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I’m infatuated with the Free Housing Market Enhancement Act of 2003 which your party had no interest. Here’s an article for you to review. Then you can see how YOU and YOUR PARTY hurt Americans of every party.
Ron Paul saw this financial mess coming
It’s not like there wasn’t anybody who saw the economic woes of the week on the horizon.
On Sept. 10, 2003, U.S. Rep. Ron Paul, R-Texas, testified before House [...] “We’re on the road to economic stagnation” is how the Dallas fed describes the status quo as Too-Big-To-Fail (TBTF) is forcing the US economy to suffer from the perpetuation of perverse incentives. We want to get back on the path to prosperity and they note that there are some things monetary policy can’t fix (well we know that already) but in this case they demand an end to the TBTF [...] Sir Mervyn told The Times that Britain’s banks are in denial about public anger over their behaviour. And he hit out at them for insisting everyone needed to live with “market disciplines” until the financial crisis hit when they asked for bail outs. “Market discipline can’t apply to everyone except banks,” he told the newspaper, adding people’s anger was “very real and wholly understandable”. Read more: http://www.guardian.co.uk/uk/feedarticle/10139179 by Global Macro Monitor QE and the “Crowding Out” of the Bond Market Vigilante We’ve updated our chart of the sources of financing of the U.S. budget deficit from the Fed’s Flow of Funds data released on September 16th. The chart illustrates how the Fed and foreign central banks have been indirectly fully funding the massive U.S. budget deficit for the last three quarters. It will [...] Sean Egan, the head of independent credit analysis firm Egan Jones, was on CNBC this morning. He’s particularly terrified by Europe. Here’s the partial quote via Noah Rosenblatt: KERNAN: “you think that the fed is ultimately the lender of last resort to europe. how does that even work?” EGAN: “..it’s working right now. in a couple of different ways. one is a swap line. okay. i broaden it from the fed to [...] By Nouriel Roubini The current “muddle through” approach to the eurozone (EZ) crisis is not a stable disequilibrium; rather, it is an unstable disequilibrium. Either the member states move from this disequilibrium toward a broader fiscal, economic and political union that resolves the fundamental problems of divergence (both economic, fiscal and in terms of competitiveness) within the union… …or the system will move first toward disorderly debt workouts [...] by ZH But that’s ok- these banks will focus on funding US Treasury issuance first, ergo no need for more QE… Among some of the report findings, which will hardly be deemed shocking: Some stress tests should have higher capital hurdles by William K. Black Failed to identify the real causes of the crisis by ZH In an interview with Tom Keene yesterday, Citi strategist Willem Buiter, alongside Howard Davies chairman of the London School of Economics, said that “savage austerity” is in the US’ future. “The only question was really the timing and the composition.” Alas, for that to happen it would require an overhaul of the entire US kleptocratic oligarchy, and the entire premise of tenured politicians, who [...] |
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Breaking News: FDIC approves ‘Too Big to Fail’ plan to seize big banks in crisis – nytimes
By DEALBOOK
A top banking regulator approved a plan to seize and unwind big banks — a proposal that will help address those “too big to fail” firms whose collapse could imperil the financial system.
On Tuesday, the board of Federal Deposit Insurance Corporation voted unanimously to approve a set of proposed rules intended to create an orderly process to unwind large financial institutions. The rules [...]