Bill Black: The economy is recovering—unless you work for a paycheck.
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by WashingtonsBlog It Would Only Take $20 Million to Start a Public Bank Ellen Brown – author of Web of Debt, and the soon-to-released book The Public Banking Solution gave some stunning statistics at last night’s Public Banking Institute conference: 40% of banks in the world are publicly owned (for background on what public banking is, see this andthis). Public banks are mainly located in the BRICs (Brazil, Russia, India and China). And all of the BRICs have fared much [...] From FT: Bank profits from new mortgages have soared since the Federal Reserve began its third round of bond purchases two weeks ago, fuelling the debate over the fallout of the latest dose of quantitative easing. The extent to which QE3 drives down new mortgage rates and helps homeowners or is pocketed by banks will be crucial to the success of the policy and the prospects for growth in the US and [...] It will come as no surprise to many but everyone’s favorite enemy #1, the US banker, decided to give himself a well-earned pay-rise in 2011 – according to data from Moody’s Analytics (via Crain’s). What is perhaps a little more surprising is the sheer gall of it given that the financial industry profits plunged over 70% from $27.6bn in 2010 to a mere $7.7bn in 2011. While the rise in salaries [...] by Charles Hugh Smith from Of Two Minds The Tiresome Eurozone Soap Opera Has Entered Re-Runs The Eurozone “drama” needs some fresh plot developments; it has become boring. What’s more tiresome than a hastily rehearsed soap opera that replays the same boring plots again and again? Re-Runs of that soap opera. The Eurozone “drama” is now in re-runs and I for one am switching channels. Nothing will change until some critical part of the [...] by oftwominds The Eurozone “drama” needs some fresh plot developments; it has become boring. What’s more tiresome than a hastily rehearsed soap opera that replays the same boring plots again and again? Re-Runs of that soap opera. The Eurozone “drama” is now in re-runs and I for one am switching channels. Nothing will change until some critical part of the worm-eaten, corrupt construct of artifice and denial collapses in a heap. Until then, all [...] Dick Bove, an analyst at Rochdale Securities, and Vadim Zlotnikov, chief market strategist at AllianceBernstein, spoke to Bloomberg TV’s Trish Regan and Adam Johnson today about the outlook for stocks. Bove said that Morgan Stanley should be “bought aggressively, and bought now.”
Dick Bove on the kind of momentum in store for financials/bank stocks: “I think it’s considerable. If you look at the earnings power of these companies, they’re a cyclical group [...] Just headlines: Iran presses ahead with dollar attack International debt inspectors believe they have found another €15bn (£12.5bn) black hole in A meeting of the eurozone’s finance ministers has been scheduled for Monday, to discuss the disbursement of the €130bn second bail-out for Greece. Photo: REUTERS By Louise Armitstead 12:20AM GMT 03 Feb 2012 With pressure growing over talks with private investors about the terms of a €100bn debt write-off, [...] 11 Facts You Need To Know About The Nation’s Biggest Banks … 10-8-2011It makes perfect sense that a movement for an economy that works for everyone would center its efforts on an industry that exemplifies the opposite. The Occupy Wall Street protests that began in New York City more than three weeks ago have now spread across the country. The choice of Wall Street as the focal point for [...] by Jim Quinn of The Burning Platform Pump It Up Down in the pleasure centre, Elvis Costello – Pump It Up I had been planning an article based on the Green Day song – Static Age – about the propaganda, lies [...] Washington’s Blog It is clear that when banks become too big, it harms the economy. Economist Steve Keen says that “a sustainable level of bank profits appears to be about 1% of GDP”, and higher bank profits lead to a Ponzi economy and a depression. But most mainstream economists dismiss the idea that wealth inequality among individuals causes economic crises. Of course, some ideologues will argue that even discussing [...] 1. Increase in Libor – In laymans terms, means less loans for small businesses, who are already struggling. Means more layoffs, less expansion, and restricted growth. Also means more small business closures, which trickles into every aspect of the economy. 2. Rising Unemployment – The fraudulent US “market” loves to “rally” on the misery of Main Street. The Wall Street criminals must get joy from twising the knife, after it plunges [...] “I am afraid that the ordinary citizen will not like to be told that banks can and do create money. Any they who control the credit of the nation direct the policies of government and hold in the hallow of their hands the destiny of the people.† Reginald McKenna Past President of Midland Bank of England. Banks do not lend money they simply create DEBT OUT-OF-THIN-AIR and the amount of DEBT [...] Q: Who set the fed fund rate? A: The Federal Reserve. The banks are doing what our government wants them to do: penalizing the savers and helping the banks to repair the banks’ balance sheets. The government is doing this in the name of kick starting an economic recovery. Q: Who is funding all these bank profits? A: The [...] |
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Barclays Bank today pays out over £1.5 billion ($2.4 billion) in bankster bonuses an dare to pay out over £2.15 billion ($3.3 billion) or over half of the entire bank profits in bankster bonuses for the year:
Barclays has reported a 3% fall in profits to £5.9bn for last year, hit by a slowdown at its investment bank arm.
The bank also said the bonus pool at the investment banking division was down 32% to £1.5bn in 2011.
Chief executive Bob Diamond declined to discuss his own bonus during a news conference.
But senior executives will see bonuses cut about 48%, which BBC business editor Robert Peston says would [...]