On April 14, 2009, President Obama made a major address on the economy and his policies at George Washington University. It was a wide-ranging address that reiterated major themes that he has been making since taking office. Full Transcript. Video He offered a goal for his actions that I applaud: …I want every American [...]
Entries Tagged as 'Default'
Obama’s Major Economic Address and (Failing) Defense of Bank Bailouts
April 15th, 2009 · No Comments · Bailout, Banks, Debt, Default, Economics, Federal Reserve, Financial, Nationalization, Policy, Restructuring, Video
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Wall Street Wins, We Lose, Obama Fails!
March 25th, 2009 · 10 Comments · Bailout, Banks, Bonds, Corporate Power, Debt, Default, Economics, Federal Reserve, Financial, Nationalization, Obama, Policy, Stock Market, Wall Street
The Plan By now, almost everyone must know that in the last week the Federal Reserve and the Obama Administration fired coordinated bombshells at the financial crisis. First, last Thursday the Federal Reserve announced major increases in asset purchase programs, adding $1.150 trillion to the total. The total included purchase of up to $300 billion [...]
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Galbraith: Another Call To Let Big Banks Fail
March 20th, 2009 · No Comments · Bailout, Banks, Bonds, Debt, Default, Economics, Federal Reserve, Financial, Nationalization, Policy, Wall Street
It continues to amaze and perplex me that President Obama has not listened to the chorus of informed commentators outside (and even inside) of Wall Street who make a compelling case for letting the big financial institutions fail. At a time where Federal funds are being overtaxed from all sides, it makes absolutely no sense [...]
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How BIG is a Trillion Dollars?
March 18th, 2009 · No Comments · Bailout, Banks, Credit Default Swaps, Debt, Default, Economics, Federal Reserve, Financial, Nationalization, Restructuring, Wall Street
It used to be a million dollars was a lot. Then billions were bandied about with hardly a blink on an eye, but a billion still seemed an incomprehensible amount to me. Now the government and the financiers are talking in TRILLIONS. How much more incomprehensible is a trillion than a billion. A lot! Here [...]
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Hedge Funds Betting on Housing Collapse May Get AIG Cash
March 18th, 2009 · No Comments · Bailout, Banks, Bonds, Credit Default Swaps, Debt, Default, Economics, Federal Reserve, Financial, Global Economy, Housing, Interest rates, Mortgages, Policy, Regulation, Stock Market
The Wall Street Journal has an article that describes in some detail how hedge funds and Goldman Sachs bet on the collapse in the US housing market using hundreds of billions of dollars of credit default swaps, swaps that eventually were bought by AIG for pennies per year. In the event, when the housing market [...]
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Is the Financial-Bond Time Bomb about To Explode?
March 12th, 2009 · No Comments · Bailout, Banks, Bonds, Debt, Default, Federal Reserve, Financial, Restructuring, Wall Street
I’m not alone in thinking that bonds of the big financial institutions are at a high and growing risk of forced markdowns in value (see my post, "The Financial Time Bomb .."). Analysts at BNP Paribas SA, as reported by Bloomberg, published the striking chart reproduced below. The chart compares European indices of credit default [...]
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