"Money, Power and Wall Street" - HUGE!!

[PredFan]

I wonder if they mentioned that Bush tried not once, not twice, but three times to head this disaster off and the Democrats led by Barney Frank stopped him.

 

[LogikAndReazon]

Throughout the Occupy movements confounding history, there have been only a handful of clear, universal themes that could be distilled from the otherwise cloudy, often co-opted, squatting menagerie. For all their discussion of unity, this cabal of leftist students, wandering homeless, union members and violent offenders seldom agree on any one thing. However, there is one rusty, iron theme that connects the loitering comrades from coast to coast: their collective rankle toward the current capitalist system.

TheBlaze.com:
OCCU-NOMICS: MAY DAY PROTESTERS TRY TO ANSWER, ‘WHAT IS THE BEST ALTERNATIVE TO CAPITALISM?’ Find

(Related: Funny Vid: D.C. Occupiers Want to Banish Monetary System…But Still ‘Buy’ Big Screen TVs)

On Tuesday, The Blaze went down to Malcolm X park in Washington D.C. which played host to the much-touted Occupy May Day protests. We were interested in finding the answer to one question:

“So, what is the best alternative to Capitalism?”

What we found, may hurt your mind.

 

[Mr. Shaman]

"I think we've all learned something, here."​

May 3, 2012​

"News of the SEC probe followed the Reuters report that McClendon had borrowed as much as $1.1 billion against his minority share of company wells granted to him under a corporate perk called the Founders Well Participation Program.

The loans were previously undisclosed to shareholders and McClendon's biggest lender, EIG Global Energy Partners, is also a big financier for Chesapeake -- a situation that raises potential conflicts, analysts and academics have said.

On Wednesday, a Reuters investigation found that McClendon ran a lucrative $200 million hedge fund on the side that traded in the same commodities Chesapeake produces."

Another Pig Bites-The-Dust​

 

[Mr. Shaman]

Whoahhhhhhhhhhhhhhhhh......​

"Some lawyers and commodity-trading analysts said they were troubled by provisions in McClendon's agreements with the company. At a minimum, they said, McClendon could be distracted from his job at Chesapeake by his outside business activities.

They also said McClendon could have used privileged Chesapeake information to advance his own trading.

"This is edge-of-the-universe contract language," said Saul Cohen, a retired securities lawyer who formerly served as general counsel at investment bank Lehman Brothers."

GET 'IM, S.E.C.!!!!!​

. . . . . ​

 

[Mr. Shaman]

May 13, 2012

A Regulation-Primer;
For Teabaggers​

"One of the characters in the classic 1939 film “Stagecoach” is a banker named Gatewood who lectures his captive audience on the evils of big government, especially bank regulation — “As if we bankers don’t know how to run our own banks!” he exclaims. As the film progresses, we learn that Gatewood is in fact skipping town with a satchel full of embezzled cash.

As far as we know, Jamie Dimon, the chairman and C.E.O. of JPMorgan Chase, isn’t planning anything similar. He has, however, been fond of giving Gatewood-like speeches about how he and his colleagues know what they’re doing, and don’t need the government looking over their shoulders. So there’s a large heap of poetic justice — and a major policy lesson — in JPMorgan’s shock announcement that it somehow managed to lose $2 billion in a failed bit of financial wheeling-dealing.

Just to be clear, businessmen are human — although the lords of finance have a tendency to forget that — and they make money-losing mistakes all the time. That in itself is no reason for the government to get involved. But banks are special, because the risks they take are borne, in large part, by taxpayers and the economy as a whole. And what JPMorgan has just demonstrated is that even supposedly smart bankers must be sharply limited in the kinds of risk they’re allowed to take on.

For the moment Mr. Dimon seems chastened, even admitting that maybe the proponents of stronger regulation have a point. It probably won’t last; I expect Wall Street to be back to its usual arrogance within weeks if not days.

But the truth is that we’ve just seen an object demonstration of why Wall Street does, in fact, need to be regulated. Thank you, Mr. Dimon."

​

 

[Mr. Shaman]

May 19, 2012

Obama; Tough Enforcement
Of Wall Street Reforms​

"President Barack Obama on Saturday called on the U.S. Congress to back his efforts for tough new financial industry oversight, saying a $2 billion trading loss at JPMorgan underscored the need for such regulation.

"We've got to finish the job of implementing this reform and putting these rules in place," Obama said in a weekly radio address that accused some on Wall Street of causing the 2007-2009 economic crisis because they "treated our financial system like a casino."

Many Republicans in Congress have taken aim at Wall Street reform measures, saying they are unwieldy and could end up slowing investment and economic growth.

Obama said that while JPMorgan had the resources to handle losses of more than $2 billion, smaller banks might not have been able to do so. Without the new banking industry reforms, Obama said U.S. taxpayers could again "be on the hook for Wall Street's mistakes."

Obama's WALL STREET REFORM​

​

 

[Toddsterpatriot]

May 19, 2012

Obama; Tough Enforcement
Of Wall Street Reforms​

"President Barack Obama on Saturday called on the U.S. Congress to back his efforts for tough new financial industry oversight, saying a $2 billion trading loss at JPMorgan underscored the need for such regulation.

"We've got to finish the job of implementing this reform and putting these rules in place," Obama said in a weekly radio address that accused some on Wall Street of causing the 2007-2009 economic crisis because they "treated our financial system like a casino."

Many Republicans in Congress have taken aim at Wall Street reform measures, saying they are unwieldy and could end up slowing investment and economic growth.

Obama said that while JPMorgan had the resources to handle losses of more than $2 billion, smaller banks might not have been able to do so. Without the new banking industry reforms, Obama said U.S. taxpayers could again "be on the hook for Wall Street's mistakes."

Obama's WALL STREET REFORM​

​

$2 billion trading loss at JPMorgan underscored the need for such regulation.

Quick! Get Barney Frank and Chris Dodd on the job!
Before the loss breaks the hundreds of billions mark that Fannie and Freddie are costing the taxpayer.

 

[Mr. Shaman]

May 19, 2012

Obama; Tough Enforcement
Of Wall Street Reforms​

"President Barack Obama on Saturday called on the U.S. Congress to back his efforts for tough new financial industry oversight, saying a $2 billion trading loss at JPMorgan underscored the need for such regulation.

"We've got to finish the job of implementing this reform and putting these rules in place," Obama said in a weekly radio address that accused some on Wall Street of causing the 2007-2009 economic crisis because they "treated our financial system like a casino."

Many Republicans in Congress have taken aim at Wall Street reform measures, saying they are unwieldy and could end up slowing investment and economic growth.

Obama said that while JPMorgan had the resources to handle losses of more than $2 billion, smaller banks might not have been able to do so. Without the new banking industry reforms, Obama said U.S. taxpayers could again "be on the hook for Wall Street's mistakes."

​

$2 billion trading loss at JPMorgan underscored the need for such regulation.

Quick! Get Barney Frank and Chris Dodd on the job!
Before the loss breaks the hundreds of billions mark that Fannie and Freddie are costing the taxpayer.

May 18, 2012

JPMorgan Probe​

"The Commodity Futures Trading Commission (CFTC) has opened an investigation into possible wrongdoing at JPMorgan Chase & Co in connection with the bank's multi-billion-dollar trading loss, a source familiar with the probe told Reuters.

The agency will soon disclose the existence of the investigation, the source said on Friday.

Earlier on Friday, the New York Times reported that the CFTC had opened an enforcement case, quoting people briefed on the matter.

The CFTC would join the FBI and the U.S. Securities and Exchange Commission among federal agencies examining the loss, which the largest U.S. bank said last week was at least $2 billion."

. . . . . ​

 

[Toddsterpatriot]

​

$2 billion trading loss at JPMorgan underscored the need for such regulation.

Quick! Get Barney Frank and Chris Dodd on the job!
Before the loss breaks the hundreds of billions mark that Fannie and Freddie are costing the taxpayer.

May 18, 2012

JPMorgan Probe​

"The Commodity Futures Trading Commission (CFTC) has opened an investigation into possible wrongdoing at JPMorgan Chase & Co in connection with the bank's multi-billion-dollar trading loss, a source familiar with the probe told Reuters.

The agency will soon disclose the existence of the investigation, the source said on Friday.

Earlier on Friday, the New York Times reported that the CFTC had opened an enforcement case, quoting people briefed on the matter.

The CFTC would join the FBI and the U.S. Securities and Exchange Commission among federal agencies examining the loss, which the largest U.S. bank said last week was at least $2 billion."

. . . . . ​

OMG! A private company losing their shareholders money, quick investigate!

Meanwhile, Fannie and Freddie lost several hundred billion of the taxpayer's money.

Why aren't Barney Frank and Franklin Raines up on charges yet?

 

[Mr. Jones]

Throughout the Occupy movements confounding history, there have been only a handful of clear, universal themes that could be distilled from the otherwise cloudy, often co-opted, squatting menagerie. For all their discussion of unity, this cabal of leftist students, wandering homeless, union members and violent offenders seldom agree on any one thing. However, there is one rusty, iron theme that connects the loitering comrades from coast to coast: their collective rankle toward the current capitalist system.

TheBlaze.com:
OCCU-NOMICS: MAY DAY PROTESTERS TRY TO ANSWER, ‘WHAT IS THE BEST ALTERNATIVE TO CAPITALISM?’ Find

(Related: Funny Vid: D.C. Occupiers Want to Banish Monetary System…But Still ‘Buy’ Big Screen TVs)

On Tuesday, The Blaze went down to Malcolm X park in Washington D.C. which played host to the much-touted Occupy May Day protests. We were interested in finding the answer to one question:

“So, what is the best alternative to Capitalism?”

What we found, may hurt your mind.

Its the bastardizing of true capitalism that is the problem. It has been turned into a socialist/fascist economy, going far and away from capitalism.
The best alternative to the new capitalism is to allow it to work like it was intended, like a forest needs a fire to weed out the old timber to make way for new fresh growth. Austrian over Keynesian.

Ron Paul Predicted The Collapse In 2003 - Morning Joe 5/15/2009 - YouTube

 

[FireFly]

Just remember these words when you hear Politicians & Wallstreet talking in code.

- Risk Spreading = Making Risk Systemic. Not safe like Obama & Frank Raines said it should.

- Loosening Credit Standards = Creating money out of thin air by creating junk bonds. Not as Clinton & Frank Raines describes it. Discrimination because the number of minority and low income home owners are just "a notch below what our current underwriting has required".

- Financial Genius / Alchemy = Dreaming up a scheme to rate those bad credit junk bonds as AAA so we can sell them to suckers. (ie: CDO, CDS, SPV, SPE, etc.)

These are all the same crime as painting bars of lead gold & selling them as gold.

Clinton & Obama's Affirmative Action Lending Gone Wild.

 

[ERGO]

FINANCIAL MANIPULATION: Unrestrained Stimulus and Draconian Economic Austerity: Two Sides of the Same Coin

Source Link:FINANCIAL MANIPULATION: Unrestrained Stimulus and Draconian Economic Austerity: Two Sides of the Same Coin

Liberal economists and financial wonks say that we need to stimulate more to avoid falling back into an economic abyss.

Conservative economists and financial gurus say that we need to tighten our belts and live within our means, or the tsunami of debt will wipe out our prosperity, and that of our children and grandchildren.

We’ve repeatedly noted that neither stimulus or austerity can ever work … unless and until the basic problems with the economy are fixed:What Both Sides Are Missing In The Debt Ceiling Debate - Washington's Blog

But stimulus and austerity are not only insufficient … they are actually 2 sides of the same coin.

Specifically, the central banks’ central bank warned in 2008:The “Central Banks’ Central Bank” says Bailouts Putting Nations at Risk, as Confirmed By Higher Credit Default Swap Spreads - Washington's Blog

Remember, it is not the people or Main Street who are getting bailed out …it is the giant banks:Big Banks Continue to Suck at the Government Teat With Never-Ending Stealth Bailouts

A study of 124 banking crises by the International Monetary Fund found that propping up banks which are only pretending to be solvent hurts the economy:
http://www.imf.org/external/pubs/ft/wp/2008/wp08224.pdf

Existing empirical research has shown that providing assistance to banks and their borrowers can be counterproductive, resulting in increased losses to banks, which often abuse forbearance to take unproductive risks at government expense. The typical result of forbearance is a deeper hole in the net worth of banks, crippling tax burdens to finance bank bailouts, and even more severe credit supply contraction and economic decline than would have occurred in the absence of forbearance.

Cross-country analysis to date also shows that accommodative policy measures (such as substantial liquidity support, explicit government guarantee on financial institutions’ liabilities and forbearance from prudential regulations) tend to be fiscally costly and that these particular policies do not necessarily accelerate the speed of economic recovery.


All too often, central banks privilege stability over cost in the heat of the containment phase: if so, they may too liberally extend loans to an illiquid bank which is almost certain to prove insolvent anyway. Also, closure of a nonviable bank is often delayed for too long, even when there are clear signs of insolvency (Lindgren, 2003). Since bank closures face many obstacles, there is a tendency to rely instead on blanket government guarantees which, if the government’s fiscal and political position makes them credible, can work albeit at the cost of placing the burden on the budget, typically squeezing future provision of needed public services.

In other words, the “stimulus” to the banks blows up the budget, “squeezing” public services through austerity.

But instead of throwing trillions at the big banks, we could give some stimulus to Main Street. It would work much better at stimulating the economy:
Steve Keen Out-Thinks Larry Summers - Washington's Blog

And instead of imposing draconian austerity, we could stop handouts to the big banks, stop getting into imperial military adventures and stop incurring unnecessary interest costs (and see this). This would be better for the economy as well.

Overwhelming Majority of U.S. Citizens Want Deep and Immediate Cuts In Military Spending … But House Votes To Slash Food Stamps and Other Social Programs To PRESERVE High Military Budget In the Face of Automatic Reductions - Washington's Blog

Raise Taxes and Cut Services? Why Not Stop Unnecessary Bailouts, Unnecessary Wars and Unnecessary Interest Costs Instead? - Washington's Blog

Bernanke: We Must Raise Taxes and Cut Services

Underneath the false left-versus-right puppet show, this is not a financial crisis … it’s a bank robbery:
:http://www.washingtonsblog.com/2010/11/its-not-the-great-recession-its-the-great-bank-robbery.html