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The Bank of England yesterday announced unprecedented steps to prevent the deepest slump since the 1930s when it unveiled plans to inject up to £75bn into the economy over the next three months.
Alarmed by signs Britain's malfunctioning banking system is starving consumers and businesses of credit, chancellor Alistair Darling yesterday gave Threadneedle Street clearance to begin creating money - the last-gasp measure used by Japan to end a decade of recession and deflation.
The Bank said it would embark on quantitative easing next week, after its monetary policy committee cut the bank rate for the sixth time since the global financial system came close to collapse last October. The rate is now 0.5% - a level not seen before in the Bank's 315-year history.
The U.S. House of Representatives approved a bill on Thursday to let bankruptcy judges reduce the primary residence mortgage debt of homeowners going through bankruptcy proceedings as a last resort to avoid foreclosure.
Seen by Democratic supporters as vital to stabilizing the crumbling U.S. real estate market, the so-called "cramdown" bill has been opposed by bankers, despite amendments to limit its scope, including one restricting it to existing mortgages.
The Senate was expected to consider its own version of the House bill soon, but chances of passage are uncertain.
The House vote tally was 234-191.
WASHINGTON (Reuters) - Democrats who control the U.S. Senate were unable on Thursday to round up the necessary votes to end debate and pass a $410 billion bill to fund many government operations, Senate Majority Leader Harry Reid said.
A temporary spending measure to fund those government agencies expires on Friday at midnight so the U.S. House of Representatives will send over an extension through Tuesday, Reid said, a setback for the Democrats.
(Reporting by Jeremy Pelofsky, editing by Anthony Boadle)
The courts must be called to our aid, debts must be collected, bonds and mortgages foreclosed as rapidly as possible.
As foreclosures mount, Florida court turns to 'rocket docket'
When, through the process of law, the common people have lost their homes,
they will be more tractable and easily governed through the influence of the strong arm
of the government applied to a central power of imperial wealth under the control of the leading financiers.
People without homes will not quarrel with their leaders. History repeats itself in regular cycles. This truth is well known among our principal men who are engaged in forming an imperialism of the world. While they are doing this, the people must be kept in a state of political antagonism.
The question of tariff reform must be urged through the organization known as the Democratic Party, and the question of protection with the reciprocity must be forced to view through the Republican Party.
By thus dividing voters, we can get them to expend their energies in fighting over questions of no importance to us, except as teachers to the common herd. Thus, by discrete actions, we can secure all that has been so generously planned and successfully accomplished.
Nazareth Said to Withdraw for Deputy Treasury Post (Update3)
March 5 (Bloomberg) -- Former U.S. Securities and Exchange Commission member Annette Nazareth has taken herself out of the running to be deputy Treasury secretary, according to people familiar with the matter.
Nazareth, who hadn’t been nominated, was warned that her SEC work would be assailed at Senate confirmation hearings, the people said. Before becoming a commissioner, Nazareth was head of the SEC’s market regulation division where she helped design an oversight regime that has been criticized for missing Wall Street’s excessive risk taking.