Keyword: financialcrisis

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  • Guess who runs the Motion Picture Association of America in the Weinstein era

    10/20/2017 8:22:17 AM PDT · by afraidfortherepublic · 10 replies
    The American Thinker ^ | 10-20-17 | James V. DeLong
    It seems as though everyone and his publicist is commenting on Harvey Weinstein and the Hollywood sex culture, but there is an interesting exception: the Motion Picture Association of America.  The scandal is not noted on its blog, nor in its news section, nor in its press releases, nor in the recent speeches by its chairman extolling the First Amendment and the institution of copyright. One would normally expect a major trade association to be active on such a big issue, but the explanation for the silence seems pretty easy.  The MPAA chairman (until the end of this year, which...
  • U.S. urged to spend more on infrastructure

    04/11/2017 10:12:17 PM PDT · by Tolerance Sucks Rocks · 11 replies
    The Northwest Indiana Times ^ | March 18, 2017 | Associated Press
    BADEN-BADEN, Germany — Governments need to do more to create growth that benefits everyone, and the U.S. should spend more on roads, highways, bridges and airports, the Organization for Economic Cooperation and Development said Friday. The body, which includes the world's better-off countries, said in a report that governments should focus on providing better access to high-quality education and supporting employment for women through measures like affordable child care. It also highlighted the need for more spending on infrastructure. OECD Secretary-General Angel Gurria called for an "upskilling of the workforce" to address worker anxiety about the future of their jobs...
  • Your Pension Will Be At The Center Of America's Next Financial Crisis

    03/26/2017 5:30:43 PM PDT · by SeekAndFind · 28 replies
    Zero Hedge ^ | 03/26/2017 | Jeff Reeves via The Hill
    Authored by Jeff Reeves via The HillI’m not a fan of the “greed is good” mentality of Wall Street investment firms. But the next financial crisis that rocks America won’t be driven by bankers behaving badly. It will in fact be driven by pension funds that cannot pay out what they promised to retirees. According to one pension advocacy organization, nearly 1 million working and retired Americans are covered by pension plans at the risk of collapse.The looming pension crisis is not limited by geography or economic focus. These including former public employees, such as members of South Carolina’s...
  • Barney Frank caused the Bush Crash (Fribray)

    02/17/2017 5:43:01 AM PST · by bray · 20 replies
    www.brayincandy.com ^ | 2/17/17 | bray
    Posted 2008 Who shall separate us from the love of Christ? shall tribulation, or distress, or persecution, or famine, or nakedness, or peril, or sword? Nay, in all these things we are more than conquerors through him that loved us. Romans 8:35,37 KJV All the outrage over Bernie Madeoff is pretty surprising. Sure he bilked people out of everything they had, putting them in financial disaster and bankruptcy? So he lied to people over decades taking everything they saved in a fraudulent investment Ponzi scheme bankrupting Pension/Charity and College funds. So he was lying to investigators about those cooked books...
  • UN fears third leg of the global financial crisis, with epic debt defaults

    09/21/2016 2:21:38 PM PDT · by NRx · 35 replies
    The Telegraph ^ | 09-21-2016 | Ambrose E. Pritchard
    The third leg of the world's intractable depression is yet to come. If trade economists at the United Nations are right, the next traumatic episode may entail the greatest debt jubilee in history. It may also prove to be the definitive crisis of globalized capitalism, the demise of the liberal free-market orthodoxies promoted for almost forty years by the Bretton Woods institutions, the OECD, and the Davos fraternity. "Alarm bells have been ringing over the explosion of corporate debt levels in emerging economies, which now exceed $25 trillion. Damaging deflationary spirals cannot be ruled out," said the annual report of...
  • US DoJ hits Deutsche Bank with record $14bn fine

    09/17/2016 6:43:40 AM PDT · by Olog-hai · 14 replies
    TheLocal.de ^ | 17 Sep 2016 08:55 GMT+02:00 | AFP
    US authorities are targeting Deutsche Bank for a record $14 billion fine, mark(ing) the latest blow to Germany’s biggest lender, which since the 2008 financial crisis has run a gauntlet of setbacks. The weighty demand from the Department of Justice (DoJ) comes after Deutsche has already paid out billions in fines over interest-rate fixing and sanctions violations, and as it battles through some 8,000 ongoing legal cases and a painful restructuring. […] Deutsche Bank is among several major financial institutions accused by US authorities of misleading investors about the values and quality of complex mortgage-backed securities sold before the 2008...
  • The shipping industry sinks as global trade slows

    08/31/2016 9:31:00 PM PDT · by Olog-hai · 17 replies
    Marketplace Business News ^ | August 31, 2016 | 11:12 AM | Ashley Milne-Tyte
    Today a big Korean shipping company called Hanjin declared bankruptcy. It may be far away, but that move is a testament to an industry in trouble. Volume is way down all over the world as trade remains sluggish. Add to that the fact that just as demand wanes, a whole load of new vessels come online, and there’s a problem. Shipping hit a crisis in 2008 as demand for goods plunged. It’s never fully returned. John Butler is CEO of the World Shipping Council. He said after the financial crisis, when oil prices were spiking, “There was an expectation that...
  • The coming debt bust [China’s financial system]

    05/21/2016 6:38:20 PM PDT · by TigerLikesRooster · 21 replies
    Economist ^ | May 7th 2016
    China’s financial system The coming debt bust It is a question of when, not if, real trouble will hit in China May 7th 2016 | From the print edition Timekeeper CHINA was right to turn on the credit taps to prop up growth after the global financial crisis. It was wrong not to turn them off again. The country’s debt has increased just as quickly over the past two years as in the two years after the 2008 crunch. Its debt-to-GDP ratio has soared from 150% to nearly 260% over a decade, the kind of surge that is usually followed...
  • I went from Wall Street...to working at Waffle House

    03/18/2016 8:19:06 AM PDT · by SeekAndFind · 54 replies
    CNN Money ^ | 03/18/2016 | Heather Long
    When James Adams walked into Waffle House in 2009 and requested a job application, the manager asked if he'd been sacked because of the meltdown. "Yeah," Adams said. "Firms like mine caused it." The manager gave him a sympathetic look. She said he could start Monday as long as he had a pair of black pants and vowed not to steal anything. He took the job. Adams went from pulling in six figures a year as a hedge fund vice president to serving bacon and grits for $2.13 an hour (plus tips). The job came with a side of "humble...
  • The world can't afford another financial crash – it could destroy capitalism as we know it

    02/11/2016 7:29:27 AM PST · by Biggirl · 38 replies
    The Telegraph ^ | February 11, 2016 | Allister Heath
    They bounce back after terrorist attacks, pick themselves up after earthquakes and cope with pandemics such as Zika. They can even handle years of economic uncertainty, stagnant wages and sky-high unemployment. But no developed nation today could possibly tolerate another wholesale banking crisis and proper, blood and guts recession.
  • Column - Norma White: You want change? Try these ideas

    02/02/2016 11:27:50 AM PST · by pilgrim · 41 replies
    Amarillo Globe ^ | October 21, 2008 | Norma White
    Here are a few that I believe all Americans want. Limit Congress from serving more than two terms. That is all that presidents are allowed. Stop Congress from voting for their own raises. How did that ever get started? Stop paying for lawmakers' high-priced insurance premiums. After all, they are only part-time employees. They might pass some law changes on the insurance companies, if they had to find one. Stop paying lawmakers their full salary after serving just one term, or at retirement. We need to get rid of that pension plan; they've let other companies get rid of theirs....
  • Michael Burry, Real Market Genius From The Big Short, Thinks Another Financial Crisis Is Looming

    01/17/2016 6:56:40 AM PST · by Beave Meister · 13 replies
    New York Magazine ^ | 12/28/2015 | Jessica Pressler
    If The Big Short, Adam McKay’s adaptation of Michael Lewis’s book about the 2008 financial crisis and the subject of last month’s Vulture cover story, got you all worked up over the holidays, you’re probably wondering what Michael Burry, the economic soothsayer portrayed by Christian Bale who’s always just a few steps ahead of everyone else, is up to these days. In an email, which readers of the book will recognize as his preferred method of communication, the real-life head of Scion Asset Management answered some of our panicked questions about the state of the financial system, his ominous-sounding water...
  • 'Too big to fail' banks need $1.2 trillion

    11/09/2015 10:21:49 AM PST · by PAR35 · 48 replies
    CNN ^ | November 9, 2015 | Matt Egan
    Big banks better start looking under the couch cushions. They need to come up with $1.2 trillion to fortify themselves from the next financial meltdown. Global financial regulators Monday issued new rules that are designed to prevent a failing big bank from dragging down the entire financial system. That's what happened in 2008 when Lehman Brothers imploded, sparking the worst financial crisis since the Great Depression. ... Wells Fargo (WFC) and JPMorgan are the U.S. banks most vulnerable to the new G20 rules, Morningstar's Baker said. He estimates Wells Fargo may need to raise up to $30 billion, while JPMorgan...
  • Protective Laws Have Taken Some Wrong Turns

    09/16/2015 9:12:42 AM PDT · by Kaslin · 1 replies
    Townhall.com ^ | September 16, 2015 | Rachel Marsden
    Two of the biggest global challenges of the past decade -- terrorism and the 2008 financial crisis -- have given rise to some well-intentioned legislation that has missed the mark. The U.S. Treasury Department is charged with maintaining the nation's financial health. Things like money laundering and terrorist financing jeopardize that health, but there's so much shady dealing that it's impossible for government bureaucrats to keep up. Nonetheless, rules are passed, and affected parties are expected to be able to show that they've paid some lip service to the new mandates. Compliance is accepted as a cheap substitute for due...
  • The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis

    07/18/2015 6:20:56 PM PDT · by SeekAndFind · 8 replies
    There has been so much attention on Greece in recent weeks, but the truth is that Greece represents only a very tiny fraction of an unprecedented global debt bomb which threatens to explode at any moment. As you are about to see, there are 24 nations that are currently facing a full-blown debt crisis, and there are 14 more that are rapidly heading toward one. Right now, the debt to GDP ratio for the entire planet is up to an all-time record high of 286 percent, and globally there is approximately 200 TRILLION dollars of debt on the books. That...
  • Chicago’s Financial Fire: The city faces trouble from every direction.

    07/13/2015 6:57:39 AM PDT · by SeekAndFind · 21 replies
    City Journal ^ | 07/13/2015 | AARON M. RENN
    After years of warnings, financial reality is hitting home in Chicago, clouding Mayor Rahm Emanuel’s hope for a transformational legacy. In March, Moody’s downgraded the city’s credit rating to junk, but Chicago’s financial hole long predates its ratings slide. The trouble began emerging at least as far back as 2003, albeit under the radar. Then, as the Great Recession pummeled municipal budgets around the country, former Mayor Richard M. Daley engaged in dubious deals, such as the city’s parking-meter lease. In 2010, as Daley’s tenure neared its close, Crain’s Chicago Business published an exposé on the troubling levels of debt...
  • America, Like Greece, May End with a Lawless Whimper

    07/10/2015 8:45:26 AM PDT · by SeekAndFind · 5 replies
    National Review ^ | 07/10/2015 | Victor Davis Hanson
    Barbarians at the gate usually don’t bring down once-successful civilizations. Nor does climate change. Even mass epidemics such as the plague that decimated sixth-century Byzantium do not necessarily destroy a culture. Far more dangerous are institutionalized corruption, a lack of transparency, and creeping neglect of existing laws. All the German euros in the world will not save Greece if Greeks continue to dodge taxes, featherbed government, and see corruption as a business model. Even obeying so-called minor laws counts. It is no coincidence that a country where drivers routinely flout traffic laws and throw trash out the window is also...
  • 3 reasons the average American may be worse off than Greece

    07/09/2015 1:39:58 PM PDT · by SeekAndFind · 15 replies
    Fortune ^ | 07/09/2015 | S. Kumar
    Greece may be dealing with a debt crisis, but the average U.S. household may have more to lose. The fate of debt-troubled Greece is now only days away from being decided. Greek Prime Minister Alexis Tsipras requested bailout funds on Wednesday, promising to submit reform proposals later this week. Either the country will agree to severe austerity measures in exchange for a reprieve from its lenders or will have to exit the eurozone and strike out on its own. Whatever happens, the average American may be worse off than Greece. Here are three ways to look at it: 1) Americans...
  • Why Greece Won't Pay

    06/25/2015 5:24:18 AM PDT · by Kaslin · 37 replies
    Townhall.com ^ | June 25, 2015 | Victor Davis Hanson
    For almost six years Greece has been on the cusp of financial disaster. Its Northern European and international creditors have extended loans, suspended interest payments and forgiven some debt. But European lenders have also stubbornly kept to the old-fashioned principle that debtors freely borrowed their money from lenders, and therefore most borrowed money must be paid back, regardless of the current financial status of the debtors. Greece counters that after all sorts of austerity budgets, it simply can no longer inflict the necessary pain on its relatively tiny population to squeeze out enough cash to pay its well-off creditors. In...
  • THE WATCHDOGS: Generous pension benefits only one part of state, city financial crisis ( Chicago )

    05/18/2015 7:03:55 AM PDT · by george76 · 13 replies
    Chicago Sun-Times ^ | 05/17/2015 | Chris Fusco, Dan Mihalopoulos and Patrick Rehkamp
    One of every four retired workers from the state of Illinois, the city of Chicago and the Chicago Public Schools is getting a pension of more than $60,000 a year. That’s 80,365 people in all. For 13,240 of them, those checks provide a yearly income of $100,000 or more, a Chicago Sun-Times/Better Government Association analysis of pension records has found. An additional 20,004 have pension incomes totaling between $80,000 and $100,000 a year. ... the root of the problem is that government officials kept promising lifetime benefits to workers — and, in many cases, to their surviving spouses should they...