US trade union federation on economic problems


This video from the USA: `we had to do a history project on the stock market crash of 1929´.

From British daily News Line:

Friday, 17 August 2007

US COLLAPSE SHOCKS AFL-CIO LEADERS

‘One day after George W Bush asserted that the ‘fundamentals’ of the US economy are strong, the Dow Jones stock index plummeted by 387, for its second worst drop this year, when our nation’s subprime mortgage disaster spread to Europe, where banks fear they can’t accurately value these sinking loans’, said the AFL-CIO trade union federation.

The AFL-CIO noted that last week, a top Chinese academic ‘wrote an op-ed essentially warning that if China is forced to boost the value of its yuan, China could call in a good chunk of the $407 billion in loans this country owes China’.

The US union federation continued: ‘Now, the US Federal Reserve has joined European banks in scrambling to pump money into our respective economies.

‘Europeans are pushing $130 billion into their financial systems and the Fed added an extra $25 billion in temporary reserves to the US banking system.

‘Credit crunch fears have spread to Asia, where the Bank of Japan added $8.5 billion to the financial system. The Reserve Bank of Australia also lent the most in more than three years, $4.2 billion.

See also here.

And here.

And here.

And here.

Bush on financial crisis: here.

The 1930s depression and John Steinbeck’s Of Mice And Men: here.

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