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, declared [...]
Entries Tagged as 'Nationalization'
Obama’s Continuing Failure on Financial Reform
June 10th, 2009 · No Comments · Banks, Nationalization, Policy, Regulation, Wall Street
Tags:
More Cold Water on Euphoria from Germany
April 23rd, 2009 · No Comments · Banks, Economics, Financial, Global Economy, Nationalization, Restructuring, Stock Market
Der Spiegel reports that German experts aren’t buying the bank turnaround euphoria. In part this may reflect the sharper contraction expected in Germany this year (GDP down 6%) than in the U.S. It also, though, reflects the view from more impartial observers of the financial scene. NOT OUT OF THE WOODS YET Experts Warn that [...]
Tags:
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
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 [...]
Tags:
Are Geithner and Citibank Doomed?
April 14th, 2009 · No Comments · Bailout, Banks, Financial, Global Economy, Nationalization, Stock Market, Treasury, Wall Street
Yves Smith, Naked Capitalism, continues to challenge the bailout. In a recent post, she quotes and comments on an article in Financial Times by John Dizard. Here is the beginning of her article. The whole article is well worth reading. John Dizard: Geithner’s and Citi’s Days Numbered Now I will admit my headline overstates John [...]
Tags:
Have Banks Been Breaking the Law?
April 14th, 2009 · No Comments · Bailout, Banks, Nationalization, Policy, Treasury
The Financial Times (and Naked Capitalism) continue to challenge the prevailing wisdom that Geithner’s bailout plans are going to succeed. Their contributors keep poking holes in the assumptions and looking at the underbelly of the pork. Here is an article on possible misconduct by banks trying to qualify for the bailout (thanks to Naked Capitalism): [...]
Tags:
Robert Reich – Why You Should Work for a Hedge Fund
April 10th, 2009 · No Comments · Bailout, Banks, Nationalization, Obama, Policy, Treasury, Wall Street
The first commenter on Mr. Reich’s article on the riches earned by hedge fund managers is a very appropriate response to the information presented by Mr. Reich: Thank you professor for rubbing salt into the wound of this taxpayer (yes, Joe Average). This is an instance where ignorance might have been truly preferable to your [...]
Tags:
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 [...]
Tags:
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 [...]
Tags:
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 [...]
Tags:
The AIG Bonuses Are Not the Problem
March 18th, 2009 · 1 Comment · Bailout, Banks, Bonds, CDS, Credit Default Swaps, Federal Reserve, Financial, Housing, Nationalization
The exploding outrage over the hundreds of millions of bonuses paid by AIG to the traders whose actions created the financial meltdown is completely understandable and appropriate. Unfortunately, though, it appears to have distracted the media and the public from a far more grievous aspect of the AIG fiasco. AIG has finally, under pressure, released [...]
Tags: