It’s now clear that the US economy is in far worse shape than even thought yesterday, writes Glenn Dyer.
Economy business
CBA rips off customers whilst devouring rivals
The Commonwealth Bank can afford to shell out $2.1 billion buying BankWest but the nation’s biggest home lender can’t pass on the full 100 basis point cut in official interest rates, writes Stephen Mayne.
Kohler: Europe is the real story here
Say what you like about the leadership in the United States, at least they have some., writes Alan Kohler.
Golden Circle finally falls to foreigners after B&B plunder
Iconic Queensland pineapple cannery and fruit juicer Golden Circle is finally being sold to a food multinational — Heinz, writes Michael Pascoe.
Putting the meltdown before the meltdown: our choice
the system will stay relatively unchanged because too much depends on it and because money and power have little respect, in the end, for principle, writes Mark Davis.
Keating nails it – except for the problem of financial churn
Australia’s public sector is in overall deficit and will only cease to be a net foreign borrower in this environment if projected infrastructure spending is slashed, writes Stephen Mayne.
Big Bang reform v Rudd, Mr 5%
The Rudd Government is a 5% government, focussed on the unglamorous world of regulatory harmonisation, better consumer information and greater efficiency of administration, writes Bernard Keane.
There is no evidence of human-induced financial crisis
There is no evidence of a human-induced financial crisis, regardless of the hysterical claims advanced in trendy films like Al Gore’s Inconvenient Loot, write Bernard Keane and David Howarth.
Faris: Capitalism cannot be beaten
The Left are correct in describing this as a crisis of capitalism – but the truth is that capitalism will survive, writes Peter Faris.
I’ll see your sunny uplands, and raise you a free market
If anything, the crisis demonstrates that even the most brilliant financial engineers can’t defy basic economic laws for very long, writes Bernard Keane.
Gottliebsen: Hazards beyond the rally
The US market clearly got the message that their recalcitrant Congress members now understood they had done a silly thing and would pass the bailout later in the week, writes Robert Gottliebsen.
“Wall Street is Dead”: pick of the US commentary
Wall Street is dead … Killed by malice or incompetence? … Excerpts from House speaker Pelosi’s speech … Delay stuns the street … Looking for hope … Why did the bail-out bill fail? … A testament to ineptitude … Bailout ushers in the era of Obama.
Europe taking heavy blows as credit crunch continues
The US bailout plan may or may not be resurrected, but the focus of the credit crisis is now on Europe, writes Glenn Dyer.
China? Fortunately there is another bailout underway
America has a very serious influenza, but the rest of the world is only sneezing. That’s the amazing news, writes Michael Pascoe.
Australian, Asian markets catching Wall Street’s disease
Australian shares fell sharply, down by just under 4% by midday, about half the size of the fall on Wall Street, but to lows not seen for more than three years, writes Glenn Dyer.
Big business: emissions trading = catastrophe
There’s remarkable unanimity among Australia’s largest businesses about the impact of the Federal Government’s emissions trading scheme, writes Bernard Keane.
Swan’s timely intervention just what the market ordered
The Federal government now stands ready to provide up to $4 billion in credit to back prime mortgages, write Joshua Gans and Christopher Joye.
Kohler: Paulson’s plan is just the beginning
America’s intellectual and financial capital will be tested as never before, writes Alan Kohler.
Your Say: Daily Mail readers' feedback: Comments, corrections, clarifications, and c*ckups
16 months in Baxter: $160K … Faris the bearded fool … fun and games in Treasury …
Steve Keen: Paulson’s plan is like bailing the Titanic with a thimble
While $700 billion sounds like big bikkies, it’s chicken feed compared to the scale of outstanding private debt in the USA of $41 trillion, writes Steve Keen.
Kohler: A slap for hysterical markets
Barney Frank is giving Hank Paulson and Ben Bernanke a torrid time over the Paulson bail-out plan, writes Alan Kohler.
Lehman Brothers and the prophecies of doom
Think that Lehman’s collapse was due to its balance sheet’s reliance on repackaged sub-prime mortgages? Think again, writes Michael Feller.
Does the Wall Street bailout remind you of anything?
Does the Paulson package remind you of anything? It reminds me of the invasion of Iraq. And the Northern Territory intervention. And the Tampa. It’s the new black for government, writes Nicholas Gruen.
Will ASX shareholders punish directors at tomorrow’s AGM?
Near unanimous endorsements for directors who presided over huge wealth destruction should give pause for thought when ASX shareholders gather in Sydney for tomorrow’s AGM, writes Stephen Mayne.
Kohler: Brawling over Wall Street
As the smoke began to clear from last week’s riot. We are left with two furious debates and a growing moral malaise – grief over the death of American capitalism, writes Alan Kohler.
