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  • State Out Nearly $300M from Cigarette Smuggling

    01/30/2015 5:52:48 AM PST · by MichCapCon · 19 replies
    Michigan Capitol Confidential ^ | 1/27/2015 | Michael LaFaive
    In studies, essays and blog posts since 2008, we have noted the raft of unintended consequences associated with Michigan’s illicit trade in cigarettes. Often we zero in on smuggling itself. A quarter of all the cigarettes consumed in Michigan in 2013 were contraband. What all too often gets left behind in the debate over cigarette trafficking is the amount of revenue lost by the state to activities that are effectively inspired by high taxes in the first place. We estimate that the Great Lakes State lost $298 million from the untaxed cigarette trade in 2013. The one sliver of good...
  • Oregon bank now says it won't work with Colorado marijuana businesses

    01/27/2015 11:41:26 AM PST · by george76 · 8 replies
    MBank, an Oregon bank that last week said it would allow Colorado marijuana businesses to open accounts, now says it won't. The Denver Post reports the bank is saying it doesn't have the infrastructure to handle the volume of customers in the pot industry. But the newspaper cites unnamed sources as saying federal banking regulators told MBank the move was too risky. Because marijuana remains illegal under federal law, companies in the industry haven't been able to find a bank to handle their business. MBank doesn't have a Colorado location. Instead, MBank intended to have marijuana businesses deposit their cash...
  • What Experts Say about This Past Week--Investment & Finance Thread Jan. 25

    01/25/2015 10:11:11 AM PST · by expat_panama · 107 replies
    Weekly investment & finance thread ^ | Jan. 25, 2015 | Freeper Investors
    Considering the top headlines were about soft footballs this has to have been an easy no-brainer week for investments.  Maybe; here's what he experts are telling us:                     [excerpt from Investors Business Daily At Davos, Hypocrites Tell Rest Of Us To Lower Expectations]Former Vice President Al Gore listens to singer Pharrell Williams... [snip]...talking, of course, about the annual confab at Davos, Switzerland, ...[snip] "The purpose," said former vice president and climate-change entrepreneur Al Gore, standing with hip-hop star Pharrell Williams, "is to have a billion voices with one message, to demand climate action now." OK, so how about you flying commercial,...
  • Terrorist plans targeting Washington monuments discovered in Afghanistan

    01/30/2002 3:41:41 PM PST · by anniegetyourgun · 135 replies · 495+ views
    King5.com ^ | 1/30/02 | NBC News
    SEATTLE - NBC News is reporting that the Space Needle in Seattle - a high-profile landmark in America's Pacific Northwest - was apparently a target for al-Qaida terrorists. U.S. officials tell NBC News evidence found in Afghanistan uncovered plans to attack the high-profile Space Needle along with other monuments in Washington State, including massive hydroelectric dams, like the Grand Coulee. According to the NBC News report, plans were also found that targeted the Los Angeles International Airport for a second time. An earlier plot to bomb the airport was foiled two years ago when convicted terrorist Ahmed Ressam was arrested ...
  • Bank Data Mined in Secret by U.S. to Block Terror

    06/22/2006 5:03:39 PM PDT · by Norman Rogers · 76 replies · 1,033+ views
    NY Times ^ | 6/22/2006 | ERIC LICHTBLAU and JAMES RISEN
    WASHINGTON, June 22 - Under a secret Bush administration program initiated weeks after the Sept. 11 attacks, counterterrorism officials have gained access to financial records from a vast international database and examined banking transactions involving thousands of Americans and others in the United States, according to government and industry officials.
  • Wall Street Just Got Exactly What It Wished For, But It Wasn't Ready For It

    01/15/2015 9:11:30 AM PST · by blam
    BI ^ | 1-15-2015 | Linette Lopez
    Linette Lopez January 15, 2015The story on Wall Street this earnings season is a classic case of, "be careful what you wish for; you just might get it." Since Wednesday, when Wall Street started reporting its earnings for the last quarter of 2014, we have seen an across-the-board beatdown on trading revenues. •A 23% drop in bond trading (from the same time last year) contributed to JP Morgan's earnings miss. •Citigroup's trading revenue fell by 14% overall, and bond trading fell 16% from this time last year. •And sales and trading revenue at Bank of America fell 20% from the...
  • 2015: The Year Of The Global Economic Slump?

    01/09/2015 6:30:45 PM PST · by blam · 3 replies
    TMO ^ | 1-9-2015 | Alasdair Macleod
    January 09, 2015 Alasdair_Macleod 2014 ended with two ominous developments: the strength of the US dollar and a collapse in key commodity prices. It is tempting to view both events as one, but the continuing fall in oil prices through December reveals they are sequential: first there was a greater preference for dollars compared with other currencies and this still persists, followed by a developing preference for all but the weakest currencies at the expense of raw materials and energy. These are two steps on a path that should logically lead to a global slump. Dollar strength was the first...
  • The Hoarder, The Miser, The Gold And Silver Investor

    01/09/2015 11:17:46 AM PST · by blam · 11 replies
    TMO ^ | 1-9-2015 | Dr Jeff Lewis
    January 09, 2015 Dr Jeff Lewis A subscriber sent me the following note recently: You know I was driving home tonight and was observing all the cars building etc. I thought maybe I am nuts this can't all stop. Then I also said to myself this is an illusion that massive un-payable debt has created. I hope for all of our sakes the former wins because the latter would be unbearable. Do you honestly believe a collapse war and poverty is truly going to happen? What's the difference even if you have a ton of silver people just would take...
  • Stocks And Commodities - The Deflationary Myth

    01/08/2015 9:23:42 PM PST · by blam · 15 replies
    TMO ^ | 1-8-2015 | Toby_Connor
    Toby Conner January 08, 2015 With commodities now moving down into their three year cycle low I’m hearing more and more talk about deflation. This is complete nonsense. Bernanke had it exactly right when he pointed out that any determined government could halt deflation at will with a printing press. As a matter of fact the only mildly deflationary event we’ve seen since 1932 was a brief period during 2008 and early 2009. Bernanke succeeded in stopping it in its tracks almost immediately with QE1. In order to experience deflation there must be debt defaults. That’s what happened in 2008....
  • DEFLATION IS HERE

    01/07/2015 5:55:13 AM PST · by blam · 31 replies
    BI ^ | 1-7-2015 | Mike Bird
    Mike Bird January 7, 2015 After a year of anticipation, deflation has finally arrived in Europe. Consumer prices dropped 0.2% in the year to December. The consensus was that inflation would drop to about zero or -0.1%. Inflation in Germany, Europe's healthiest large economy, is at just 0.1%. Spain has already recorded months of deflation, and its consumer prices fell 1.1% in December from the same time last year. With oil prices still tumbling, it's clear that falling consumer price inflation still has further to go. Nobody is disputing what pushed inflation over the zero mark. It's the decline in...
  • Deflation And The Year Ahead

    01/07/2015 5:24:51 AM PST · by blam · 5 replies
    TMO ^ | Clif_Droke
    Januarary 07, 2015 Clif_Droke Stocks were hit by selling pressure on Monday as the S&P 500 (SPX) declined 1.83% and the Dow 30 shed 1.86%. The energy sector bore the brunt of the selling with the NYSE Oil Index declining 4.61%. Crude oil prices also dropped nearly 5% for the day to close at 5 ˝-year lows. Fears that Greece may exit the euro zone are being blamed on the latest broad market decline. Upcoming elections in Greece have spooked many investors, who feel that the country's exit from the euro zone would be disastrous. The most likely reason for...
  • Oil Falls Below 50 As Global Financial Markets Begin To Unravel

    01/06/2015 11:18:25 AM PST · by blam · 31 replies
    TEC ^ | 1-15-2015 | Michael Snyder
    By Michael Snyder January 5th, 2015 On Monday, the price of oil fell below $50 for the first time since April 2009, and the Dow dropped 331 points. Meanwhile, the stock market declines over in Europe were even larger on a percentage basis, and the euro sank to a fresh nine year low on concerns that the anti-austerity Syriza party will be victorious in the upcoming election in Greece. These are precisely the kinds of things that we would expect to see happen if a global financial crash was coming in 2015. Just prior to the financial crisis of 2008,...
  • It's Like We're In The Panic Phase Of A Financial Crisis

    01/06/2015 5:41:10 AM PST · by blam · 23 replies
    BI ^ | 1-6-2015 | Sam Ro
    Sam Ro January 6, 2015Over the past few days, we've seen stocks plummet and oil prices crash. But the most interesting moves have been occurring in the global bond markets where government bond yields have been plunging to historic lows. "2015 starts off with the average of G3 10 year government yields below 1%," wrote Steven Englander, Citi's global head of G10 FX Strategy. The G3 currency group consists of the US dollar, the euro, and the yen. On Tuesday, the US 10-year yield got as low as 1.959% and Japan's 10-year yield fell to as low as 0.288%. In...
  • Son allegedly killed Manhattan hedge fund founder over $200 allowance cut, source says

    01/05/2015 2:41:36 PM PST · by PROCON · 47 replies
    foxnews ^ | Jan. 5, 2015 | Foxnews/AP
    The son of a millionaire Manhattan hedge fund founder allegedly gunned down his dad because his allowance was cut to $400 from $600 a month – a $200 difference – a law enforcement source told the New York Post. Thomas Gilbert Sr. was shot in the head at his Beekman Place residence on the East Side on Sunday, police said. Officers responded to the home after reports of shots fired, and found Gilbert in the bedroom, with a handgun near his body. Gilbert's son, Thomas, was being questioned by police but no charges have been filed, police said. The New...
  • We Live In A New World And The Saudis Are The First To Get It

    12/25/2014 1:52:04 PM PST · by SatinDoll · 38 replies
    The Automatic Earth blog ^ | Dec. 24, 2012 | Raul Ilargi Meijer
    [ Secondary blog source: Tyler Durden / The Zero Hedge / www.zerohedge.com/news/2014-12-24/we-live-new-world-and-saudis-are-first-get-it ] There are many things I don’t understand these days, and some are undoubtedly due to the limits of my brain power. But at the same time some are not. I’m the kind of person who can no longer believe that anyone would get excited over a 5% American GDP growth number. Not even with any other details thrown in, just simply a print like that. It’s so completely out of left field and out of proportion that you would think by now at least a few more...
  • The Destruction Of The Middle Class Is Nearing The Final Stages

    12/24/2014 3:11:54 PM PST · by dontreadthis · 112 replies
    zerohedge.com ^ | 12/23/2014 | Tyler Durden
    The events of the past few months seem astounding when taken in all at once. The plan to destroy the U.S. dollar and the American middle class is moving at an ever increasing speed. At the recent G20 meeting the nations agreed that bank deposits would no longer be considered money. These bank deposits become the property of the banking institution and as such can be used any way the bank wants. This means that any money you deposit in a bank now is no longer yours but makes you an investor in the bank and subject to lose that...
  • An Economic Indicator That Predicted The Last 7 Recessions Predicts No Recession Any Time Soon

    12/18/2014 8:03:43 PM PST · by blam · 23 replies
    BI - Guggenheim Partners ^ | 12-18-2014 | Scott Minerd
    Scott Minerd, Guggenheim Partners December 18, 2014 Plunging oil markets and faltering growth expectations around the world have raised fears about the sustainability of the current U.S. economic expansion. The economic data, though, suggest that these fears are largely unfounded. The Conference Board’s Leading Economic Index, which is made up of 10 forward-looking economic and financial indicators, has not fallen since January and has been gaining momentum throughout the year. (snip)
  • The Destruction of America’s Pension Plans

    12/14/2014 9:00:16 AM PST · by Oldpuppymax · 18 replies
    Coach is Right ^ | 12/14/14 | Suzanne Eovaldi
    The just passed $1.1 trillion Cromnibus (Continuing Resolution and Omnibus) check float that successfully got through the Republican controlled US House contains language that could gut pension plans, according to analyses by both conservative and leftist web writers. “The pension provision was made public late Tuesday night,” says a web source that blasts efforts to write down public pension allotments. (1) Mike Adams of Health Ranger warns that “all the pension benefits that have been promised government retirees are about to be stolen back from retirees.” (2) Quoting a WaPo article, Adams also points out that “the proposal would torpedo...
  • Big Banks Will Take Depositors Money In Next Crash -Ellen Brown

    12/11/2014 11:14:26 AM PST · by GilGil · 87 replies
    USAWathdog ^ | 12/10/2014 | Ellen Brown
    "... if you had a big derivatives bust that brought down JP Morgan or Bank of America, there is no way there is going to be collateral left for the FDIC or for the secured depositors. This would include state and local governments. They all put their money in these big banks. So, even though we are protected by the FDIC, the FDIC is not going to have the money. . . . This makes it legal for these big 30 banks to take our money when they become insolvent. They are too-big-to-fail. This was supposed to avoid too-big-to-fail, but...
  • Treasury Department Seeking Survival Kits For Bank Employees

    12/10/2014 12:42:13 PM PST · by Nachum · 40 replies
    Free Beacon ^ | 12/10/14 | Elizabeth Harrington
    The Department of Treasury is seeking to order survival kits for all of its employees who oversee the federal banking system, according to a new solicitation. The emergency supplies would be for every employee at the Office of the Comptroller of the Currency (OCC), which conducts on-site reviews of banks throughout the country. The survival kit includes everything from water purification tablets to solar blankets. The government is willing to spend up to $200,000 on the kits, according to the solicitation released on Dec. 4. The survival kits must come in a fanny-pack or backpack that can fit all of...
  • Banker dies after becoming impaled on railings in 60ft fall from central London home

    12/10/2014 2:32:29 AM PST · by BlackVeil · 67 replies
    Daily Mail ^ | 10 Dec 2014 | By Emma Glanfield
    A banker has died after becoming impaled on railings after falling 60ft from the window of a luxury penthouse in central London, which is next door to John Lennon's former home. ...Metropolitan Police said the man's death was not being treated as suspicious but confirmed enquiries were being carried out into the circumstances surrounding his death.
  • Next up: Illinois municipal bankruptcy?

    12/06/2014 3:11:43 PM PST · by Graybeard58 · 18 replies
    Chicago Sun Times ^ | 12-6-'14 | Andrew Schroedter and Patrick Rehkamp
    At its recent annual conference the Illinois Municipal League, a century old adviser and advocate for local government, took the unprecedented step of sponsoring an in-depth session on a volatile topic: hometown bankruptcies. The Sept. 18 session, entitled “Finance: Lessons from Detroit and Pension Cases,” couldn’t have been timelier. Many of Illinois’ municipal leaders are warily eyeing Motown’s bankruptcy proceeding while questioning whether their financially desperate and cash-crunched cities, suburbs and villages could face the same fate, a Rescuing Illinois investigation finds. At the very least, these leaders are now, more than ever before, openly questioning if bankruptcy is a...
  • Federal Reserve Confirms Biggest Foreign Gold Withdrawal In Over Ten Years

    11/29/2014 11:42:43 AM PST · by blam · 45 replies
    Zero Hedge ^ | 11-29-2014 | Tyler Durden
    Tyler Durden11/29/2014 A week ago, when we reported that in a stunning move, the "Dutch Central Bank Secretly Withdrew 122 Tons Of Gold From The New York Fed", and when looking at the NY Fed's monthly reports of gold deposits by foreign entities, we observed that "we can see that while the 5 tons outflow in 2013 was most likely Germany, the recent surge in gold repatriation from Liberty 33 was the Netherlands. That said, only 77.5 tons of NY deposits gold has been officially repatriated through September, which means the October update, when it comes out, will be a...
  • WARNING Bank Deposits Will Soon No Longer Be Considered Money But Paper Investments

    11/16/2014 7:23:09 PM PST · by dontreadthis · 88 replies
    Economic Policy Journal ^ | NOVEMBER 13, 2014 | Kenneth Schortgen Jr
    This weekend the G20 nations will convene in Brisbane, Australia to conclude a week of Asian festivities that began in Beijing for the developed countries and major economies. And on Sunday, the biggest deal of the week will be made as the G20 will formally announce new banking rules that are expected to send shock waves to anyone holding a checking, savings, or money market account in a financial institution. On Nov. 16, the G20 will implement a new policy that makes bank deposits on par with paper investments, subjecting account holders to declines that one might experience from holding...
  • CCP “contagion” fears spark derivatives debate

    11/13/2014 9:41:06 PM PST · by TigerLikesRooster · 13 replies
    banking technology ^ | 13 November, 2014 | Elliott Holley
    CCP “contagion” fears spark derivatives debate 13 November, 2014 Written by Elliott Holley Controversy over the handling of derivatives dominated talk at the Mondo Visione Exchange Forum this week, where panellists contested the value of interoperability and whether CCP contagion might bring down the financial system. “Regulators should absolutely not allow interoperability for derivatives,” said Philip Simons, head of OTC derivatives business at Eurex Clearing. “It creates systemic risk. If one clearing house goes down, it would result in contagion as it would bring down all the others. CCPs are phenomenally under-capitalised. They could easily fall over.” Simons added that...
  • Feds Turn to Housing Market to Boost Slow Recovery

    11/13/2014 7:47:22 AM PST · by Beowulf9 · 14 replies
    FreeBeacon.com ^ | November 13, 2014 | Daniel Wiser
    Federal regulators are attempting to lower credit and lending standards for home mortgage loans during a time when there is little demand for housing, some experts say, a move that could create another destabilizing bubble if the economy improves.
  • How much money do we really owe? More than the government is saying and amnesty will kill us

    11/11/2014 8:55:06 AM PST · by Oldpuppymax · 21 replies
    Coach is Right ^ | 11/11/14 | Kevin "Coach" Collins
    Amnesty will kill us. It will cripple our ability to get out of debt. Since Barack Obama took office we have watched helplessly while he ran up our debt using our future earnings as collateral. As ordinary Americans we are limited in our ability to visualize and actually get a true understanding of the magnitude of our debt. We hear numbers that start in the hundreds of billions and run to the trillions. These numbers lose their meaning and their impact because of their enormity. The current best guess is that we owe nearly 18 trillion dollars. That much money...
  • It’s Shocking How Little Was Spent on the Midterms

    11/08/2014 6:31:17 AM PST · by rogerantone1 · 10 replies
    The Wall Street Journal ^ | November 7, 2014 | John R. Lott, Jr.
    The “most expensive election in history.” Our democracy is being “bought and sold.” This election, “debased by money, shames us all.” These are some of the recent expressions of outrage about what the Center for Responsive Politicsestimates to have been $3.67 billion spent for federal offices during the 2014 midterms. Two days before the election on “Face the Nation,” CBS’s Bob Schieffer asked viewers to name one item whose costs have gone up as much over time as campaigns. That’s easy. While campaign spending soared to $3.67 billion this year from $1.6 billion in 1998, federal government spending rose 5%...
  • If The Dollar Breaks This Trend, It Could 'Create Havoc On The Unprecedented $5-Trillion Carry Trade

    11/01/2014 9:28:33 AM PDT · by blam · 28 replies
    BI ^ | 11-1-2014 | Julia La Roche
    Julia La Roche October 31, 2014The Federal Reserve ended quantitative easing this week. And soon it'll start tightening monetary policy with interest rate hikes. This is coming as central banks in the rest of the world maintain loose monetary policy or even go as far as to loosen monetary policy further. All of this is bullish for the US dollar relative to other major currencies. Business Insider recently asked the smartest people in finance for what they considered to be the "most important charts in the world." Without hesitation, former global macro fund manager Raoul Pal sent us a long-term...
  • GAFFE: Markey Unable to Answer Basic Financial Question ( Colorado )

    10/20/2014 8:08:12 AM PDT · by george76 · 14 replies
    ColoradoPeakPolitics ^ | October 20, 2014
    And you thought the Treasurer’s debate would be boring. That was the observation made by Fox 31 political reporter Eli Stokols as he moderated a debate between Treasurer Walker Stapleton and failed Congresswoman Betsy Markey. At about the 7 minute mark in the below video is when things get really heated. Stapleton asks Markey a basic question about public finance: “Could you describe to me what a yield curve is, please?” She is unable to answer. ... Stapleton has a degree in business economics from the London School of Economics and an MBA from Harvard Business School. He is not...
  • big misses across all data: retail sales, producer prices, empire fed all whiff

    10/15/2014 5:55:26 AM PDT · by blam · 51 replies
    BI ^ | 10-15-2014 | Myles Udland
    Myles Udland October 15, 2014We just got a slew of bad economic data. Retail sales in September fell more than expected, producer prices unexpectedly fell, and the New York Fed's Empire manufacturing report came in way below expectations. Following these reports, the US dollar is falling against the Japanese yen, tumbling back below 107, while US stock futures are sharply lower. Dow futures are down 145 points, S&P 500 futures are down 22 points, and Nasdaq futures are down 38 points. Retail sales in September fell 0.3%, and fell 0.2% excluding autos. Expectations were for sales to show a decline...
  • The World Economy Is In Trouble

    10/11/2014 10:49:43 AM PDT · by blam · 20 replies
    BI - The Economist ^ | 10-11-2014 | The Economist
    October 11, 2014 The Economist For the American and British economies it has been a long road out of the woods, but the journey is nearing its end. America's unemployment rate fell below 6% in September. Britain's economy, where output was up 3.2% in the year to June, is growing faster than any other big rich country's. Central bankers are counting the days until they can raise interest rates. Virtually everywhere else, however, the news is grim and getting grimmer. The euro zone, the world's second-biggest economic area, seems to be falling from a feeble recovery back into outright recession...
  • A Wells Fargo employee asked the CEO for a raise — and cc’ed 200,000 coworkers

    10/09/2014 5:26:12 PM PDT · by 2ndDivisionVet · 43 replies
    The Washington Post's On Leadership ^ | October 9, 2014 | Jena McGregor
    Most people ask for a raise in the privacy of their boss's office. But one gutsy Wells Fargo employee emailed the CEO directly — and copied some 200,000 other Wells Fargo workers on the note. On Tuesday, the Charlotte Observer reported that Tyrel Oates, who it says works in an Oregon office of Wells Fargo processing requests from customers trying to stop debt-collection calls, sent such an email to CEO John Stumpf. His plea was not just to get a raise for himself. His proposal to Stumpf? Use the company's profits to give every employee a raise of $10,000. According...
  • ‘Weak and uneven’: IMF cuts global growth forecast

    10/07/2014 7:55:32 AM PDT · by Dr. Thorne · 1 replies
    CNBC via Drudge ^ | 10/7/2014 | Katrina Bishop
    The International Monetary Fund (IMF) has downgraded its global growth forecast for both this year and next, as a divergence emerges between those economies that are recovering—and those that are not. The organization, which represents 188 countries, now expects world growth to come in at 3.3 percent in 2014, down 0.1 percent from its forecast in July. While in 2015, it expects growth of 3.8 percent, down 0.2 percent from earlier expectations.
  • Money in Politics: What's the Problem? (video)

    10/06/2014 8:51:43 AM PDT · by servo1969 · 3 replies
    Prageruniversity.com ^ | 10-6-2014 | George Will
    Is "campaign finance reform" a good way to regulate money in politics? Nationally syndicated, Pulitzer Prize-winning columnist and best-selling author George Will shows that, despite the innocent name given by its proponents, campaign finance reform is really a euphemism for controlling free speech. If the goal is to get money out of politics, the real solution is to get politics out of money. In other words, shrink government. In five minutes, learn the truth.
  • Grandma Yellen And The Economic Mushroom Cloud On The Horizon

    10/05/2014 6:48:12 PM PDT · by blam · 7 replies
    The Market Oracle ^ | 10-5-2014 | Tony_Caldaro
    October 05, 2014 Tony_Caldaro Beautiful Indian summer imitation where I’m presently located in western Europe. Good time to start out with an empty sheet of text file (for lack of a better term), and stream some consciousness. Most people must have figured out that things in the economic sphere haven’t gotten any quieter lately. That’s at least something. Stock exchanges in the developed world jumped from a -1%+ loss one day to a 1%+ gain the next. Volatility, nerves, and probably ritalin, have returned. You have to wonder what that means in markets reigned supreme by high-frequency robot traders and...
  • Hackers’ Attack Cracked 10 Financial Firms in Major Assault - Drudge 'RUSSIANS HACK JPM'

    10/04/2014 12:00:37 AM PDT · by free_life · 53 replies
    NYTimes ^ | Oct 3, 2014 | MATTHEW GOLDSTEIN, NICOLE PERLROTH and DAVID E. SANGER
    The hackers are thought to be operating from Russia and appear to have at least loose connections with officials of the Russian government, the people briefed on the matter said. Some American officials speculate that the breach was intended to send a message to Wall Street and the United States about the vulnerability of the digital network of one of the world’s most important banking institutions. “It could be in retaliation for the sanctions” placed on Russia, one senior official briefed on the intelligence said. “But it could be mixed motives — to steal if they can, or to sell...
  • Caveat, investor: Now feds want a bite of your mutual fund

    10/02/2014 5:59:33 PM PDT · by TurboZamboni · 16 replies
    The Citizen ^ | 9-4-14 | Paul S. Atkins
    To oversee this process, Dodd-Frank created the Financial Stability Oversight Council (FSOC), made up of the heads of the financial services regulatory agencies. The council claims very broad power to designate certain activities (like asset management) or companies and products (including mutual funds) as systemically important and subject them to Federal Reserve bank-style regulation, including leverage and capital requirements. And the council is doing just that – first with banks, then insurance companies and now, potentially, mutual funds. President Obama’s “independent” insurance expert on the council issued a blistering dissent when it designated Prudential – the nation’s second-largest life insurer...
  • The Moral Hazard of the Export-Import Bank - Privatized Profits & Socialized Risk

    10/01/2014 3:19:19 PM PDT · by Noremac
    Communities Digital News ^ | October 1, 2014 | Richard Cameron
    There are a lot of solid reasons why federal programs like the Export-Import (EX-IM) Bank, should be terminated. I cover the majority of those reasons in the report I just filed on Communities Digital News. http://www.commdiginews.com/business-2/moral-hazard-at-the-export-import-bank-private-gain-vs-social-risk-26916/ Issues like questions of proper management, potential for fraud related to insider influence, unintended consequences of disruption of domestic markets, risk related to the volatility of the world economy, are all among them. Those are legitimate concerns and have demonstrated themselves to be problems. Above them all, and foremost is the essential consideration of legitimacy. The Ex-Im bank was spawned in illicit circumstances. Most...
  • Has anybody had their financial info stolen and used?

    09/30/2014 6:12:56 PM PDT · by ilovesarah2012 · 57 replies
    Today is payday for my daughter. This morning she checked her bank account and found a charge for almost $700 from an Apple store in California. We live in SC. She had to go to the bank and try to get it straightened out. It will be several days before she gets her money back. How does this happen and what can you do to protect yourself? I am outraged and feel like the chances of catching who did it are slim.
  • B of A Demands "Source of Wealth" Information from Former AZ Senators, Then Backpedals

    09/30/2014 9:00:55 AM PDT · by justlittleoleme · 26 replies
    Prescott News ^ | Monday, 29 September 2014 | Lynne LaMaster
    Larry and Linda Gray were surprised to get the letters from their bank asking for additional information about their financial affairs. They were offended when they saw what information was requested. So, they went to see their local BofA branch, toting the letter with them. The Assistant Manager Lucas Flood said he had not ever seen a letter like this, but after he made a few phone calls, he told the Grays that yes, it was legitimate. The accompanying letter explains, "Due to the prominent nature of your occupation or position held currently or in the past, we now require...
  • Twenty-five people at the heart of the meltdown ...

    09/25/2014 2:33:51 PM PDT · by Yollopoliuhqui · 13 replies
    The guardian ^ | 25 January 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
  • A New Fed Playbook for the New Normal

    09/21/2014 12:01:46 PM PDT · by Kaslin · 6 replies
    Townhall.com ^ | September 21, 2014 | Peter Schiff
    While many economists and market watchers have failed to notice, we have entered a new chapter in the short and checkered history of central banking. This paradigm shift, as yet unaddressed in the textbooks, changes the basic policy tools that have traditionally defined the sphere of macroeconomic decision-making. The job of a central banker is supposed to be the calibration of interest rates to achieve the optimal rate of growth for any particular economic environment. It is hoped that successful decisions, which involve perfectly timed moves to raise rates when the economy overheats and lower them when it cools, would...
  • ROSENBERG: 'The Economy Is Starting To Fire On All Cylinders For The First Time This Cycle'

    09/19/2014 2:41:33 PM PDT · by blam · 80 replies
    Bi ^ | 9-19-2014 | Elena Holodny
    Elena HolodnySeptember 19, 2014 David Rosenberg, Chief Economist & Strategist at Gluskin Sheff, surprised everyone when he adopted a more bullish view in 2013. On Friday he released a research note that included a brief and pretty optimistic summary of the US economy. Here's what it said: United States In the US, the economy is starting to fire on all cylinders for the first time this cycle. The strong US dollar is a source of margin support for importers which is great news for many consumer cyclicals. Tack on stepped consumer credit growth, job and wage gains, gasoline price relief,...
  • The Lawyer on Trial for Christ

    09/19/2014 9:04:55 AM PDT · by Kaslin · 16 replies
    Townhall.com ^ | September 19, 2014 | John Ransom
    When a witness for the prosecution provides the testimony that affirms the innocence of the defendant—when a witness is turned—there can be no more dramatic and powerful exoneration for the accused. And amongst the many gifts that David Limbaugh brings to bring to his latest best-selling book, Jesus on Trial: A Lawyer Affirms the Truth of the Gospel, it is Limbaugh’s gift of disbelief, his prior agnosticism toward “the God of the Bible,” that provides the gripping testimony necessary to turn an ordinary apologetics book into an extraordinary defense of, not just the Bible, but of belief in general. What...
  • Markets Set To Surge On Global Manufacturing PMI Bloodbath

    09/01/2014 10:00:56 AM PDT · by blam · 6 replies
    Zero Hedge ^ | 9-1-2014 | Tyler Durden
    Tyler DurdenSeptember 1, 2014If last week's disappointing global economic data, that saw Brazil added to the list of countries returning to outright recession as Europe Hamletically debates whether to be or not to be in a triple-dip, was enough to push the S&P solidly above 2000, even if on a few hundreds ES contracts (traded almost exclusively between central banks), then the overnight massacre of global manufacturing PMIs - when not one but both Chinese PMIs missed spurring calls for "more easing" and pushing the SHCOMP up 0.83% to 2,235.5 - should see the S&P cross Goldman's revised year end...
  • Most Americans are Financially Illiterate: Only 34% can answer these three basic questions correctly

    08/30/2014 10:09:19 AM PDT · by SeekAndFind · 59 replies
    Townhall ^ | 08/29/2014 | Mark Skousen
    “The college educated are more likely to own stocks and less prone to use high-cost borrowing.” — Journal of Economic Literature Financial literacy is important, but sadly, only a handful of states require students to take personal finance or an investment course. I earned a Ph. D. in economics and never took a class in accounting, business or personal finance! How bad is financial education in this country? In 2008, two economists came up with three simple questions to test the financial knowledge of citizens 55 years or older. See how well you do: 1. Suppose you had $100 in...
  • Fed Vice Chairman Warns: Your Bank May Seize Your Money to Recapitalize Itself

    08/27/2014 8:27:26 PM PDT · by Kartographer · 22 replies
    SHTF Plan ^ | 8/27/14 | Mac Slavo
    At the height of the financial crisis in 2008 the U.S. government forced some of the countries largest banks to take “bailout” funds amounting to billions of dollars in order to keep them from going bankrupt. It was a move designed to not only keep too-big-to-fail financial institutions afloat, but one that would inspire confidence and keep American consumers spending. As a result, the last several years have seen stock markets reach record highs with Americans continuing to rack up personal debt for real estate, vehicles, education, and consumer goods as if the financial crisis never happened.
  • Urgent: Checking and savings account information stolen from major banks

    08/27/2014 7:30:24 PM PDT · by TurboZamboni · 119 replies
    Kommando.com ^ | 8-27-14 | Kim Kommando
    Word has leaked that JPMorgan Chase and possibly four other banks have been hacked. Details are scarce at this point, but the FBI and other government agencies are involved in the investigation. The hack allegedly took place earlier in August and hackers have siphoned off huge amounts of sensitive data from Chase, including checking and savings account information. Even more concerning, sources say that the attack goes "far beyond the capabilities of ordinary hackers." Given the timing, some security experts are speculating it was the work of high-level Russian hackers. According to an inside source, there has been no increase...
  • Subprime woes are back: This time in used cars

    07/20/2014 7:19:57 PM PDT · by 2ndDivisionVet · 49 replies
    CNBC / The New York Times ^ | July 20, 2014 | Jessica Silver-Greenberg and Michael Corkery
    Rodney Durham stopped working in 1991, declared bankruptcy and lives on Social Security. Nonetheless, Wells Fargo lent him $15,197 to buy a used Mitsubishi sedan. ''I am not sure how I got the loan,'' Mr. Durham, age 60, said. Mr. Durham's application said that he made $35,000 as a technician at Lourdes Hospital in Binghamton, N.Y., according to a copy of the loan document. But he says he told the dealer he hadn't worked at the hospital for more than three decades. Now, after months of Wells Fargo pressing him over missed payments, the bank has repossessed his car. This...