"Wachovia is now trading at distressed levels, raising the specter of another major U.S. bank failure in the near future,"
Thursday, in the Roosevelt Room after the session, the Treasury secretary, Henry M. Paulson Jr., literally bent down on one knee as he pleaded with Nancy Pelosi, the House Speaker, not to “blow it up” by withdrawing her party’s support...
During Ken Lewis’ interview with Maria Bartaromo, she threw him a curve ball and he actually answered it. I honestly don’t think he was expecting the question and for once, perhaps a bank CEO actually answered a question in public honestly.
Rick Santelli nailed it this morning. He said, and I quote, that "confidence has been shattered because the rules of the game keep changing."
There is no detailed plan, because they have no idea what they are doing. They are making it up as they go along. Once he has this authority, he will hire the same firms that caused the problem to manage the fund.
``JPMorgan is getting a steal compared with what they were going to pay,'' said Scott Adams, a pension and investment analyst. ``It's very tragic.''
Why would anyone allow the same people who brought us this current financial meltdown cart blanc to solve it? Why not give a salmon to a grizzly and tell him to protect it for you? Why not ask a fox to guard your hen house? Why not take an elect
Bank Failure Friday might be interesting tomorrow. With $310 billion in assets (hat tip Nemo), WaMu would be the biggest bank failure in history - in fact it would be larger than the previous top ten added together
The financial services industry, which has spent billions on lobbying and campaign contributions over the last decade, is scrambling to make its case for a proposed $700 billion bailout plan amid deep public skepticism.
Senator Barbara Boxer, Democrat of California, has received nearly 17,000 e-mail messages, nearly all opposed to the bailout, her office said.
By the end of 2009, about 100 U.S. banks with collective assets of more than $800 billion will fail, predicts Christopher Whalen, managing director of Institutional Risk Analytics, a Torrance, California-based firm that sells its analysis of FDIC dat
Warned of a possible financial panic, key Republicans and Democrats reported agreement in principle Thursday on a $700 billion bailout of the financial industry and said they would present it to the Bush administration....
Inquiring minds are listening to Rep. Marcy Kaptur D-Ohio 9th District Toledo. It is one of the best rants you will ever hear in your life. Please Play It. I promise you will not be disappointed.
Paul says to Bernanke, “I do not know where you get the authority to create credit, The Constitution certainly doesn’t grant you that authority.”
Frank had said earlier this week that he knew of no plan to break up the $700 billion into tranches. But Wednesday, he declined comment on what number would be in his committee’s bill. “I can’t get into specific while negotiating,” he said.
Market manipulations like this will destroy everything we have ever dreamed of. Wall Street is pulling out all stops to make sure Main Street crashes . . . so Wall Street can come back in and pick up the pieces for next to nothing.
Trust me, this is an interview you will never see on the American version of "Bubble Vision". Marc stated that he believes that the U.S. may outlaw the conversion of dollars into gold or foreign currencies. Watch the video.
Ken Ohmae, says that the Paulson program is grossly inadequate and the magnitude of the US crisis is so large that a $5 trillion international facility is necessary.
What should we do with the brain dead remnant of our financial system? The correct answer isn't an easy one, but it really is the only sane option. Perhaps the end of the income tax will help to ease the pain.
Bernanke, [B]anks will have a basis for valuing those assets and will not have to use fire sale prices. Their capital will not be unreasonably marked down.
Nobody in their right mind and in a free market would do something like this, as it leaves a big ticking nuclear device on the balance sheet of the acquirer - but in this case, that "someone" is you, the taxpayer...
“The magic trillion-dollar deficit is within sight,” says Simon Derrick, of Bank of New York Mellon, “The combination of the fiscal position and loose monetary policy is likely to be significantly dollar-negative.
Karl Denninger "Your personal costs to operate your household are going to 'Shoot The Moon' in ways you can't even imagine"
Revelations is the story of the End Times. For nearly 2,000 years people have argued about whether or not those times had come. Now, the argument is over. Prepare to meet the truth.
``This is sobering, absolutely sobering, even to someone who doesn't drink,'' said Stan Collender, a former analyst for the House and Senate budget committees
6 years later, AIG, the largest US insurance company, has been nationalized to stop it blowing up the financial world. The US has nationalized the core of its mortgage industry and the government became the arbiter of which business survives or dies.
``As we get to the other side of this, the dollar will get crushed,'' said John Taylor, chairman of New York-based International Foreign Exchange Concepts Inc., the world's biggest currency hedge-fund firm
On November 22, 1910 a malevolent Creature was conceived in the darkness. Ninety-eight years after its illegitimate conception, we will gather at the gates of its lair to signal the beginning of its end.
A greater consideration is just exactly who does the DTC hold these securities for? As the owner, who has the DTC pledged these securities to? Our research points to the Federal Reserve System, an international private banking cartel ...
[What do you mean "may," tool?] In a change from the original proposal sent to Capitol Hill, foreign-based banks with big US operations could qualify for the Treasury Department’s mortgage bailout, according to the fine print of an administ