Obama had Paul Volcker at his side when he announced his new plan to regulate the big banks. This is a big deal. It may signal the beginning of the end for the of reign of Larry Summers and Treasury Secretary Geithner over Obama’s economic and financial policies.
By giving the big banks every possible [...]
Entries Tagged as 'Banks'
Paul Volcker’s Influence Rises
January 22nd, 2010 · No Comments · Bailout, Banks, Corporate Power, Economy, Federal Reserve, Financial, Obama, Stock Market, Treasury, Wall Street
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The First Good News in a Long Time – Obama Takes on Banks
January 22nd, 2010 · No Comments · Bailout, Banks, Obama, Regulation, Stock Market
Just when I despaired that Obama lacked the guts to get tough on banks, he came out with a clear, strong plan to cut down the unregulated, enormously profitable, operations of banks too-big-too-fail – and to cut these banks down to a size that won’t be too big to fail.
Perhaps the best news of [...]
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The Sad State of Our Country
October 12th, 2009 · No Comments · Bailout, Banks, Corporate Power, Credit Default Swaps, Federal Reserve, Mortgages, Obama, Policy, Politics, Restructuring, Stock Market, Taxpayers, Treasury, Video, Wall Street
Last night I watch Bill Moyers Journal via the internet. The first piece interviewed David Simom, creator of “The Wire.” His realistic view of the quagmire of drugs/ghettos/crime/corruption had such a ring of Knowing that I found myself nodding and shaking my head again and again. If you are a “Wire” fan, as I am, [...]
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The Amazing World of High Frequency Trading – You Lose!
July 12th, 2009 · No Comments · Analysis, Banks, Corporate Power, Federal Reserve, Stock Market, Wall Street
I wrote last week about the high level of program trading, notably by Goldman Sachs. The details on this trading are emerging fast in the blogosphere, and it won’t be long until it hits the mainstream. There is a war going on among competing firms, using computers and inside order information, to capture the immense [...]
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Former Goldman Sachs Banker New German Ambassador
July 2nd, 2009 · No Comments · Administration, Banks, Obama, Policy, Politics
After fulminating yesterday about the influence of the investment banks in the Obama Administration, I came across the following item in Der Spiegel:
Berlin Gives Green Light to Obama’s Ambassador Pick
It took some time, but now it’s official. Former Goldman Sachs banker Phil Murphy is expected to become the next US ambassador to Berlin.
Investment [...]
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Why I’m Discouraged
July 1st, 2009 · 1 Comment · Bailout, Banks, Commodities, Corporate Power, Debt, Economy, Federal Reserve, Financial, Global Economy, Obama, Policy, Politics, Stock Market, Treasury, Wall Street
I’ve been discouraged for some time by Obama’s apparent reliance for advice on two of the architects of the transfer of wealth and power to the mega investment banks. Larry Summers, who is the economic adviser on whom Obama relies most heavily, led the push for repeal of the Glass-Steagall Act in the Clinton Administration. [...]
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Unemployment Claims Fall Because Benefits Exhausted
June 23rd, 2009 · No Comments · Bailout, Banks, Corporate Power, Unemployment, Wall Street
This interesting information comes from Barry Ritholz, The Big Picture:
Continuing Claims “Exhaustion Rate”
Posted: 22 Jun 2009 07:00 AM PDT
Last week, we saw Continuing Claims decrease — proof, said the green shooters, of the imminent economic recovery.
Only, not so much:
Those of you (who can still afford the luxury of) a trusty Bloomberg will note the ‘exhaustion [...]
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Obama’s Continuing Failure on Financial Reform
June 10th, 2009 · No Comments · Banks, Nationalization, Policy, Regulation, Wall Street
A piece I came across today brings up again Obama’s continued failure to stand up against the investment banks and firms. Apparently, he truly believes that the well-being of our country depends on the prosperity of the big financial institutions – reminiscent of an earlier era when Charlie Wilson, Secretary of Defense under Eisenhower, [...]
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Britain’s Debt Downgrade – A Lesson for the US
May 22nd, 2009 · 1 Comment · Bailout, Banks, Corporate Power, Economy, Federal Reserve, Financial
The unrestrained efforts of the Obama administration to rescue and reinflate the financial sector of the US (at the expense of taxpayers and savers) are the most discouraging aspect of his administration. These efforts are apparently based on the belief that what is good for investment banks is good for America.
Martin Wolf, a columnist [...]
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Growing Confidence in the Market’s Rally
May 2nd, 2009 · No Comments · Banks, Economy, Gold, Stock Market
Many of the commentators that I follow are saying that the economic news will continue to be bad, maybe very bad, but the dominant psychology in the market is to look beyond the valley (which no longer is seen as a precipice) toward brighter days ahead. Given the major decline in market values that has [...]
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