bushel on Tight Supplies - ABC News

Huge job losses set off recession alarms - Yahoo

USA 2008: The Great Depression

April 1, 2008 - The Independent, a British Newspaper, claims that the U.S. is in a Depression. Their evidence is that 28 million people in the US will be using government food stamps to buy essential groceries. This is the highest level since the food stamp program began in the 1960s. This rise is partly due to recent efforts to increase public awareness of the program.

But above all it is the pressures being exerted on ordinary Americans by an economy that is suddenly beset by troubles. Housing foreclosures, accelerating jobs losses and fast-rising prices all add to the squeeze.

Source:The Independent - UK

Fed Poised to Cut Rates Again

Mar. 18, 2008 -

The Federal Reserve is expected to aggressively lower interest rates in its intensified battle against the credit crisis and spreading economic weakness. The question is whether all of the effort will turn the tide.

Source: NewsMax

Markets slump on banking worries

Mar. 17, 2008 - Wall Street's fifth-largest investment bank, Bear Stearns came close to collapsing when JPMorgan Chase agreed to purchase it for a mere $2 a share. The US Federal Reserve will also hel0p by lending $30bn.

In New York the Dow Jones Industrials tumbled 194 points, more than 1.5%, in early trading before recovering.

Fear of worsening economy in the U.S. is causing trouble in other stock markets world-wide.

Source: BBC

Rescue for troubled Wall St bank - BBC

Housing meltdown hits US economy - BBC

Stocks Plunge, Then Post Big Gains

Jan. 23, 2008 - The Stock Market responded to yesterday's 0.75-point interest rate cut by the Federal Reserve Board. It began with a plunge of more than 300 points but reversed the trend midday, ending nearly 300 points above the day's starting number.

By day's end, the Dow had swung 631.86 points from its low point to its high — the largest single-day turnaround in more than five years.

Source: Associated Press

World Economic Forum Opens in Davos

Jan. 23, 2008 - Representatives to the World Economic Forum in Switzerland are discussing the liklihood of recession in the U.S. and the global effects of such a downward course.

Source: NewsMax

Fed slashes rates in shock move

Jan. 21, 2008 - Reacting to the plunge in stock values and the threat of a world-wide recession, The Federal Reserve has cut interest rates to 3.5%, a shocking three-quarters of a percentage point reduction. Major concerns that have led to the crisis are the slump in the US housing market and increased unemployment levels.

"Unfortunately they have no power to reverse what in my opinion is the worst post-war recession," said Michael Metz, chief investment strategist at Oppenheimer in New York.

The Federal Reserve has not cut interest rates this much since August of 1982. Analysts say the move should help, but if it doesn't, panic could ensue because people will think there is nothing else the Fed can do.

Source: BBC

Recession in the US 'has arrived' - BBC

It's a Black Monday as stock markets tank in every corner of the globe - New York Daily News

Market Meltdown? U.S. Worries Ricochet Around World - ABC

Stock sell-off drives Dow down 307 points on economic fears

Jan. 18,, 2008 - Because of economic fears, The Dow Jones average dropped almost 307 points.

For the first half of January, the Dow has lost more than 1,000 points.

Economic factors include: A 16-year low for housing starts, the Federal Reserve's report that manufacturing fell to a six-year low in the Philadelphia region, and calls by the President and by Fed Chairman Ben Bernanke of a temporary stimulus package to jump-start the economy.

Source:USA Today

Markets open big on stimulus hope - CNN

Bush to outline stimulus plan - CNN

World Rides to Wall Street's Rescue

January 16, 2008 - In the midst of financial turmoil in America, foreign investors from Japan, Korea, Singapore, Saudi Arabia and Kuwait are helping by investing in troubled institutions.

The list of players that agreed yesterday to pump a combined $19.1 billion of capital into Citigroup Inc. and Merrill Lynch & Co. spotlights a dramatic shift in power.

Source: Wall Street Journal

Inflation rate is worst in 17 years - Yahoo

7-year plan aligns U.S. with Europe's economy - WorldNetDaily