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It is my opinion the The US Citizen has been Molested again by our politicians under the control of Big Business.
Outright Greed and Power was used by Big Business and it is that mantra that caused the financial collapse. Due to the consistant, uncaring, lobbying to eliminate any laws that protected the System and The US Citizen. Read and learn all that you can. It is that power and knowledge that will allow The US Citizen to fight back.
We now see that Pure Capitalism does NOT work in any long run. Capitalism only fuctions fairly and for the long term if it is regulated by Common Sense and Democracy.
Let us think. If the monies went out to each US Citizen instead, in increments. Then by a Simple Law they had to pay off Existing Bills Created Before An Immediate Date. ( and you predate it so no morons go out and charge more)
Congress failed when they passed the wishy washy Credit Card Bill, giving those companies time to raise rates and screw US even more. We The People, would have used the monies to pay off our Mortgages, Credit Cards, Medical Debts ....etc. We would have bouyed these companies and eliminated those Toxic Assets so often discussed and continued on.
I call it "Trickle Up Economics!"
PLEASE LEAVE YOUR THOUGHTS!
HOW HAS THIS BAD ECONOMY EFFECTED YOU?
THE STIMULUS, WAS IT A GOOD IDEA?
DO YOU STILL HAVE A JOB?
We here recognize "Knowledge is Power" We encourage that you, aquire that Power.
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Indeed... if the average US citizen doesn't get screwed, Big Business will never survive in its current incarnation. I find it interesting that 70% of the people who received bailout funds from the government for their defaulted mortgages were back in forclosure preceedings within a year of receiving the money.
ReplyDeleteI find it amusing that the CEO of GM stood up in front of Congress last year and said he refused to take a salary cut for one year in order to help his company and country.
I find it frustrating that while gas was $6/gal in some parts of the US back in June '08 and the public outcry was at its loudest, the oil companies were still showing record profits of over $10 billion/qtr.
I agree that Capitalism needs to be tempered or it runs out of control... that is the natural progression. It comes down to the same question... are we prepared to fight another Revolution?
More Lies, More Deceit.
ReplyDeleteSee Below,
Pay czar grants waivers after government lobbying
Treasury, Fed lobbied for pay-cap waivers, showing conflict between political, business goals
· By Daniel Wagner, AP Business Writer
· On 9:40 pm EST, Friday December 11, 2009
WASHINGTON (AP) -- The Treasury Department has told four bailed-out companies that they can't pay some top earners more than $500,000 cash per year. But it's told the official who made that decision that the rule shouldn't always apply.
Copy and Paste Link
http://finance.yahoo.com/news/Pay-czar-grants-waivers-after-apf-1538013562.html?x=0
Obama blasts banks for opposing financial overhaul
ReplyDeleteObama takes on financial institutions for working to undermine tougher federal oversight
· By Darlene Superville, Associated Press Writer
· On 5:05 pm EST, Saturday December 12, 2009
WASHINGTON (AP) -- President Barack Obama singled out financial institutions for causing much of the economic tailspin and criticized their opposition to tighter federal oversight of their industry.
Copy and paste link below
http://finance.yahoo.com/news/Obama-blasts-banks-for-apf-2766740549.html?x=0
Here is a place to do more research. An informed Citizenry is a powerful weapon against the garbage in all levels of government.
ReplyDeleteCitizens Against Government Waste Link Here!
All that money and they still gouged every customer with increased rates. Bunch of greedy jerks!
ReplyDeleteCitigroup to repay $20 billion in bailout money
Citigroup reaches deal to repay $20 billion in bailout money; Government to sell stake
· By Stephen Bernard, AP Business Writer
· On 12:38 pm EST, Monday December 14, 2009
NEW YORK (AP) -- Citigroup said Monday it is repaying $20 billion in public bailout money, freeing the banking giant from the close scrutiny and pay restrictions that came with the rescue program. The government will also sell its stake in the company. Paying back the government gives Citigroup's standing an immediate boost, but it comes at a heavy cost. Raising the new capital will significantly dilute current shareholders' stake in the company, and Citi's shares fell in early trading as a resultCitigroup Inc. ...
Here is a Link.
http://finance.yahoo.com/news/Citigroup-to-repay-20-billion-apf-2878032668.html?x=0
Proof that trickle down is a lie!
ReplyDeleteBanks are hoarding and gorging on Taxpayer Money!
If you listen to the Morons on Fox News and CNBC's Stockmarket Channel, only these Bankers and Corporations know what is right!
Who is S*&%*%in' who!
Treasury report shows bank lending down again
Treasury reports that value of loans held by big bailout recipients falls again in October
By Martin Crutsinger, AP Economics Writer , On Tuesday December 15, 2009, 7:25 pm EST
WASHINGTON (AP) -- The value of loans held by the biggest beneficiaries of the government's bank bailout fell for the ninth consecutive month in October, the Treasury Department reported Tuesday, a day after President Barack Obama criticized top bankers for not doing enough to boost lending.
The department's monthly report, which monitors the top 22 recipients of support from the government's $700 billion rescue fund, showed that their average loan balances dropped in October by $36.8 billion, or 0.9 percent. That followed a decline of 1.1 percent, or $45.9 billion, in September.
Copy and Paste Link Below. Please!
http://finance.yahoo.com/news/Treasury-report-shows-bank-apf-2357245330.html?x=0
WASHINGTON – When the Senate takes up a jobs bill later this month or early in February, the debate will center on whether it really will create jobs and be worth plunging the government tens of billions of dollars further into debt.
ReplyDeleteRepublicans scoff at the "Jobs for Main Street Act" title that House Democrats put on their $174 billion package last month. They refer to it as "son of the stimulus," the $787 billion economic recovery plan of nearly a year ago that they say was ineffective at producing jobs.
For more of the story, please LINK HERE!
We are so Screwed!
By MIKE BAKER, Associated Press Writer Mike Baker, Associated Press Writer – Mon Jan 4, 4:12 pm ET
ReplyDeleteRALEIGH, N.C. – U.S. consumers and businesses are filing for bankruptcy at a pace that made 2009 the seventh-worst year on record, with more than 1.4 million petitions submitted, an Associated Press tally showed Monday...
Read the rest of the story and comment please.
Let yourself be heard!
Please LINK HERE!
Economists worry economy won't recoup 7 million lost jobs
ReplyDeleteBy Chris Isidore, senior writer , On Thursday January 7, 2010, 12:43 pm EST
A two-year string of job losses appears to be near an end, if it hasn't ended already.
But most economists don't expect the employment picture to significantly improve anytime this year ... or over the next few years for that matter...
Please LINK HERE!
AIG bailout secrecy could mean Geithner testifies
ReplyDeleteBy DANIEL WAGNER, AP Business Writer Daniel Wagner, Ap Business Writer – Thu Jan 7, 10:09 pm ET
WASHINGTON – Lawmakers are preparing to investigate revelations that the Federal Reserve Bank of New York, led at the time by Timothy Geithner, pushed for greater secrecy on controversial bailout decisions.
Senate and House Republicans called Thursday for hearings to look into e-mails showing that the New York Fed suppressed details about deals that allowed big banks to collect billions from the bailout of insurance conglomerate American International Group Inc..
For the rest...
Please LINK HERE!
"Here is more proof that Big Business lauds the failure of The American Citizen to have a good Job. The Rich Get Richer On a Weak Dollar."
ReplyDelete"Speak Up Citizens!"
Stocks gain as traders take jobs report in stride
By STEPHEN BERNARD and TIM PARADIS, AP Business Writers Stephen Bernard And Tim Paradis, Ap Business Writers – 2 hrs 28 mins ago
NEW YORK – A disappointing jobs report couldn't stop the stock market from having a strong start to the new year.
Stocks zigzagged for much of Friday but closed higher as investors took in stride the Labor Department's news that employers cut 85,000 jobs in December, far more than the 8,000 analysts expected. The disappointing numbers were offset by a pleasant surprise: November's report was revised to show the first job gains in nearly two years...
For More, Please.. LINK HERE!
The L.A. Times
ReplyDeleteOutrageous pay on Wall Street? Tax 'em
Capping executive pay is impractical. A new 'excessive compensation' tax bracket -- with the highest rate around 90% -- is the best solution.
By Myles Spicer
January 7, 2010 | 3:52 p.m.
Moshe Adler, in his very incisive Times Op-Ed article on Jan. 4, correctly points out the hypocrisy and lack of correlation between production and compensation among high-paid executives. He offers three prospective solutions: a law to set a maximum ratio between highest- and lowest-paid workers, one to set the minimum ratio of income between labor and shareholders, and for lawmakers to make the minimum wage a true living wage...
Please.. LINK HERE!
Main Street to Wall Street: We don't buy the rally
ReplyDeleteBy BERNARD CONDON, AP Business Writer Bernard Condon, Ap Business Writer – Fri Jan 8, 6:42 pm ET
NEW YORK – Edward Shook can't resist a bull market.
He rode the one in the late 1990s and lost $350,000 in the dot-com collapse. Shaken but optimistic, he bought into the bull market that followed — and lost another $350,000 from his portfolio's peak when stocks fell to a 12-year low in early 2009...
Good Story
Please.. LINK HERE!
For the unemployed, new job often means a pay cut
ReplyDeleteBy CHRISTOPHER LEONARD, AP Business Writer Christopher Leonard, Ap Business Writer – 1 hr 6 mins ago
Unemployed for nearly a year, David Becker was relieved to land a new job in information technology last summer.
The offer carried a price, though: It was a lower-rung job than the one Becker had lost. He had to uproot his family from Wisconsin to Nevada. And, like many formerly jobless people who find work these days, Becker is now paid far less than before — $25,000 less.
It's one of the bleak realities of the economic recovery: Even as more employers are starting to hire, the new jobs typically pay less than the ones that were lost...
For More.. LINK HERE!
I work in the construction industry. On most of the jobs I am horrified to see that most of the workers are not speaking english. I am sure most of them are not legal. If we continue to give work to illegals, who send most of thier (our) money back home the economy will not recover. If we continue to give most of the labor type jobs,painting,landscaping,floors,masonary,etc. where are the people who don't go to college going to find a job in this country. When the government gives illegals amnesty and alllows them to bring two of thier family members over our medical system will collapse. The emergency rooms at hospitals will become thier doctors offices. Once this happens its all over for the working class.
ReplyDeleteBull market grows up
ReplyDeleteMaturing bull market enters its second phase as growth drivers shift
By Shaila Dani, AP Business Writer , On Sunday January 10, 2010, 2:13 pm EST
NEW YORK (AP) -- The stock market rally is aging, and the surest sign is that investors are migrating to stocks that missed out on 2009's big run...
You Can.. LINK HERE!
AP source: Obama weighing new levy on banks
ReplyDeleteBy PHILIP ELLIOTT, Associated Press Writer Philip Elliott, Associated Press Writer – 2 hrs 6 mins ago
WASHINGTON – President Barack Obama is weighing a levy on financial institutions to help recover shortfalls in a $700 billion bank bailout fund and to help balance a budget that is looking increasingly grim amid an ongoing economic crisis.
A senior administration official said Monday that Obama would seek modifications to the law that sent billions in bailout money in 2008 and 2009 to a flailing Wall Street that was approaching collapse. The government official spoke on the condition of anonymity to discuss the president's thinking...
Please.. LINKHERE!
We may be The Superpower but guess who Owns US.
ReplyDeleteThank You BigBusiness, and your stopping of Our Manufacturing for a quick buck instead of innovation with a gradual return.
Next time you want to ..... US at least buy US dinner first!
World markets fall as China curbs lending
World markets fall as China's lending curbs raise fears of dented recovery prospects
AP On Wednesday January 13, 2010, 4:15 am EST
BANGKOK (AP) -- World stock markets retreated Wednesday as China's move to curb its torrent of bank lending spurred fears of slower economic recoveries in other countries...
Please.. LINK HERE!
Jobless rate to stay above 8 percent until 2012: CBO
ReplyDeleteReuters: On Thursday January 14, 2010, 6:31 pm EST
By Andy Sullivan
WASHINGTON (Reuters) - The U.S. unemployment rate, currently at 10 percent, is unlikely to drop below 8 percent before 2012 unless Congress takes further steps to boost the economy in the short term, the non-partisan Congressional Budget Office said on Thursday...
Please.. LINK HERE!
GOP, Dems in “Death Embrace”: U.S. Budget “About to Go Off a Cliff," Cal Prof Says
ReplyDeletePosted Jan 15, 2010 09:30am EST by Peter Gorenstein in Investing, Recession, Politics
Related: ^DJI, ^GSPC, UUP, GLD, TIP, TLT, TBT
Raise taxes or cut spending? Washington must take action on both fronts to curb U.S. debt or run the risk of a dollar crisis, according to a report by the Committee on the Fiscal Future of the United States, a panel of bipartisan experts...
For More,
Please.. LINKHERE!
Financial panel's head wastes no time in going after bankers
ReplyDeleteMiami Herald Posted on Sunday, 01.17.10
BY ROB HOTAKAINEN
MCCLATCHY NEWSPAPERS
WASHINGTON -- Phil Angelides wants some answers: With millions of Americans out of work and millions losing their homes, why is Wall Street is having a record year, with record profits and record bonuses for top executives?...
Please.. LINKHERE!
World stocks down ahead of Citigroup earnings
ReplyDeleteWorld stock markets down ahead of Citigroup earnings; pound rises on British inflation spike
By Pan Pylas, AP Business Writer , On Tuesday January 19, 2010, 6:27 am EST
LONDON (AP) -- World stock markets fell Tuesday as Japan Airlines filed for bankruptcy protection and investors awaited a raft of fourth-quarter U.S. corporate earnings with a degree of unease following a fairly mixed start to the results season...
Please.. LINKHERE!
Bernanke asks GAO to review Fed's AIG bailout
ReplyDeleteBernanke asks GAO to conduct a 'full review' of Fed's $182 billion bailout of AIG
By Jeannine Aversa, AP Economics Writer , On Tuesday January 19, 2010, 1:52 pm EST
WASHINGTON (AP)
Federal Reserve Chairman Ben Bernanke asked Congress' investigative arm Tuesday to conduct a "full review" of the Fed's publicly derided bailout of insurance giant American International Group...
Please.. LINKHERE!
AP source: Obama seeks bigger banking restrictions
ReplyDeleteBy JIM KUHNHENN, Associated Press Writer Jim Kuhnhenn, Associated Press Writer – 2 hrs 27 mins ago
WASHINGTON – President Barack Obama, eager to harness and redirect voter anger over bank bailouts, is ramping up his war on Wall Street...
Please.. LINKHERE!
1 year in, Obama facing perilous economic choice
ReplyDeleteObama under pressure to produce jobs, faces daunting economic and political challenges in 2010
By Tom Raum, Associated Press Writer , On Saturday January 23, 2010, 7:25 pm EST
WASHINGTON (AP) -- One year in, President Barack Obama faces a perilous economic choice. He can't pull back the stimulus too quickly, despite the public's concerns about rising deficits, because that could kill a fragile recovery. If he steps too hard on the accelerator to create more jobs, responding to another voter imperative, he risks feeding inflation and restarting the dangerous cycle...
For More, Please.. LINKHERE!
Work cut out for them
ReplyDeleteBy Yvonne Abraham
Boston Globe Columnist / January 24, 2010
LYNN - Eight unemployed men and women were leaning against a red-tiled wall outside a job center here Friday morning, waiting to check on their benefits, and weighing their new spot in the middle of the national shouting match...
Please.. LINKHERE!
JUST A REMINDER:
ReplyDeleteThe State of the Union Address is Tonight.
Both sides of the Isle should watch. If only to gather Information.
A CALL TO CREATE JOBS.
ReplyDeleteA CALL FOR MORE FINANCIAL HELP FOR MAINSTREET
A CALL TO RECOVER OUR TAX MONIES FROM THE BIG BANKS.
Let us see what happens.
We know Congress will still screw it up!
Unemployment claims drop
ReplyDeleteBy Blake Ellis, contributing writerJanuary 28, 2010: 9:18 AM ET
NEW YORK (CNNMoney.com) -- The number of Americans filing for initial unemployment insurance fell last week, the government said Thursday.
There were 470,000 initial job claims filed in the week ended Jan. 23, down 8,000 from a revised 478,000 the previous week, the Labor Department said in a weekly report...
Please.. LINKHERE!
Stocks rise after better-than-expected GDP report
ReplyDeleteStocks higher after economy grows 5.7 pct in 4th quarter; fastest pace in 6 years
Stephen Bernard, AP Business Writer, On Friday January 29, 2010, 9:49 am
NEW YORK (AP) -- Stocks rose in early trading Friday after a new report shows the nation's economy grew at its fastest pace in six years.
The Commerce Department said the gross domestic product grew at an annual rate of 5.7 percent during the fourth quarter, easily topping economists' forecast for growth of 4.5 percent...
Please.. LINKHERE!
Obama taking populist tone in fight over jobs
ReplyDeleteAssociated Press Writers Charles Babington And Jennifer Loven, Associated Press Writers – Sat Jan 30, 5:46 pm ET
WASHINGTON – President Barack Obama is shifting his administration's emphasis to battling unemployment, the scourge that is hurting households nationwide and threatening to inflict heavy losses on Democrats in November's elections...
Please.. LINKHERE!
5-day Davos forum ends on note of humility
ReplyDeleteBy Edith M. Lederer, Associated Press Writer – 34 mins ago
DAVOS, Switzerland – The world's foremost gathering of business and government leaders wrapped up a five-day meeting Sunday with widespread agreement that a fragile recovery is under way but no consensus on what's going to spur job growth and prevent another global economic meltdown...
Please.. LINKHERE!
FEBRUARY 4, 2010, 12:19 P.M. ET
ReplyDeleteB of A, Executives Face Civil Charges by Cuomo
By DAN FITZPATRICK And KARA SCANNELL
THE WALLSTREET JOURNAL
New York Attorney General Andrew Cuomo filed civil securities fraud charges against former Bank of America CEO Kenneth Lewis and former Chief Financial Officer Joseph Price, alleging they decided not to disclose mounting losses at Merrill Lynch & Co. before getting shareholder approval to acquire the Wall Street firm...
Please.. LINKHERE!
THE NEW YORK TIMES
ReplyDeleteCuomo Sues Bank of America as It Settles With S.E.C.
By LOUISE STORY
Published: February 4, 2010
In a lawsuit filed on Thursday, the attorney general, Andrew M. Cuomo, claimed the bank and the two officers — Kenneth D. Lewis, the chief executive, and Joe L. Price, the chief financial officer — misled shareholders and the government about the merger with Merrill Lynch...
Please.. LINKHERE!
Stocks tumble on worries about jobs, European debt
ReplyDeleteBy TIM PARADIS, AP Business Writer Tim Paradis, Ap Business Writer – 8 mins ago
NEW YORK – Stocks buckled Thursday under the growing belief that the global economy is weaker than many investors expected and likely to stop companies from hiring. The Dow Jones industrials briefly traded below 10,000 for the first time in three months...
Please.. LINKHERE!
Senate to take up rare bipartisan jobs bill
ReplyDeleteBy Stephen Ohlemacher – 2 hrs 27 mins ago
WASHINGTON – Senate leaders plan to pass a jobs bill next week featuring tax breaks for employers that hire unemployed workers, a rare bipartisan effort in an election-year Congress sharply divided along political lines...
Please.. LINKHERE!
Middle Class No More, Families Struggle to Fight off Homelessness
ReplyDeleteLaura Bassett Laura Bassett – Thu Feb 4, 5:17 pm ET
The Huffington Post
A unique feature of this recession is how damaging it has been to the nation's middle class, driving its members further and further away from the American Dream and, in some cases, directly into poverty...
Please.. LINKHERE!
Stocks pull out of slump but end week lower
ReplyDeleteBy Stephen Bernard And Tim Paradis, Ap Business Writers – 5 mins ago
NEW YORK – A battered stock market recovered from a sharp drop in late trading Friday but still posted its fourth straight weekly drop.
The Dow Jones industrials, down nearly 170 points in afternoon trading, clawed their way back to finish with a gain of 10. But more stocks fell than rose on the New York Stock Exchange as investors contended with another series of troubling signals about the global economy...
Please.. LINKHERE!
Stock investors see threats from all directions
ReplyDeleteStock investors see threats to economy, market's rally from all sides; tough 2010 ahead
Tim Paradis, AP Business Writer, On Sunday February 7, 2010, 6:13 pm
NEW YORK (AP) -- The threats seem to be coming from all directions.
Jittery stock traders react to each day's news as if it could be the start of Financial Crisis 2.0. On Thursday, the Standard & Poor's 500 index suffered its biggest one-day drop in more than nine months because of worries about debt problems in Greece, Portugal and Spain. Concerns about China's plans to limit economic growth and proposed regulatory bank changes from Washington also have pummeled the market...
Please.. LINKHERE!
Obama to establish fiscal commission Thursday: official
ReplyDeleteWed Feb 17, 1:42 am ET
WASHINGTON (AFP) – US President Barack Obama will Thursday sign an executive order establishing a bipartisan commission to find ways to reduce the gaping US budget deficit, a White House official said.
Obama has chosen Democrat Erskine Bowles, White House chief of staff for ex-president Bill Clinton, and former Republican senator Alan Simpson of Wyoming to head the panel, the official said...
Please.. LINKHERE!
Governors brace for more economic turmoil
ReplyDeleteWith states still reeling from recession, governors try to chart the tough road ahead
Liz Sidoti, AP National Political Writer, On Saturday February 20, 2010, 3:59 pm
WASHINGTON (AP) -- On the recession's front lines, governors are struggling to chart the road ahead for states staggered by unrelenting joblessness and cut-to-the-bone budgets even as Washington reports signs of economic growth.
"The worst probably is yet to come," warned Gov. Jim Douglas, R-Vt., chairman of the National Governors Association, at the group's meeting Saturday. He called the situation "fairly poor" in most states, adding that it "doesn't look too good."...
Please.. LINKHERE!
World markets slip after mixed US economic reports
ReplyDeleteAsian stocks fall after mixed reports about US economy; European shares down
Jeremiah Marquez, AP Business Writer, On Monday March 15, 2010, 6:49 am
HONG KONG (AP) -- Asian stock markets sank Monday after mixed economic reports about the U.S. economy inspired caution among investors. European shares were also lower.
Major Asian bourses were down as much as 1 percent after a lackluster session on Friday. Oil prices dropped below $81 a barrel and the dollar gained against the euro and fell against the yen.
Investors found few reasons to buy after U.S. economic data released Friday painted an uneven picture of recovery in the world's largest economy...
Please.. LINKHERE!
Dodd unveils sweeping financial regulation plan.
ReplyDeleteBy Jim Kuhnhenn, Associated Press Writer – 19 mins ago
WASHINGTON – A new Democratic Senate bill to tame the financial markets would give the government new powers to break up firms that threaten the economy, force the industry to pay for its failures and create a consumer watchdog within the Federal Reserve.
Legislation unveiled Monday by Senate Banking Committee Chairman Chris Dodd falls shy of the ambitious restructuring of federal financial regulations envisioned by President Barack Obama or contained in legislation already passed in the House...
Please.. LINKHERE!
SEC boss: Agency examining companies
ReplyDeleteBy Marcy Gordon, Ap Business Writer – 46 mins ago
WASHINGTON – The head of the Securities and Exchange Commission confirmed Wednesday the agency is investigating several companies' actions in the run-up to the financial crisis of 2008.
SEC Chairman Mary Schapiro said "it would be safe to assume" that the agency is looking very closely at the conduct of a number of firms during this time. She did not name the companies...
Please.. LINK HERE!
Govt rewarded bank auditors with big bonuses
ReplyDeleteAs banks binged on risky mortgages, govt rewarded regulators with taxpayer-funded bonuses
Matt Apuzzo, Associated Press Writer, On Thursday March 18, 2010, 2:50 pm
WASHINGTON (AP) -- As banks gambled on the risky mortgages that helped create the worst financial crisis in generations, the U.S. government handed out millions of dollars in bonuses to regulators at agencies that missed or ignored warning signs that the system was on the verge of a meltdown.
The bonuses, detailed in payroll data released to The Associated Press, are the latest evidence of the government's false sense of security during the go-go days of the financial boom. Just as bank executives got bonuses despite taking on dangerous amounts of risk, regulators got taxpayer-funded bonuses despite missing or ignoring signs that the system was on the verge of a meltdown...
Please.. LINKHERE!
What's driving up oil prices again? Wall Street, of course
ReplyDeleteBy Kevin G. Hall, Mcclatchy Newspapers--- Thu Apr 1, 5:56 pm ET
WASHINGTON — Oil consumption has fallen, demand from U.S. motorists for gasoline is flat at best and refiners that turn crude into fuel are operating well below capacity. Yet oil prices keep marching toward $90 a barrel, pushing gasoline toward $3 a gallon in many markets, and prompting American drivers to ask, "What gives?"
Blame it on the same folks who brought you $140 oil and $4 gasoline in 2008: Wall Street speculators.
Experts attribute much of the recent rise in prices to flows of speculative money into oil markets. These bets are fueled by investor expectations that the U.S. and global economies are poised to return to growth and thus spark increased use of oil. Strong growth in China supports the narrative of rising oil consumption and tightening supplies.
"The thinking goes that rising stock (market) prices implies expanding business activity, implies growing energy demand, implies rising oil prices. I think you can make that case, but it's awfully weak," said Michael Fitzpatrick , vice president-energy for MF Global , a financial firm that brokers the sale of contracts for future delivery of oil...
Please.. LINK HERE
AS WE CONTINUE TO BE %&$KED!
ReplyDeletePay of Hedge Fund Managers Roared Back Last Year On Thursday
THE NEW YORK TIMES
April 1, 2010, 7:10 am EDT
The Lazarus-like recovery of the nation’s big banks did not benefit just the bankers — it also created huge paydays for hedge fund managers, including a record $4 billion gain in 2009 for one bold investor who bet big on the financial sector.
The manager, David Tepper, wagered that the government would not let the big banks fail, even as other investors fled financial shares amid fears that banks would collapse or be nationalized.
“We bet on the country’s revival,” Mr. Tepper, who describes his trading technique as a mix of deep analysis and common sense, said Wednesday in an interview. “Those who keep their heads while others are panicking usually do well.”
That strategy handed Mr. Tepper, a plain-spoken Pittsburgh native who first made his name at Goldman Sachs, the top spot on the annual ranking of top earners in the hedge fund industry by AR: Absolute Return+Alpha magazine, which comes out Thursday.
His investors did not do badly, either — Mr. Tepper’s flagship fund gained more than 130 percent last year.
The runner-up in the ranking was George Soros, the Hungarian émigré who has become better known in recent years for supporting Democratic candidates and making political headlines than for picking stocks. His fund, Quantum Endowment, grew 29 percent in 2009, earning Mr. Soros $3.3 billion in fees and investment gains.
Hedge funds — the elite, lightly regulated investment vehicles open to a restricted range of investors — enjoyed a winning streak during the buyout boom that preceded the financial crisis in 2008. Then the bottom fell out of the industry, handing even top hedge funds double-digit percentage losses. In turn, the earnings of the top 25 fund managers in the 2008 survey tumbled 50 percent.
At the time, some market experts questioned whether the industry could continue to charge hefty fees — a manager typically receives a substantial portion of the fund’s annual appreciation — for such uneven performance. After all, hedge funds were supposed to protect investors against market volatility, not subject them to it.
But in a startling comeback, top hedge fund managers rode the 2009 stock market rally to record gains, with the highest-paid 25 earning a collective $25.3 billion, according to the survey, beating the old 2007 high by a wide margin...
Please.. LINK HERE!
US delaying currencies report amid China dispute
ReplyDeleteUS is delaying currencies report as lawmakers press government to cite China as manipulator
Marcy Gordon, AP Business Writer, On Saturday April 3, 2010, 11:04 pm EDT
WASHINGTON (AP) -- The Obama administration is delaying a report to Congress on currency policies amid calls from some lawmakers that it should cite China as a currency manipulator harmful to the U.S. economy.
Treasury Secretary Timothy Geithner said Saturday that he will delay publication of the report, due April 15, because several high-level international meetings in the coming months will be a better way to advance the United States' position.
Still, Geithner said in a statement that China should adopt "a more market-oriented exchange rate" to balance the U.S. trade deficit with China, which totaled $226.8 billion last year -- the largest imbalance with any country. U.S. manufacturers say China's yuan is undervalued by as much as 40 percent and is a big reason for the massive trade deficit.
A stronger yuan versus the dollar would make U.S. products less expensive in China, while making Chinese goods more expensive for American consumers...
Please.. LINK HERE!
How the Credit CARD Act Will Affect Types of Credit Cards
ReplyDeleteby Allie Johnson
Thursday, April 1, 2010
Changes abound for rewards, low interest and student cards.
How will the CARD act affect you? That depends in part on which type of credit card you've got in your wallet.
The combined impact of the economic downturn and the restrictions placed on credit card companies by the Credit CARD Act mean card issuers will be changing how they do business in ways that will affect every credit card -- but the impact will vary depending on the type.
"I think we'll see a reverting back to the model of the 1980s -- annual fees and higher interest rates," says Dennis Moroney, research director for TowerGroup, a financial services industry research and consulting firm. "But in those days, everything was pretty plain vanilla -- there will be much more creativity now."
Please.. LINK HERE!
SEC seeks tighter rules on asset-backed securities
ReplyDeleteSEC would require Wall St. firms to provide fuller disclosure on asset-backed securities
Marcy Gordon, AP Business Writer, On Wednesday April 7, 2010, 1:04 am EDT
WASHINGTON (AP) -- Remember mortgage-backed securities? They were the go-go house of cards that collapsed and nearly brought down the financial system, helping usher in the recession.
In response, lawmakers and government agencies have been trying to lay down stricter rules for asset-backed securities.
The Securities and Exchange Commission will weigh in Wednesday by proposing Wall Street firms that package and sell asset-backed securities be required to provide fuller disclosures on them.
The disclosures would include information on every underlying loan in a package. For example: What type of mortgage loan was involved? Were complete documents required from the borrower? Or was it a "no-doc" or "liar loan"?...
Please.. LINK HERE!
FCC loses key ruling on Internet `neutrality'
ReplyDeleteFederal appeals court rules for Comcast and against FCC on key `net neutrality' case
Joelle Tessler, AP Technology Writer, On Tuesday April 6, 2010, 5:38 pm EDT
WASHINGTON (AP) -- A federal court threw the future of Internet regulations into doubt Tuesday with a far-reaching decision that went against the Federal Communications Commission and could even hamper the government's plans to expand broadband access in the United States.
The U.S. Court of Appeals for the District of Columbia ruled that the FCC lacks authority to require broadband providers to give equal treatment to all Internet traffic flowing over their networks. That was a big victory for Comcast Corp., the nation's largest cable company, which had challenged the FCC's authority to impose such "network neutrality" obligations on broadband providers...
Please.. LINK HERE!
Greenspan defends Fed record, blames regulators and others at financial crisis inquiry hearing
ReplyDeleteDaniel Wagner, AP Business Writer, On Wednesday April 7, 2010, 10:48 am
WASHINGTON (AP) -- Alan Greenspan defended his tenure Wednesday as head of the Federal Reserve before a panel investigating the roots of the financial crisis. As he has in the past, Greenspan disputed critics who say he kept interest rates too low for too long, encouraging risky lending.
Greenspan also hit back against criticism that his Fed failed to regulate high-risk loans to borrowers who couldn't afford the debt. Many of those loans became the toxic assets that sparked the crisis.
Testifying to the Financial Crisis Inquiry Commission, Greenspan insisted the Fed lacked authority to regulate the nonbank lenders that issued most subprime mortgages.
But Phil Angelides, the panel chairman, referred to internal Fed documents in which staffers had recommended "broad prohibitions on deceptive lending." Angelides said the Fed had issued guidance on predatory lending but had failed to regulate it.
"Why, in the face of all that, did you not act to contain abusive, deceptive subprime lending?" Angelides, a former California state treasurer, asked Greenspan.
Greenspan pointed to a series of actions he said the Fed took. Angelides countered that the Fed's actions covered only 1 percent of the subprime lending market...
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SEC accuses Goldman Sachs of defrauding investors
ReplyDeleteBy Marcy Gordon, Ap Business Writer 29 mins ago
WASHINGTON – The government on Friday accused Wall Street's most powerful firm of fraud, saying Goldman Sachs & Co. sold mortgage investments without telling the buyers that the securities were crafted with input from a client who was betting on them to fail.
And fail they did. The securities cost investors close to $1 billion while helping Goldman client Paulson & Co. capitalize on the housing bust. The Goldman executive accused of shepherding the deal allegedly boasted about the "exotic trades" he created "without necessarily understanding all of the implications of those monstrosities!!!"
The civil charges filed by the Securities and Exchange Commission are the government's most significant legal action related to the mortgage meltdown that ignited the financial crisis and helped plunge the country into recession.
The news sent Goldman Sachs shares and the stock market reeling as the SEC said other financial deals related to the meltdown continue to be investigated. It was a blow to the reputation of a financial giant that had emerged relatively unscathed from the economic crisis...
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Obama keeps up pressure for financial overhaul
ReplyDeleteBy DARLENE SUPERVILLE, Associated Press Writer 1 hr 1 min ago
WASHINGTON – President Barack Obama is taking his argument for stronger oversight of the financial industry to the place where the economic meltdown began. Without change on Wall Street, he says, America is doomed to repeat the past.
In a speech Thursday at New York's Cooper Union college, in the shadow of Wall Street, Obama was outlining the need for legislation imposing new financial regulations and explaining the risks of doing nothing...
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Wholesale prices rise in March as food costs jump
ReplyDeleteWholesale prices rise by 0.7 percent in March due to sharp jump in food costs
Christopher S. Rugaber, AP Economics Writer, On Thursday April 22, 2010, 8:57 am
WASHINGTON (AP) -- Wholesale prices rose more than expected last month as food prices surged by the most in 26 years.
The Labor Department said the Producer Price Index rose by 0.7 percent in March, compared to analysts' forecasts of a 0.4 percent rise. A rise in gas prices also helped push up the index.
Still, there was little sign of budding inflation in the report, which measures price changes before they reach the consumer. Excluding volatile food and energy costs, wholesale prices rose by 0.1 percent, matching analysts' expectations.
Food prices jumped by 2.4 percent in March, the most since January 1984. Vegetable prices soared by more than 49 percent, the most in 15 years. A cold snap wiped out much of Florida's tomato and other vegetable crops at the beginning of this year.
Gasoline prices rose 2.1 percent, the department said, the fifth rise in six months.
In the past year, wholesale prices are up 6 percent, with much of that increase driven by higher oil prices. But excluding food and energy costs, they have risen only 0.9 percent.
Consumers are facing smaller price increases, as many retailers are reluctant to pass on higher costs. Last week, the Labor Department said the consumer price index rose only 0.1 percent in March. Excluding food and energy, the core consumer index was unchanged.
Core consumer prices rose by just 1.1 percent in the past 12 months, the department said last week, the best showing since January 2004.
Low inflation has enabled the Federal Reserve to keep the short-term interest rate it controls at a record low of near zero in an effort to boost the economy.
The country's worst recession since the 1930s has kept a lid on prices, as high unemployment and tight credit have crimped consumers' spending power. That has made it harder for companies to raise prices.
Democrats willing to test GOP in Wall St. showdown
ReplyDeleteBy JIM KUHNHENN, Associated Press Writer
Mon Apr 26, 7:48 am ET
WASHINGTON – With a showdown vote looming, Democrats are resisting Republican appeals for a broad compromise on financial overhaul legislation and are eager to test whether GOP unity will crack in an anti-Wall Street political climate.
The top negotiators on the regulatory bill — Democratic Sen. Christopher Dodd and Republican Sen. Richard Shelby — professed to be close to a deal during a joint appearance on NBC's "Meet the Press."
But Shelby conceded that "inches sometimes are miles," and the two did not hold a negotiating session Sunday.
Appearing Monday morning on a network news show, Shelby said, "I don't believe we'll have a deal today."
The legislation is the most sweeping effort to rein in financial institutions since the Great Depression. Aimed at avoiding a recurrence of the near collapse of the financial system in 2008, it would create a mechanism for liquidating large firms that get into trouble, set up a council to detect systemwide financial threats and establish a consumer protection agency to police lending. The legislation also would require derivatives, blamed for helping precipitate the meltdown, to be traded in open exchanges...
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GDP rise not enough to make dent in jobless rate
ReplyDeleteEconomy growing, but not enough to lower jobless rate or make Americans feel like big spenders
Jeannine Aversa, AP Economics Writer, On Friday April 30, 2010, 5:37 pm EDT
WASHINGTON (AP) -- The numbers would be excellent in normal times, but for a country recovering from deep recession, they're not enough.
Spending by consumers rose by the fastest pace in three years, helping the economy grow at an annual rate of 3.2 percent in the first quarter of the year, the Commerce Department said Friday. It marked the third straight quarterly gain as the nation heals from the longest and deepest recession since the 1930s.
That has not been enough, however, to ignite a recovery capable of driving down the jobless rate, which has been stuck at 9.7 percent since January and is not expected to dip significantly for months.
"The recovery is slowly gaining traction, but it's not growing fast enough now to bring down unemployment and let ordinary Americans feel like they are finally off and running," said Mark Zandi, chief economist at Moody's Analytics...
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Economic outlook is cautious even with spending up
ReplyDeleteOutlook for economy is cautious even as consumers spend more and manufacturers produce more
Martin Crutsinger, AP Economics Writer, On Monday May 3, 2010, 4:30 pm EDT
WASHINGTON (AP) -- Factories are churning out more goods. Consumers are spending. Government aid is fueling construction activity. But stagnant pay and weak hiring will likely restrain the economic rebound in coming months.
That cautionary picture emerged from a series of economic reports Monday.
Consumers stepped up their spending in March by the largest amount in five months. Yet the increase was financed out of savings. Incomes rose only slightly.
Unless employers boost pay and ramp up hiring, economists say consumer spending will likely taper off and dampen the recovery...
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Stocks dive, Dow off 376 on world economic worries
ReplyDeleteStocks plunge as investors worry about spread of European economic problems
Tim Paradis and Stevenson Jacobs, AP Business Writers, On Thursday May 20, 2010, 5:58 pm
NEW YORK (AP) -- Stocks took their deepest plunge in more than a year Thursday as fears grew that Europe's debt crisis could spread around the world and undermine the U.S. economic recovery. The possibility has been brewing for weeks, but analysts said some investors are just waking up to it.
The Dow Jones industrial average fell 376 points, its biggest point drop since February 2009. All the major indexes were down well over 3 percent and are now showing losses for 2010. Interest rates fell sharply in the Treasury market as investors once again sought the safety of U.S. government debt.
The number of people applying for unemployment benefits last week rose unexpectedly and the Greek government's response to its debt crisis sparked new protests in Athens, but analysts said neither event appeared to set off Thursday's selling...
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Why are we friends with China?
ReplyDeleteOh yes, profiteering A-HOLES!
As Europe falters, China balks at revaluing yuan
By ELAINE KURTENBACH, AP Business Writer – Sun May 23, 2:59 am ET
SHANGHAI – Saleswoman Li Li stood in a booth at the Canton trade fair, surrounded by luggage decorated with floral, leopard and news headline prints like "credit crunch" and "economic disaster looms."
She pointed to one that said "dollar exchange rate" with a chuckle. "We're all worried about the exchange rate," said Li, whose Globalway Luggage Co. is based in the eastern port city of Ningbo.
"If the exchange rate changes, it will really eat into our profits. It's basic economics: our products will be more expensive overseas and less competitive," Li said.
After nearly two years of keeping its currency stable against the U.S. dollar to help exporters like Li weather the global financial crisis, hopes had revived overseas that Beijing might relax the dollar peg soon. But as the European debt crisis deepens, China is signaling it will hold back on any changes — a stance likely to complicate high level talks next week with the U.S...
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