The Wall Street Bailout: A Financial Coup d’etat

The Emergency Economic Stabilization Act and Troubled Asset Relief Program (TARP), commonly referred to as a “bank bailout,” authorized the US Secretary of the Treasury to spend $700 billion (actually spent more than double that) of taxpayer dollars to purchase distressed assets, especially mortgage-backed securities (MBS). Instead, the funds were given to foreign and domestic banks to […]

2007-08 Financial Collapse Begins with the Filing for Bankruptcy by New Century Financial

New Century Financial, one of the largest sub-prime lenders in the US, filed for Chapter 11 bankruptcy on April 2nd of 2007, beginning the collapse of the financial market in 2007 and 2008. “The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist […]

The Council on Foreign Relations is Established

The Council on Foreign Relations Handbook of 1936 provides the following details concerning the organization’s establishment:  “On May 30, 1919, several leading members of the delegations to the Paris Peace Conference met at the Hotel Majestic in Paris to discuss setting up an international group which would advise their respective governments on international affairs.  It […]