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Keyword: financialcrisis

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  • OWS (And Everyone Else): Pay Attention To Greece

    10/19/2011 9:56:04 PM PDT · by Shalmaneser · 11 replies
    Market-Ticker,Org ^ | 2011-10-16 | Karl Denninger
    There is no such thing as a Unicorn that craps out pretty colored candies. In the case at hand in the United States we have a government on both sides of the aisle that has made promises that are mathematically impossible to keep. That same government conspired with The Fed and with Wall Street to blow a series of bubbles that led you to believe, over the space of 30 years, that you could have more than you can actually pay for with your work output. This claim was a lie and it infested virtually every area of our nation....
  • Occupy Wall Street Angst Misplaced? You be the Judge

    I have been trading barbs with Occupy Wall Street supporters via social media and my own website for a few weeks now, some of it civil, but most of it not. One thing I have learned is that the Occupy Wall Street movement and the Tea Party have a couple of things in common; they are both upset about the state of the economy and both are fed up with politicians. Unfortunately, that is where the similarities end and the differences begin. The OWS’ers want to blame Wall Street and banks for all their problems while the Tea Party and...
  • Post 2007 Obama says Sub Prime Mortgages: a GOOD IDEA!!

    10/13/2011 4:41:59 PM PDT · by Titus-Maximus · 5 replies
    Youtube ^ | 2008 | News clips
    Explosive Audio Unearthed: After the Sub Prime Crisis already started in 2007 Obama says Sub Prime Mortgages that gave houses to people WHO COULDN'T AFFORD THEM was a GOOD IDEA!!
  • The Unexamined Crisis

    10/12/2011 5:02:18 PM PDT · by neverdem · 6 replies
    Project Syndicate ^ | 2011-09-22 | Luigi Zingales
    CHICAGO – Three years have now passed since the collapse of Lehman Brothers, which triggered the start of the most acute phase of the 2007-2008 financial crisis. Is the financial world a safer place today? Within days after the 9/11 terrorist attacks in 2001, the US had erected new and enormous security measures at airports throughout the country. Within a month, the US military was on the ground in Afghanistan. Within three years the US had an official report on the causes of the events of 9/11; the well-resourced expert commission that produced it identified the weaknesses of America’s national-security...
  • You Won't Believe Who Newt Gingrich Wants To Throw In Jail For The Financial Crisis

    10/12/2011 7:40:25 AM PDT · by SeekAndFind · 85 replies
    Business Insider ^ | 10/12/2011 | Zeke Miller
    Former Speaker of the House Newt Gingrich got worked up when asked about the Occupy Wall Street protests at last night's Bloomberg-Washington Post debate. Gingrich first sought to tie the protests to "left-wing agitators" before calling for the firing of Fed Chairman Ben Bernanke and Treasury Secretary Tim Geithner. He then doubled down, calling on former Sen. Chris Dodd and Rep. Barney Frank to be thrown in jail, not anyone on Wall Street. Asked if he actually meant for them to do prison time, Gingrich said he did, alluding to past ethical scandals. Watch the video below: CLICK ABOVE LINK...
  • 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
    Townhall.com ^ | 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
    Townhall.com ^ | 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...
  • In India, Dynamism Wrestles With Dysfunction

    06/08/2011 11:17:24 PM PDT · by Cronos · 3 replies · 1+ views
    The New York Times ^ | 8 Jun 2011 | Jim Yardley
    With its shiny buildings and galloping economy, Gurgaon is often portrayed as a symbol of a rising “new” India, yet it also represents a riddle at the heart of India’s rapid growth: how can a new city become an international economic engine without basic public services? How can a huge country flirt with double-digit growth despite widespread corruption, inefficiency and governmental dysfunction?...In Gurgaon and elsewhere in India, the answer is that growth usually occurs despite the government rather than because of it. India and China are often considered to be the world’s rising economic powers, yet if China’s growth has...
  • Bank of America Gets Pad Locked After Homeowner Forecloses On It

    06/04/2011 11:01:43 AM PDT · by rawhide · 72 replies
    digtirad.com ^ | 6-4-11 | Kelly Heffernan-Tabor
    Have you heard the one about a homeowner foreclosing on a bank? Well, it has happened in Florida and involves a North Carolina based bank. Instead of Bank of America foreclosing on some Florida homeowner, the homeowners had sheriff's deputies foreclose on the bank. It started five months ago when Bank of America filed foreclosure papers on the home of a couple, who didn't owe a dime on their home. The couple said they paid cash for the house. The case went to court and the homeowners were able to prove they didn't owe Bank of America anything on the...
  • More Americans Think Economy Will Never Recover

    06/03/2011 7:33:34 PM PDT · by rabscuttle385 · 47 replies
    CNBC ^ | 2011-06-03
    The mixed signals regarding the economy's health are taking a toll. Americans are growing increasingly doubtful about direction of the US economy, according to the latest survey from business-advisory firm AlixPartners. In fact, an increasing number, some 61 percent, say they don't expect to return to their respective pre-recession lifestyles until the spring of 2014, if ever. What's worse, a full 10 percent said they expect they will never return to pre-recession spending. That's a more pessimistic view than last year, when those surveyed expected that they could be back to pre-recession spending levels by the middle of 2013. "Americans...
  • Manhattan DA subpeonas Goldman in mortgage-deal probe

    06/02/2011 11:21:33 PM PDT · by blueplum · 7 replies
    Sacramento Bee ^ | 02 Jun 11 | Greg Gordon/McClatchy
    WASHINGTON -- WASHINGTON-In the absence of federal prosecutions over Wall Street's role in the financial crisis, the Manhattan district attorney has subpoenaed Goldman Sachs regarding allegations that the giant investment bank bet heavily against its clients in risky mortgage deals, two people familiar with the matter said Thursday. [snip] It could not be learned whether the office of District Attorney Cyrus Vance Jr. is examining any other of 27 offshore deals pegged to the performance of $28 billion in risky mortgage securities that Goldman sold in 2006 and 2007. The Senate panel limited its inquiry to four of those deals...
  • Smart Money: Hedge funds sell faltering U.S. banks

    05/31/2011 9:49:17 PM PDT · by Nachum · 2 replies
    Reuters ^ | 5/31/11 | Maria Aspan
    (Reuters) - The recovery of Citigroup and Bank of America provided famed hedge fund managers like Lee Ainslie and Jeff Altman some of their biggest gains last year, but now the smart money is getting out while the getting is good. With Ainslie's Maverick Capital, Altman's Owl Creek Asset Management and other major funds backing away from the banking sector in the first quarter, financials suffered the biggest decrease in sector holdings among the Smart Money 30, a group of some of the largest stock-picking hedge funds. Ainslie, Altman and Stephen Cucchiaro's Windhaven Investment Management dumped their entire holdings in...
  • Suddenly Everyone Is Warning About The Next Financial Collapse

    05/31/2011 9:50:10 PM PDT · by Kartographer · 46 replies
    Benzinga.com ^ | 5/31/11 | Michael Snyder
    The following is just a sampling of the financial warnings that we have seen in recent days from some prominent voices.... *Economist Nouriel Roubini: "I think right now we're on the tipping point of a market correction. Data from the U.S., from Europe, from Japan, from China are suggesting an economic slowdown." *Jim Rogers: "I would expect to see some serious problems in the foreseeable future….By 2011, 2012, 2013, 2013, I don't know when, we're going to have an economic slowdown again." *Mark Mobius, the executive chairman of Templeton Asset Management's emerging markets group: "There is definitely going to be...
  • The Return of Stagflation

    05/30/2011 6:10:59 PM PDT · by rabscuttle385 · 19 replies
    The Wall Street Journal ^ | 2011-05-23 | Ronald McKinnon
    'Stagflation" is an ugly word for an ugly situation: persistent high inflation combined with high unemployment and stagnant demand in a country's economy. The term was coined by British politician Iain Mcleod in a speech to Parliament in 1965. We haven't experienced it here in the United States since the bad old days of the 1970s. Yet with prices on the rise and unemployment still high, the U.S. economy again seems to be entering stagflation. April's producer price index for finished goods, which excludes services and falling home prices, rose 6.8%. The Bureau of Labor Statistics reports that intermediate goods...
  • Rising Rents Risk U.S. Inflation as Fed’s Restraint Questioned

    05/30/2011 5:53:15 PM PDT · by rabscuttle385 · 23 replies
    Bloomberg | 2011-05-30 | Joshua Zumbrun
    Link only, per FR posting rules
  • Europe at the Abyss

    05/30/2011 12:37:35 PM PDT · by DeaconBenjamin · 8 replies
    Real Clear Politics ^ | By Robert Samuelson
    A year after rescuing Greece from default, Europe stares into the abyss. The bailout is insufficient. Greece needs more money, and it can't borrow from private markets where it faces interest rates as high as 25 percent. But Europe's governments are reluctant to advance more funds unless other lenders -- banks, bondholders -- absorb losses by writing down their debts. This would constitute a default, risking a broader banking crisis that might torpedo Europe's fragile recovery in France, Germany and elsewhere. There is no easy escape. This "debt crisis" is increasingly a political and social crisis. Looming over the financial...
  • Mark Mobius Echoes Carl Icahn: "There Is Definitely Going To Be Another Financial Crisis"

    05/30/2011 9:34:15 AM PDT · by george76 · 12 replies
    zh ^ | 05/30/2011 | Tyler Durden
    In an almost verbatim repeat of Carl Icahn's words of caution which we noted yesterday, Templeton's legendary chairman Mark Mobius said that "another financial crisis is inevitable because the causes of the previous one haven’t been resolved" ... at the Foreign Correspondents’ Club of Japan in Tokyo... "There is definitely going to be another financial crisis around the corner because we haven’t solved any of the things that caused the previous crisis,” Mobius said at the Foreign Correspondents’ Club of Japan in Tokyo today in response to a question about price swings...nothing in the structure of capital markets has changed,...
  • Hellenic Handbasket. In some ways the US financial condition is worse than Greece's

    05/25/2011 6:45:43 AM PDT · by SeekAndFind · 2 replies
    National Review ^ | 05/25/2011 | Michael Tanner
    Pop quiz: Which country is in worse fiscal condition — Greece or the United States? Greece, struggling to avoid default on its massive national debt, obviously is in bad shape. This year it will run a budget deficit equal to 9.5 percent of its GDP. That actually is a significant improvement over last year, when its deficit topped 15 percent of GDP, though it remains well above its target of 7.4 percent. Greece’s overall national debt will be slightly higher than 150 percent of GDP by the end of the year. And the worst is yet to come. If Greece...
  • The U.S. fiscal solution: Follow Canada’s fiscal lead

    05/25/2011 6:30:19 AM PDT · by SeekAndFind · 5 replies
    Globe and Mail ^ | 05/25/2011 | David Rosenberg
    As we have seen time and again, every country pursuing profligate debt-financed fiscal policies ultimately hits some sort of wall - as was the case in Iceland recently, not to mention the Club Med countries in the euro zone. The United States may, too, if it doesn’t get its fiscal act together, as the recent Standard & Poor’s credit outlook warning attests. Canada did hit that debt wall nearly two decades ago as its deficits and debts became increasingly difficult to reverse. The federal government, both Liberals and Conservatives, borrowed and spent like drunken sailors for a long time. Similar...
  • The US is Running Out of Ammunition for the Coming Economic Crisis

    05/20/2011 6:32:21 AM PDT · by SeekAndFind · 8 replies
    American Thinker ^ | 05/20/2011 | Steve McCann
    Lately one of the primary topics discussed among my business associates in Europe is the question: How long before we [the U.S. and the world] confront a new financial crisis?  In fact, an overview of the financial landscape indicates there are many potential triggers that could initiate a new catastrophe. Normally a severe crisis, such as the one in 2008, takes a number of years to evolve into a prolonged recovery cycle.  Economies have to recover and bank capital has to be rebuilt concurrent with debt workouts.  These factors as a rule constrain risk appetite thus allowing for an...
  • Too Big to Fail Surprises

    05/19/2011 3:26:02 PM PDT · by MrTim29 · 3 replies
    A Hollywood Republican ^ | 05/19/11 | Tim Ross
    I’ve written several articles skewering HBO for producing political projects destined to air immediately prior to the 2012 election, where the vast majority of the cast and crew are passionate Barack Obama supporters, and where the content is aimed at the Democrat’s two favorite Republican villains… Sarah Palin and Dick Cheney. So, when I sat down to watch HBO’s Too Big to Fail, I prepared myself for the worst. What I didn’t expect was the big surprise awaiting me. Too Big to Fail, which premieres on HBO on May 23, 2011, features a star studded cast recounting the events that...
  • The True Story of the Financial Crisis

    05/15/2011 3:40:23 PM PDT · by TheFreedomPoster · 13 replies
    American Spectator ^ | May 2011 | Peter J. Wallison
    I believe that the sine qua non of the financial crisis was U.S. government housing policy, which led to the creation of 27 million subprime and other risky loans -- half of all mortgages in the United States -- which were ready to default as soon as the massive 1997-2007 housing bubble began to deflate. If the U.S. government had not chosen this policy path -- fostering the growth of a bubble of unprecedented size and an equally unprecedented number of weak and high-risk residential mortgages -- the great financial crisis of 2008 would never have occurred...
  • Luxembourg Lies About Secret Weekend EU Meeting

    05/09/2011 9:18:17 PM PDT · by DeaconBenjamin · 5 replies
    Wall St. Journal ^ | By Charles Forelle
    Is lying considered an appropriate mode of communication for euro-zone leaders? We have to wonder after a strange episode on Friday evening. Here’s what happened: Just before 6 p.m., German news magazine Spiegel Online distributed a report saying that euro-zone finance ministers were convening a secret, emergency meeting in Luxembourg that evening to discuss a Greek demand to quit the euro zone. Calls from reporters flooded in to Guy Schuller, the spokesman for Luxembourg Prime Minister Jean-Claude Juncker, the man who is the head of the Eurogroup council of euro-zone finance ministers. In a phone call and text messages with...
  • Americans Gone Wild. Will increasing frustations about the economy eventually lead to violence?

    05/08/2011 9:12:05 AM PDT · by SeekAndFind · 61 replies
    The Economic Collapse ^ | 05/05/2011 | Michael Snyder
    Gerald Celente is known to love to make the following statement: "When people lose everything and have nothing left to lose - they lose it." Sadly, Celente is exactly right about this. As the U.S. economy continues to collapse, Americans are going to becoming increasingly frustrated, and this frustration will inevitably boil over into rioting and violence. Could we be starting to see the start of this already? The number of Americans that have "gone wild" seems to be escalating. Years ago, losing a job was not that big of a deal. Now a job loss is enough to cause...
  • Dark horizons for bailout Portugal

    04/13/2011 1:36:37 AM PDT · by bruinbirdman · 4 replies · 1+ views
    Presseurop ^ | 4/12/2011
    "IMF anticipates austerity effects and predicts recession and unemployment record for 2012", Público headlines as experts from the European Commission and the IMF – already in Lisbon – fix the terms of the bailout with Portugal’s government. According to their figures, Portugal faces an economic contraction of 1.5% in 2011 and 0.5% in 2012, while unemployment is set to reach 12.4% in 2012. Público adds that Portugal’s economy is set to be the worst performing in the EU in 2012, while Greece and Ireland will already be on the way to recovery. According to the Lisbon daily, the EU and...
  • McCain, Hatch Introduce Bill To Wind Down Fannie, Freddie (MCRINO ALERT)

    04/03/2011 9:24:58 PM PDT · by rabscuttle385 · 7 replies
    Dow Jones ^ | 2011-03-31 | Alan Zibel
    WASHINGTON (Dow Jones)--Two Senate Republicans joined an effort to rapidly wind down government controlled mortgage titans Fannie Mae (FNMA) and Freddie Mac (FMCC), hoping to put pressure on Democrats to take action soon. Sens. John McCain (R., Ariz.) and Orrin Hatch (R., Utah) introduced a bill Thursday to wind down or privatize Fannie and Freddie over the next five years. Their bill mirrors one introduced earlier this month by Rep. Jeb Hensarling (R., Texas). "The events of the past three years have made it clear that never again can we allow the taxpayer to be responsible for poorly managed financial...
  • Nothing in politics is working like it did

    04/02/2011 2:39:52 AM PDT · by Scanian · 8 replies
    NY Post ^ | April 1, 2011 | Jonah Goldberg
    In 2008, supporters of Barack Obama sub scribed to the view that his election would, not to put too fine a point on it, "change everything." Maybe they were right. For the last two years, the old ways of Washington have been crashing down like pillars of Mordor at the end of "The Lord of the Rings." Then-candidate Obama was himself fond of noting that the conventional wisdom -- or "CW" -- was that a black guy with a funny name could never be elected president. He not only won, he captured such "impossible" states as Indiana and Virginia. Obama...
  • Obama's Fannie, Freddie plan may boost mortgage rates

    02/11/2011 6:00:15 AM PST · by GlockThe Vote · 14 replies
    Washington Post ^ | February 11, 2011 | Zach Goldfarb
    The Obama administration proposed raising fees for borrowers and requiring large down payments for home loans as part of a long-term effort to reduce the government's outsized footprint in the housing market, but warned that these moves could increase mortgage rates and potentially reduce the availability of the 30-year fixed rate mortgage, a mainstay of American housing for decades. In a long-awaited white paper, the administration said that it intends to wind down Fannie Mae and Freddie Mac, which together with the Federal Housing Administration provide more than 90 percent of housing finance, but said the process could take five...
  • This Bank Executive Took TARP Money, Never Paid It Back, Now He'll Get $18 Million If He's Fired

    02/04/2011 7:50:45 AM PST · by SeekAndFind · 5 replies · 1+ views
    Business Insider ^ | 02/04/2011 | Courtney Comstock
    Can't get paid until your company pays back its TARP debt? Rather get fired than have to worry about paying it back? Get another company to pay the debt off for you! That's exactly how 5 execs from Marshall & Ilsley Corp (a bank holding company) plan to get paid, according to The Business Journal. CEO Mark Furlong, for example, would not get paid the $18 million "golden parachute" package that he has written into his contract with M&I if the company changes control (aka, he leaves) while it still has to pay back TARP. The same would happen to...
  • Panel finds financial crisis was avoidable (Yes. Yes, You guessed it. Bush's Fault! and others too).

    01/27/2011 8:56:08 AM PST · by NormsRevenge · 21 replies
    Yahoo ^ | 1/27/11 | Marcy Gordon and Daniel Wagner - ap
    WASHINGTON – The government-appointed panel investigating the roots of the financial crisis says the meltdown occurred because government officials and Wall Street executives ignored warning signs and failed to manage risks. The crisis could have been avoided, the Financial Crisis Inquiry Commission determined in a final report released Thursday that was only supported by Democrats on the panel. Instead the country fell into the deepest recession since the 1930s and millions of people lost their jobs, the congressionally appointed panel concluded. The Bush and Clinton administrations, the current and previous Federal Reserve chairmen, and Treasury Secretary Timothy Geithner all bear...
  • Financial Crisis Was Avoidable, Inquiry Finds

    01/26/2011 5:40:39 AM PST · by La Lydia · 23 replies
    New York Times ^ | January 26, 2010 | Sewell Chan
    WASHINGTON — The 2008 financial crisis was an “avoidable” disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street, according to the conclusions of a federal inquiry. The commission that investigated the crisis casts a wide net of blame, faulting two administrations, the Federal Reserve and other regulators for permitting a calamitous concoction: shoddy mortgage lending, the excessive packaging and sale of loans to investors and risky bets on securities backed by the loans... While the panel, the Financial Crisis Inquiry Commission, accuses several financial institutions of greed, ineptitude or both, some of its...
  • Financial Meltdown Was ‘Avoidable,' Inquiry Concludes

    01/25/2011 10:38:06 PM PST · by CutePuppy · 14 replies
    CNBC / NYTimes ^ | January 25, 2011 | Sewell Chan
    The 2008 financial crisis was an “avoidable” disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street, according to the conclusions of a Congressional inquiry. The government commission that investigated the financial crisis casts a wide net of blame, faulting two administrations, the Federal Reserve and other regulators for permitting a calamitous concoction: shoddy mortgage lending, the excessive packaging and sale of loans to investors, and risky bets on securities backed by the loans. < snip > ..... Many of the findings have been widely described, but its synthesis of interviews, documents and testimony,...