Important News - Oct. 17
By Daniel at 17 October, 2009, 12:35 am
1) WHY IS OUR US BANKING SYSTEM NOW IN SUCH DIRE STRAITS? (1999)
“CONGRESS PASSES WIDE-RANGING BILL EASING BANK LAWS”
By Stephen Labaton, NYT - Published: Friday, November 5, 1999
“Congress approved landmark legislation today that opens the door for a new era on Wall Street in which commercial banks, securities houses and insurers will find it easier and cheaper to enter one another’s businesses.
2) Borrow from the Federal Reserve at zero and lend to Treasury for a profit. That’s some racket.
3) This might be the next crisis that no one will have been able to forsee
4) Lets reminisce a little today…Ron Paul 1988 video..must watch parts 2-3..parts below the video…
ATS Video: Ron Paul - The American Power Elite: (2)
5) Data released Thursday by major U.S. credit-card issuers reinforce the challenges facing lenders.
The latest numbers indicate that consumers continue to struggle amid high joblessness, as delinquency rates, a key gauge of future losses, continue to rise for most card issuers, and losses stemming from souring card loans remain elevated.
The data suggest the U.S. is unlikely to experience a smooth economic turnaround. Moreover, seasonal trends pose additional risks: Strapped consumers, heading into the holiday season, may increase spending on their plastic, which could lead them to fall even further behind on payments.
6) China’s debt rating is too low
7) Why the Dow Broke 10,000, and Why You Should Still Watch Your Wallet
How did the Dow break 10,000 when the rest of the economy is in the toilet?
Report: Lawmakers to cut state budgets even deeper
“Thursday’s report by the Rockefeller Institute of Government showed second-quarter tax revenues in the 50 states dropped a record 16.6 percent, or $200 billion. Every state but Vermont, which had a one-time estate tax settlement, saw sales, personal income and corporate tax receipts fall during the quarter. Thirty-six states reported double-digit declines.”
9) Office vacancy hits new high — nearly 22 percent (Sacramento)
10) ICN Informed Citizen News 10/11/09 (Video)
(More than financial, but always worth listening to…click on “more info” for links)
11) Foreign Demand For US Secs Up,But May Not Support Dlr
“WASHINGTON (Dow Jones)–Foreign demand for long-term U.S. financial assets grew in August even as China trimmed its holdings of U.S. Treasury securities. But analysts say the boost in capital inflows may not be enough to support the U.S. dollar.”
13) Dollar May Drop 20% More on Deficit, Harvard’s Ferguson Says
14) “IBM Shares Fall on Drop in Third-Quarter Bookings”
“International Business Machines Corp. dropped in extended trading after new contract signings declined last quarter, a sign that customers aren’t yet ready to increase spending as the economy begins to recover.”
15) Goldman Sachs’s Black Magic: Take Two (VIDEO)
17) Iceland urges media to lift nation’s gloom
The label “failed” remains a powerful way to describe those states that no longer serve their people. That harsh term sharpens the attention of policymakers and helps single out countries that should be of utmost concern. The threat of such state failure also focuses attention on the soon-to-crumble; it is those countries that need the most external help.
19) Another Goldman fox is now guarding the hen house —You couldn’t make this stuff up:
20) WASHINGTON (AP October 16) — A Goldman Sachs executive has been named the first chief operating officer of the Securities and Exchange Commission’s enforcement division.
21) 2009 federal deficit surges to $1.42 trillion (AP)
AP - What is $1.42 trillion? It’s more than the total national debt for the first 200 years of the Republic, more than the entire economy of India, almost as much as Canada’s, and more than $4,700 for every man, woman and child in the United States.
22) ‘Wake-up call for Wall Street’
One of the wealthiest men in America is charged with insider trading.
23) “NYT: Bailout fuels era of Wall St. wealth
Efforts to save financial system helped titans make fortunes in fresh ways
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