Interesting undercurrents at The Next Global Crisis panel at the World Economic Forum at Davos… Check out the video at 1 hour 10 minutes. You can see the comments of Zhu Min, the deputy governor of the People’s Bank of China (the Federal Reserve of China), as he gives some insight from his part of [...]
Filed in Liquidity, Recession busters..., Restructuring, Trading
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Also tagged break up the banks, carry trade, Geithner, global hot money, Obama, Summers, Tobin tax, Wall Street, Washington
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Tuesday, January 26, 2010
Bloomberg reports on the Senate’s failure on it’s first try to address the burgeoning fiscal crisis facing the United States. The Senate voted 53-46 against legislation that would have mandated that Congress adopt recommendations made by a newly created budget panel. This panel could have recommended tax increases, changes in entitlements or other structural changes. First strike for [...]
Filed in Creativity, Liquidity, Recession busters..., Regulatory, Restructuring, Transparency
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Also tagged debt, economic justice, economy, Federal Reserve, IMF, Obama, Senate, Treasuries
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Lucian Bebchuk of Harvard has made the best rebuttal to Chairman Bernanke’s defense of AIG counterparty payments at 100 cents on the dollar… but no one seems to be focused on the remaining CDS exposure of $1.6 trillion that AIG and the US taxpayers have… I think this might be an important point before the [...]
In this short clip from the Senate Banking Committee hearing of September 23, 2008 Senator Evan Bayh questions Secretary Paulson about why they will support foreign banks. Secretary Paulson says it’s on behalf of American taxpayers and Chairman Bernanke explains that these are efforts to prop up prices in markets. From Bloomberg… ~~~ “… The [...]
C.R. “Rusty” Cloutier, chief executive officer at MidSouth Bank, talks with Bloomberg’s Carol Massar about President Barack Obama’s proposal to limit U.S. banks’ size and trading activities. Cloutier also discusses the outlook for financial regulation. Mr. Cloutier debunks the argument that America needs massive banks to be globally competitive… America is being strangled by its [...]
Thanks to ZeroHedge we can see the dispersion of Treasury debt… The front end looks particularly heavy… Here is how ZeroHedge summarizes the conditions we face on the debt front… ~~~ “What emerges is a unique picture of the evolving nature of Treasury debt, its extensive and recent growth and a clear picture of the [...]
“Moral hazard doesn’t exist anymore…”… so sayeth the Euro crowd… President Obama… you’re smart enough to understand “banker code”… call up Adair Turner if you need a decoding kit… This video from Bloomberg shows Karsten Schroeder, chief executive officer of Amplitude Capital LLP, talking about risk-taking by banks and the condition of credit markets.¶ ¶ Central bankers will [...]
Filed in Liquidity, Open engines, Regulatory, Restructuring, Trading, Transparency
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Also tagged Bloomberg, Geithner, Goldman Sachs, JP Morgan, Obama, Summers
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Thursday, December 17, 2009
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 [...]
Thursday, December 3, 2009
See also Confirming Ben Bernanke