Robert Waldmann notes a bit of financial news that must be read to be believed. Cliff105 who is between jobs and reading about the financial crisis receives an interesting bit of junk mail. a credit card offer from my recently failed bank, Washington Mutual. Normally, I throw these credit card offers into the recycle bin […]
The headline of this piece is “Deposit Plan Will Cost Banks More.” Is there any evidence in the text that this is true? The closest I can find is: After forgoing premiums from 1996 to 2006, the agency must now turn to struggling banks and ask them to pay more, putting more pressure on the […]
Les Gara writes: Then there’s the claim by Senator McCain that our Governor has been a “maverick” fighting federal earmarks. We didn’t know that either. Alaska takes more federal earmarks per capita than any state in the country. Governor Palin asks for them. She, like her predecessors, happily accepts them. Alaska’s budget contains hundreds of […]
Let’s see. There are a bunch of people ready to riot on the streets—or at least do the White Person version of rioting and vote Republican, mainly because of the lies of several House Republicans. And there are a precious few people who believe action needs to be taken and—while they might prefer, say, The […]
WASHINGTON (Oct. 1) – The top U.S. military commander in Afghanistan said Wednesday that he needs more troops and other aid “as quickly as possible” in a counterinsurgency battle that could get worse before it gets better.Gen. David McKiernan said it will take more than adding troops to stabilize Afghanistan — including efforts to strengthen […]
Robert Waldmann is about to share his ignorance on banking, banking regulation, accounting, And accounting standards all in one post. You know the end is near when ordinary people get interested in accounting standards. A wide variety of politicians have decided that the problem with the US financial system is Mark to Market Accounting. It […]
by cactus Well Functioning Markets “My first instinct was to let the market work, until I realized … how significant this problem became.” GW Bush A year ago, many investment banks were having their most profitable year ever and the geniuses on Wall Street were making enormous bonuses. The profits were being generated by effectively […]
by Noni Mausa Each Seller has a Buyer — So Who Are The Sellers, Who the Buyers? Stocks are changing hands like monopoly money, so far as I can see. The values may rise or fall, but the numbers of stocks stay the same more or less, right? So, do we know who the sellers […]
Sept. 29 (Bloomberg) — The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression. The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. […]
Via The Nation: A number of house progressives who voted against yesterday’s bailout bill, including Pete DeFazio, Donna Edwards and Marcy Kaptur, have just held a press conference unveiling their own proposal. Text below. Commentary to follow:DRAFTNo BAILOUTS ActBringing Accounting, Increased Liquidity, Oversight and Upholding Taxpayer Security1. Require the Securities and Exchange Commission (SEC) to […]