Showing posts with label bank. Show all posts
Showing posts with label bank. Show all posts

Wednesday, March 31, 2010

CoOlDiGgY news (late edition)

The coming inflation wave



(Fortune) -- Whether the American economy is in an inflationary or deflationary environment sounds like it should be a fundamental and settled question. But due to the unprecedented financial crisis, the answer is actually subject to intense debate among economists.

Making economic projections is far from a scientific process, so it's not surprising to find valid arguments on both sides of the divide. The economists who are right will help investors drive returns over the next three years.

Inflation can be a positive or negative, depending on the level and duration of it in our economy. The main negative associated with inflation is a drop in purchasing power of money, and therefore, consumers. In extreme cases, consumers may actually start hoarding if they fear continued and aggressive price increases. The positive side of inflation is to decrease the real value of debt, or essentially provide debt relief.

Read more...

*Iran Nuclear Scientist Defects to U.S. In CIA 'Intelligence Coup'



*Obama wants U.N. sanctions on Iran in weeks

*Pharma Planning to Dump Experimental and Controversial Vaccines in Public Schools


*Health Reform Law to Spawn More Tax Men?

*Subway riders question NYPD’s ‘ridiculous’ show of force

*Iraq election challenged over 'banned' candidates

*WikiLeaks to release video of civilians, journalists being murdered in air strike

*Children WILL face 'naked' airport scans

*Report: California’s foreign-born population has peaked

*VIDEO: Ed Asner for 9/11 Truth



earlier:
Recession Leading to the End of Speeding 'Cushion'



The recession may be claiming a new victim: the 5-10-mph "cushion" police and state troopers across the USA have routinely given motorists exceeding the speed limit.

As cities and states scramble to fill budget gaps with revenue from traffic citations, "not only are the (speeding) tolerances much lower, but the frequency of a warning instead of a ticket is way down," says James Baxter, president of the National Motorists Association, a Wisconsin-based drivers' rights group that helps its members fight speeding tickets.

"Most people, if they're stopped now, are getting a ticket even if it's only a minor violation of a few miles per hour," Baxter says. He cites anecdotal evidence of drivers being pulled over at slower speeds.

Read more...

*4 dead in D.C. shooting


*US oil company donated millions to climate sceptic groups

*Two-Thirds of Boys in Afghan Jails Are Brutalized

*Time Magazine: E.U. Members Sell Weapons with Torture Potential

*Elizabeth Warren: Banks Fought For the Very Thing They Are Now Fighting Against

*Catholic League Defends Pope, Blames Homosexuality for Molestations

*Is America ‘Yearning for Fascism’?

*Double suicide bombings kill 12 in Russia's Dagestan

*Canada to pull out of Afghanistan in 2011




Tuesday, March 30, 2010

CoOlDiGgY news (late edition)

Debt Overload: Many US States Will Become the Next Greece



California, New York and other states are showing many of the same signs of debt overload that recently took Greece to the brink — budgets that will not balance, accounting that masks debt, the use of derivatives to plug holes, and armies of retired public workers who are counting on benefits that are proving harder and harder to pay.

And states are responding in sometimes desperate ways, raising concerns that they, too, could face a debt crisis.

Some economists fear the states have a potentially bigger problem than their recession-induced budget woes. If investors become reluctant to buy the states’ debt, the result could be a credit squeeze, not entirely different from the financial strains in Europe, where markets were reluctant to refinance billions in Greek debt.

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*Christopher Hitchens: The Pope Is Not Above the Law

*The New Health Care Law: Expect Flood of Divorces

*Only Two States Get Obama Education Grant

*Lil' Rhody's Big Flood

*Pupils 'frogmarched by teachers to have fingerprints taken' so they could eat in cafeteria

*Will Health Reform Law Stop Insurers From Denying Coverage? A Loophole That Deserves More Attention

*Illusions versus reality: NATO and Afghan opium







earlier:
"Too Big Too Fail" Accounting Tricks as SEC Starts ‘Repo 105’ Probe



US regulators on Monday asked more than 20 financial groups whether they engaged in transactions along the lines of “Repo 105” – an accounting device that helped Lehman Brothers conceal its high leverage ratio during the financial crisis.

The corporate finance division of the Securities and Exchange Commission wrote to chief financial officers of “close to two dozen” large foreign and domestic banks and insurers, demanding details of repurchase agreement deals.

The SEC probe includes whether companies booked repos as asset sales for accounting purposes over the past three years, and whether these deals were concentrated with certain counterparties or certain countries. Regulators also asked companies to quantify the amount of repos that were disclosed as asset sales and to explain the “business reasons” for use of these structures.

The heightened scrutiny of repos is the result of a report by a court-appointed examiner this month which found that Lehman used the Repo 105 technique to book temporary repurchase agreements as permanent asset sales in 2008. This helped Lehman conceal about $50bn from its balance sheet, thus reducing its leverage ratio and appearing healthier to the eyes of investors and analysts.

Read more...

*Obama signs health care reconciliation bill

*Big Pharma Wins Big With Health Care Reform Bill

*VIDEO: Health Insurance Mandate



*Health care: What you need to know in the first year

*Senator Specter wants to extend U.S. privacy curbs to Web-cam use

*Marine's dad ordered to pay protesters' court fees

*We Better Smash The Estimates Of 190,000 New Jobs This Friday

*If the US declares economic war on China, should world tremble?

*Consumer spending rises modestly; incomes flat



*Russia Attack: Will Media Propagandists Now Push for Naked Body Scanners?

*U.S. transit security gets boost after blasts



*Have the 'Black Widows' Returned with Moscow Bombing

*James Lovelock: Humans are too stupid to prevent climate change

*Job Market So Bad 260 People Applied To Scoop Poop

*Arctic States Meet Over Resources, Military Concerns

*Ralph Nader: Attention Deficit Democracy

Saturday, March 27, 2010

the big story (weekend)




It was truly a super Sunday for Obama supporters. The long-argued Health Care bill passed the House of Representatives and every member of the uninsured would now have the ability to get insurance. It was hailed as the most significant piece of legislation since the passage of Medicare. Lives would even be saved. Not true. There are four long years until the apparatus kicks in for wider health coverage. Even then the new law affects only an estimated 30 million of the 50 million uninsured.

It was truly a black Sunday for Obama opponents. The long-argued Health Care bill passed the House of Representatives and every member of the insured would now have to lose their insurance as government took over one-sixth of the US economy. It was hailed as the day socialism seize American medicine. Lives would be shortened via "death panels." Not true. What frightened tea party devotees into action sits more comfortably with bailout than Bolshevism. The health industry receives gets 30 million new customers.

The past week as been a tale of preaching to the choir, scaring the choir, or celebrating with the choir. But the members of Congress have mostly been lying to the choir. And cable news is more than complicit in creating a childish narrative of Republican versus Democrat. TV news became TV sitcom and real-life, especially in regards to the new Health Care law, does not make for tidy, 30 minute-long entertainment.

President Obama touted many of the pro-health reform cliches during his signing ceremony for the bill. But the one that had the most ability to soften public opinion was the promise of near-immediate coverage of children with pre-existing conditions. The President proclaimed:


"This year, tens of thousands of uninsured Americans with a preexisting condition and parents whose children have a preexisting condition will finally be able to purchase the coverage they need"



But the AP quickly reported that:


Under the new law, insurance companies still would be able to refuse new coverage to children because of a pre-existing medical problem, said Karen Lightfoot, spokeswoman for the House Energy and Commerce Committee, one of the main congressional panels that wrote the bill Obama signed into law Tuesday



And to further abuse the illusion of medical euphoria that any Obama supporter may have had ABC News reported this weekend that Houston Tracy has a pre-existing condition. Houston is a 12-day old newborn and his pre-existing condition applied to him at the moment of his birth. A shocking new precedent that the Hope of this legislation was to make a thing of the past, not the wave of the future.

A harsh reality for any Obama Democrat. But the so-called tea party as made numerous assumptions not grounded in fact. The group has decried the new law, calling it socialism and warning about the end of private insurance. But health industry stocks have risen the past week and during the anticipation of the bill's passage. The reason is because of the legal mandate for Americans to purchase privately-owned health insurance. The Obama administration, in a very pro-insurance move, negotiated this aspect and decided to forgo an actual government-run program via the so-called public option. This was a betrayal to progressives. All the while, the nation's only truly socialist-style system, the Veteran's Administration, was never in serious consideration as a model for reform.

Key insurance lobbyists guided and even penned much of the language in the new law, including the provision that the IRS enforce the new mandatory enrollment. The law, in effect, is an insurance company bailout. According to Time magazine, the health industry is not only excited about their rising stock values and 30 million new customers but they are eager to remind the public that they must buy the very product that many Obama supporters thought they were punishing. In a program called "Enroll America":



America's Health Insurance Plans (AHIP), the industry trade group, has agreed to sign on to a new, 50-state health care reform implementation effort, provisionally called Enroll America "We are participating in it," says AHIP spokesman Robert Zirkelbach. "The goal is to get everyone covered."

Other parts of the health industry, including drug companies and hospitals, are also expected to join the effort, which will focus on making sure as many uninsured Americans as possible get insurance under the law President Obama signed Tuesday




It may jog conservative memories to note that the very idea of the individual mandate to purchase insurance comes from likely 2012 Republican Presidential contender, Mitt Romney. Many of the controversial parts of the new health care law come directly from the health reform law Romney championed and signed into being during his tenure as Massachusetts governor. A law that passed with the vote of then-state legislature and now tea party darling, US Senator Scott Brown. To misquote John Kerry: Republicans were for ObamaCare before they were against it.

But some of the tea party grievances that the news media considered outlandish do have credence. The taxes are about to get steep. There is already a whopping 10 percent tax on the tanning industry as of July 1. Many other "sin taxes" are on the horizon with the justification that they keep health care cost low for the the private insurers. Everything from salt to soda taxes is currently being considered. The individual mandate itself is a new tax for the uninsured. All with the IRS in waiting.

Another pertinent tea party worry, "death panels," may well come to American shores. While end-of-life counseling can hardly be called a "death panel" the tea party-ers may want to look into beginning of life death panels. The United Kingdom, a long-time conservative cautionary tale against single-payer health care, is now rationing the care for premature babies. In the name of saving it's health system money, British doctors are not resuscitating preemies under 22 weeks old. A strict limit that recently applied to a baby 21 weeks and 5 days old.

Another strike against the potential quality of the new US system may come from the very people who legislated it. Both those on the right and the left may want to take note: lawmakers that are now celebrating health care reform are trying to avoid it themselves. Politico reports that new health care law may exempt top Congressional staffers from having to enroll.

It may not come as a surprise that in a recent poll the majority of Americans now want to repeal the new law of the land. But close study of numerous surveys find that the concerns about this bill do not fall into convenient liberal or conservative lines. All sides have their concerns as the competing narratives start to fray as public opinion gets more nuanced. Not good for bumper stickers and certainly not good for anyone who thinks they can predict the upcoming mid-term elections.

Both parties have made threats, promises and celebrations but neither has been fully honest.



*Bank of America, Wells Fargo might not pay federal taxes for 2009

*South Korean navy ship sinks near sea border with North

*Israel could use tactical nukes on Iran...

*...U.S. and Israel sign massive arms deal


*The McCain-Lieberman Police State Act?

*Past Decade Was Warmest on Record

*State by State: Who qualifies for free/reduced-price lunch

*Pupils suffer panic attacks after school stages fake shooting

*Police say gunfire that hit Cantor's office was random


*Treaty to cut US-Russia nukes

*Many in the Tea Party are Unemployed, on 'Welfare,' and Lots of Time to Kill

*View from the US: The 'special relationship' is a very British obsession

*Geely seals deal to buy Volvo from Ford

Thursday, March 18, 2010

the big story (late edition)





earlier:



As lame-duck Senator Chris Dodd pushes through symbolic reform under the auspices of the privately-owned Federal Reserve, regulators who actually work for the government received big bonuses for "overseeing" the big banks. Corruptible system or criminal enterprise?


WASHINGTON — The government has given millions of dollars in bonuses to its bank regulators.

The payments are detailed in payroll data released to The Associated Press under the Freedom of Information Act. They are the latest evidence of the government's false sense of security during the go-go days of the financial boom. The regulators received taxpayer-funded bonuses despite missing or ignoring signs that the system was about to melt down.

The bonuses were part of a reward program little known outside the government. Some government regulators have received tens of thousands of dollars in perks, boosting their salaries by almost 25 percent.

Read more...

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