MARKETSGrand Theft EconomicsCredit Default Swaps; The Poison in the Financial System
California to lose Welfare. CNN’s top story is about a man that punched a blind lady on a bus. Absurd. Absolutely Absurd. California’s governer has proposed to cut welfare, yes, cut welfare. I have checked to see if CNN covered this issue, and I have
Credit encourages people to spend more by separating the pain of
payment from the pleasure of consumption. For many, maybe most
people. This means at least one brush with unpleasantly large
overdrafts or credit card balances. And for a small subset of folks,
that easy accumulation leads to real, often repeated, trouble. Those
kinds of problems can’t be fixed with tighter mortgage lending
standards or a 500 basis point uptick in the Fed Funds rate. And they
aren’t the main problems facing most Americans today. JMorgan Stanley to Boost Executive Salaries as Bonuses Decline Goldman holds billions in taxpayer cash, plans for billions in exec
bonuses this year, and has powerful friends in Obama’s govt. up the
wazoo.
IMPLODED: BANK UNITED FSBThe failure of the Coral Gables, Fla.–based bank represents the
second-largest hit to the FDIC’s insurance fund so far _ the
costliest was last year’s seizure of California lender IndyMac, on
which the FDIC is estimated to lose $10.7 billion.
Why The Poor Pay More
My comment: We’ll see just how much the recession is ‘easing’ if oil
prices continue to rise. If that happens, we’ll see a jaw–dropping
depression that will render the word ‘recession’ permanently
absurd.
The credit rating agency’s reduction of the UK outlook to ‘negative’ unnerved investors, causing a broad–based sell–off Sony is to shrink its supplier network by half over the next two years to cut at least Y500bn in costs in response to the global slump in electronics sales
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