Keyword: bailouts

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  • Reading List for the End of an Age

    12/12/2011 5:50:49 AM PST · by Kaslin · 5 replies · 1+ views
    Townhall.com ^ | December 12, 2011 | Paul Jacob
    One hates to disagree with accomplished professionals. And yet it’s obvious that the experts of this great Age of the Accredited Professional (AAP) have really blown it. They assured us that they could manage the economy — indeed, micro-manage the economy — and that things were all right. And yet, the bust happened, and they’ve been scurrying to prevent an utter debacle. It looks to me that, for all their trillions in bailouts, they haven’t succeeded. Government policies of deficit spending and ever-increasing debt are self-destructing, right on top of a bubble’s bursting, a bubble created by experts (mostly government,...
  • Joe Biden "Jokes" About Bringing Hundreds Of Millions Of US Taxpayer Dollars To Bail out Greece

    12/05/2011 11:50:30 AM PST · by SeekAndFind · 8 replies
    Zero Hedge ^ | 12/05/2011 | Tyler Durden
    Vice President Joe Biden, now best known for being the man who relies primarily on Jon Corzine for financial advice, continued his recent roll of epic linguistic blunders this morning. As Reuters reports, the VP, "joked during a visit to debt-choked Athens on Monday about bringing money to help Greece out of its deepest financial crisis in decades. Introducing a member of his delegation during a meeting with Greek President Karolos Papoulias, Biden said: "This man represents the Treasury department. He's brought hundreds of millions of dollars." His comments drew laughs from both the Greek and U.S. delegations." It...
  • Unemployment Numbers Tell Us the Economy is a PERFECT TEMPERATURE?

    12/04/2011 3:21:31 PM PST · by Razzz42 · 10 replies
    Notes From Underground ^ | December 4, 2011 | Yra Harris
    As the news came out on Friday morning, the headline reported that the unemployment rate dropped to 8.6% from 9%at first glance, the rate looked like 98.6 on the economic thermometer. The analysts are still arguing over the meaning of this data, but for traders and investors the real outcome is meaningless. It may lead to foreign investors purchasing U.S. equities as America is seen to be a relatively stronger economy, especially when compared with the EUROPEAN CREDIT-STRESSED environment. The headline number is fraught with all types of data pollution as the bean counters strive to figure out how many...
  • Gingrich Backed Freddie in 2007 Interview

    12/01/2011 4:31:55 PM PST · by Captain Kirk · 17 replies
    Wall Street Journal ^ | December 1, 2011 | NICK TIMIRAOS And PATRICK O'CONNOR
    Pressed in the interview about how that was not "a point of view one normally associates with conservatives," Mr. Gingrich replied that there are times "when you need government to help spur private enterprise and economic development." He cited electricity and telephone network expansion as similarly effective private-public purposes. "It's not a point of view libertarians would embrace, but I am more in the Alexander Hamilton-Teddy Roosevelt tradition of conservatism," he said. He added, "I'm convinced that if NASA were a GSE, we probably would be on Mars today."
  • US to backdoor Euro bailout through new IMF credit facility

    11/28/2011 4:17:44 PM PST · by Qbert · 21 replies
    Examiner ^ | November 22, 2011 | Kenneth Schortgen Jr, Finance Examiner
    In 2008, the United States government and Federal Reserve helped bailout European banks to the tune of trillions of dollars. The reactions to this by Congress and the public ensured that any future bailouts would have to be performed through the use of a proxy institution. It appears that this proxy institution has been found, as the IMF on November 22nd just opened a new credit facility with the primary purpose of providing liquidity to sovereign nations, especially those currently in the Euro Zone. IMF talking points on new credit facility * IMF APPROVES CREDIT LINE PROGRAM CHANGES TO PROVIDE...
  • Statement by Gov. Rick Perry on Secret Federal Bank Loans

    11/28/2011 10:43:29 AM PST · by shield · 70 replies · 1+ views
    Rick Perry for President ^ | 28th November 2011 | Governor Rick Perry
    AUSTIN Gov. Rick Perry today issued the following statement on todays news regarding the Federal Reserves undisclosed bank loans: These outrageous secret federal loans to bailout big banks are why Americans are disgusted with business-as-usual Washington, the Federal Reserve and taxpayer-funded bailouts. The actions of Chairman Bernanke and Secretary Geithner have again proven that Washington insiders cannot be trusted to stop bailouts, protect taxpayers, or create jobs. My economic reform plans seriously overhaul Washington, end federal bailouts and cut government spending, regulations and taxes to put American job creation and our economy on the right track.
  • European Leaders Head to Washington for Meetings When Everyone Knows There Is No Sanity Clause

    11/27/2011 5:39:04 PM PST · by Razzz42 · 7 replies · 1+ views
    Notes From Underground ^ | November 27, 2011 | Yra Harris
    In one of the best Marx Brothers scenes is from A Night at the Opera, where Groucho and Chico are ripping up a contract and they finally come to the SANITY CLAUSE, in which Chico proclaims there is no SANITY CLAUSE. In tomorrows Financial Times, there is a story about France pushing for a Christmas gift from the ECB. The gift that the French are hoping for is a backstop for the European banks that are under severe stress because of the huge amount of EURO sovereign bonds on the banks balance sheets. In order for the ECB to act,...
  • Battery fires prompt govt probe of Chevy Volt

    11/25/2011 6:37:05 PM PST · by quantim · 54 replies
    AP/WorldMag ^ | Nov 25, 9:07 PM EST | JOAN LOWY
    WASHINGTON (AP) -- New fires involving the lithium-ion batteries in General Motors Co.'s Chevrolet Volt have prompted an investigation to assess the risk of fire in the electric car after a serious crash, the National Highway Traffic Safety Administration said Friday. One Volt battery pack that was being closely monitored following a government crash test caught fire Thursday, the safety administration said in a statement. Another recently crash-tested battery emitted smoke and sparks, the statement said. GM, which was informed of the investigation on Friday, said in a statement that the Volt "is safe and does not present undue risk...
  • It's Official National Debt tops $15,000,000,000,000 for the first time ever 11/15/11

    11/16/2011 6:33:10 PM PST · by Steelers6 · 19 replies
    Treasury Direct ^ | November 16, 2011 | steelers6
    12/31/2010 9,390,476,088,043.35 4,634,739,130,665.17 14,025,215,218,708.52
  • Obama gave RFK Jr. $1.4 Billion bailout for solar company.

    11/16/2011 9:22:41 AM PST · by GlockThe Vote · 49 replies
    Big Govt ^ | 11/16/2011 | Wynton Hall
    President John F. Kennedys nephew, Robert Kennedy, Jr., netted a $1.4 billion bailout for his company, BrightSource, through a loan guarantee issued by a former employee-turned Department of Energy official. Its just one more in a string of eye-opening revelations by investigative journalist and Breitbart editor Peter Schweizer in his explosive new book, Throw Them All Out. The details of how BrightSource managed to land its ten-figure taxpayer bailout have yet to emerge fully. However, one clue might be found in the person of Sanjay Wagle. Wagle was one of the principals in Kennedys firm who raised money for Barack...
  • Occupy Fannie and Freddie

    11/10/2011 8:52:41 AM PST · by Kaslin · 4 replies
    Townhall.com ^ | November 10, 2011 | Debra J. Saunders
    The collapse of MF Global Holdings gives Americans yet another reason not to trust Wall Street. The firm filed for bankruptcy as federal regulators were looking for $600 million missing from customer accounts. Its CEO, former Democratic New Jersey Gov. Jon Corzine, had bet that European leaders would bail out smallish countries that were too big to fail. His bet did not pay off. The only good news out of this story is that Washington won't be bailing out MF Global. Corzine said he won't take a reported $12 million in severance. If he truly wants to atone, then Corzine...
  • How Obama Bought Off The Big Banks (and vice versa)

    11/08/2011 11:54:14 AM PST · by Driftwood1 · 4 replies
    American Thinker ^ | 11-8-11 | Steve McCann
    Occasionally the Washington Post does some real reporting. Yesterday Zachery Goldfarb did an analysis of the aggregate profits over the past three years for the major banks and financial institutions as compared to the eight years of the Bush administration. The finding: these firms have accumulated more profit in the three years of the Obama administration than they did in the two terms of George W. Bush. In an interview with Mr. Goldfarb on NPR when asked what kind of companies and how this happened, replied: We're talking about banks, the big ones you've heard of, Citigroup, Bank of America....
  • Obama administration mulled Solyndra bailout days before company's demise

    11/02/2011 9:49:34 PM PDT · by Qbert · 2 replies
    The Hill ^ | 11/02/11 | Andrew Restuccia & Ben Geman
    As California solar panel maker Solyndra teetered on the brink of financial collapse, Obama administration officials weighed and rejected a last-ditch plan to keep the ccompany afloat. Under the August plan, which was outlined in nearly 1,200 pages of documents the Obama administration released Wednesday evening, private investors would have put about $100 million into Solyndra, the company that received a $535 million loan guarantee in 2009. Meanwhile, the Energy Department would have agreed to convert some of Solyndras debt to the federal government into a partial stake in the company. The agreement would have also authorized the Energy Department...
  • Freedom Radio Rocks with Col Frank Ryan & Abdirizak Bihi

    11/01/2011 8:09:20 AM PDT · by HonestConservative · 7 replies
    Freedom Radio ^ | Nov 1, 2011 | Honest Conservative
    Freedom Radio, November 2, 2011 Wednesday morning at 10 AM EST has the distinct honor and pleasure to welcome Colonel Frank Ryan, USMC, retired. Col. Ryan has more military, business and professional experience than any or all of the current Presidential candidates. Col Ryan is a retired Marine and CPA who served on General Tommy Franks staff in Iraq, as an expert in economic warfare. When forming his staff, Gen. Franks said, "Get me Ryan". His decades of public service have not ended with his retirement from the military. For nearly twenty years, Frank Ryan has been president of the...
  • Italian deputies in fist fight over reforms

    10/26/2011 12:26:26 PM PDT · by dynachrome · 6 replies
    Reuters ^ | 10-26-11 | Barry Moody
    Italian deputies exchanged blows in parliament on Wednesday as tensions over a tough economic reform program came to a head. At least two deputies from the Northern League, a member of the ruling center-right coalition, fought with members from the opposition FLI party of speaker Gianfranco Fini. Two deputies grabbed each other by the throat as other parliamentarians rushed to separate them.
  • Rick Santelli - Rant: economy, banks, housing, politics, too big to fail

    10/24/2011 12:42:33 PM PDT · by STARWISE · 5 replies
    CNBC/You Tube ^ | 10-21-11
    Another Sentelli hammer-nail rant of truth .. Rick Santelli Highest Wage Earners in DC, What Does That Tell US?
  • Poll: 49% of Protesters Think the Bank Bailouts Were Necessary

    10/19/2011 11:40:31 PM PDT · by neverdem · 29 replies
    Reason ^ | October 18, 2011 | Matt Welch
    Some fascinating survey data from Democratic pollster Douglas Schoen: On Oct. 10 and 11, Arielle Alter Confino, a senior researcher at my polling firm, interviewed nearly 200 protesters in New York's Zuccotti Park. Our findings probably represent the first systematic random sample of Occupy Wall Street opinion. Our research shows clearly that the movement doesn't represent unemployed America and is not ideologically diverse. Rather, it comprises an unrepresentative segment of the electorate that believes in radical redistribution of wealth, civil disobedience and, in some instances, violence. Half (52%) have participated in a political movement before, virtually all (98%) say they...
  • Rick Perry: Mitt Romney = Obama Lite

    10/13/2011 12:08:14 PM PDT · by Cincinatus' Wife · 34 replies
    New York Daily News ^ | October 13, 2011 | Celeste Katz
    Rick Perry's campaign is pointing to Mitt Romney's defense of the Wall St. bailouts as the latest sign that he's President Obama's Republican twin. "This is just one more example about how Mitt Romney has more in common with Obama and the Democrats than with the Republicans," the Texas governor's spokeswoman Catherine Frazier told the Daily News. Romney defended parts of the bank bailout program during the Republican presidential debate on Tuesday, arguing it was necessary to "keep the entire currency of the country worth something." The former Massachusetts governor added, "We could have had a complete meltdown of our...
  • It's in all our interests to understand how to stop another Great Depression

    10/12/2011 2:12:57 PM PDT · by FritzG · 37 replies
    Guardian ^ | 10 Oct 2011 | George Monbiot
    When a man like Steve Keen says the trillions spent on refinancing the banks has truly stuffed us, we really should listen I stumbled out into the autumn sunshine, figures ricocheting around my head, still trying to absorb what I had heard. I felt as if I had just attended a funeral: a funeral at which all of us got buried. I cannot claim to have understood everything in the lecture: Sonnenschein-Mantel-Debreu theory and the 41-line differential equation were approximately 15.8 metres over my head. But the points I grasped were clear enough. We're stuffed: stuffed to a degree that...
  • Removing the Immunity of Politicians from Securities Fraud

    10/10/2011 8:51:37 AM PDT · by PieterCasparzen · 6 replies
    Vanity | 10/10/2011 | Self
    Here in the U.S. we have an SEC rule... Rule 10b-5 -- Employment of Manipulative and Deceptive Devices "It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails or of any facility of any national securities exchange, 1. To employ any device, scheme, or artifice to defraud, 2. To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not...
  • A Republican Agenda for Real Change

    10/09/2011 10:07:57 AM PDT · by rabscuttle385 · 26 replies
    CATO / Forbes ^ | 2011-10-03 | Doug Bandow
    The desperate search for an acceptable Republican Party presidential candidate continues. Republican leaders apparently are pushing New Jersey Gov. Chris Christie, who previously said no, to jump into the race. The GOP's frustration is palpable. Mitt Romney has been running for four years but generates little enthusiasm. Rick Perry was an instant front-runner before losing much of his support after unimpressive debate performances. Michelle Bachmann briefly streaked across the political firmament but now barely registers in the polls. Newt Gingrich committed political seppuku shortly after announcing his candidacy. Ron Paul's support is fervent but limited. However, the real Republican problem...
  • Strike by Greek civil servants shuts down govt

    10/05/2011 6:36:17 AM PDT · by facedown · 19 replies
    Yahoo Finance/AP ^ | October 5, 2011, 7:31 am EDT | Elena Becatoros and Menelaos Hadjicostis
    ATHENS, Greece (AP) -- Angry and frustrated, Greek civil servants walked off the job Wednesday, paralyzing the government and public transport to protest ever-deeper austerity measures and seemingly ineffectual financial policies. As Greece struggles to avoid a catastrophic default, demonstrators in Athens expressed outrage over their misfortune and bewilderment at a crisis that shows no signs of easing. "Nobody knows what's going on. Every day they say something different. It's all so unclear," said Irini Sypsomou-Arapogianni, a 57-year-old Finance Ministry employee. "I don't know where all this will lead."
  • Police may be called in to break up sit-ins (Greece)

    10/03/2011 5:33:07 PM PDT · by dynachrome · 25 replies
    ekathimerini.com ^ | 10-3-11 | ekathimerini.com
    Deputy Education Minister Evi Christofilopoulou suggested that police might be mobilized to break up hundreds of sit-ins at schools on Monday a few hours after hundreds of pupils protesting cutbacks clashed with riot officers in central Athens ----------------------------------------------------Christofilopoulou added that a controversial scheme, finalized by the government on Monday, to put 30,000 civil servants on labor standby status, which would see them receiving a heavily docked wage for 12 months before early retirement or dismissal, would also apply to schoolteachers. Unionists accused the ministry of artificially inflating teacher numbers.
  • Bank of America to charge debit card use fee (Big Business rapes taxpayers who bailed it out)

    09/29/2011 5:36:53 PM PDT · by rabscuttle385 · 71 replies
    Reuters ^ | 2011-09-29 | Joe Rauch
    Bank of America Corp plans to charge customers who use their debit cards to make purchases a $5 monthly fee beginning early next year, joining other banks scrambling for new sources of revenue. U.S. banks have been looking for ways to increase revenue as regulations introduced since the financial crisis limited the use of overdraft and other fees.
  • Document drop exclusive: Issa asks CEO about White House/Ford fiasco

    09/29/2011 2:25:35 PM PDT · by sunmars · 53 replies
    Michelle Malkin ^ | Michelle Malkin
    GOP House Oversight and Government Reform chair Rep. Darryl Issa has questions for Ford CEO Alan Mulally about the White House Ford fiasco. In a new letter Mulally received today, Rep. Issa requests more information and notes that he is deeply concerned about undue political pressure exerted by the White House on public companies. Issa asks Mulally the same question I asked White House press flack Dan Pfeiffer yesterday (and which Pfeiffer refused to answer): Did any White House officials or any other current or former administration officials contact any Ford officials/employees to discuss the anti-bailout ad? He...
  • Scribecast: Chris McDaniel on His Anti-Bailout Ford Ad [Video and interview mp3]

    09/28/2011 1:45:06 PM PDT · by Hunton Peck · 5 replies
    The Foundry: Conservative Policy News Blog from The Heritage Foundation ^ | September 28, 2011 at 4:12 pm | Lachlan Markay
    What was designed as a man-on-the-street style commercial for Ford Motor Co. turned into a potent political statement when F-150 owner Chris McDaniel, asked about the importance of buying American, explained why Ford was the company for him: I wasnt going to buy another car that was bailed out by our government, McDaniel explained. I was going to buy from a manufacturer thats standing on their own, win, lose or draw. The TV spot was so popular, the video went viral on YouTube. But it was not until the ad was pulled off the air that people really started talking...
  • Ford's success stirs UAW resentment in labor talks

    09/28/2011 4:03:01 AM PDT · by Oldeconomybuyer · 17 replies
    AP via Yahoo! News ^ | September 28, 2011 | Tom Krisher, AP Auto Writer
    DEARBORN, Mich. -- Ford's turnaround over the last five years has resulted in big profits and won its CEO a reputation for brilliant management. But those same achievements are stirring resentment among many of its factory workers. And that is complicating contract talks between the company and its union employees. GM and Chrysler needed government bailouts and bankruptcy protection to stay in business, but Ford took billions in private loans and endured on its own. As a result, Ford became a consumer favorite and the company prospered. It paid Mulally for engineering the turnaround and restored merit pay and some...
  • Report: Ford pulls bailout ad after criticism from press, questions from White House

    09/27/2011 9:58:54 AM PDT · by rightwingintelligentsia · 48 replies
    MLive ^ | September 27, 2011 | Jonathan Oosting
    Ford Motor Company has shelved a television commercial indirectly criticizing its competitors for accepting government bailouts to avoid bankruptcy in the wake of media criticism and, reportedly, a call from the White House. The ad, first uploaded to YouTube months ago, was part of a series featuring real-life customers who were thrust into press conferences where actor/reporters asked them to explain their decisions to buy a Ford. "I wasn't going to buy another car that was bailed out by our government," the customer, Chris, said in the ad. "I was going to buy from a manufacturer that's standing on their...
  • Wow: New Ford ad blasts bailouts and perhaps more (YouTube link)

    09/16/2011 9:25:18 AM PDT · by rawhide · 26 replies
    hotair.com ^ | 9-16-11 | Ed Morrissey
    Is this just a business seeing a competitive edge against two of its rivals or a political statement meant for wider purposes? Ford has a new ad series called Press Conference, in which sales staff escort a Ford buyer into a room supposedly to finalize paperwork but finds reporters and cameras on hand to ask why he or she bought a Ford. The responses are unscripted, according to US News and World Report, but the decision to publish this response while the nation still debates the auto bailouts might have some Obama supporters questioning the timing: Its brilliant in...
  • Dems Doubting Big Government

    09/14/2011 3:41:54 PM PDT · by Edmunds mom · 12 replies · 2+ views
    PhilanthropyDaily.com ^ | 9/13/2011 | Scott Walter
    Voters, warns Democrat pollster Stanley Greenberg, feel ever more estranged from government. ... Greenberg essentially boils down Americans complaints with government to two: (1) Government works for the irresponsible, not the responsible. (2) a new class, in and out of government, uses government to enrich themselves. On the first point, Greenbergs voters tell him they disapprove of bailouts large and small, whether the beneficiary is a Wall Street firm whose speculations have gone south, a homeowner who bought too much house for his income, or an immigrant who entered the country illegally. On the second point, Greenberg quotes a voter...
  • EuroZone Disaster Probability That Greece Defaults is 98%

    09/13/2011 12:08:08 PM PDT · by Starman417 · 6 replies · 1+ views
    Flopping Aces ^ | 09-13-11 | Curt
    According to this report the odds that Greece defaults on its obligations to the EuroZone is now at 98% which only proves, once again, that bailouts works....works to grind the economy to a halt and ensure that any recovery is impossible. Greece has a 98 percent chance of defaulting on its debt in the next five years as Prime Minister George Papandreou fails to reassure investors his country can survive the euro-region crisis. Everyones pricing in a pretty near-term default and I think itll be a hard event, said Peter Tchir, founder of hedge fund TF Market Advisors in...
  • The Rescue That Missed Main Street

    08/28/2011 6:09:33 PM PDT · by neverdem · 5 replies
    NY Times ^ | August 27, 2011 | Gretchen Morgenson
    FOR the last three years we have been told repeatedly by government officials that funneling hundreds of billions of dollars to large and teetering banks during the credit crisis was necessary to save the financial system, and beneficial to Main Street... --snip-- Bloomberg reported that the Fed had provided a stunning $1.2 trillion to large global financial institutions at the peak of its crisis lending in December 2008. --snip-- In 2008, the Royal Bank of Scotland received $84.5 billion, and Dexia, a Belgian lender, borrowed $58.5 billion from the Fed at... --snip-- Mr. Todd also questioned the Feds decision to...
  • The Rescue that Missed Main Street (TARP corruption confirmed)

    08/29/2011 7:48:21 AM PDT · by Notary Sojac · 34 replies
    New York Times ^ | 27 Aug 2011 | Gretchen Morgenson
    <p>FOR the last three years we have been told repeatedly by government officials that funneling hundreds of billions of dollars to large and teetering banks during the credit crisis was necessary to save the financial system, and beneficial to Main Street.</p>
  • The Sequel: How 2011 Is A Repeat of 2008Only Bigger, Longer, and Uncut by Bailouts

    08/15/2011 2:28:21 PM PDT · by SeekAndFind · 4 replies
    Zero Hedge ^ | 08/15/2011 | Gonzalo Lira
    I might have missed it, but I dont think anyone has noticed this simple truism: The structural causes that led to the Global Financial Crisis of 2008 are identical to the structural causes that are leading us to another systemic financial crisis in 2011. The only difference is the kind of debt at the core of the looming crisis: Mortgage-backed securities in 2008, as opposed to European sovereign debt in 2011. And of course, the debt hole in 2011 is bigger than in 2008a lot bigger. Thats why I am confident in predicting we are about to have another Global...
  • GM recalls 16,000 Chevy, Buick cars in U.S. and Canada

    08/12/2011 6:08:14 AM PDT · by Qbert · 12 replies
    Reuters via Yahoo News ^ | 8/12/2011 | Ben Klayman, Reuters
    DETROIT (Reuters) - General Motors Co is recalling 16,198 Chevrolet Impala and Buick LaCrosse cars in the United States and Canada to address sensor and power steering problems, the automaker said on Friday. [Snip] GM is recalling 11,905 2012 Impalas to inspect for proper installation of the power steering hose. The company said the hose, if misrouted, could be damaged and spray fluid onto hot engine parts to create a potential for a fire. [Snip] GM also said it is recalling 4,293 2012 LaCrosses to reprogram the electronic brake control module because an incorrect calibration may cause the electronic stability...
  • Bank of America's new back-door TARP

    08/11/2011 10:49:10 AM PDT · by wrrock · 15 replies
    FORTUNE ^ | August 10, 2011 | Abigail Field
    Taxpayers may not realize it, but they just bailed out Bank of America again, this time to the tune of more than a half billion dollars.... The feds have just used Fannie Mae, which is controlled by the U.S. government, to infuse BofA with $500 million and ease one of the bank's biggest headaches.... Another thing needs to become clear: where did Fannie Mae get the money to do BofA the favor of buying these rights? Fannie Mae just asked for another bailout of its own, seeking a new $5.1 billion infusion last week.
  • A Full Tally Of Today's Bank Stock Carnage

    07/18/2011 10:50:56 AM PDT · by blam · 15 replies
    TBI ^ | 7-18-2011 | Joe Weisenthal
    A Full Tally Of Today's Bank Stock Carnage Joe Weisenthal Jul. 18, 2011, 1:13 PM We already mentioned how Bank of America is getting killed today, but we just wanted to run down the carnage across the board: * Citigroup -3.57% * Bank of America -3.60% * Wells Fargo, 2.57% * Regions Financial -4.5% * Morgan Stanley -3.22% * Goldman Sachs -1.21% As for non-US banks, it's worse: * UniCredit (Italy) -6.3% * SocGen -5.5% * Deutsche Bank -3.75% * RBS -7.07% So what's eating the bank stocks? Greece, the debt ceiling, legal worries, slowdown worries, worries about the lack...
  • Obama Blames Bush, Warns of 'Armageddon' (VIDEO)

    07/15/2011 9:45:03 AM PDT · by JesseWatters · 34 replies
    FoxNation.com ^ | July 15 | Staff
    PRESIDENT BARACK OBAMA: It turns out we dont have to do anything radical to solve this problem. Contrary to what some folks say, were not Greece, were not Portugal. It turns out that our problem is we cut taxes without paying for them over the last decade. We ended up instituting new programs, like a prescription drug program for seniors that was not paid for. We fought two wars, we didnt pay for them...
  • WH auto czars I did this all for the unions comment, says it was a joke

    07/09/2011 5:09:00 PM PDT · by mandaladon · 16 replies
    The Daily Caller ^ | 9 Jul 2011 | Matthew Boyle
    President Barack Obamas auto bailout czar Ron Bloom is under fire from the House Oversight Committee for a pro-union comment he reportedly made in 2009. David Shepardson, a reporter for The Detroit News, wrote in 2009 that Bloom told a dinner audience, I did this all for the unions. While testifying under oath at an Oversight subcommittee hearing in June, though, Bloom denied making those comments. Rep. Dan Burton, an Indiana Republican, asked Bloom about the comment. Bloom replied that he didnt say it. So, Burton asked him if he thought he was misquoted. Bloom said thats correct. Burton then...
  • Moody's downgrades Portuguese debt to junk

    07/05/2011 8:43:12 PM PDT · by bruinbirdman · 9 replies
    The Telegraph ^ | 7/5/2011 | Louise Armitstead
    Portugal's debt has been relegated to junk status after Moody's Investor Services warned that the country's prospects had been damaged by the international efforts to rescue Greece. The credit rating agency singled out insistence of European leaders on private bondholders taking part in the Greek bail-out as a reason for the downgrade. Moody's slashed Portugal's debt four notches to Ba2, saying that the country was likely to need a second bail-out before it could raise money in the capital markets. Based on conditions imposed on Greece, it was likely that "private sector participation would be required as a precondition" to...
  • Greece Collapse: Like a car crash in slow motion

    06/21/2011 10:44:37 PM PDT · by FreeKeys · 22 replies
    Libertarian Republican ^ | Sunday, June 19, 2011 | Clifford F. Thies, PhD
    Another socialist welfare state collapses right before our eyes. First it was the Soviet Union, then Yugoslavia. Then it was Zimbabwe. Now, it's Greece. If the idiot in the White House, Barack "Rage Against the Machine" Obama were to have his way, we'll be next. Greece, whose bonds have been reduced to "CCC" (which means Crappy Crappy Crap), is now engulfed by "anarchist" riots. These are not utopian libertarians just wanting to be left alone. They're union goons, commies and assorted moochers and looters, many of them brain-dead from chronic drug abuse and others who refuse to take their...
  • Britain 'won't bail out Greece again' says Downing Street

    06/20/2011 6:01:23 AM PDT · by DeaconBenjamin · 11 replies · 1+ views
    Telegraph (UK) ^ | 12:16PM BST 20 Jun 2011 | By Szu Ping Chan and Andy Bloxham
    Britain has not been asked to take part in any new European Union bailout of Greece, Downing Street said today. Downing Street said proposals drawn up last night by the 17 eurozone countries do not involve Britain. "There is no proposal on the table which would involve us. The arrangements in place for Greece are arrangements that involved eurozone countries, and we weren't involved in those arrangements." Asked if any specific request for help was directed to the UK, the spokesman replied: "No there hasn't." Mr Cameron will discuss the Athens situation with European Commission president Jose Manuel Barroso at...
  • Obama Bailed Out The Banks, But The Banks Don't Bail Out The People

    06/07/2011 8:46:28 PM PDT · by George_Vreeland_Hill_2 · 17 replies
    George Vreeland Hill | 6/7/2001 | George Vreeland Hill
    Banks, bailouts and you.
  • Bailouts for Big Business, Bankruptcies for the Middle Class

    06/04/2011 6:55:14 AM PDT · by Kaslin · 7 replies
    Townhall.com ^ | June 4, 2011 | Rachel Alexander
    While the Obama administration has been busy bailing out irresponsible financial institutions and big business, individual homeowners have been left with little relief, with many forced to file for bankruptcy. About the only relief Obama has doled out for the rest of us is the Home Affordable Modification Program (HAMP). Launched in early 2009, it has been a complete failure. The program was meant to lower mortgage payments by decreasing interest rates and extending loan repayment terms for mortgagors undergoing financial difficulties. A GAO study released in May found serious problems with the program, from loan servicers losing documents to...
  • Moody's Downgrades Greece To Just A Few Notches Above Default: From B1 To Caa1, Outlook Negative

    06/01/2011 3:39:11 PM PDT · by dynachrome · 10 replies
    Zero Hedge ^ | 6-1-11 | Tyler Durden
    Moody's Investors Service has today downgraded Greece's local and foreign currency bond ratings to Caa1 from B1, and assigned a negative outlook to the ratings. The rating action concludes the review for possible downgrade that the rating agency initiated on 9 May 2011.
  • 68% Say Bank Bailout Money Went To Those Who Caused Meltdown

    05/31/2011 10:33:43 AM PDT · by DangerZone · 25 replies
    Rasmussen Reports ^ | Tuesday, May 31, 2011
    Voters still look back unfavorably on the federal government bailout of the financial industry and think the billions in taxpayer money went to those who caused the financial meltdown. The latest Rasmussen Reports national telephone survey of Likely Voters finds that 61% think it was a bad idea for the government to provide bailout funding for banks and other financial institutions. Twenty-four percent (24%) say the bailouts were a good idea. Another 15% are undecided. (To see survey question wording, click here.) The number of voters who believe the bailouts were a bad idea is up only slightly from findings...
  • On auto bailout, Romney performs rarely seen flip-flop-flip (Romney takes credit for bailouts)

    05/30/2011 2:07:44 PM PDT · by rabscuttle385 · 13 replies
    Before we abandon the auto bailout as a topic, Id like to focus a little more tightly on the interplay it has inspired between Barack Obama and Mitt Romney, because theres something about it that seems strangely familiar. With the bailout now acknowledged as a rather remarkable success, Romneys staff is trying to claim credit by pointing to an op-ed piece written by the former Massachusetts governor back in November 2008. As the New York Times reports: Mitt Romney had the idea first, said Eric Fehrnstrom, a Romney spokesman, citing the Times opinion article. You have to acknowledge that. He...
  • Understanding Derivatives

    05/29/2011 4:29:09 PM PDT · by bigbob · 17 replies
    Email | 5/26/11 | Unknown
    Heidi is the proprietor of a bar in Buffalo. She realizes that virtually all of her customers are unemployed alcoholics and, as such, can no longer afford to patronize her bar. To solve this problem, she comes up with a new marketing plan that allows her customers to drink now, but pay later. Heidi keeps track of the drinks consumed on a ledger (thereby granting the customers' loans). Word gets around about Heidi's "drink now, pay later" marketing strategy and, as a result, increasing numbers of customers flood into Heidi's bar. Soon she has the largest sales volume for any...
  • Could IMF Morph Into a Force for Growth Instead of Bailouts?

    05/19/2011 4:33:16 PM PDT · by statestreet · 6 replies · 1+ views
    The New York Sun ^ | May 18, 2011 | Larence Kudlow
    As the IMF gets ready to choose a successor to Dominique Strauss-Kahn, who resigned following his arrest on charges that he sexually assaulted and raped a hotel housekeeper, it would be a good thing to step back for a moment and ask: What should the IMF do? More specifically, can the IMF possibly morph itself into a worldwide force for economic growth instead of Bailout Nation? Yes, its a powerful global economic agency. Its also one with a very checkered past. Usually opting for austerity policies, such as currency devaluation and tax increases, the IMF has bungled a lot of...
  • Auto bailout could be Barack Obama's secret weapon

    05/14/2011 7:58:05 AM PDT · by Sub-Driver · 30 replies
    Auto bailout could be Barack Obama's secret weapon By: Ben Smith and Byron Tau May 14, 2011 07:04 AM EDT President Barack Obama and his allies in two big industrial unions appear poised to make the auto bailout begun under President George W. Bush in 2008 a central issue of the 2012 campaign. With General Motors back on its feet it announced $2 billion in new investments at 18 GM plants Tuesday and losses from the governments intervention shaping up to be minimal, Democrats hope to punish Republican presidential candidates for their early opposition. The party...