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Monthly Archives: September 2011

DICK bove: Government Has Broken U.S. Banking System

I’m going to try and challenge this notion.

The banks make a free vig off the tax payers back thanks to the federal reserve… a non government entitity owned by 12 corporations.

The banks do not lend for two reasons; a) they needed and still need the liquidity from time to time to write down bad assets off of the taxpayers back and  b) the credit worthiness of the country has been lowered due to banks and greed racking up enormous debt.

Oh and there is a liquidity crisis occurring because of Europe which the banks had to have seen and know of for many years.

So no DICK it is not just uncle sam that has ruined the banking system.

Furthermore the rules, while admittedly restrictive, are a  result of a blow back from greedy cocaine snorting criminals committing fraud and consipracy against the citizens of the planet and the global economy.

Full article

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EFSF Lever Up Plan Solves Immediate Issues; Not the Root Cause

As far as equities are concerned it probably means risk on for a while; but we still have a cancer to deal with down the road.

This is the article in two sentences “So, it’s America 2.0.  Fix the banks, give Main Street the middle finger and move along.  Nothing to see here.  The good news is that this plan might just buy them enough time to generate a sustainable fix.”

Full article

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Goldman Sachs Rules the World…Full Stop

The cancer is growing. wonder what his thought are after today’s new EFSF approach is. With all the secrecy and stonewalling it is hard to know how big and how far along the european banking sovereign debt problem is…..but never mind that ’cause GS rules the world. 

[youtube:http://www.youtube.com/watch?v=TNKFKKmzri4 450 300] [youtube:http://ww.youtube.com/watch?v=R-O3kYrDPbI 450 300]


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Is BofA a Buy? (video)


I say $4 is where you take a shot….but I’m not a big fan of any bank.


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Germany continues to hold back any Greek plan

BERLIN (AP) — German officials on Monday downplayed prospects of any quick and dramatic change of course in the eurozone debt crisis, days before a parliamentary vote on beefing up the continent’s rescue fund.

Weekend meetings of global financial leaders in Washington raised hopes of a change in strategy, with officials indicating that would focus on further boosting the firepower of the euro440 billion ($595 billion) rescue fund — perhaps by allowing it to tap loans from the European Central Bank or otherwise leveraging its lending capacity.

Hopes for such a move boosted European stock markets on Monday, with German and French bank shares rising strongly.

However, ahead of a parliamentary vote Thursday on changes to the fund that eurozone leaders already agreed to in July, Berlin was keen to underline its attachment to its often-criticized step-by-step approach.

Thursday’s vote on expanding the powers of the rescue fund, the so-called European Financial Stability Facility, will be followed over the coming months by final decisions on a second bailout package for Greece and on a permanent rescue mechanism meant to replace the EFSF from 2013, Finance Ministry spokesman Martin Kotthaus noted.

“That is quite simply the procedure that lies in front of us — we will work through it step by step,” Kotthaus said.

When asked in Washington whether he supported the idea of leveraging the rescue fund, German Finance Minister Wolfgang Schaeuble said: “Of course we will use the EFSF in the most efficient way possible.”

The discussion about the new rescue fund powers is taking place amid speculation that Greece ultimately will be unable to pay its debts and will have to force heavy losses on bondholders. That would be beyond a 21 percent sacrifice agreed to under a second, euro109 billion bailout deal for Greece. Greek and other officials deny that will happen.

In an interview with n-tv television Monday, Schaueble was asked whether there is a plan to move up the effective July 2013 date of the long-term rescue mechanism, or ESM.

Schaeuble pointed out that the process of establishing the ESM, which would allow a country to go bankrupt and default on its debts, takes time.

“That doesn’t go very fast,” Schaeuble said. “If we could do it faster … it would be good, but probably we will need the time that we have calculated.”

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U.S. government shutdown looms

If you haven’t noticed, it’s because nobody cares. Considerably more important issues going on than whether or not Congressment will spend this time deliberating what to name Post Office locations that may or may not be around next year.

Read here, if you even care to.

The standoff continues Monday between the House and the Senate over emergency funding, which is holding up a short-term spending measure to keep government running into the new fiscal year that begins this weekend.

The measure includes additional money to fill the almost depleted emergency aid coffers of the Federal Emergency Management Agency and Army Corps of Engineers following Hurricane Irene, Tropical Storm Lee, wildfires and tornadoes so far this year.

House Republicans have passed a bill that cuts spending elsewhere to offset some of the increased disaster relief aid. Democrats oppose offsets for emergency aid, saying disaster relief for Americans in need should be unencumbered. The Democratic-led Senate rejected the House measure on Friday by a 59-36 vote.

The package would fund the government for the first seven weeks of the new fiscal year that starts Saturday.

For the third time in six months, a partial government shutdown is possible if the Republican-led House and Democratic-controlled Senate fail to agree on the short-term spending plan by Friday — the end of the current fiscal year.

The measure currently under deliberation — which would keep Washington running through Nov. 18 — includes critical new disaster funding assistance for states hit hard by Hurricane Irene, Tropical Storm Lee, and a series of recent wildfires and tornadoes.

But Republicans want less disaster aid than their Democratic counterparts, and want to pay for it partly by cutting funding for programs designed to spur clean energy innovation.

The House passed a “common sense measure,” House Speaker John Boehner, an Ohio Republican, told reporters during the Senate vote. “It’s time for the Senate to move.”

Senate Majority Leader Harry Reid, a Nevada Democrat, announced his intention to push for a new vote Monday on a compromise package incorporating the GOP’s lower overall disaster relief spending levels while eliminating any cuts to clean energy programs.

Congressmen and senators need to “cool off for a little bit,” Reid said Friday. “There’s a compromise here.”

“More reasonable heads will prevail,” he predicted.

Meanwhile, the agency responsible for doling out disaster relief money — FEMA — could run out of funds as soon as Monday, according to Reid.

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Today’s Biggest Winners and Losers

No. Ticker % Change
1 MELA 65.72
2 ZN 30.54
3 GRNB 14.29
4 GNRC 13.55
5 ONP 11.24
6 GRO 11.11
7 MRNA 11.06
8 HSWI 10.75
9 BORN 10.16
10 GKNT 9.64
11 CRDN 9.17
12 OMEX 9.02
13 AGEN 8.95
14 AEO 8.68
15 INUV 8.38
16 ES 8.16
17 MALL 8.01
18 AIP 7.95
19 ZIP 7.70
20 TNGN 7.45
21 OKSB 7.44
22 PRMW 7.37
23 ING 7.25
24 TIV 7.22
25 DHIL 7.09
No. Ticker % Change
1 CIIC -29.41
2 RXII -26.26
3 EK -22.69
4 IVN -18.05
5 CPSL -17.19
6 ZANE -15.98
7 CXM -15.61
8 EGI -13.81
9 GAGA -12.43
10 CXZ -12.00
11 AMSC -11.81
12 ATRN -11.46
13 ICAD -11.32
14 LODE -11.16
15 DGLY -11.11
16 GBE -10.98
17 ENER -10.48
18 UEC -10.21
19 SINA -9.88
20 FPP -9.79
21 HPJ -9.77
22 MPET -9.77
23 XUE -9.41
24 SCEI -9.40
25 CIGX -9.32
26 SHZ -9.09
27 ZINC -8.96
28 LPH -8.91
29 MCP -8.85
30 SSN -8.57
31 ZLC -8.50
32 REE -8.49
33 LOCM -8.47
34 JAG -8.35
35 MVG -8.29
36 MDW -8.26
37 SPU -8.26
38 DQ -8.00
39 STLY -8.00
40 ANO -8.00
41 RST -7.90
42 PWAV -7.89
43 TELK -7.89
44 AONE -7.88
45 TPCG -7.86
46 VVTV -7.82
47 AGQ -7.81
48 BGMD -7.80
49 SEH -7.78
50 AGRO -7.76

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