Why The Senate Won’t Touch Jamie Dimon: JPM Derivatives Prop Up
When Jamie Dimon, CEO of JPMorgan Chase Bank, appeared before the Senate Banking Committee on June 13, he was wearing cufflinks bearing the presidential seal. “Was Dimon trying to send any particular message by wearing the presidential cufflinks?” asked CNBC editor John Carney. “Was he . . . subtly hinting that he’s really the guy in charge?”
The groveling of [...]
Europe’s plan to lend money to Spain to heal some of its banks may not work because the government and the country’s lenders will in effect be propping each other up, Nobel Prize-winning economist Joseph Stiglitz said.
“The system … is the Spanish government bails out Spanish banks, and Spanish banks bail out the Spanish government,” Stiglitz said in an interview.
The plan to lend Spain up to €100bn, agreed on Saturday [...]
* Nobel laureate a long-time critic of austerity packages
* Says European Union must promote growth
* Stiglitz publishing book on Monday
By Tiziana Barghini
NEW YORK, June 10 (Reuters) – Europe’s plan to lend money to Spain to heal some of its banks may not work because the government and the country’s lenders will in effect be propping each other up, Nobel Prize-winning economist Joseph Stiglitz said.
“The system … is the Spanish government [...]
The past two weeks it was Spain, now it is back to Portugal, which overnight announced it is bailing out three banks to the tune of €6.65 billion. If at this point who is bailing out whom is becoming a confusing blur – fear not: that is the whole point. From AAP: “Portugal will inject more than 6.65 billion euros ($A8.49 billion) into private banks BCP and BPI, and the state-owned [...]
(Reuters) – Greece’s commitment to an EU/IMF rescue deal has become null after voters rejected pro-bailout parties in a general election on Sunday, the leader of the Left Coalition party said on Tuesday.
Greek Default Risk Returns as Bond Maturity Nears
Greece pays increased rate to raise 1.3 bn euros
Italian Banks’ ECB Borrowings Increase to Record High in April
Pizza-Size Potholes Open in Alabama County as Debt Left Unpaid
Italy: ‘Three-thousand’ businesses file for [...]
This week, my congressional committee will hold a hearing to examine how the Federal Reserve bails out European banks, propping up spendthrift European governments in the process. Unfortunately this bailout comes at the expense of American citizens, in the form of higher prices and diminished savings down the road.
A good analysis of the Fed’s “swap” scheme first appeared in the Wall Street Journal back in December, in an article by [...]
By KEACH HAGEY |
3/13/12 10:50 PM EDT
David Axelrod will not be appearing as a guest on “Real Time with Bill Maher,” despite reports last week that he was scheduled to do the show in the next few weeks.
“He’s not scheduled to go on at this time,” said Ben LaBolt, the press secretary for President Obama’s reelection campaign.
(Also on POLITICO: Limbaugh laughs at Dems: “They thought I was finished”)
Maher, who donated $1 million [...]
PHOTO: Photo Illustration by the Daily
America’s most distinguished leaders get their hair cut at the Senate barbershop, but taxpayers are the ones really getting clipped.
The barbershop ran almost $300,000 in the red last year but received an infusion from Senate coffers that is keeping it in business, the Senate sergeant at arms, Terrance Gainer, told The Daily.
A federal bailout isn’t that unusual since the economic downturn, but some senators didn’t even [...]
Italy’s Prime Minister (and self appointed economy minister) shot over to CNBC after his meeting with President Obama this afternoon to discuss how well everything looks for Italy since he was elected took over.
Italian banks are “vulnerable” but have recapitalized themselves (rather, the ECB has given them money)
He had a good meeting with Obama, and Obama is supportive (he’s careful to mention not financially supportive – perhaps forgetting how much the Federal Reserve [...]
December 29, 2011
Earlier this month, Federal Reserve boss Ben Bernanke told senators the cartel has no intention of bailing out European banks. Bernanke told lawmakers that “he doesn’t have the intention or the authority” to bail out countries or banks.
Former Fed official Gerald O’Driscoll says Federal Reserve is covertly bailing out Europe.
Now we learn that the Fed is indeed in the business of bailing out European banks. It is secretly using [...]
If it were marked to market you would see deflation and a much stronger dollar due to their relative scarcity. Our government is proping assets by adsorbing and backstopping them via bailouts, TARPs, TALFs, Fannie/Freddie, market interventions etc. By adsorbing assets and stimulating the Fed is hoping to tread water while banks recapitalize. By doing so while also maintaining artificially low interest rates on treasuries it puts the currency at [...]
by George Washington
The coordinated swap line bailout by the Federal Reserve Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank- and China’s reduction of reserve requirements by .5% – shows desperation. (For background on swap lines, see this, this andthis.)
The Street notes:
Don’t get flustered by the terminology of “dollar swap lines” above. Here’s a more simple explanation: Central banks around the globe have acted in desperation to boost [...]
Thursday, December 1, 2011
The Fed’s latest actions in cooperating with foreign central banks to undertake liquidity swaps of dollars for foreign currencies is another reason why Congress needs enhanced power to oversee and audit the Fed. Under current law Congress cannot examine these types of agreements. Those who would argue that auditing the Fed or these agreements with central banks harms the Fed’s independence should reevaluate the Fed’s supposed [...]
From Ron Paul
Statement on the Fed’s Continued Euro Bailout
The Fed’s latest actions in cooperating with foreign central banks to undertake liquidity swaps of dollars for foreign currencies is another reason why Congress needs enhanced power to oversee and audit the Fed. Under current law Congress cannot examine these types of agreements. Those who would argue that auditing the Fed or these agreements with central banks harms the Fed’s independence should reevaluate [...]
Good evening Ladies and Gentlemen:
Today’s commentary will be rather on the short side.
Gold closed today down $46.50 courtesy of a massive raid by head banker JPMorgan. The comex closing price was $1809.80. The silver price followed suit falling by $1.41 to $40.16. Today we woke up with all of Europe’s bourses in the red:
German Dax: down 117.60 or 2.27%
London FTSE: down 74.17 or 2.70%
Paris CAC: down 119.78 or [...]
Figure 1 is a weekly figure of the US
Dollar Index. This is the same graph we have shown for weeks upon weeks
now, and with a weekly close below the key pivot at 74.62, there is a
high likelihood that the Dollar Index will trade lower.
Figure 1. Dollar Index/ weekly
Key pivot points are the best areas of support and resistance, and at the end of this week, price will close below a [...]
Republicans launched a concerted campaign Thursday to draw President Barack Obama more directly into deficit-reduction talks with House Majority Leader Eric Cantor saying that he will no longer participate in White House talks until the president has personally resolved the divisive issue of taxes.
Cantor’s decision came as Senate Minority Leader Mitch McConnell (R-Ky.) delivered a broadside on the floor, also keyed to the tax issue and entitled “Where’s the [...]
Mississippi Gov. Haley Barbour issued a statement saying, “I will not be a candidate for president next year.”
“A candidate for president today is embracing a ten-year commitment to an all-consuming effort, to the virtual exclusion of all else. His (or her) supporters expect and deserve no less than absolute fire in the belly from their candidate. I cannot offer that with certainty, and total certainty is [...]
King World News has received word from James Turk that silver is in extreme backwardation.Â Turk stated, â€œThere is a huge story that is brewing.Â Silver is in backwardation to 2015, which is 13-cents cheaper than spot.Â This is unbelievable.Â Money does not go into backwardation except â€˜in extremisâ€™!â€
â€œIf this situation continues, and there is no reason to suspect that it is about to end [...]
Euro Breakup Talk Increases as Germany Loses Its Currency Proxy
May 14 (Bloomberg) — Romano Prodi recalls how he persuaded Germany to allow debt-swamped Italy into the euro: support our membership and we’ll buy your milk, he said.
When Prodi toured Germany’s agricultural heartland after becoming Italian leader in 1996, he pitched “a big milk pipeline from Bavaria,” pointing to a three-year, 40 percent plunge in the Italian lira that was hurting [...]