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After two-decade downturn, Bank of Japan unleashes world’s biggest stimulus – $1.4 trillion!
(Reuters) – The Bank of Japan unleashed the world’s most intense burst of monetary stimulus on Thursday, promising to inject about $1.4 trillion into the economy in less than two years, a radical gamble that sent the yen reeling and bond yields to record lows. … Bank of England keeps policy steady despite new remit
Here’s A Bunch Of Ugly Numbers Out Of [...] Judgment against S&P SYDNEY—Standard & Poor’s misled investors by giving its highest rating to complex investment instruments that collapsed during the global financial crisis, an Australian court ruled Monday. It is the first time a ratings firm has faced trial over synthetic derivatives whose plunge largely contributed to the demise of Lehman Bros. in 2008, sending shock waves through world stock markets. Standard & Poor’s engaged in “misleading and deceptive” conduct by placing [...] Think back, do you remember Lehman Bros.? How about MF Global and more recently PFG Best? What do they all have in common? Yes, they all went bankrupt you are correct but…what they ALL had in common was “how”, or more to the point HOW FAST they went bankrupt. All of these entities literally went belly up within a week’s time. How does a firm “just go bankrupt” overnight? Easy, other firms begin [...] Dear Jim, Think back, do you remember Lehman Bros.? How about MF Global and more recently PFG Best? What do they all have in common? Yes, they all went bankrupt you are correct but…what they ALL had in common was “how”, or more to the point HOW FAST they went bankrupt. All of these entities literally went belly up within a week’s time. How does a firm “just go bankrupt” overnight? Easy, [...] From The Big Picture: [Warning: Post contains explicit language.] How awesome is this treasure trove of e-mails, documents, files, et. al placed online by the NY Fed? Some of the e-mails between Lehman execs are laughable — naive, silly, hubristic, childish. But my favorite piece simply has to be the Morgan Stanley research report from June 30, 2008 “Overweight Rating” on Lehman Brothers — “Bruised, Not Broken, Poised for Profitability.” Sixty days later, Lehman Brothers filed [...] http://www.huffingtonpost.com/l-randall-wray/why-mortgagebacked-securi_b_802600.html “In a series of pieces I have argued that MERS, a creation of the mortgage banking industry, has effectively destroyed the institution of private property in America. Ironically, MERS was created to facilitate quick and easy and cheap securitization of mortgages — what are called mortgage-backed securities. In fact, what it did was to eliminate any [...] From CNBC: Billionaire investor George Soros said he believed the United States was already experiencing the pain of a double dip recession and that Republican opposition to Obama’s fiscal stimulus plans was to blame for sluggish growth. Asked by CNBC if he believed the US risks falling into a double-dip recession , Soror said: “I think we are in it already.” “We have a slowdown and basically [...] Visit msnbc.com for breaking news, world news, and news about the economy It could be the default heard around the world. If Greece can no longer make payments on its national debt, the financial shockwaves may rock your local bank. As the Greek government teeters and European countries appear deadlocked over a rescue plan, holders of Greek debt [...] by Hugh G Rection 1) All the global banks were up to their eye-balls in toxic assets. All the AAA mortgage-backed securities etc. were in fact JUNK. But in the balance sheets of the banks and their special purpose vehicles (SPVs), they were stated to be worth US$ TRILLIONS. 2) The collapse of Lehman Bros and AIG exposed this ugly truth. All the global banks had liabilities [...] by Coolhand Consensus at this point is that this is a minor temporary supply chain problem for a few things like autos & semiconductors, & that this could prove positive for production in the US & other countries. There are truths to these arguments & they may prove accurate, but they are too simplistic & linear for my taste, when the effects of this are likely [...] by Zerohedge
From Operation LeakS’ site, http://bankofamericasuck.com, here is the initial release of what appears to be a whistleblower’s (former employee) disclosure that Brian Moynihan’s firm is lying to the Federal government. The punchline is that this appears to be a concerted effort from the ground up to hide foreclosure data from auditors and the Fed in order to obtain select preferential treatment in a variety [...] by Matthias Chang The Global Too Big To Fail Banks are so precarious that literally anything can trigger a collapse in the coming months. I have read recent commentaries on Basel III posted to various renowned websites and financial publication, but they missed (or deliberately misled) the underlying message of the proposals, the implementation of which will be delayed till 2017 and some till 2019. Basel III is pure spin and its timing [...] Liberal law makers tell us that everyone is entitled to live the American dream, and pass the so-called Community Redevopment Act. at investors.com “Taxpayers will continue to shoulder losses by mortgage finance giants Fannie Mae (FNM) and Freddie Mac, (FRE) their regulator told a House panel Wednesday. Democratic lawmakers continued to show no interest in taking up their reform. The testimony by Edward DeMarco, acting director of the Federal Housing Finance Agency, elaborated on an FHFA report to Congress released late Tuesday. It stated that Fannie and Freddie would be “unable to serve [...] I hope people finally learn the basic lesson here. Once a debt is created, someone has to pay it. Either the borrower pays it back, or the lender pays the debt by charging it off as lost capital, or the debt is transferred to some third party. But a debt remains a debt until it is discharged. This is why central banks have fixed nothing. They should have allowed the big [...] The line up goes down the block and around the corner for prosecutions against Goldman Sachs, Sovereign debt looms large, 8 more banks close, scandals in the financial sector continue to erupt everywhere, the public picks up the bills, we face a staggering depression, anger grows against wall street, a plan for permanent bailouts only favors the rich and corrupt. Criminality reigns and the games go on. We recently saw the [...] |
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