It’s hard to disagree with most of this, though we would like to see it benefit individuals and the middle class directly, not through the proxy of unions.
“This “atmosphere of unpredictability” is harmful to America’s place in the financial world, he says, and “it doesn’t make the system any safer. . . . This is nuts to be identifying systemically important institutions.” He views it as a poor “substitute for creating soundness and reasonable levels of leverage throughout the system.””
“One of the immediate financial consequences of the catastrophic Japanese earthquake is that Japan needs to call on its huge cache of foreign exchange reserves to rebuild its shattered infrastructure. To pay for domestic projects, Japan will require yen – not dollars, euros or Swiss francs. As a result of these conversions, the yen rallied considerably after the quake struck… So, the G-7 group of the world’s leading economies has intervened in the foreign exchange market by selling yen holdings, thereby pushing the currency down. In the short-term, their efforts appear to have been “successful,” with the yen dropping sharply today. Theoretically, this action is being taken to preserve export earnings, but this is only a secondary effect. Primarily, in making this move, the G7 is saying that the key to rebuilding Japan’s earthquake-ravaged economy is to raise the price of everything it needs to buy.”
I came across this unbelievable account of remarks uttered by President Obama’s Chief of Staff William Daley who came to his job from a corporate perch. He basically believes that Hollywood, not the political system, should lead the charge against Wall Street criminals, perhaps a response to the remarks by the Director of “Inside Job” at the Oscars pointing out that no bankers have been punished for their crimes.
“Saleh pushed back against opponents including some of his own top generals Tuesday, defying calls for him to quit.”
“Lender Processing Services Inc. (LPS), a provider of integrated technology, data and analytics to the mortgage and real estate industries, reports the following “first look” at February 2011 month-end mortgage performance statistics derived from its loan-level database of nearly 40 million mortgage loans… Year-over-year change in delinquency rate: -18.4 percent”
“What we do suggest is that the contrast between the Fed and von NotHaus is an example of how the scandal is not in what’s illegal but in what’s legal. When Mr. Goldstein interviewed Mr. von NotHaus in 2007, he had recently been selling a one-ounce silver coin for $20, which at the time was, Mr. Goldstein noted, several dollars above the spot price of silver. It was also at the start of a rapid collapse in the value of Federal Reserve Notes, which has plunged to the point where today a dollar is worth less than a 30th of an ounce of silver. So who is the injured party — the individual who acquired a one-ounce Liberty silver coin for $20 or the individual who kept his wad of twenty one-dollar Federal Reserve Notes?”
“The local arm of collapsed US investment bank Lehman Brothers expected the market for complex investments linked to mortgages and corporate debt to deteriorate before the onset of the subprime crisis in the US housing market, according to Lehman’s internal documents.”
“The city had sued 21 Wall Street firms involved in subprime lending and the foreclosure crisis in an attempt to hold the firms accountable for their practices. It was hoping to recoup some of the money spent to board up, maintain and demolish foreclosed homes that have been abandoned.”
“”In general the foreclosure crisis in New York State and New York City was less severe than in other parts of the country,” he said. “But neighborhoods in Brooklyn, Queens and the Bronx were especially hard hit.”"