http://www.freerepublic.com/tag/finance/ en-us Sun, 5 Oct 2008 18:06:28 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2098067/posts Almost overnight, its population became the wealthiest on Earth. Tracy McVeigh in Reykjavik finds that the credit crunch is making the cash disappear. Iceland is on the brink of collapse. Inflation and interest rates are raging upwards. The krona, Iceland's currency, is in freefall and is rated just above those of Zimbabwe and Turkmenistan. One of the country's three independent banks has been nationalised, another is asking customers for money, and the discredited government and officials from the central bank have been huddled behind closed doors for three days with still no sign of a plan. International banks won't send... Guardian News http://www.freerepublic.com/focus/f-news/2098067/posts#comment Sun, 5 Oct 2008 18:06:28 GMT http://www.freerepublic.com/focus/f-news/2097538/posts Here's a rundown of key provisions of the financial rescue plan. NEW YORK (CNNMoney.com) -- It took two tumultuous weeks of moral and fiscal debate, but Congress and the Bush administration on Friday finally put a capstone on the $700 billion bailout of the financial system. CNNMoney.com http://www.freerepublic.com/focus/f-news/2097538/posts#comment Sat, 4 Oct 2008 19:30:59 GMT http://www.freerepublic.com/focus/f-news/2097530/posts "The enemies of Islam are facing a crushing defeat, which is beginning to manifest itself in the expanding crisis their economy is experiencing," said Gadahn, in a clip of the message distributed by the SITE Intelligence Group, a Washington-based monitor of militant Web sites. "A crisis whose primary cause, in addition to the abortive and unsustainable crusades they are waging in Afghanistan, Pakistan, and Iraq, is their turning their backs on Allah's revealed laws, which forbid interest-bearing transactions, exploitation, greed and injustice in all its forms." Gadahn, 29, grew up in Riverside County, east of Los Angeles. He was indicted... AP Via FoxNews http://www.freerepublic.com/focus/f-news/2097530/posts#comment Sat, 4 Oct 2008 19:18:26 GMT http://www.freerepublic.com/focus/f-news/2097469/posts "I've been selling ammo cans by the pallet," says Tom King, owner of Sutter Surplus Sales on D Street. Many of his customers, he says, "are gearing up to raise their own food and put up security fences. They're telling me to be ready." "Granted," he says, "they are the extremists." But precautionary measures are no longer the domain of survivalist regulars. After the S&P 500's blue-chip index lost 9 percent on Monday — the biggest one-day percentage drop since 1987's Black Monday — Campbell Soup Co. stood tall as the lone sell-off survivor. That fact left one financial strategist,... Appeal-democrat http://www.freerepublic.com/focus/f-news/2097469/posts#comment Sat, 4 Oct 2008 17:30:56 GMT http://www.freerepublic.com/focus/f-news/2096693/posts For one afternoon this week, it was possible to obtain a reliable estimate for how many people were watching the Fox Business Network, at least at home. That figure was 81,000, and it represented the average number of people watching for any given hour from 1 p.m. to 10 p.m. on Monday, according to Nielsen Media Research. The figure is a milestone for the nearly year-old channel, which had never drawn an audience large enough to be considered statistically reliable by Nielsen for an extended time period. New York Timse http://www.freerepublic.com/focus/f-news/2096693/posts#comment Fri, 3 Oct 2008 15:54:03 GMT http://www.freerepublic.com/focus/f-news/2096093/posts It is sad what has happened to the United States. For years, as editor of Manufacturing & Technology News, I have heard dozens of domestic manufacturing company CEOs talk about an impending "collapse" of the U.S. economy. These were the men who were in the unenviable position of having to close their companies or shut down factories and watch as most all of their competitors did the same thing. These were the men who implemented Six Sigma, lean, ISO 9000, and the Baldrige National Quality and Shingo Prize criteria. They were leaders who agonized over having to move the world's... Manufacturing News http://www.freerepublic.com/focus/f-news/2096093/posts#comment Thu, 2 Oct 2008 21:02:05 GMT http://www.freerepublic.com/focus/f-news/2094784/posts A Powerpoint presentation explaining the mortgage mess CDO Powerpoint SubPrime Primer http://www.freerepublic.com/focus/f-news/2094784/posts#comment Wed, 1 Oct 2008 13:00:51 GMT http://www.freerepublic.com/focus/f-news/2094773/posts CNBC's Jim Cramer made an on-air apology last night for recommending Wachovia stock just two weeks ago. The recommendation followed an appearance by the bank's CEO Robert Steel. On Sept. 15, the day Steel appeared on the Mad Money, Wachovia stock closed at $10.71/share. Yesterday it closed at $1.84/share. Below is the clip from Sept. 15. And after the jump, Cramer's apology: "I let you down, because I wasn't skeptical enough." [video] TV Newser http://www.freerepublic.com/focus/f-news/2094773/posts#comment Wed, 1 Oct 2008 12:41:30 GMT http://www.freerepublic.com/focus/f-news/2094657/posts Why pain is good – in both medicine and finance By John Kay Published: September 30 2008 18:57 | Last updated: September 30 2008 18:57 Pain has been described as the gift no one wants. There cannot be a single reader who has not, at some time, wished not to experience pain. But we are better off with the capacity to suffer pain than without it. A few people are born with a genetic deficiency that leaves them completely free of pain. They rarely survive to adult life. Leprosy has for thousands of years been the most dreaded disease. Only... FT http://www.freerepublic.com/focus/f-news/2094657/posts#comment Wed, 1 Oct 2008 06:12:50 GMT http://www.freerepublic.com/focus/f-news/2094463/posts To test Nancy Pelosi’s hypothesis that after eight years of President Bush the economy is in far worse shape than it was under President Clinton at a time of “budget surpluses,” I went to Lending Tree to see what kind of mortgage terms I could get to buy my first home today. It was the spring of 1996 and I was newly stationed at Fort Hood, Texas along with my very pregnant wife who was one month away from delivering our first child. We found the home we wanted to buy in Harker Heights, just a few miles east of... BobKrum.com http://www.freerepublic.com/focus/f-news/2094463/posts#comment Wed, 1 Oct 2008 00:59:52 GMT http://www.freerepublic.com/focus/f-news/2094102/posts This paper examines the effects of the financial crisis of the 1930s onthe path of aggregate output during that period. Our approach is complementary to that of Friedman and Schwartz, who emphasized the monetary impact of the bank failures; we focus on non-monetary (primarily credit-related) aspects of the financial sector--output link and consider the problems of debtors as well as those of the banking system. We argue that the financial disruptions of 1930-33 reduced the efficiency of the credit allocation process; and that the resulting higher cost and reduced availability of credit acted to depress aggregate demand. Evidence suggests that... JSTOR http://www.freerepublic.com/focus/f-news/2094102/posts#comment Tue, 30 Sep 2008 17:50:14 GMT http://www.freerepublic.com/focus/f-news/2093281/posts A White House spokesman says President Bush is very disappointed in Monday's House vote rejecting the administration's rescue plan for the nation's financial industry. ADVERTISEMENT "There's no question that the country is facing a difficult crisis that needs to be addressed," said spokesman Tony Fratto. He said the president will be meeting with members of his team later in the day "to determine next steps." Bush is "very disappointed" with the vote, Fratto said. AP Via Yahoo http://www.freerepublic.com/focus/f-news/2093281/posts#comment Mon, 29 Sep 2008 19:11:05 GMT http://www.freerepublic.com/focus/f-news/2093042/posts The Icelandic government has taken control of the country's third-largest bank, Glitnir, after the company faced short-term funding problems. The government has bought a 75% stake in the bank for ($860m) to ensure stability of the bank during the current financial turmoil. Glitner is expected to operate as normal and the government said it did not intend to hold the stake for long. It is the first Icelandic banking nationalisation of the current crisis. The rescue plan follows meetings between Glitnir and the Central Bank of Iceland to discuss a solution to the bank's problems after the deterioration of its... bbc http://www.freerepublic.com/focus/f-news/2093042/posts#comment Mon, 29 Sep 2008 13:44:51 GMT http://www.freerepublic.com/focus/f-news/2092925/posts WASHINGTON - House and Senate leaders yesterday anxiously pleaded with skeptical lawmakers to accept a bipartisan $700 billion financial bailout plan, saying the package was crucial to calm the markets and stave off what they warned could be the worst economic crisis since the Great Depression. Failure to approve the package, which bleary-eyed House and Senate negotiators agreed to early yesterday morning, would cause "an event which we don't want to conceive" of, said Senator Judd Gregg, Republican of New Hampshire and a lead negotiator of the package. The House is set to vote on the bill today, and the... The Boston Globe http://www.freerepublic.com/focus/f-news/2092925/posts#comment Mon, 29 Sep 2008 09:01:05 GMT http://www.freerepublic.com/focus/f-news/2092790/posts Regarding the Great Mortgage Bailout, I see that the Joint Congressional Horse Design Committee has once again produced its camel. This one, perhaps, will prove acceptable enough to be enacted. I have just three points to make about it: (1) The initial near train-wreck of the enterprise was yet further evidence of the Bush Administration’s ineptitude for preemptive action, and especially for necessary preemptive action. In 1933, the first Franklin Delano Roosevelt Administration passed a raft of financial legislation the length of the Unabridged Oxford English Dictionary in the twinkling of an eye (well, very quickly within the first hundred... johnreilly.info http://www.freerepublic.com/focus/f-news/2092790/posts#comment Mon, 29 Sep 2008 02:28:51 GMT http://www.freerepublic.com/focus/f-chat/2092270/posts Welcome to chaos: Arab nations hit hard as world markets crash Posted By John Higgins On September 26, 2008 @ 1:26 pm The long tables set every evening at the entrance of Cairo’s Khal el-Khalili bazaar are a traditional sight. They represent efforts by the Egyptian government, the city of Cairo and charitable organizations to feed hundreds of residents who lack the means to buy the basic foodstuffs for Iftar, the meal that breaks the daylong fast during the Ramadan holy month. Although this gesture is not enough to satisfy the millions of Egyptians who earn less than $1 a... In the Days http://www.freerepublic.com/focus/f-chat/2092270/posts#comment Sun, 28 Sep 2008 10:49:22 GMT http://www.freerepublic.com/focus/f-bloggers/2092154/posts Senate Majority Whip Richard Durbin (D-Ill.) said that “if we hadn’t gone into Iraq we’d have plenty of money available to rescue Wall Street.” “While we were squandering billions chasing terrorists in the deserts of Iraq, the financiers of this country have gotten into a dire predicament,” Durbin complained. “Now, the elite of the investment banking community, the cream of Wall Street, are facing a horrific write-down of assets. Their stock options are in danger of becoming worthless. Their cry for help cannot be ignored.” Durbin hinted at “potentially severe political fallout if the distress of these men is not... A Semi-News/Semi-Satire from AzConservative http://www.freerepublic.com/focus/f-bloggers/2092154/posts#comment Sun, 28 Sep 2008 03:14:41 GMT http://www.freerepublic.com/focus/f-bloggers/2091816/posts Others have argued that the government purchase of mortgages bonds at distressed levels could turn into a financial bonanza. From Andy kessler at the Wall Street Journal: My analysis suggests that Treasury Secretary Henry Paulson (a former investment banker, no less, not a trader) may pull off the mother of all trades, which could net a trillion dollars and maybe as much as $2.2 trillion -- yes, with a "t" -- for the United States Treasury. Andy Kessler is a former hedge fund manager, the ones who know how to profit from buying and selling distressed securities. The question is:... The Virginian http://www.freerepublic.com/focus/f-bloggers/2091816/posts#comment Sat, 27 Sep 2008 16:34:26 GMT http://www.freerepublic.com/focus/f-bloggers/2091732/posts Katie Allison Granju blogs for the Knoxville News Sentinel and is, I’m sure, a very nice person. She has those sincere glasses. But she's a total ditz. Someone who feels for the poor and downtrodden and is willing to set the fuse for the next subprime crisis before we know how much damage this one will eventually do. So far Granju’s love for her fellow man has blown up in our faces and we can’t begin to count the cost because the damage assessment is not over. Let’s count the casualties this far. It has cost us AIG (the largest... The Virginian http://www.freerepublic.com/focus/f-bloggers/2091732/posts#comment Sat, 27 Sep 2008 13:56:39 GMT http://www.freerepublic.com/focus/f-bloggers/2091698/posts The financial panic currently threatening global credit markets has at its heart bad mortgages. Mortgages that those who took them out cannot pay. From Washington, fingers have been pointed to greedy bankers, fat cats on Wall Street, and other handy scapegoats. The truth is that the root cause of the mortgage mess is found in Washington and with organizations like ACORN which have long pushed and used extortion tactics to force banks to make bad loans. All the while, collecting millions of dollars in grants and “donations” from banks that paid them protection money. “ Documents provided by internal whistleblowers,... The Virginian http://www.freerepublic.com/focus/f-bloggers/2091698/posts#comment Sat, 27 Sep 2008 12:45:51 GMT http://www.freerepublic.com/focus/f-news/2091231/posts Watching NBC Squawk Box in the morning, the anchors are absolutely tearing into Republicans and Sen. Shelby right now. They keep asking, "Where have you guys (House Republican's) been during the last 10 days? Why now?" The Atlantic http://www.freerepublic.com/focus/f-news/2091231/posts#comment Fri, 26 Sep 2008 17:49:52 GMT http://www.freerepublic.com/focus/f-bloggers/2091224/posts Policy Experts Offer Bailout Comments News Releases > September 2008 Insurance > Financial Services Publication date: 09/26/2008 -------------------------------------------------------------------------------- The national debate over how to address the crisis in the U.S. financial markets has created sharp divisions that cross political and philosophical lines. One thing is clear: What the federal government chooses to do or not do will have serious consequences that will almost certainly be long-lasting. The following is a sampling of some of the thinking and recommendations solicited by The Heartland Institute or sent to us by interested parties. Contact information is provided if you wish further information from... Heartland Institute http://www.freerepublic.com/focus/f-bloggers/2091224/posts#comment Fri, 26 Sep 2008 17:31:10 GMT http://www.freerepublic.com/focus/f-news/2091108/posts Tycoon Hugh Hefner has been advised to cut back on staff at his multi-million dollar glamour empire as it struggles to cope during the global economic turmoil. The 83-year-old has been told to lay off some of his staff at his Los Angeles and New York offices as soon as this month or go bankrupt. The company has recently seen shares fall from £6.20 to £1.55. An insider at the company told the Daily Star that bosses had been aware of the worsening situation for "a while". "Only the top brass has known for a while how bad things have... Daily Telegraph (London) http://www.freerepublic.com/focus/f-news/2091108/posts#comment Fri, 26 Sep 2008 15:12:39 GMT http://www.freerepublic.com/focus/f-bloggers/2090929/posts Idea for Paulson and Bush: Why not have a fundraiser in order for Americans to open their wallets and donate to this bailout cause? I mean, we're asked to open our wallets for many things -- hurricane relief, Sept. 11th fund, overseas natural disasters (tsunami, etc.) -- why not have Americans write checks to benefit the U.S.? Also, Obama's campaign has made over $460 million in the past 2 years, and McCain has made less. Why not donate all of this campaign money to this cause after this election cycle is over? Finally, where are our allies and why don't... Self http://www.freerepublic.com/focus/f-bloggers/2090929/posts#comment Fri, 26 Sep 2008 11:15:43 GMT http://www.freerepublic.com/focus/f-news/2090610/posts After days of intense bipartisan negotiations and meetings today at the White House, the deal to bail out staggered investment banks may be dying amid partisan finger-pointing. Republicans blame Democrats. Democrats blame Republicans, and a key Democrat even pointed a finger at Republican presidential nominee Sen. John McCain. House Financial Services Chairman Barney Frank, D-Mass., told Democratic colleagues that McCain's sudden heightened involvement in the negotiations has destroyed chance of an agreement, sources told ABC's George Stephanopoulos. Frank compared McCain's involvement to "Richard Nixon blowing up the Vietnam peace talks in 1968." ABC News http://www.freerepublic.com/focus/f-news/2090610/posts#comment Thu, 25 Sep 2008 23:40:18 GMT