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Keyword: bankingcrisis

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  • Dr. Peter Morici: Taxing grandma to pay Goldman Sachs

    Monday afternoon, Goldman Sachs reported much larger than expected first quarter profits, and this comes on the heels of Wells Fargo’s strong earnings reported last week. No one should be surprised. The Federal Reserve has provided the banks with lots of cheap funds through its various emergency lending facilities and quantitative easing. The Federal Reserve has permitted the banks and financial houses to park vast sums of unmarketable paper on its books—securities made nearly worthless by the misjudgment and avarice of bankers. In return, the Fed has provided these scions of finance with fresh funds, cheaply, that they may lend...
  • Harvard Student Takes on Barney Franks Over His Role In The Economic Melt-Down (Video)

    It all started with a question: "How much responsibility, if any, do you have for the financial crisis?" Rep. Barney Frank (D-MA) and a conservative Harvard law student debated over how Frank should have handled his role as the House Chairman of the Financial Services Committee. Frank was at Harvard University for a speech at the Kennedy School of Government. Frank said the student wasn't backing up his claims, invoking some laughter from the crowd, and the student told Frank he wasn't answering his question. This student was absolutely incredible! "You're a public representative, I'm a student... it does allow...
  • Geithner's Dirty Little Secret

    04/02/2009 11:34:05 AM PDT · by lewisglad · 66 replies · 3,337+ views
    Asia Times ^ | April 3, 2009 | By F William Engdahl
    The "dirty little secret" that Geithner is going to great degrees to obscure from the public is very simple. There are only at most perhaps five US banks that are the source of the toxic poison causing such dislocation in the world financial system. The heart of the present problem, and the reason ordinary loan losses are not the problem as in prior bank crises, is a variety of exotic financial derivatives, most especially credit default swaps. What Geithner does not want the public to understand, his "dirty little secret", is that the repeal of Glass-Steagall and the passage of...
  • Bush, McCain tried to do something about mortgage crisis as early as 2002

    04/02/2009 6:54:57 AM PDT · by DBCJR · 16 replies · 1,060+ views
    A Fox News timeline of documented facts and proof that the Mortgage Meltdown, precipitating this current economic crisis, all could have been prevented. This video clearly shows that George Bush and his administration warned Congress starting in 2001, that this economic crisis was coming, if something was not done to rein in Fannie Mae and Freddie Mac. But Congress refused to listen, lead by the arrogant Congressman Barney Frank. This video says it all. The media reportedly did not want this video on You Tube. It was taken off. This link is of the same video, but is routed through...
  • Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam

    03/23/2009 12:03:38 PM PDT · by Lorianne · 28 replies · 2,381+ views
    video 8:37 ... for future reference.
  • VIDEO: Obama 'Very Confident' Bank Plan Will Work

    The Obama administration on Monday launched its much-awaited assault on the worst U.S. banking crisis in 70 years, billions of federal dollars to thaw the nation's frozen credit markets and ease the economy out of recession. So far, the markets like the plan. I'm still skeptical of the long term success. Another $1 Trillion? Where is this going to leave us in the long run? Bankrupt?
  • The Quickest Way To End the Banking Crisis

    03/13/2009 8:09:02 AM PDT · by Shellybenoit · 12 replies · 460+ views
    AEI/Yidwithlid ^ | 3/13/09 | Yidwithlid
    Many financial gurus believe the requirement for banks to "mark-to-market" their assets, particularly the mortgage backed securities has put our financial system in the mess it is in today. Mark to market is accounting act of recording the price or value of a security, portfolio to reflect its current market value rather than its book value. Lets say you were a bank and bought $10 Billion Dollars worth of mortgage backed securities (MBS). The market crashes, and if you were to sell them today they would be worth $1 Billion and you have a paper loss of $9 Billion Dollars....
  • Crooked recovery road

    03/09/2009 8:31:00 AM PDT · by Graybeard58 · 6 replies · 439+ views
    Waterbury Republican-American ^ | March 9, 2009 | Editorial
    President Obama's new Economic Recovery Advisory Board includes a subprime-mortgage pioneer who drove her Chicago-area bank into bankruptcy; a national union boss who took the Fifth Amendment on three occasions when asked by federal investigators what he knew about a money-laundering scheme involving the Teamsters union and the Democratic Party while Sen. Christopher J. Dodd was its general chairman; the president and CEO of a Swiss bank under investigation for helping rich Americans dodge income taxes; and assorted deep-pocketed Obama campaign donors with conflicts of interest, the Washington Times reports. No wonder investors have such little faith in the president's...
  • Keep the Freep Alive! Tell Tommy T what Obama Means to you!

    02/27/2009 8:31:11 AM PST · by scottdeus12 · 23 replies · 660+ views
    Here's an example: What Obama means to Bob Dog Illinois, USA - 27 Feb 2009 What Obama means to me is that even an amoral congenital liar can get elected to the presidency. Oh wait, we learned that back in 1992.
  • How We Got Financial Disaster: A Tale Of Democrat Lies And Deceit

    02/12/2009 7:21:49 AM PST · by Michael Eden · 31 replies · 1,292+ views
    Start Thinking Right ^ | February 12, 2009 | Michael Eden
    For all the media's irresponsible coverage of the 2008 elections, they were the most blatantly dishonest and biased in their allowing Democrats to use the airwaves to present a blatantly false narrative that Republicans were to blame for the tanking economy due to their "failure to regulate." We could go back to House Speaker Nancy Pelosi, who demonized "the Bush administration's failed economic policies -- policies built on budgetary recklessness, on an anything-goes mentality with no regulation, no supervision and no discipline in the system." The airwaves have been filled with Democrats and liberals presenting their talking points of Republican...
  • Unhappy Voters Jam Capitol Hill Phone Lines

    02/05/2009 3:30:30 AM PST · by Scanian · 17 replies · 905+ views
    CNN ^ | February 4, 2009 | Lisa Desjardins
    The recent debate over the nearly $900 billion economic stimulus plan and revelations of tax problems by three Obama administration appointees have voters angrily jamming phone lines on Capitol Hill to air their frustrations to their elected representatives. Voters are calling several congressional offices, complaining about stimulus negotations. Their reactions are putting pressure on Congress and benefiting watchdog groups on both sides of the political aisle. Capitol operators tell CNN Radio that phone lines have been jammed for the past two weeks, sometimes prompting busy signals. A spokeswoman for Sen. Jim Webb, D-Virginia, said calls on the sweeping stimulus plan...
  • Fannie Mae and Freddie Mac were a politicized financial disaster wait until pension funds implode

    02/03/2009 9:28:11 AM PST · by shielagolden · 27 replies · 2,045+ views
    reason.com ^ | 02/02/09 | Jon Entine
    Next Catastrophe Think Fannie Mae and Freddie Mac were a politicized financial disaster? Just wait until pension funds implode. Funds worth trillions of dollars start to plummet in value. Political pressure to be “socially responsible” distorts the market decisions of government-related enterprises, leading to risky investments. Investors who once considered their retirements safely protectedwake up to a sinking feeling of uncertainty and gloom. Sound like the great mortgage-fueled financial crisis of 2008? Sure. But it also describes a calamity likely to hit as soon as 2009. State, local, and private pension plans covering millions of government employees and union workers...
  • Barney Frank Has a Great Idea (I'm not Kidding)

    02/03/2009 6:51:18 AM PST · by nysuperdoodle · 25 replies · 1,167+ views
    Evil Conservative Radio ^ | 03 February 2009 | EC
    I can't believe that Barney Frank and I actually agree on something, although for probably very different reasons. The dangerously malfeasant congressman who helped to exacerbate the banking crisis with his ineptitude as Chairman of the House banking oversight committee wants to drag the heads of banks who took bailout money in front of Congress and give them the third degree...
  • Chris Dodd's Continued Obstruction of Inquiries Into "funky" Loans

    02/02/2009 10:17:55 PM PST · by Shellybenoit · 4 replies · 302+ views
    WSJ/Yidwithlid ^ | 2/3/09 | Yidwithlid
    It was six moths ago when Connecticut Senator Chris Dodd admitted to America that he had the IQ of a slug (either that or he thinks that his constituents were stupid). It had been disclosed that the Chairman of the Senate Banking Committee Received TWO VIP Loans from Sub-Prime Lender Countrywide Inc. The Loans were at favorable interest rates. THE CHAIRMAN OF THE SENATE BANKING COMMITTEE, Chris Dodd, said he didn't realize that VIP treatment meant favorable rates. COME Freaking ON. He is CHAIRMAN OF THE SENATE BANKING COMMITTEE, we were really to believe that he has no Idea of...
  • Twenty-five people at the heart of the meltdown ...

    01/26/2009 10:00:29 AM PST · by BGHater · 53 replies · 1,955+ views
    Guardian ^ | 26 Jan 2009 | Julia Finch
    The worst economic turmoil since the Great Depression is not a natural phenomenon but a man-made disaster in which we all played a part.In the second part of a week-long series looking behind the slump,Guardian City editor Julia Finch picks out the individuals who have led us into the current crisis Alan Greenspan, chairman of US Federal Reserve 1987- 2006Only a couple of years ago the long-serving chairman of the Fed, a committed free marketeer who had steered the US economy through crises ranging from the 1987 stockmarket collapse through to the aftermath of the 9/11 attacks, was lauded with...
  • Bank Bailout Boosts Barney's Boston Buddies

    01/26/2009 7:45:41 AM PST · by thinkingIsPresuppositional · 17 replies · 1,167+ views
    Modern Conservative ^ | January 25, 2009 | Sammy Benoit
    By Sammy BenoitBarney Frank is the "Teflon Congressman. He was a leading OPPONENT of regulating of Fannie Mae and Freddy Mac (see video below) and was able to transfer the entire blame on President Bush. He never had to answer why he fought so hard to squash regulation, was it the tons of campaign cash Frank got from Freddie and Fannie OR the fact that Frank's former lover was the former director of housing initiatives for Fannie Mae. The July 3, 1998, Reliable Source column in The Washington Post reported Frank, who is openly gay, had a relationship with...
  • Barack Obama and the Strategy of Manufactured Crisis

    01/26/2009 6:48:24 AM PST · by dascallie · 29 replies · 2,255+ views
    ( worth a re-read) September 28, 2008 Barack Obama and the Strategy of Manufactured Crisis By James Simpson America waits with bated breath while Washington struggles to bring the U.S. economy back from the brink of disaster. But many of those same politicians caused the crisis, and if left to their own devices will do so again. Despite the mass media news blackout, a series of books, talk radio and the blogosphere have managed to expose Barack Obama's connections to his radical mentors -- Weather Underground bombers William Ayers and Bernardine Dohrn, Communist Party member Frank Marshall Davis and others....
  • Thirteen reasons why we are in a depression

    01/12/2009 11:41:36 AM PST · by Glorious Liberty · 29 replies · 2,055+ views
    Ravalli County News ^ | 1/11/2009 | Ravalli County News
    Tyler Cowan, a distinguished economist, gives us eight reasons why we are in a depression. Here are five more: 9. Throughout the long presidential campaign, Obama repeatedly expressed his intention to raise taxes and redistribute wealth. 10. Throughout the long presidential campaign, Obama repeatedly promised to dramatically cut carbon dioxide emissions. 11. Obama and majority party leaders in Congress have endorsed abolishing secret-ballot union elections in favor of "card check". 12. Obama and the majority party in Congress are perceived to be hostile to business and supportive of imposing burdens on business via regulation, mandates, and legal liability (the favorite...
  • Feds Cite Schumer In Collapse Of IndyMac

    12/22/2008 1:15:40 PM PST · by Sergeant_Ronbo · 63 replies · 3,757+ views
    LA TIMES ^ | July 11, 2008 | Peter Viles
    Feds Cite Schumer In Collapse Of IndyMac An important angle in the IndyMac failure that may get lost in ominous headlines tonight and tomorrow: federal regulators pointedly cited U.S. Sen. Charles Schumer, D-N.Y., in explaining the bank's failure. In simple language, federal regulators blamed Schumer for a run on the bank.
  • Shhhhhhhh! Dow Loses Nearly 2,300 When Bernanke Talks

    12/04/2008 11:00:08 AM PST · by BGHater · 32 replies · 1,094+ views
    Business & Media Institute ^ | 03 Dec 2008 | Jeff Poor
    In last six months, 65 percent of days when Fed chairman speaks show market declines, including three of worst drops in history. When Federal Reserve Chairman Ben Bernanke speaks, Wall Street listens – and investors should beware. The Dow Jones Industrial Average (DJIA) has lost nearly 2,300 points on days he has spoken, including three of the worst point losses ever. “Every time President Bush, Ben Bernanke, every time [Treasury Secretary Henry] Paulson – every time they get on the air, the market just drops in concert with every word that comes out of their mouth,” CBS “The Saturday Early...
  • Bailed-Out Bank Goes on Toll Road Buying Binge (Citi)

    12/01/2008 2:50:17 PM PST · by Glenn · 14 replies · 1,055+ views
    The Newspaper ^ | 12/01/2008 | Unattributed
    Bailed out Citigroup fund spends $10 billion buying 44 foreign toll roads. Just one week after receiving a pledge of $306 billion in support from US taxpayers, Citigroup announced the intended $10 billion acquisition of a debt-laden Spanish toll road group. Citi Infrastructure Partners will hand over $3.6 billion in cash and assume $6.3 billion in debt from Sacyr Vallehermoso, the parent company of the Intinere Infraestructuras toll road group. Itinere operates 32 toll roads in Brazil, Chile, Costa Rica, Portugal and Spain and Ireland. Another twelve concessions are under construction. Sacyr today issued a statement to Spanish investors noting...
  • SHADY ISLAND 'HOUSE' PARTY; POLS' TRIP TO CARIBBEAN SKIRTED RULES (bailed-out Citi at posh resort)

    11/30/2008 6:02:32 AM PST · by Liz · 26 replies · 1,669+ views
    NY POST ^ | 11/30/08 | GINGER ADAMS OTIS, St. Maarten and ISABEL VINCENT, New York
    EXCERPT FROM 5-PAGE REPORT....members of the Congressional Black Caucus attended the 13th annual Caribbean Multi-National Business Conference in sun-drenched St. Maarten......enjoying free airfare, meals and hotel rooms paid for by IBM, AT&T, Verizon, Citigroup, Pfizer, Macy's and American Airlines..... Citigroup that last week received a massive bailout, ponied up $100,000 according to one lobbyist....and has supported the conference for several years, but would not reveal an amount.The yearly event - held in a Caribbean country - draws black politicians, as well as community activists, lobbyists and special-interest groups looking to promote agendas.....the main goal is "promoting business relationships between America's...
  • All the Wrong Policies: Paulson Gets 'F-Minus' from Former Regulator

    11/21/2008 11:59:23 AM PST · by WilliamReading · 25 replies · 631+ views
    As bad a year as the stock market is having, Treasury Secretary Paulson is having an even worse one, according to William Black, Associate Professor of Economics and Law at the University of Missouri. The professor, who was counsel to the Federal Home Loan Bank Board during the S&L Crisis and blew the whistle on the "Keating Five" in 1989, says Paulson deserves an "F-minus" for his role in the financial crisis. "All of his policies made [the crisis] worse," says Black, citing Paulson's: * Pushing for more deregulation of the securities and mortgage businesses. * Failure to recognize the...
  • Exclusive: Pritzker turns down Commerce

    11/20/2008 10:41:12 AM PST · by Islander7 · 36 replies · 1,164+ views
    Yahoo - via Politico ^ | Nov 20, 2008 | Staff
    Chicago businesswoman Penny Pritzker, national campaign finance chairwoman for the Obama campaign, has taken herself out of the running to be secretary of Commerce because of vetting issues, a Democratic official said.
  • Beware this Saudi deal to help bail out Britain. It comes with a devastating IOU

    11/12/2008 3:40:41 PM PST · by Mount Athos · 6 replies · 681+ views
    Daily Mail (UK) ^ | 10th November 2008 | Melanie Phillips
    A week ago Gordon Brown went cap in hand to Saudi Arabia and the Gulf states to ask them to help bail out the stricken economies of the West by pumping billions into the International Monetary Fund. This loan comes with a devastating IOU — nothing less than a big slice of control over Britain and the West by a regime at the heart of the attempt to bring about the Islamisation of the free world. It is Saudi money which has fuelled the enormous spread of Wahhabi mosques, preachers and educational institutions in this country, delivering the message of...
  • Paulson says $700 bil won't be used for troubled assets as planned

    11/12/2008 8:12:40 AM PST · by mombyprofession · 175 replies · 2,924+ views
    Yahoo News ^ | 11-12-08 | Martin Crutsinger
    WASHINGTON – Treasury Secretary Henry Paulson said Wednesday the $700 billion government rescue program will not be used to purchase troubled assets as originally planned. Paulson said the administration will continue to use $250 billion of the program to purchase stock in banks as a way to bolster their balance sheets and encourage them to resume more normal lending. He announced a new goal for the program to support financial markets, which supply consumer credit in such areas as credit card debt, auto loans and student loans. Paulson said that 40 percent of U.S. consumer credit is provided through selling...
  • Emanuel Received $250K From Freddie Mac in Board Salary and Campaign Cash During Scandals

    11/06/2008 10:57:54 AM PST · by Rufus2007 · 29 replies · 2,042+ views
    businessandmedia.org ^ | November 6, 2008 | Jeff Poor
    He’s President-elect Barack Obama’s new chief of staff, according to various Nov. 6 media reports, but Rep. Rahm Emanuel, D-Ill., also has some baggage pertaining to the financial crisis. Will anyone in the media take note? Emanuel, who was a senior adviser for former President Bill Clinton throughout the 1990s, was appointed to the board of Freddie Mac upon his departure from the Clinton administration. “Clinton’s going-away gift to Emanuel was a seat on the quasi-governmental Freddie Mac board, which paid him $231,655 in director’s fees in 2001 and $31,060 in 2000,” Lynn Sweet wrote for the Chicago Sun-Times on...
  • Did N.Y. Dems create economic diversion for Obama?

    11/02/2008 4:42:39 AM PST · by JohnHuang2 · 20 replies · 829+ views
    WorldNetDaily.com ^ | 11/2/08 | By Jeffrey Epstein and Harvey Kushner
    With the nomination of the "anointed" one, it was clear to Democrats that the economy would be a better center piece for the upcoming campaign than Iraq. Their candidate had no real national security qualifications and the surge was working. Enter Sen. Charles Schumer, D-N.Y. Always, a hound for publicity, Sen. Schumer made public a letter he wrote to the Office of Thrift Supervision in June questioning the solvency of the California based IndyMac Bank. In his missive, Schumer asserted that the deterioration of IndyMac's financial position posed a risk to its investors and customer base. Publicity about the exchange...
  • Recession fears swamp signs of bank crisis easing(Nikkei down 6.8%)

    10/22/2008 2:07:25 AM PDT · by TigerLikesRooster · 15 replies · 497+ views
    Reuters ^ | 10/22/08 | Jeremy Gaunt
    Recession fears swamp signs of bank crisis easing By Jeremy Gaunt 7 mins ago LONDON (Reuters) – Fears of global recession overshadowed signs on Wednesday that government attempts across the world to end the gravest global financial crisis in 80 years may be bearing fruit. Stocks from London to Tokyo fell sharply as corporate woes underlined the damage from the crisis, which pushed the global financial system to the brink of collapse, forcing governments to prop up banks and central banks to sustain money markets. But Mervyn King, Governor of the Bank of England and a major player in Group...
  • Markets tumble as banking fears spread across Europe(Markets panic as crunch hits Europe )

    10/06/2008 6:45:04 AM PDT · by TigerLikesRooster · 29 replies · 913+ views
    Times of London ^ | 10/06/08 | Philippe Naughton
    October 6, 2008 Markets tumble as banking fears spread across Europe Philippe Naughton Britain's blue chip companies lost £60 billion in value in just a few minutes today as investor confidence crumbled and political leaders battled to avert the threat of recession. The FTSE 100 index of leading shares fell by some 250 points in the first six minutes of trade, following sharp losses across Asia, and drifted down to reach a four-year low of 4,670.9 by late morning, 6 per cent down on Friday's close. For policymakers and central bankers, it was a nightmare start to the week –...
  • Financial Downturn Further Weakens Newspaper Publishers(dinosaur media death watch!)

    10/01/2008 8:44:12 PM PDT · by maccaca · 9 replies · 327+ views
    The financial turmoil is adding headaches for troubled newspaper publishers. The Star Tribune said Wednesday it skipped a debt payment as the Minneapolis newspaper tries to restructure $430 million in borrowings. Publisher Chris Harte indicated the company is testing all options with its lenders. Gannett Co., the country's largest newspaper publisher, meanwhile said Wednesday it had tapped its credit line as short-term financing markets stall. And alternative weekly publisher Creative Loafing Inc. filed for Chapter 11 this week. The credit crunch has further weakened newspaper publishers, which already are reeling from a prolonged drop in advertising revenue. Several major chains,...
  • EU Is Divided on Crisis Measures

    10/01/2008 8:19:59 PM PDT · by maccaca · 5 replies · 307+ views
    Germany dismissed France's call for a Europe-wide response to the financial crisis while Ireland's new broad-based bank guarantees drew criticism from other European officials, putting the European Union increasingly at odds with itself as its governments struggle to ensure the soundness of their banking system. In an interview with The Wall Street Journal, German finance minister Peer Steinbrück said the crisis was U.S.-centered and suggested European governments are overreacting if they pursue coordinated plans for bank bailouts. "To put it mildly, Germany is highly cautious about such grand designs for Europe," he said. "Other countries are free to think about...
  • Anyone listening to Glenn Beck?

    09/29/2008 6:56:21 AM PDT · by taildragger · 46 replies · 2,171+ views
    Glenn Beck | 09/29/2008 | taildragger
    Folks, heads up...Anyone listening?Parts of the Bill are not good. Section 103, it allows Municpalities and Union Pensions to be absorbed. Hedge funds, the 30th is a key date for them and this needs to be finished before they unrap.Both Glenn and Mr. Newt talked with Wealthy people out of the market this weekedn and noted how critical this is.Correct me if I heard them wrong.
  • Mad as hell - taxpayers lash out

    09/22/2008 8:25:07 AM PDT · by Jack85321 · 63 replies · 251+ views
    "I'm tired of rewarding institutions and people for the bad decisions they have made," said Dean from Madison, Wis. "Sure, it will hurt tax payers if/when some of these institutions fail, but perhaps we need to let that happen. We do not need more big government involved in our lives. Enough is enough."
  • Bilderberg seeks to centralize world’s banks

    09/22/2008 8:08:58 AM PDT · by anonsquared · 24 replies · 1,511+ views
    Tyranny Watch ^ | June 9, 2008
    "Fresh off of the 2008 Bilderberg Meeting, it looks as if New York Federal Reserve president Timothy Geithner is set to push a new agenda in the world of central banking that was likely decided upon at Bilderberg. Geithner yesterday, wrote an article in the Financial Times calling for a global regulatory banking framework. In addition, Geithner called for the Federal Reserve to have an instrumental role in this new framework. Geithner cites all of the problems that were actually created by the central bankers in the first place as the rationale for having greater centralized power. It is interesting...
  • HBOS - Lloyds TSB: Biggest rescue deal in British banking history

    09/17/2008 5:19:41 PM PDT · by bruinbirdman · 4 replies · 192+ views
    The Telegraph ^ | 9/17/2008 | Robert Winnett
    The biggest rescue deal in British banking history was under way last night as the credit crisis reached new heights. HBOS, the country's biggest mortgage lender, was poised to accept an emergency takeover from rival Lloyds TSB following the collapse of its share price. Gordon Brown intervened to try to secure the deal in an attempt to prevent further market panic after three of the most tumultuous days witnessed on the stock market. However, concerns were growing last night that the proposal may not be enough to quell the turmoil on the financial markets amid fears that other financial institutions...
  • A Culture of Responsibility

    08/18/2008 8:10:54 AM PDT · by Publius804 · 6 replies · 96+ views
    What I Saw in America ^ | August 15, 2008 | Patrick Deneen
    Friday, August 15, 2008 A Culture of Responsibility Today's New York Times features a front page story about the decisions that were made by banks to promote the widespread use of home equity loans. Citibank - currently drowning in an ocean of bad loans - is shown to have adopted the advertising jingle "Live Richly." Appealing in a period when every house had to feature faux aristocratic decorator touches (courtesy of convicted criminal, Martha Stewart), two story entrance halls that demanded a thermostat set at 90, and three car garages to house the Hummers and SUVs, such advertising campaigns appealed...