Daily Dispatches

Joe Nocera: U.S. govt. has little idea of what it's doing

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A Hail-Mary Pass, But No Receiver in the End Zone

By Joe Nocera
The New York Times
Friday, September 19, 2008

http://www.nytimes.com/2008/09/20/business/20nocera.html?_r=1&8dpc&o

It was the end of the worst week for financial markets since 1929, and Treasury Secretary Henry M. Paulson Jr. looked sleep-deprived.

Max Keiser: Financial houses would acquire banks to rob them

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9:40a ET Saturday, September 20, 2008

Dear Friend of GATA and Gold:

Liberty Dollar founder defiant at Silver Summit

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Legal Issues Still Dog Liberty Dollar

By Rick Thomas
Coeur d'Alene Press
Coeur d'Alene, Idaho
Friday, September 19, 2008

http://www.cdapress.com/articles/2008/09/20/business/bus01.txt

COEUR d'ALENE -- All that was missing was shackles on his ankles.

Citigroup report credits gold bugs for seeing danger of derivatives

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4:55p ET Friday, September 19, 2008

Dear Friend of GATA and Gold:

The Citigroup gold report cited in today's dispatch, which credits gold bugs for seeing that derivatives would destroy the world financial system, can be found here:

http://www.gata.org/files/CitigroupGoldReport-09-17-2008.pdf

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Bugs were right about derivatives disaster, Citigroup analysts say

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10:30a ET Friday, September 19, 2008

Dear Friend of GATA and Gold:

MineWeb's Dorothy Kosich writes about a new report from Citigroup analysts John H. Hill and Graham Wark, who last year wrote a report acknowledging that central banks were strategically intervening in the gold market to suppress gold's price. You can find their report from last year here:

Treasury taps ESF to guarantee money-market funds

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By Martin Crutsinger
Associated Press
Friday, September 19, 2008

http://news.yahoo.com/s/ap/20080919/ap_on_bi_ge/fund_rescue;_ylt=AsiOvFv...

WASHINGTON -- The Treasury Department announced Friday it will tap into a Depression-era fund to provide guarantees for the nation's money market mutual funds.

Govt. would buy all bad loans, back money-market funds

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Citing Grave Financial Threats, Officials Ready Massive Rescue

Lawmakers Work With Fed, Treasury To Try to Restore The Flow of Money

By Binyamin Appelbaum and Lori Montgomery
Washington Post
Friday, September 19, 2008

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/18/AR200809...

Bye-bye, deflation -- Comprehensive bailout in the works

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Possible U.S. Bailout Grips Washington, Wall Street

By Kevin Drawbaugh and Jeremy Pelofsky
Reuters
Thursday, September 18, 2008

http://www.reuters.com/article/gc06/idUSN1831183820080918

Chinese govt. buys bank shares, drops tax on stock trading

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By Nipa Piboontanasawat and Wing-Gar Cheng
Bloomberg News
Friday, September 19, 2008

http://www.bloomberg.com/apps/news?pid=20601087&sid=azK0n73WyuOc&refer=h...

China will scrap the tax on stock purchases and buy shares in three of the largest state-owned banks to shore up investor confidence in the world's second- worst-performing stock market this year.

SEC plans to ban short-selling temporarily

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By Kara Scannell and Deborah Solomon
The Wall Street Journal
Thursday, September 18, 2008

WASHINGTON -- The Securities and Exchange Commission took its most aggressive assault against bearish stock bets by stating its intention to issue a temporary ban on short-selling.

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