by WashingtonsBlog
Too Big Banks Try End Run to Kill Growing Public Banking Movement
The Trans-Pacific Partnership (TPP) is an international treaty negotiated in secret – hidden even from congressmen who oversee such treaties – which threatens to destroy national sovereignty.
Public banks – such as the Bank of North Dakota – can provide low-cost loans to Main Street, when Wall Street insists on high interest rates … or won’t even extend credit.
More and more states are considering launching their own public banks.
A [...]
From Liberty Blitzkrieg:
Income growth for the bottom 90% in America since 1966 is… $59
We’ve all seen these statistics before in one form or another, but David Cay Johnston does an excellent job going into more detail…
As he correctly notes, when things get extreme like this, you end up with serious social unrest…
However, I would take exception to Mr. Johnston’s conclusion that the root problem is the tax system.
While I do [...]
JAMES KANTER
nytimes.com
February 22, 2013
Despite growing confidence that Europe is managing its debt crisis and is poised to embark on a recovery, fresh developments on Friday indicated that the region continues to struggle to stimulate growth while cutting spending to pare deficits.
A top European official warned on Friday that the euro area economy would shrink for the second consecutive year and that countries like France and Spain would miss fiscal targets [...]
WASHINGTON — State leaders welcomed a pledge of U.S. aid for the worst drought in decades, even as the assistance paled in comparison to potential losses and a forecaster said weather conditions may not improve in some areas until September.
The Department of Agriculture on Wednesday named 1,016 counties in 26 states natural-disaster areas, the agency’s biggest such declaration ever. Substantial rains that would relieve the worst-hit areas may not arrive [...]
allgov.com
June 14, 2012
Following the 2008 financial crisis, the Federal Reserve provided more than $4 trillion in near zero-interest loans and other help to banks and businesses whose executives also served as directors for the national bank.
At least 18 current and former Fed regional bank directors had a direct stake in the trillion-dollar bailout given to teetering institutions, according to a report produced by the Government Accountability Office, but released by [...]
It’s time for the Federal Reserve to let interest rates rise and banks to get back to the business of financing the growth of America’s real-economy.
Achilles Macris, J.P. Morgan’s CIO in their London office, began using the bank’s access to cheap capital from the Federal Reserve to amass a huge over-the-counter derivative gamble that high yield and sovereign debt interest rates would fall, after MF Global suffered a $1.2 billion [...]
The man behind much of Tuesday’s market selloff is a 37-year-old Greek namedAlexi Tsipras, the leader of the Coalition for the Radical Left.
When handed the right to try and form a coalition government in Greece, he told the world that the Greek bailout agreement is “null and void” and should be abandoned.
This sent global markets reeling because he could potentially unleash a series of events that would force Greece to leave the euro zone.
Besides [...]
Rep. Darrell Issa (R-Calif.) said Tuesday that his committee plans to investigate government loan programs to private corporations in light of allegations of improper dealings between the White House and failed energy company Solyndra and wireless start-up LightSquared.
“I want to see when the president and his cronies are picking winners and losers… it wasn’t because there were large contributions given to them,” the chairman of [...]
FBI agents armed with search warrants descended Thursday morning on bankrupt solar company Solynrda.
The investigation comes after a request by the Department of Energy’s inspector general, FBI spokesman Peter Lee told NBC Bay Area News.
Agents arrived at Solyndra at 7a.m. and were examining the factory. Solynrda has a skeleton crew of 100 workers on the scene, who are closing [...]
Last year, Seattle Mayor Mike McGinn announced the city had won a coveted $20 million federal grant to invest in weatherization. The unglamorous work of insulating crawl spaces and attics had emerged as a silver bullet in a bleak economy – able to create jobs and shrink carbon footprint – and the announcement came with great fanfare.
McGinn had joined Vice President Joe Biden in the [...]
via nydailynews:
The Rolling Stone writer who dubbed Goldman Sachs a “great vampire squid” has set his sights on a couple of glamorous Wall Street wives who may also suck.
In a revealing article in the new issue of Rolling Stone magazine, Matt Taibbi reports that Christy Mack, the wife of Morgan Stanley Chairman John Mack, and Susan Karches, the widow of the company’s former investment-banking division president, Peter Karches, are [...]
73 discount window loans to Libya totaling $35 Billion at .25%…
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Read the Letter
WASHINGTON, March 31 – Sen. Bernie Sanders (I-Vt.) today questioned why the Federal Reserve provided more than $26 billion in credit to an Arab intermediary for the Central Bank of Libya.
The total includes at least $3.2 billion in loans that the Fed was forced to make public today in addition to earlier revelations under a [...]
Folks Chinese housing market may blow up sooner than later.
China’s real estate market is a huge ponzi scheme supported by shark loans. They are located on street corners with touts to bring customers in. There are more loan shark shops than convenience stores in some blocks. Ordinary Chinese pledge their houses to get low interest loans from the banks like our cashout refis, then lend to local shark loan companies [...]
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