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POPSU.S.Treasury's Kashkari to Lead Bank Bailout Office (Update1) ``We need to think through what's the best for securities, for loans, to help strengthen the balance sheet of the institutions.'' Anthony Ryan, the Treasury's acting undersecretary for domestic finance, said in an interview today on CNBC. ``We are focusing on the broader issues, the mortgage- related assets.'' Senate confirmation is required to fill the position for which Kashkari will be nominated. The Treasury hasn't specified the length of Kashkari's tenure, or whether the White House would nominate him officially. The Bush administration remains in office until January. Ben Dover, "Dewey Screwem and Howe" via tom mcguire
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POPSGlobal Stock Markets Going Down. BadNews Bush Again
Bush didn't cause the real estate agents and banks to make bad and fraudulent loans -- but neither has he caused any recovery. Maybe, in fact, there is no quick fix to boom and bust speculation. But another fact is that this $700-billion does nor demands NOTHING that will directly help people with the predatory mortgages they were suckered into - nor guarantee more jobs -- nor make credit available again. It's only claim is "to inspire confidence." in the banks. It doesn't seem to be working and it's doubtful if anything a failed president, working with a failed Congress, could do with helping out a failed Wall Street. The SuperRich (the 1% of our population that now owns 20% of our wealth), the SuperRich still get all the breaks and loopholes and the Middle Class gets the screws put to them. Wall Street walks away with all their profits and all their bad debts are sold to the taxpayers -- Why didn't we buy stock in the banks instead? Or 100 other ways to do this bett
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POPSEuropean Big Four Rule Out Joint Rescue Action
The summit called for greater flexibility in accounting rules by the end of October, in line with US practices. This would be done by giving European banks "the same rules to reclassify financial instruments from the trading book to the banking book, including those already held or issued". This is a reference to a rarely used rule in the US that allows banks to record assets at an amortised cost, rather than at its current market value. This would be a way of circumventing the existing "mark-to-market" accounting rules, which critics say have contributed to a downward spiral of asset prices *Allow banks to apply mark-to-market accounting rules for assets more flexibly in line with US practices *European Commission to draw up EU rules aligning bank deposit guarantee schemes *Establish task forces to co-ordinate *Establish task forces to co-ordinate with the US authorities and others during crises *Supervisors to draw up codes of conduct on pay and risk-taking
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POPSBailout Creating a Financial Black Hole (cont.)The latest propaganda from the government and the Illuminist think tanks tells us that, treasuries are more secure than gold because they are backed by the US government and gold has a counter party risk by whoever is storing your gold as the counter party. I’ve never heard any stupider comments. The Fed has informed Bank of America to be ready for a one-week universal shutdown of the banking system, including access to checking accounts, savings accounts and credit cards. This is why you need $5,000 in small bills in your safe at home and small denomination gold and silver coins.
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POPSGOP Strategists See Big Nov. Losses "If you turn the clock back two or two and half weeks, you could make a plausible argument that if a couple of things go our way we will lose three to four Senate races," an unnamed strategist told WaPo . "Now we will lose six to eight." Polling in most Senate races over the past 14 days has shown a five-point decline for the Republican candidate, the strategist said. The piece continues: The picture in the House is similar. The generic ballot test -- a traditional measure of broad voter attitudes -- has also moved decisively in Democrats' direction in recent days. The latest NBC-Wall Street Journal and Associated Press polls showed voters favoring a generic Democratic candidate for Congress over a generic Republican by 13 points, while a recent Time magazine poll gave Democrats a 46 percent to 36 percent edge. It's looking more and more like 2006 all over again.
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POPSIt's wait and see after Bush signs rescue plan Here we go.. I think the markets were manipulated for a day (777) just to scare the public and the earmakrks added just to entice the rich, greedy electives.. Now that its done the parachute guys can sigh a relief, the crooks and thieves can buy their new boats while we figure out a way to plan for 3-4 thousand less in our 401k's and continue to struggle with the taxes and price of living expenses.. this is sweet isn't it?? Excuse me who works for whom??? I can see why they spend so much money trying to get elected for office cause once they do its a free ride on our backs!
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POPSMartial Law Would Be Declared If Bailout Not Passed In House
As former California congressman Dan Hamburg said earlier this year, the 2007 National Defense Authorization Act gives the executive the power to invoke martial law in case of “major public emergencies,” not limited to “a natural disaster, a disease outbreak, a terrorist attack,” but also “any other condition in which the President determines that domestic violence has occurred to the extent that state officials cannot maintain public order.” Obviously, a financial crash and ensuing social chaos of the sort now being implemented by the ruling elite would be characterized as a dire emergency and a near perfect excuse to impose martial law, a long standing goal of the elite. As the Army Times reported last month, a battle-hardened “homeland” brigade is now “going domestic” after spending time in Iraq. It appears this illegal deployment (under Posse Comitatus) is designed to respond to “public disorder” as the economy is deliberately and cynically dismantled at the behest of our rulers.
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POPSHouse Passes Bailout Well, we've got our fix -- throw a boatload of money at it. Now let's see what happens if (when?) it doesn't work.
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POPS$700 Billion Bailout Helps Treasury Secretary & His CEO Friends, Hurts Taxpayers In this $700 billion bailout, Treasury Secretary Hank Paulson has cooked up a fishy plan that has taxpayers overpaying for near-worthless paper assets, while giving banks an excuse to falsely mark up the value of that paper to make bad paper look like gold. Any capital actually gained by the banks would be illusory at best. Timing is everything. This plan does not fix anything--it simply delays the crash until AFTER the election, and it creates "the illusion of stronger financial institutions, not strengthening them." Paulson is "helping his friends" (including "Morgan Stanley Chief Executive John Mack.") It took 150 years to make Confederate money worth a dime... Apparently alchemist Henry Paulson has found a way to do it overnight.
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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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POPSThe Bailout, Fannie Mae and Freddie Mac, The Fed and Monetary Policy The Cato Institute has been following the crisis in financial markets since the very beginning. From the sub prime crisis to Fannie and Freddie to the $700 billion bailout, the recent financial events have given our analysts and experts plenty to talk and write about. We decided to pull together the op-eds, podcasts, reports, and publications from our scholars on this issue, so all these resources can exist in one place. We hope it’s a useful tool for your research. "The Bush Legacy: Deflation or Inflation?," "The Greenback and Commodity Prices," "Milton Friedman: Float or Fix?," "Washington Is Quietly Repudiating Its Debts," "The Greenback and Commodity Prices," "Polluted Markets," "The Fed Plays With Fire," "Greenspan's Bubbles," "Keep Complaining about the Economy, "Asset Bubbles and Their Consequences," more op-eds, podcasts, reports, and publications at link: http://www.cato.org/special/financial_crisis/
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POPSMcCain <3 Earmarks The Mavrick breaks his biggest campaign promise. http://www.dailykos.com/story/2008/10/2/103533/393/707/617623
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POPS"I'm Barack Obama, and I Approve This Bailout" Both left and right on Main St. oppose the bailout bill, and for good reason. Take a look here at how mad many on the left are. Here is his punch line to the get-a-long Democrats in Congress--call it a hard left hook: To the former, the Democratic Party, I say: your support of this Bill as it stands or in any form that simply hands over money and asks the market to take care of the mess makes you our enemies, not our advocates. ...then he lands one squarely on Obama's jaw: To Barack Obama I say: you are a fraud on public credulity. You are no more a "change" agent than I am the Pope. With your support of this bailout, you have acted in direct contradiction to your promise of change Last chance to call your house rep before they RUIN both the market and the economy with those latest Bailout bill.
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