This Reuters video is called Bear Stearns scares Wall Street.
By Barry Grey:
Fed rescue of Bear Stearns raises specter of Depression-era crash
15 March 2008
The Federal Reserve Board on Friday took emergency action to prevent the collapse of Bear Stearns, the fifth largest US investment bank and one of the world’s largest finance and brokerage houses.
Invoking a little-used provision added to the Federal Reserve Act in 1932, at the height of the Great Depression, the US central bank agreed to allow the Federal Reserve Bank of New York to insure an infusion of credit to Bear Stearns by JP Morgan Chase. Under the terms of the “secured loan facility,” to extend for up to 28 days, the risk of a default by Bear Stearns will be borne by the Federal Reserve Bank of New York, not JP Morgan Chase. The latter will serve essentially as a conduit for the cash provided by the US central bank.
After the Bear Stearns bailout: Fears of more Wall Street failures: here.
Bear Stearns and the Bush administration: here.
Update 19 March 2008: here.
If you have trouble reading this e-mail, go to http://www.stopforeclosuresandevictions.org
The Ad Hoc National Network to Stop Foreclosures & ,Evictions
Bailout people before banks
THE MORTGAGE BANKERS ASSOCIATION (MBA)—
the biggest national lobby of all the banks—including the criminal predatory lenders, that are busy evicting your neighbors, relatives, friends and maybe you from your home—is holding it’s annual policy conference in Washington D.C., on April 16 and 17. Their main goal is to make sure that bankers continue to get bailed out while families get tossed out!
Losing our homes: A NATIONAL EMERGENCY: And
it’s getting worse. One in every 4 subprime mortgage victims are either in or near foreclosure. Soon, almost 10% of the homes of working families across the country could be in foreclosure. For these families,
this isn’t a recession—it’s a depression and
a national emergency that calls for emergency measures.
A mORATORIUM ON FORECLOSURES & EVICTIONS —politicians have the authority to do it. Many may
not realize that Governors, State Legislatures, the President and Congress (as well as the department
of Housing and Urban Development) have the
statutory authority to declare a moratorium on home foreclosures and evictions during a time of either natural or economic emergency disaster (it’s
important to include evictions because record numbers of renters are also losing their apartments).
This fight is for all of us. Come to D.C. on April 16 bring a bus, van, or a carload of people. Whether you are directly effected by the home foreclosure epidemic, or just outraged that the Government seems ready to give hundreds of billions of dollars to rescue banks from failing while doing nothing for those who are losing their homes, join people from around the country in Washington, D.C. on April 16 to shake up the bankers and wake up the government. Let’s not wait until we’re all homeless.
UNITE AND ORGANIZE=SURVIVAL Whether it’s rising gas and food prices • the lack of health care • losing our jobs • having our wages cut • sinking further into credit card, student loan, or medical debt • or budget cuts • or the destruction of public housing • or ending this war that is costing lives and almost a half a billion dollars a day • surviving hard times is going require that we stick together and organize.
Stop the Foreclosures
Annual Policy Conference
April16, wash. D.C. 3 pm Wasington Court Hotel 525 New Jersey Ave NW
Demand a moratorium on Froeclosures and evictions now!
Contact: The Ad Hoc National Network to Stop Foreclosures & Evictions
A fast growing network of activists organizing in every region of the country.
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