Automakers are facing trouble across the world due to global recession. Thousands of unsold cars are parked in factories and warehouses waiting for delivery to customers and dealers. (thewondrous)
Tag: economic crisis
Bankers Without a Clue | Paul Krugman – NYTimes.com
Jamie Dimon of JPMorgan Chase declared that a financial crisis is something that “happens every five to seven years. We shouldn’t be surprised.” In short, stuff happens, and that’s just part of life.
But the truth is that the United States managed to avoid major financial crises for half a century after the Pecora hearings were held and Congress enacted major banking reforms. It was only after we forgot those lessons, and dismantled effective regulation, that our financial system went back to being dangerously unstable.
It’s the equivalent of “Hey, who can know why these things happen? What am I, an expert? Fuggetaboutit.”
Federal Reserve Seeks to Protect U.S. Bailout Secrets (Update1) | Bloomberg.com
The Federal Reserve Bank, to preserve its own power, is engaged in a lawsuit to prevent disclosure over what banks received bailout funds, along with how much they received.
Since the Fed controls currency, in effect, your government is engaged in a fight to NOT tell you who the gave YOUR money to.
The Fed is joined in its bid to overturn Preska’s order by the Clearing House Association LLC, an industry-owned group in New York that processes payments between banks. The group assailed the judge’s decision for what it said were legal errors, such as applying the wrong standard in weighing the exception to FOIA.
The group includes ABN Amro Bank NV, a unit of Royal Bank of Scotland Plc, Bank of America Corp., The Bank of New York Mellon Corp., Citigroup Inc., Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase & Co., US Bancorp and Wells Fargo & Co.
Federal Reserve Seeks to Protect U.S. Bailout Secrets (Update1) – Bloomberg.com.
Do Something!
Continue reading “Federal Reserve Seeks to Protect U.S. Bailout Secrets (Update1) | Bloomberg.com”
SEC order helps maintain AIG bailout mystery | Reuters
It could take until November 2018 to get the full story behind the U.S. bailout of insurance giant American International Group (AIG.N) because of an action taken last year by the Securities and Exchange Commission.
In May, the SEC approved a request by AIG to keep secret an exhibit to a year-old regulatory filing that includes some of the details on the most controversial aspect of the AIG bailout: the funneling of tens of billions of dollars to big banks like Societe Generale, Goldman Sachs (GS.N), Deutsche Bank (DBKGn.DE) and Merrill Lynch.
Do Something!
Continue reading “SEC order helps maintain AIG bailout mystery | Reuters”
Stimulus News Digest, Issue 14 | Office of the Small Business Advocate
This reports highlights:
- Earthquake Early Warning System Could Soon Be Feasible; Stimulus Funds Used
- Stimulus Funds to Pump More Water
- Recovery Act Funds 10,000th Highway Project
- Small Business Digs into $1 Billion Doyle Drive Project
- Helping Hand for Small Businesses
- Stimulus Money to Help State with Medicaid Records
- Grants Fund Training for Green Jobs
Gov. Schwarzenegger Lays Out Priorities in State of the State Address
Every once in a while, it’s good to see what the press is spinning directly, so you can judge for yourself what’s being said. Attached is The Governator’s State of the State press release for your edification.
For Immediate Release:
Wednesday, January 6, 2010
Gov. Schwarzenegger Lays out Priorities, Urges Continued Bipartisan Teamwork in State of the State Address
Today, Governor Arnold Schwarzenegger delivered his annual State of the State address before a joint session of the California legislature. The Governor reflected on the teamwork that brought California through the worst recession since the Great Depression in 2009 and laid out his vision for California in 2010.
Continue reading “Gov. Schwarzenegger Lays Out Priorities in State of the State Address”
Geithner’s Fed Told AIG to Limit Swaps Disclosure | Bloomberg.com
The far enough down the road we get, the clearer people’s motivations become. After all, if your next job depended on it, wouldn’t you help out your future employer?
AIG said in a draft of a regulatory filing that the insurer paid banks, which included Goldman Sachs Group Inc. and Societe Generale SA, 100 cents on the dollar for credit-default swaps they bought from the firm. The New York Fed crossed out the reference, according to the e-mails, and AIG excluded the language when the filing was made public on Dec. 24, 2008. The e-mails were obtained by Representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee.
“It appears that the New York Fed deliberately pressured AIG to restrict and delay the disclosure of important information,” said Issa, a California Republican. Taxpayers “deserve full and complete disclosure under our nation’s securities laws, not the withholding of politically inconvenient information.”
Emphasis added
Offered again for your consideration:
The Great American Bubble Machine | Rolling Stone
Learn about how Goldman Sachs has participated in inflating five bubbles since the early 20th century, plus, the gas they’re about to pass our way in cap and trade.
Seriously, read this and pass it on.
NEW YEAR’S RESOLUTION – MOVE YOUR MONEY!!!
Additional Funding for SBA Recovery Lending Programs will Support $4.5 Billion in Small Business Lending | SBA
Agency plans to restart Recovery loan approvals by Dec. 28
WASHINGTON – President Obama signed the U.S. Department of Defense (DOD) appropriations bill on Saturday, which included $125 million to continue through Feb. 28, 2010, the enhancements made possible through the American Recovery and Reinvestment Act (ARRA) to SBA’s two largest loan programs. The SBA estimates the additional funding will support $4.5 billion in small business lending.
New approvals of loans with the higher guarantee and reduced fees made possible by ARRA are expected to begin by Dec. 28. Loan applications from borrowers who chose to be placed in the SBA’s Recovery Loan Queue will be funded first, followed by new loan approvals beginning on or before Dec. 28.
Continue reading “Additional Funding for SBA Recovery Lending Programs will Support $4.5 Billion in Small Business Lending | SBA”
Community lenders hit the funding jackpot | CNN – CA Hispanic Chambers of Commerce
Too bad they hit the jackpot on the nickel slots.
The entire Goldman bonus pool should be donated to small businesses, but that’s just me.
Community Development Financial Institutions (CDFIs) have been a rare small business lending success story this year — and next year, they’ll have more cash.
Continue reading “Community lenders hit the funding jackpot | CNN – CA Hispanic Chambers of Commerce”
Dispatches From The Front 