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Keyword: financialcrisis

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  • A Republican Agenda for Real Change

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

    09/21/2011 6:51:14 AM PDT · by blam · 1 replies
    TBI ^ | 9-21-2011 | Joe Weisenthal
    IMF Issues Brand New Warning About The Massive Risks To The Banking System Joe Weisenthal Sep. 21, 2011, 9:37 AMReleased this morning by the IMF. A new statement on huge risks to the banking sector. ------------------------------ * Weak growth, balance sheets and political resolve cause crisis of confidence * Large number of countries effected by government debt risks * Policymakers need to act to repair household, government and financial balance sheets Financial stability risks have risen sharply in recent months, as slower economic growth, market turbulence in Europe, and the credit downgrade of the United States have weighed on the...
  • Peter Wallison's Dissent from the Majority Report of the Financial Crisis Inquiry Commission

    09/03/2011 7:33:22 AM PDT · by Titus-Maximus · 5 replies
    Youtube ^ | February 2011 | AEI
    The reality of the beginnings of the Financial Crisis was government housing policy that reduced underwriting standards for mortgages and created a tsunami of subprime debt. The truth that the Democratic Party refuses to discuss.
  • America's Titanic Moment

    08/29/2011 6:35:29 AM PDT · by Kaslin · 27 replies ^ | August 29, 2011 | Craig Steiner
    There's a classic sequence near the end of the 1997 movie Titanic that depicts the ship's sinking. As the bow of the ship takes on water and slides beneath the ocean, the stern of the ship rises out of the water and ends up vertical. There's a pause as the stern just bobs there in the middle of the ocean leaving the remaining passengers afraid and confused. Then, after a brief pause, the ship quickly sinks. As I watch economic and political news unfold, I get the distinct impression that in 2008 the liberal ship Titanic hit an economic iceberg...
  • Cheney Slams McCain

    08/28/2011 6:04:38 PM PDT · by rabscuttle385 · 83 replies
    National Review ^ | 2011-08-28 | Robert Costa
    <p>Cheney writes that in 2008 he was puzzled about GOP presidential nominee John McCain’s decision to suspend his campaign and request a meeting with congressional leaders to discuss the financial crisis at the White House.</p> <p>“Senator McCain added nothing of substance,” Cheney writes about the now-famous meeting. “It was entirely unclear why he’d returned to Washington and why he’d wanted the congressional leadership called together. I left the Cabinet Room when the meeting was over thinking the Republican presidential ticket was in trouble.”</p>
  • The Mortgage Hangover: A Bronx boom-and-bust story shows why the nation hasn't yet recovered...

    08/21/2011 11:48:26 PM PDT · by neverdem · 11 replies
    City Journal ^ | Summer 2011 | Nicole Gelinas
    A Bronx boom-and-bust story shows why the nation hasn’t yet recovered from the financial crisis. As the American economy limps through its second “recovery summer,” hobbled by trillions of dollars in bubble-era debt, politicians and regulators should take a long look at an unlikely place: Kingsbridge, a neighborhood in the northwest Bronx. In some ways, Kingsbridge’s credit-bubble experience was no different from the rest of the nation’s. As the bubble reached its greatest size in late 2006 and early 2007, the financial system—aided by dizzyingly intricate instruments and coddled by the government, which had long kept investors from facing the...
  • Our false oracles have failed. We need a new vision to live by

    08/20/2011 6:10:50 PM PDT · by AfricanChristian · 27 replies · 1+ views
    The Times of London ^ | October 20, 2008 | Ben Okri
    (Published three years ago. Still important today). The crisis affecting the economy is a crisis of our civilisation. The values that we hold dear are the very same that got us to this point. The meltdown in the economy is a harsh metaphor of the meltdown of some of our value systems. A house is on fire; we see flames coming through the windows on the second floor and we think that that is where the fire is raging. In fact it is raging elsewhere. For decades poets and artists have been crying in the wilderness about the wasteland, the...
  • Roubini: Bush Responsible for Economic Woes

    08/12/2011 4:04:17 PM PDT · by rabscuttle385 · 66 replies
    WSJ / MarketWatch ^ | 2011-08-12
    In a clip from his interview with WSJ's Simon Constable, Dr. Nouriel Roubini insists that it was the policies of George W. Bush that caused the current U.S. economic crisis.
  • Higher Food Prices on Way (ahead of 2012 elections)

    08/10/2011 11:37:03 PM PDT · by rabscuttle385 · 30 replies
    The Wall Street Journal ^ | 2011-08-11 | Leslie Josephs & Paul Ziobro
    NEW YORK—American consumers can expect bigger grocery bills in 2012, even as commodity prices are forecast to fall. (snip) In a recent report, the U.S. Department of Agriculture said grocery-store prices will likely rise 3% to 4% in 2012, on par with this year, even though ingredient costs may fall. The biggest increases would likely be in the first half of next year, but prices would most likely ease later in 2012, said USDA economist Richard Volpe.
  • Stop the Fiscal War Against Our Children Now

    08/07/2011 6:15:32 PM PDT · by rabscuttle385 · 9 replies
    Bloomberg | 2011-06-29 | Laurence Kotlikoff
    Link only, per FR posting rules
  • China Tells U.S. It Must ‘Cure Its Addiction to Debt’ (China calls for "int'l supervision" of US)

    08/06/2011 3:44:07 PM PDT · by rabscuttle385 · 65 replies
    The New York Times ^ | 2011-08-06 | David Barboza
    SHANGHAI — China, the largest foreign holder of United States debt, said Saturday that Washington needed to “cure its addiction to debts” and “live within its means,” just hours after the rating agency Standard & Poor’s downgraded America’s long-term debt. The harshly worded commentary, which was released by China’s official Xinhua news agency, was Beijing’s latest effort to express its displeasure with Washington. (snip) “The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone,” read the...
  • A few inconvenient truths getting in the way of the “We inherited the financial crisis” meme

    08/05/2011 2:02:31 PM PDT · by SeekAndFind · 23 replies
    Hotair ^ | 08/05/2011 | Ed Morrissey
    As Barack Obama continues to blame his predecessor for the tanking economy and the chronic unemployment that Obama promised to avoid with his big stimulus package more than two years ago, and as other Democrats get aboard the Blameshift Express, Byron York attempts to set the record straight. He focuses on the claim that eight years of spending and “reckless tax cuts” by the Bush administration bankrupted the country. When one looks at the numbers, the Democratic argument doesn’t stand up at all: This week a Florida Democratic representative, Corrine Brown, explained her vote against the debt-ceiling agreement by citing...
  • Tea Party group slams Boehner, McConnell

    07/22/2011 6:26:56 PM PDT · by rabscuttle385 · 41 replies
    The Hill, Washington DC ^ | 2011-07-19 | Alicia M. Cohn
    A large umbrella group for Tea Party activists targeted Republican leaders Tuesday for what they called caving in on the deficit talks. The Tea Party Nation put House Speaker John Boehner (R-Ohio) and Senate Minority Leader Mitch McConnell (R-Ky.) on notice "for betraying the movement that put Republicans in charge of the lower chamber last year." In a press release, Tea Party Nation founder Judson Phillips drew a hard line for the Tea Party position. Phillips warned that his organization is on the lookout for Republicans voting to give away "more borrowing authority to President Obama" without also ensuring spending...
  • Dissent from the Majority Report of the Financial Crisis Inquiry Commission

    07/20/2011 12:09:29 AM PDT · by neverdem · 2 replies
    AEI Online ^ | January 26, 2011 | Peter J. Wallison
            Papers & Studies Dissent from the Majority Report of the Financial Crisis Inquiry CommissionBy Peter J. WallisonAEI OnlineWednesday, January 26, 2011       Read the dissent in full as an Adobe Acrobat PDF.The question I have been most frequently asked about the Financial Crisis Inquiry Commission (the "FCIC" or the "Commission") is why Congress bothered to authorize it at all. Without waiting for the Commission's insights into the causes of the financial crisis, Congress passed and President Obama signed the Dodd-Frank Act (DFA), far-reaching and highly consequential regulatory legislation. Congress and the President acted...
  • Obama could stir a Tea Party crisis

    07/18/2011 10:55:28 AM PDT · by No One Special · 31 replies
    Asia Times ^ | July 19, 2011 | Spengler
    President Barack Obama's best hope of re-election lies in provoking Republicans to force the United States into technical default, engineering a brief but severe financial crisis in order to appear as crisis-manager-in-chief. The Tea Party movement may be marching into a political ambush, in which Obama will be able to portray the born-again budget-cutters as irresponsible fanatics who threaten to tip America into a new depression. The now unpopular president then would assume the role of national savior in time of crisis. What would happen if August arrives without an increase in the US debt ceiling? There is no good...
  • Holder Launches Witch Hunt Against Biased Banks

    07/09/2011 7:11:24 AM PDT · by TimSkalaBim · 69 replies
    Investor's Business Daily ^ | 7/8/2011 | Paul Sperry
    In what could be a repeat of the easy-lending cycle that led to the housing crisis, the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination, according to court documents reviewed by IBD. [snip] Another Reno protege, Perez has compared bankers to Klansmen. Only difference is, he said, bankers discriminate "with a smile" and "fine print." He said this kind of racism, though more subtle, is "every bit as destructive as the cross burned in a neighborhood." Perez has put...
  • Poll: 4 in 10 see 'permanent decline'

    07/01/2011 1:26:03 PM PDT · by rabscuttle385 · 30 replies
    Politico ^ | 2011-06-30 | Jennifer Epstein
    Nearly 4 in 10 Americans say they think the economy is in permanent decline, a new polls shows as deep pessimism about the economy becomes more widespread. Thirty-nine percent of those surveyed for a New York Times/CBS News poll released late Wednesday say they see the economy headed on a downward path - significantly worse than when the question was last asked in October and 28 percent of Americans said the economy was in permanent decline.
  • Shell Game : That's What the Entire U.S. Financial System Has become Like.

    07/01/2011 6:59:13 AM PDT · by SeekAndFind · 12 replies
    The Economic Collapse ^ | 06/30/2011 | Michael Snyder
    The entire U.S. financial system has become a gigantic shell game. While it is still in motion, a shell game can be mesmerizing to watch. But when it ends the consequences can be painful. So exactly what is a shell game? According to Wikipedia, a shell game "is portrayed as a gambling game, but in reality, when a wager for money is made, it is a confidence trick used to perpetrate fraud." Sadly, that is exactly what is happening on the global stage today. The Federal Reserve is like a con artist that is desperately trying to stay one...
  • Fannie, ACORN, Obama, and the Financial Crisis

    06/17/2011 3:52:09 PM PDT · by neverdem · 6 replies
    NATIONAL REVIEW ONLINE ^ | June 17, 2011 | Stanley Kurtz
    Jonah rightly calls today’s David Brooks column a must-read. Brooks discusses Reckless Endangerment, the new book by Gretchen Morgenson and Joshua Rosner exposing Fannie Mae’s role in the runup to the financial crisis. Brooks also rightly credits Michele Bachmann for her important role in publicizing a topic many other national politicians have been silent on. I’ve only had a chance to give Reckless Endangerment a quick look, but my impression is that it tells the right story, if a bit too much from Fannie Mae’s point of view. In Morgenson and Rosner’s telling, Fannie Mae effectively buys off ACORN and other...
  • Feud Rips Eurozone

    06/11/2011 6:29:52 AM PDT · by Kaslin · 4 replies · 1+ views ^ | June 11, 2011 | Mike Shedlock
    The feud between ECB president Jean-Claude Trichet and German finance Minister Wolfgang Schaeuble escalated in a major way today with members of German Parliament siding with Schaeuble and against the wishes of the ECB. German Politicians Demand Private Creditors Participate Please consider Germany MPs discuss resolution on Greece aidGerman members of parliament are discussing on Thursday a joint motion for a resolution demanding the fair participation of private creditors in future aid to Greece, a draft of the paper obtained by Reuters said. The deputies from all three parties in Chancellor Angela Merkel's center-right coalition are demanding to have a say...