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POPSacorn fraud there is so much more to this story that will come out, if people demand to know
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POPSThe Next Card to Fall: Credit Cards? If the credit card industry is the next to fall, perhaps the silver lining will be restrictions on how much they can charge customers interest. As it is, current credit card interest rates, especially for those who fall behind in their payments, constitute usury.
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POPSHealth insurers reinvent themselves as money managers "Federal tax rules for HSAs were liberalized in 2003, making them very attractive to well-heeled taxpayers. Commercial banks such as Bank of America and Mellon Bank, seeing the opportunity to collect management fees on the accounts, jumped into the business. "Every bank wants to increase its share of HSAs," said John Casillas, director of the Medical Banking Project, a Franklin, Tenn., organization that helps medical administrators develop financial service systems. "There's fees for managing the account, transaction fees, fees for investing the funds," Casillas said. "You're going to see many billions of dollars moving from premium payments to professionally managed investment funds under HSA rules. Some people think that banks are going to threaten health plans by replacing them in the marketplace.""
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POPSBurn the village to save it "Those who would prudently save will be punished with negative real interest rates and asset deflation. Those who would prudently invest in productive industry will be starved of scarce capital and forced into liquidation. Those who would prudently labour for a decent wage will be slowly robbed by inflation and kept docile by the threat of unemployment." Wow, if this guy is right, there is no safe haven in America.
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POPSDon't blame deregulation Indeed, exactly contrary to Obama’s claims, the repeal of Glass-Steagall has helped to counter the current crisis. It allowed Bank of America to buy out Merrill Lynch, JP Morgan Chase to buy out Bear Stearns, and Barclays Bank to work on buying up the remains of Lehman Brothers. It allowed investment banks Goldman Sachs and Morgan Stanley to take up refuge as bank holding companies. If investment banks Bear Stearns and Lehman Brothers had diversified more into commercial banking, taking commercial deposits — as the Act’s repeal made possible — that might have provided them with the superior capital cushions needed to survive.
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POPSBritish bank bailout to make 692 billion available "They've got additional capital now if they want it, they've got an unlimited source of liquidity," said Terry Smith, chief executive of the money brokers, Tullett Prebon. "That certainly should stop the panic in terms of people wondering whether or not the banks are safe."
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POPSU.S. Casued Global Market Mayhem Gets Worse
Australia today did what you're suppose to do to help prevent this descent into Global Worldwide Great Depression. QUOTE: the Reserve Bank of Australia (RBA) cut its key cash rate by a steep 100 basis points to 6 percent on Tuesday, the biggest reduction since 1992. On Wednesday, the central bank went further by accepting more types of debt as collateral for loans and lend to banks for much longer periods. END QUOTE They are loaning money to banks cheaper...accepting more stuff as collateral for loans, giving loans to banks for longer periods of time. Period. A key words in the Aussie actions is: LOANS & COLLATERAL. The USA is BUYING bad debts and giving unsecured loans (with no collateral). Additionally, the Bush Plan not only gives away this money to banks to buy *hit...and gives loans with no collateral...but then the banks can deposit the money with the U.S. Federal Reserve and earn interest. (which d defeats the whole purpose of "loosing up credit for people
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POPSBernanke, Paulson, Trichet May Act to Unblock Lending (Update1)
Rates are also surging in the commercial paper market that many U.S. companies use to finance their day-to-day operations. Yields on overnight U.S. commercial paper jumped 0.94 percentage point to 3.68 percent. `The Federal Reserve must now act as a clearing house'' for banks and ``must also take another bold step: outright purchases of commercial paper, said Bill Gross, manager of the world's biggest bond fund at Newport Beach, California-based Pacific Investment Management Co. Europe's Dow Jones Stoxx 600 Index having its steepest intraday decline since 1987 and emerging markets, until now the locomotives of the world economy, hit particularly hard: exchanges in Russia and Brazil halted trading. One less complicated step would be for central banks to lower rates in concert. Traders are betting that the Bank of England will lower rates at a meeting this week, and that the Fed will cut its benchmark by at least half a point at or before an Oct. 28-29 gathering.
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POPSThe bailout is a sham favoring foreign investors There isn't any provision to prevent Secretary Paulson from defining any other financial asset as "promoting financial market stability", and while he must notify Congress, they cannot block his purchase. Why is the cut off date for mortgages to be helped so far in the past? March 14, 2008 seems a bit arbitrary to me.
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POPSBank Loans Have Not 'Dried Up' Such alarming comments never mention any facts. Why not? As Neil Cavuto recently noted on Fox Business News, the Fed reports bank loans every week. Contrary to many comments, consumer and industrial loans actually increased in the latest week. Troubled giant banks have cut back on lending, but smaller banks have picked up the slack. Consumer and real estate loans dipped insignificantly through Sept. 17, remaining much higher than they were a year earlier. If all the recent hysterical chatter about lending being "frozen" or "shut down" refers to anything real, it is not about banks loans (through Sept. 17) but about such arcane financial markets as asset-backed commercial paper or loans between banks. But this too is mainly about financial firms, not Main Street. Non-financial commercial paper increased from $156 billion at the start of the year to more than $204 billion from Sept. 3 to Sept. 17, dipping only modestly since then.
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POPSSenator DeMint Has Outlined A Plan For Economic Growth EXPAND ENERGY EXPLORATION • Permanently Repeal Bans on Energy Exploration and Expedite Production: Expedite offshore and oil shale exploration, ensure states share in energy revenues, and prevent endless litigation from frivolous environmental lawsuits. REFORM FAILED GOVERNMENT INSTITUTIONS • Schedule the GSEs for Privatization: Transition Fannie Mae and Freddie Mac over a reasonable time period to truly private companies without special government privileges and expose them to real market competition. • Stabilize the Dollar: Repeal the Humphrey-Hawkins Full Employment Act, which diverts the Federal Reserve’s attention from long-term price stability to short-term economic growth. In an effort to fuel the economy, this additional mandate has encouraged the Fed to keep rates artificially low, leading to economic booms and busts, a rise in inflation and the decline of the dollar.
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POPSCEO pay: What those involved in the financial meltdown made
Amazing. "If George W. Bush, John McCain, or Barack Obama had any honesty and integrity, they would approach the current banking malady in much the same way that President Andrew Jackson did. In discussing the Bank Renewal bill with a delegation of bankers in 1832, Jackson said, "Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out."" ~ Chuck Baldwin, Constitution Party Presidential Candidate.
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POPSBuilding society eats building society I don't know much about financial institutions in Britain, but I found it encouraging that they still apparently have building societies. In South Africa all the major building societies demutualised about 20 years ago, suckering their members with stories of "windfalls", which they have since lost many times over in the bank charges levied by the commercial banks that replaced the building societies. Am I right in surmising that Northern Rock, which recently had a big bail out at the expense of the taxpayers, was also one of these demutualised ex-building societies? And what are these Fanny Mae and Freddie Mac that have had similar bail-outs in the US? The first sounds like an escort agency rather than a financial institution. I realise that "image" is deceptive, but who in their right mind would lend to or borrow from an institution with a name like that?
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POPSRussia Conducts Cyber-Attack On Georgian Government Websites Last April the computer systems of the Estonian Government came under attack in a co-ordinated three-week assault widely credited to state-sponsored Russian hackers. The wave of attacks came after a row erupted over the removal of the Bronze Soldier Soviet war memorial in Tallinn, the Estonian capital. The websites of government departments, political parties, banks and newspapers were all targeted. Analysts have immediately accused the Russian Business Network (RBN), a network of criminal hackers with close links to the Russian mafia and government, of the Georgian attacks. Jart Armin, a researcher who runs a website tracking the activity of the RBN, has released data claiming to show that visits to Georgian sites had been re-routed through servers in Russia and Turkey, where the traffic was blocked. Armin said the servers "are well known to be under the control of RBN and influenced by the Russian Government."
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POPSSocialism for Wall Street and the Rich As for the banks that will go bankrupt, they will include community banks that finance homes, stores, downtown areas, commercial real estate and other mainstays of U.S. towns and cities, Roubini said. "Of three dozen or so medium-sized regional banks, a good third are in distress," he told Barron's, saying half of the group could go bankrupt. Some big banks could wind up insolvent, he added, but said they might be deemed too big to fail.
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POPSChina and Fannie Mae China has already been burned badly with its Blackstone and Morgan Stanley investments. But with the Big Macs and Maes, it's still the same old problem, the Chinese loaned them money which they can't pay back, however, much both sides want pretend that one day they can.
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