By the time the "too big to fail" banks and their lobbyists get through with the rules, banks will be relatively free to pursue lending practices that existed before the crash.
Are they pulling a Columbo?
Put in your time at the Fed, then collect fat bonuses from the company you helped bailout. Nice work if you can get it.
Speaking of inflation – let’s consider this chart (from Doug Short) and what complete and utter bullshit the CPI is! Very simply, without looking at anything else – it’s housing. Housing is 42% of the CPI and declining housing costs have masked rising inflation for 5 years now.
On Friday, free and efficient market champion Ted Kaufman, previously known for his stern crusade to rid the world of the HFT scourge, and all other market irregularities which unfortunately will stay with us until the next major market crash (and until the disbanding of the SEC following the terminal realization of its corrupt and utter worthlessness), held a hearing on the impact of the TARP on financial stability, no longer in his former position as a senator, but as Chairman of the Congressional TARP oversight panel. Witness included Simon Johnson, Joseph Stiglitz, Allan Meltzer, William Nelson (Deputy Director of Monetary Affairs, Federal Reserve), Damon Silvers (AFL-CIO Associate General Counsel), and others. In typical Kaufman fashion, this no-nonsense hearing was one of the most informative and expository of all Wall Street evils to ever take place on the Hill. Which of course is why it received almost no coverage in the media. Below we present a full transcript of the entire hearing, together with select highlights. The insights proffered by the panelists and the witnesses, while nothing new to those who have carefully followed the generational theft that has been occurring for two and a half years in plain view of everyone and shows no signs of stopping, are truly a must read for virtually every citizen of America and the world: this transcript explains in great detail what absolute crime is, and why it will likely forever go unpunished.
We've known for a LONG time that too much inequality leads to crashes ...
Goldman out right lies to investors and the SEC, exactly as I said they were (in explicit and illustrious detail) throughout all of the financial crisis. Who wants to bet against the presumption that the SEC will let them get away with it?
Virtually All Independent Financial Experts Say that the Size of the Big Banks Is Hurting the EconomySubmitted by George Washington on 01/12/2011 14:44 -0500
Here's my updated list of top financial experts saying that the giant banks are too big, and that their very size is hurting the economy ...
- Commodities Beat Stocks, Bonds, Dollar in 2010 (Bloomberg) - translation: anything that can't be diluted does and will do better than things that can be diluted
- How a mortgage clearinghouse became a villain in the foreclosure mess (WaPo)
- Euro Imbalances Mean 80% Risk Bloc Will See Structural Overhaul, CEBR Says (BusinessWeek)
- Estonia Prepares to Join the Euro Zone (WSJ)
- Simon Johnson: Fresh Crises Loom in Europe and the U.S. (NYT)
- That pesky CRE issue still refuses to go away: Commercial property loans pose new threat (FT)
- Krugman on The New Voodoo and hypocrites (NYT)
- Mises Institute on the Hypocrisy of Krugman (Mises)
- Venezuela to Devalue its "Strong Bolivar" Currency (WSJ)
For those who still don't get it ...
Adam Smith is rolling in his grave ...
Can Germany have its cake and eat it too?
- Cowen Scorned as Irish Mourn Loss of Sovereignty With Bailout (Bloomberg)
- Irish Bailout May Unleash Vigilantes on Portugal (Bloomberg)
- Spain and Portugal rule out rescue packages (FT)... until they rule them in
- Hong Kong Said to Plan New Property Curbs; Stocks Decline (Bloomberg)
- Andy Kessler: What's Really Behind Bernanke's Easing? (WSJ)
- In Shanghai, prices fly high (Reuters)
- Heat Stays on California $10 Billion Note Offering (WSJ)
- Special report on SAC's "information arbitrage" strategies (Reuters)
- Pimco Said to Seek $1 Billion to Buy Troubled Assets From Banks (Bloomberg)
Investment Banks Hooked on Easy Credit Crack Are Suffering From the Overdose and Withdrawal May Kill the Wayward Investor!Submitted by Reggie Middleton on 11/05/2010 06:58 -0500
A more in depth look at Morgan Stanley’s returns on equity reveal an even uglier snapshot of performance than the unimpressive, cursory annual overview illustrated in our quarterly analysis released yesterday. Bubblicious credit, QE x 2, and regulators that look the other way from rotting assets still result in piss poor economic performance. What do you think will happen when rates resume their upward move?
- Fed takes bold, risky step to bolster weak economy (Reuters)
- Oil rises towards $86 on Fed, weak dollar (Reuters), we expect $90 oil within a week
- Asia Girds for Stronger Currencies, Bubble Threat From Fed Move (Bloomberg)
- Obama Says He'll Negotiate With Republicans on Bush Tax Cuts (Bloomberg)
- Sarkozy To Meet Hu As France Takes G20 Lead (FT)
- Pettis Op-ed: Targeting Currencies Will Not Stop Trade Imbalances (FT)
- Bank of America Edges Closer to Tipping Point: Jonathan Weil (Bloomberg)
- Analysis: Strategic tensions threaten Asia as China rises (Reuters)
- Goldman's Pay Pool Shrinks Fastest as Traders' Fortunes Dwindle (Bloomberg)