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New York Post Claims Census Falsifies Unemployment Figures
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US oil supplies at a 36½ year low, SPR at a 39 year low; oil+products supplies at an 18½ year low
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House discusses 401k/IRA confiscation
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Preventing green vs. blue
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The war on the middle class
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New York Post Claims Census Falsifies Unemployment Figures
- 950559 reads
US oil supplies at a 36½ year low, SPR at a 39 year low; oil+products supplies at an 18½ year low
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House discusses 401k/IRA confiscation
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Preventing green vs. blue
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The war on the middle class
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The Golden Rule
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Will the NY Attorney General Bring Doomsday Charges Against Wall Street? If So, How Long Will He Survive?
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New York Post Claims Census Falsifies Unemployment Figures
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How Many Jobs Are Needed to Keep Up with Population Growth?
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VAT or Value Added Tax is Getting a Look in D.C.
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U3 and U6 Unemployment during the Great Depression
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The war on the middle class
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House discusses 401k/IRA confiscation
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Tax Cuts for the Rich Do Not Generate Jobs
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We don't have an actual written proposal yet. According to news report House Financial Services Committee may have something this week. But it seems that TBTF will become JTB - just too big. The proposals will not attempt to prevent or even break-up an existing TBTF.
Priliminary reports indicate that House proposal will force JTB institution to pay for its own liquidation. But the problem is that it's after the fact. So, greedy and risky behavior by JTB, who reap short-term benefits of bonuses, but to plunder the company and cause various potential systemic risk will not be deterred or prevented by the proposal.
There was talk of imposing or levying some sort of insurance premium but of course TBTF don't want that so it's not even considered by Barney Frank and the Obama Administration.
Simon Johnson was quoted in FT this morning as saying:
That makes a lot of sense. But then again do we want to offend the financial oligarchy?
RebelCapitalist.com - Financial Information for the Rest of Us.
I think it's a number of factors: complacency, apathy, not being told truth by corporate media, and a certain level of "dummy downism".
could you imagine if the national evening news leadoff with a report like PBS' Frontline - the warning. Maybe more people would listen.
RebelCapitalist.com - Financial Information for the Rest of Us.
I'm curious as to how much longer we're going to tolerate this baloney. In any other country these clowns would have been grabbed from their beds and torn to pieces months ago. What's wrong with us, America?
But where is the substance and desire to back the proposals. The Administration let derivatives and CFPA to be chopped up without a fight.
RebelCapitalist.com - Financial Information for the Rest of Us.
I'm seeing a few signs of life, but of course press releases and even outright proposals don't mean anything if it's not strong legislation.
They also did something with executive pay, which needs our eyeballs.
But it does appear someone in there is hearing a few things.
There was a visceral hatred for regulation and regulatory agencies by those ultimately responsible for regulatory agencies. Look at Greenspan, a disciple of Ayn Rand, in charge of a central bank! He was quoted in Frontline's 'the warning' as saying 'he didn't believe in fraud' probably because he believed the market eliminates it.
Bush, a complete idiot, only knew he hated regulations, because he was told to hate them. He certainly did understand the consequences or ramifications of less regulation or even no enforcement of existing regulations.
RebelCapitalist.com - Financial Information for the Rest of Us.
Like in a western movie, the part where the trail boss says, "Don't spook the cattle."
It's kind of like what Bernie Madoff counted on over at the SEC.
Frank T.
I was out on business and then got very ill (am still sick) but a series of major policy events have been happening.
One is to divert TARP funds to smaller and regional banks.
I'm still very lightweight in the blogging because I'm too ill to add much that is coherent.
The supposed Pecora II Commission should investigate whether there were directives from "higher ups" to turn a blinds eye to certain bank activities.
RebelCapitalist.com - Financial Information for the Rest of Us.
are going to bear the brunt of CRE crisis and if that's the case this won't bode well for lending to small and medium size businesses.
RebelCapitalist.com - Financial Information for the Rest of Us.
I think the CRE is much smaller than Residential but what the implications also are for business is another thing.
This is assuredly a 2nd shoe, but how big of a foot, I'm not clear on.
with economic funnies.
When you cannot cry you might as well laugh.
You may be thinking of the Roth IRA, which is funded with after-tax dollars. That one is tax-free withdrawals after age (I think) 59-1/2. Buit regular IRA distributions ar taxed at ordinary income rates (i.e., your marginal bracket).
Frank T.
I thought there was no taxes on IRA 401k past the age of 65.
We the sheeple are NOT suppose to be privy to this kind of information!
Although, you hit the nail on the head with this one!
WELL DONE.
This should be page 1 news -- it goes to the heart of the American dilemma of 2009. People are facing forclosure and tone-deaf banks, and they tried to conserve what was left of their 401k/ IRA plans by going to cash. Badly burned, it is not realistic to tell them to go back into the markets "for the long haul." For them, the long-term has come. We are so eager to bail out the Wall Street Banksters, why not give the American people the same consideration? Rather than a paltry $250 social security payment, why not allow tax forgiveness on 401k/ IRA distributions for those 65 and over, say to a limit of $20,000 annually. This might help to save a portion of the American middle class as they face their last chance at the American Dream.
Frank T.
Would love to read a review of the UK economy as well. From where I sit it looks as dreadful as ever. Surprisingly, we are still in recession after so many efforts. I just hope it doesn't get worse than this.
Hardly. Corporate run all the way. It's in the interest of corporations to say all is good. Funny thing corporations used the concept of 'free markets' to pull off the biggest heist in U.S. history. It was successful, through astro-turfing, to get people speak out against their interests.
Obama is FAR from perfect but GOP would be a disaster and in fact so far not much different than GWB (except much more intelligent). Just saying.
Corporations own everything. IF its state run its corporate owned. We are fast becoming a corporatist society. MNC control everything and do what they want.
Funny, though, right-wing neo-liberal policies f*ck up the economy over past 20 yrs. and then expect it to be fixed in less than 12.
RebelCapitalist.com - Financial Information for the Rest of Us.
Sheila Bair posted a video reassuring the American public that all was well with the banking system and the FDIC was willing and able to take care of it. When government officials voluntarily step in front of the public to reassure them that everything is OK, that's the clearest indication that we are all in very serious trouble. The panic button has been pushed, and not by the public...yet.
Because the one thing that is needed, given every fact you stated, is a media willing and able to expose all this.
The media is the third rail of all this. Possibly never before in our history have we needed a media that MUST uncover the dirtiest trick played on the people in American history.
And yet at this time, for reasons having nothing at all to do with the financial crisis, the media will not investigate or explain any of this, because at this exact time when we need them the most, the President of the United States is not a President to them, but a Holy Being.
Any serious expose on this could make Obama look bad, even though this crisis was decades in the making. Obama didn't cause it, and Obama didn't even start the bailouts, but he doubled and tripled down on them.
Obama is the embodiment of decades of liberal dreams. Had he been of another era, say 1964, then he could have come in and had all the government expansion he could think of ahead of him as semi-virgin territory. But he came in at this time, in this crisis, and proceeded to triple down on the biggest reverse bank robbery in world history.
So this puts us in rinky-dink dictatorship land. Where the situation on the ground for the people just gets worse and worse, while State Run Media keeps drumbeating how things are getting better and better.
The liberals got their dream President. But the timing is a nightmare for the nation. For rarely in our history have we been at a time when we could least afford that office to be occupied by a Holy being.
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