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Monthly Archives: December 2009

We’ve stuffed all the problems in the closet…

An unknown Wall Streeter says that Treasury Secretary Geithner and the Obama economic team are the Emperor with no clothes…  if this guy is saying it… everyone is saying it… From Bloomberg… Doug Dachille, chief executive officer of First Principles Capital Management LLC, talks with  Pimm Fox about the U.S. government’s decision to provide additional aid to GMAC […]

Publish a monthly list of companies, by name, that are exporting jobs

As we think about renewing our economy in 2010 figures like these are critical to examine … and we should review whether the tax code benefits firms who offshore jobs… maybe the government should publish a monthly list of companies, by name, that are exporting jobs and the number of jobs shipped overseas… maybe consumers […]

Move your money!

Three cheers for Arrianna Huffington, political strategist Alexis McGill, filmmaker/author Eugene Jarecki, and Nick Penniman of the HuffPost Investigative Fund… for this great campaign to encourage everyone to move their banking to local banks and credit unions… From HuffPo — “The idea is simple: If enough people who have money in one of the big four […]

The $5.5 trillion can kicked down the road…

Astounding move on the part of the US Treasury to announce these changes to the government sponsored entities on Christmas Eve… unfortunately it echoes all the late Sunday night moves made when Tim Geithner was President of the Federal Reserve Bank of New York like the conversion to bank holding companies of Goldman Sachs and […]

This is about limiting “collateral damage”…

We have to admit how much more sophisticated the British are about managing their financial sector… but then they have had so many more hundreds of years to do it… they did have a fully blown banking system as we fought them to become independent…  1660’s anyone? Listen to Andy Haldane of the Bank of […]

Democratic Senator Jeff Merkley explains his no vote for Chairman Bernanke

Confirming Ben Bernanke III

The confirmation of Ben Bernanke moved a step forward today….  the vote was 16 – 7 in favor… But an expanding group of Senators is questioning the role of Chairman Bernanke over his role in the bailout of AIG, Goldman Sachs and European banks in September of 2008. In the hearing two camps emerged as Senators […]

Shelby opposes Bernanke nomination

I’m at the Senate Banking Committee hearing on the Ben Bernanke. I’ll keep a running tab. Yes – 16 No – 7 Majority Christopher Dodd, Chairman, Connecticut Yes Tim Johnson, South Dakota Yes Jack Reed, Rhode Island Yes Chuck Schumer, New York Yes Evan Bayh, Indiana Yes Robert Menendez, New Jersey Yes Daniel Akaka, Hawaii Yes Sherrod Brown, Ohio Yes (soft may […]

The bounds of derivatives regulation

The derivatives legislation adopted by the House of Representatives is a landmark… here is how Barney Franks’ staff describes the legislation: Overview Over-the-counter derivatives legislation for the first time addresses an unregulated part of the financial markets that poses a potential risk to the broader economy. This risk was more than apparent last year when […]

Clearinghouse concentration…

Finextra reports… ~~~”US House backs reforms to clearing house ownership rules … US lawmakers have approved a bill that will place a 20% limit on collective bank ownership of derivatives clearing houses, despite fierce opposition from financial industry participants. The US House voted 228-202 Thursday to incorporate the so-called Lynch Amendment into the forthcoming Wall […]