Video | Kashkari grilled over bankster bailout

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A new world economic order debuts in Washington

WASHINGTON — A formal farewell to the American-led postwar financial system and a coming-out party for an expanded club of economic powers that will design new rules to meet the global financial crisis.

That is how this weekend’s Group of 20 summit, called by President Bush, is likely to be remembered: not so much for the action taken, as for the milestone it marked and the emerging global economic order it heralded.

“The summit marks a more inclusive form of international cooperation” in dealing with the global economy, says Sebastian Mallaby, director of geoeconomic studies at the Council on Foreign Relations in Washington. After decades of a handful of leaders from the richest economies meeting to address the world economy, “just the creation of the G-20 at head-of-state level will be the first accomplishment.” Read more

Bretton Woods gold/dollar peg unlikely at G20

NEW YORK (Reuters) - Gold surged on Friday as world leaders gathered to battle the economic crisis, amid talk of a new Bretton Woods agreement to shore up the financial system, but calls to revisit the gold standard are unlikely. Read more

A Credit Crisis or a Collapsing Ponzi Scheme?

Purge your mind for a moment about everything you’ve heard and read in the last decade about investing on Wall Street and think about the following business model: Read more

Wall Street ends turbulent week sharply lower

Stocks tumbles in volatile trade as investors cash in from big rally, refocus on economy

NEW YORK (AP) — Wall Street ended a turbulent week with another astonishing show of volatility Friday, with stocks plunging, recovering and then plunging again as investors absorbed another wave of downbeat economic news. The Dow Jones industrials fell almost 340 points and the major indexes all fell sharply for the second straight week. Read more

U.S. cities seek federal help to ease economic crisis

PHILADELPHIA (Reuters) - Three major American cities buffeted by the global financial crisis are requesting at least $50 billion in federal funds to help pay for infrastructure improvements, pensions and short-term borrowing. Read more

U.S. automakers bailout outlook in doubt-senator

WASHINGTON, Nov 13 (Reuters) - A senior Democratic senator raised doubts on Thursday that an attempt to bail out U.S. automakers had enough support to clear Congress this year. Read more

Washington’s $5 Trillion Tab

For all the fury over Treasury Secretary Henry Paulson’s $700 billion emergency economic relief fund, it seems downright puny when compared to the running total of the government’s response to the credit crisis. Read more

Hard Times, But Big Wall Street Bonuses

Nov. 12, 2008(CBS) It’s no secret that investment bankers are well-compensated, mostly through year-end bonuses, especially during bull markets. Read more

GE Wins FDIC Insurance for Up to $139 Billion in Debt

Nov. 12 (Bloomberg) — General Electric Co. said the U.S. government agreed to insure as much as $139 billion in debt for lending arm GE Capital Corp., the second time in a month it has turned to a federal program designed to help companies during a global credit crunch. Read more

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