The enactment of the now-notorious $700 billion bailout package did not stop the downward slide of the stock market, as its proponents had promised. Recall that when the stock market took a steep drop on the day the House rejected the first bailout bill, hysteria-mongers on Capitol Hill and in the news media warned that that steep decline was a harbinger of things to come unless a bailout was passed, and quickly.
Following a roller coaster day on Wall Street that saw the Dow close under 10,000 for the first time in years, the Federal Reserve has announced that it will invoke emergency powers under which it will buy billions in commercial paper — short-term debt instruments — in order to provide credit to companies other than those in the financial sector that have been stung by the collapse of the credit market.
The recent precipitous climb in global food prices is nothing less than “mass murder,” according to UN food envoy Jean Ziegler. In a recent interview with an Austrian newspaper, Ziegler, commenting on the climb in commodities prices that have triggered food riots in Haiti and growing lines from Latin America to Africa to Asia of hungry people seeking UN food handouts, suggested that the food shortages are a consequence of globalization.