Mike Whitney's article at Internation Clearing House is entitled "Stock Market Meltdown". Here's some highlights.
"We are now beginning to feel the first tremors from the massive credit expansion which began 6 years ago at the Federal Reserve."
"This week a third Bear Stearns fund shuttered its doors and stopped investors from withdrawing their money."
"Already the big investment banks are taking on water. Merrill Lynch has fallen 22% since the start of the year. Citigroup is down 16% and Lehman Bros Holdings has dropped 22%."
"The dollar is falling, employment and manufacturing are weakening, new car sales are off for the seventh straight month, consumer spending is down to a paltry 1.3%, and oil is hitting new highs every day as it marches inexorably towards a $100 per barrel."
"The public doesn’t know anything about this looming disaster yet. How will people react when they drive up to their local bank and see plywood sheeting covering the windows? This will happen. There will be bank failures."
"The Federal Reserve is a central player in a carefully considered plan to shift the nation’s wealth from one class to another. And they have succeeded. Nearly 4 million American jobs have been sent overseas, the country has increased the national debt by $3 trillion dollars, and foreign investors own $4.5 trillion in US dollar-backed assets. While the Fed has been carrying out its economic strategy; the Bush administration has deployed the military around the world to conduct a global resource war."
Hit the link for more of the gruesome details.