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Time for another windfall tax?

Windfall taxes - remember them? The last one was introduced in Gordon Brown's very first budget and targeted growth in the value of utility companies following their privatisation, the cash being earmarked for employment schemes.

Now, with the owner of British Gas, Centrica, announcing a 35% rise in gas prices and a £992m profit, there's talk of a new one.

Credit crunch: just a nibble so far?

Shivers went through the financial markets - let alone down poor Joe
Public's spine - as a former IMF bigwig predicted a big US bank
failure.

"We're not just going to see mid-sized banks go under in the next few
months, we're going to see a whopper," Kenneth Rogoff, the fund's
former chief economist turned Harvard professor, told a conference in Singapore.

Fannie Mae and Freddie Mac: The world's biggest bailout

The Freddie Mac headquarters in McLean, Virginia. Photograph: Paul J Richards/AFP/Getty Images

Even the boundless capitalists of the Republican party can nationalise - though they call it by a different name

Congress balks at banks bailout plan

Henry Paulson, the US treasury secretary, talks to the media about efforts to heal the crisis in the financial markets on Friday. Photograph: J Scott Applewhite/AP
The markets are on the retreat again as the US Congress – Republican and Democrat members – cavil about the Bush administration's proposed $700bn (£377bn) rescue plan for the banking sector.

Several commentators express reservations about the plan, particularly as it would concentrate enormous power in the hands of the treasury secretary, Henry Paulson, who would take charge of the massive fund that would buy "distressed assets" - or, as some wags have called the scheme, "cash for trash".

Blame game resumes after US banks bail-out blocked

To read the headlines, you'd think the end of the world was nigh. The collapse of the $700bn US bail-out of the global financial system attracts dire warnings across the UK papers. We are "Staring into the abyss" (Telegraph) and facing a "World of Pain" (Mirror) after the "Meltdown on Wall Street" (Mail) and the "Blackest Monday" (Sun).

Irish bank guarantee - smart move or catastrophe?

In the short but eventful history of the credit crisis, there has never been anything quite like the Irish government's promise to guarantee all saving deposits at its six retail banks.

The implications of the move have stunned City analysts, even those battle-hardened by the collapse of Lehman Brothers and the nationalisation of two UK banks.