The American bank Morgan Stanley faces a critical weekend as it awaits a crucial $9bn investment from Japan's Mitsubishi bank to fend off a crisis of confidence among investors which is threatening its survival.
As Bear Stearns careened toward its eventual fire sale to JPMorgan Chase last weekend, the cost of protecting its debt, through an instrument called a credit default swap, began to rise rapidly as investors feared that Bear would not be good for the money it promised on its bonds. Not familiar with credit default swaps?
Decisive military victory in Afghanistan is impossible and the Taliban may well be part of a long-term solution for the country, the senior British commander in Afghanistan was quoted as saying Sunday. The Sunday Times newspaper quoted Brig. Mark Carleton-Smith as saying that "we're not going to win this war."
While Americans are wrapped up in the banking crisis, the long-range, international effects of what is happening are being ignored here at home. Der Spiegel has an interesting commentary on what the crisis means to our position in the world that could entail the end of the American world as we all know it today.
Are you scared yet?
I watched an interview by Fareed Zakaria with Lew Kuan Yew, the former PM of Singapore on CNN's GPS program at 1:00 PM today. I have to admit I was impressed with the man. Especially at the end when Zakaria asked him about what he attributed his longevity to. Some people just choose their parents wisely.
September 19th (every year)
is International Talk Like A Pirate Day
"This is a pivotal moment for America's economy," Bush said. He said that a financial contagion that began with low-quality home mortgages had "spread throughout our financial system."
"This has led to an erosion of confidence that has frozen many financial transactions including loans to consumers and to businesses seeking to expand and create jobs," Bush said.
ISLAMABAD, Pakistan - Pakistan's military has ordered its forces to open fire if U.S. troops launch another air or ground raid across the Afghan border, an army spokesman said Tuesday.
The orders, which come in response to a highly unusual Sept. 3 ground attack by U.S. commandos, are certain to heighten tension between Washington and a key ally against terrorism.
The declines came as Wall Street and the U.S. government took a series of steps aimed at bringing an end to the credit crisis that has roiled the global financial system for more than a year.
The outgoing commander of US troops in Iraq, Gen David Petraeus, has said that he will never declare victory there.
In a BBC interview, Gen Petraeus said that recent security gains were "not irreversible" and that the US still faced a "long struggle".
When asked if US troops could withdraw from Iraqi cities by the middle of next year, he said that would be "doable".
ISLAMABAD, Pakistan — Seven years after 9/11, al Qaida and its allies are gaining ground across the region where the plot was hatched, staging their most lethal attacks yet against NATO forces and posing a growing threat to the U.S.-backed governments in Afghanistan and nuclear-armed Pakistan .
My name is Evon Peter; I am a former Chief of the Neetsaii Gwich’in tribe from Arctic Village, Alaska and the current Executive Director of Native Movement. My organization provides culturally based leadership development through offices in Alaska and Arizona.
On the anniversary of the worst terrorist attack in U.S. history, Gov. Sarah Palin took a hard-line approach on national security and said that war with Russia may be necessary if Georgia were to join NATO and be invaded by Russia.
When asked whether the United States should be able to invade Pakistan in pursuit of terrorists along the Afghanistan border, Palin demured.
Der Spiegel has interviewed seven experts about the threat Al Qaida poses today. Here is a synoposis of each person's view.
1) Reuven Paz, Israel: Al Qaida is a worldwide model for both terrorism and insurgency.
2) Rohan Gunaratna, Singapore: Current American strategy is oriented toward lethal and kinetic force. It is not suitable to fight the jihadism.
Saudi Arabia walked out on OPEC yesterday. It said it would not honor the cartel's production cut. It was tired of rants from Hugo Chavez of Venezuela and the well-dressed oil minister from Iran. As the Saudis left the building the message was shockingly clear. According to The New York Times, “Saudi Arabia will meet the market’s demand,” a senior OPEC delegate said.
WASHINGTON – President Bush secretly approved U.S. military raids inside Pakistan against alleged terrorist targets, according to a former intelligence official with recent access to the Bush administration's debate about how to fight al-Qaida and the Taliban inside the lawless tribal border area.
The official spoke on condition of anonymity to describe the classified order.
The US has been extensively spying on Iraqi Prime Minister Nouri Maliki, a new book by renowned US reporter Bob Woodward claims.
A source in the book is quoted as saying "we know everything he says", according to the Washington Post.
The book also says "ground-breaking" covert techniques have helped reduce the violence in Iraq.
This is the fourth book on the Bush administration by Mr Woodward, the Washington Post's associate editor.
NEW YORK (CNNMoney.com) -- Oil futures tumbled more than $7 on Tuesday after Hurricane Gustav hit the Gulf region with less force and apparently less damage than initially feared. Prices were also pulled lower by a strengthening dollar.
U.S. crude futures for October delivery were at $108.61, or $6.85 lower at 8:13 a.m. ET.
As Sept. 11 approaches, many Americans will remember the day this country was attacked by terrorists by keeping the U.S. flag in their hearts and flying it at their homes.
But in a great irony, if you don't check the label carefully, you may find that the symbol of freedom waving in front of your house was made in a communist-run country, China.