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Nations try again on credit crunch (Mail and Guardian)
Japan and Australia announced new measures to try to ease the global credit crisis on Tuesday after the United States formally announced it was in recession, sparking a massive worldwide stock sell-off.
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Hamish McRae: If the recession won't be that bad, why will we go so far into the red? (Independent)
So what will happen to the economy during the next couple of years? If the recession is shallow and short, then we might just about scramble through. But if not, then we will be in a huge mess, having to tighten policy while we're still in recession.
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Michael Lewis on the Hedge Fund Manager Who Saw It Coming (The Motley Fool)
How Steve Eisman made a fortune from the subprime fallout.
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Citi Saw Little Risk as It Made Bolder Bets (New York Times)
In September 2007, with Wall Street confronting a crisis caused by too many souring mortgages, Citigroup executives gathered in a wood-paneled library to assess their own well-being.
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Leverage Is an 8 Letter Word (GoldSeek.com)
Leverage is an eight-letter word, which the markets now regard as twice as bad as the two four-letter words debt and pain (or fill in your own four-letter words). This week I try to give some insight into what is happening in the credit markets, some of it below the radar screen of most analysts.
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'Real' Labour regroups to fight the old battles (Times Online)
There have been many victims of the great crash of 2008. The bankers carrying their boxes out of Canary Wharf, the banks going cap in hand to No10. The workers left without a job, the families forced to sell their homes. Yesterday, the financial crisis claimed its first political victim.
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Pre-Budget Report: Alistair Darling's £1 trillion debt gamble (Times Online)
Alistair Darling stored up big tax rises for the better-paid and huge curbs in public spending yesterday with a £1 trillion debt gamble to defeat the recession.
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Guest opinion: Give bailout $ to mortgage holders (Tucson Citizen)
Many of us are upset about the bailout fiasco that has ensued as a result of our economic crisis.
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Only drastic action now will save us, says Gordon Brown (Times Online)
Britain would face an even more severe recession without the multi-billion-pound tax cut and spending package that will be unveiled on Monday, Gordon Brown said yesterday.
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Mitsubishi UFJ First-Half Profit Falls 64% (TheStreet.com)
Japan's largest bank said first-half net profit plunged, battered by an increase in bad loans and losses on its share portfolio.
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