DIRTY SCUMBAG REPUBLICANS HAVE MILLIONS INVESTED IN AIG, NO WONDER ALL THE BAILOUTS, STRING UP THESE BASTARDS!!!!!!!!
bushhelpscorporationsdestroyamerica
Elizabeth Dole Robin Hayes
By Lisa Zagaroli, McClatchy Newspapers
Some N.C. members of Congress have more than a typical stake in the
health of the financial services industry.
Most notable are Rep. Robin Hayes, a Concord Republican, and Sen.
Elizabeth Dole, R-N.C., who have substantial personal investments in
American International Group, the insurance giant that was rescued by
a federal loan.
Hayes had between $2.8 million and $11.5 million of his personal
fortune invested in AIG, according to his 2007 personal financial
disclosure forms. That was more than any other member of Congress, the
Center for Responsive Politics said.
Dole had between $1.1 million and $5.3 million invested in the
company's stock. Lawmakers are required to report each asset in
ranges, such as $500,000 to $1 million, rather than specific amounts.
Lawmakers may be asked in coming days to vote on a major bailout of
the industry, with price tags as high as $700 billion for the White
House's initial proposal.
“At the same time members of Congress are sorting out what the cost of
this is to taxpayers, there's also a cost and a potential benefit to
some of them personally,” said Massie Ritsch, a spokesman for the
Center Responsive Politics, a nonprofit watchdog group that examines
money in politics.
More
Posted by Economic analyst at 9:21 PM 0 comments
Chief Doubts Chrysler Would Survive Bankruptcy
AUBURN HILLS, Mich. — Chrysler’s chairman cast doubt Monday on whether
the struggling automaker could survive a government-sponsored
bankruptcy reorganization.
“I hope I’m wrong, but I don’t have a lot of confidence in today’s
environment that we can emerge from bankruptcy,” the company’s chief
executive and chairman, Robert L. Nardelli, said in an interview.
Chrysler is asking the federal government for $5 billion in loans in
addition to $4 billion it had already received. The company says it is
in danger of running out of money without more federal aid.
President Obama’s auto task force is considering a variety of options
to rescue both Chrysler and General Motors, which is seeking up to
$16.6 billion on top of $13.4 billion it has gotten since the end of
last year.
Members of the task force, including the former investment bankers
Steven A. Rattner and Ron Bloom, met last week with Mr. Nardelli,
toured a Chrysler truck plant and reviewed the company’s product
plans.
In Chrysler’s restructuring plans, submitted to the Treasury
Department on Feb. 17, the automaker estimated that it would require
up to $25 billion in government assistance if it were to file for
bankruptcy protection.
“Why would the government want to spend $20 to $25 billion, when you
can spend $5 billion?” Mr. Nardelli said.
In bankruptcy, a judge could void Chrysler’s labor and supplier
contracts and restructure its debt.
But Mr. Nardelli said he feared consumers would shun Chrysler’s cars,
trucks and sport utility vehicles if the company sought court
protection.
More
Posted by Economic analyst at 4:55 PM 0 comments
IMF poised to print billions of dollars in 'global quantitative
easing'
Note: All the more reason to BUY GOLD/SILVER for the coming
hyperinflation!
The International Monetary Fund is poised to embark on what analysts
have described as "global quantitative easing" by printing billions of
dollars worth of a global "super-currency" in an unprecedented new
effort to address the economic crisis.
By Edmund Conway
Last Updated: 9:07AM GMT 16 Mar 2009
Alistair Darling and senior figures in the US Treasury have been
encouraging the Fund to issue hundreds of billions of dollars worth of
so-called Special Drawing Rights in the coming months as part of its
campaign to prevent the recession from turning into a global
depression.
Should the move, which is up for discussion by the summit of G20
finance ministers this weekend, be adopted, it will represent a global
equivalent of the Bank of England's plan to pump extra cash into the
UK economy.
World now in grip of 'Great Recession' warns IMF
However, economists warned that the scheme could cause a major swell
of inflation around the world as the newly-created money filters
through the system. The idea has been suggested by a number of key
figures, including billionaire investor George Soros and US Treasury
adviser Ted Truman.
Simon Johnson, former chief economist at the IMF, said: "The principle
behind it is that everyone would get bonus dollars and instead of the
Federal Reserve having to print them, everyone gets them.
"The objective is to create a windfall of cash. However if everybody
goes out and spends the money it could be very inflationary."
link
Posted by Economic analyst at 10:50 AM 2 comments
Sunday, March 15, 2009
Financial System Far worse than 1929 Depression
THIS ECONOMIC CRISIS doesn't have to be a second Great Depression - if
government does nearly everything right, and soon. But if government
doesn't do more, and fast, this could be worse than the 1930s. Why?
Three big reasons:
Finance: A Doomsday Machine. The financial system is in far worse
shape than it was when the stock market crashed in October 1929. In
the 1920s, there was a stock market bubble, mainly because people
could play the market "on margin," borrowing to invest in stocks.
There were also scams like the original Mr. Ponzi's. Like in the
present decade, the Federal Reserve helped to enable the game, with
low interest rates and few rules.
But today, thanks to "securitization" of loans and the ability of
insiders to create exotic and unfathomable financial instruments, the
speculative system makes buying stocks on margin look like child's
play. In the aftermath of the crash of 2008, the process of sorting it
all out and getting banks functioning again is something that markets
simply cannot do.
We are not even clear who owns what. The wise guys on Wall Street
invented a doomsday machine from which there is no market escape.
In 1929 when the stock market crashed, the banking system was
relatively healthy. Bank customers played these speculative games and
took the losses, not banks. This time, the banks drank their own Kool-
aid.
It took until the awful winter of 1932-'33 for the general depression
to fully infect the banking system, and cause over 7,000 banks to
fail. But Roosevelt's cure - deposit insurance and a temporary bank
holiday to sort out good banks from bad - quickly got the financial
system up and running again. Today, the banking mess is still dragging
down the real economy, with no effective cure in sight.
Wealth, Deficits, and Demand. The economy now bears all the hallmarks
of a depression. Between the housing collapse and the stock market
crash, American households are out several trillion dollars (in the
1920s, there were no 401(k) plans and less than 2 percent of Americans
owned stock).
More
Posted by Economic analyst at 9:54 PM 5 comments
Think recession's bad? Try a CATACLYSM! World finances shaken to roots
within a year.
Note: Above is an economist stating that if ALL DEBTS were cancelled
we would begin a recovery-Listen.
There is a growing list of educated people predicting the trillions of
dollars spent by governments around the world to stimulate a moribund
economy will not work.
There's already Peter Schiff, head of Euro Pacific Capital in
Connecticut, and Peter Morici, professor at University of Maryland and
former chief economist of the U.S. International Trade Commission. And
you can add the name of Allan Brennan, manager of economic analysis
and forecasting with the Alberta government's Department of
Infrastructure and Transportation.
"Stimulus packages will not help the economy at all," Brennan said in
a presentation with Dundee Private Investors branch manager Trevor
Hamon. "A lot of money is going to banks, but unless you get that
money to consumers, things will not improve."
Brennan said that within a year, we will face a cataclysmic event that
will shake world finances to the roots, leading to a major period of
either deflation or hyperinflation, either of which will rock the
global economy. Just what that event will be, he's not sure.
It could be the failure of eastern European countries, or the collapse
of the American dollar. If it causes hyperinflation, investors can
prosper by letting stock prices plummet for a couple of months, and
then invest in commodities, with copper leading the rebound.
Hamon warned that banks have lured people into home-equity lines of
credit, and they are now retiring while still in debt.
"In the next couple of years, the art of investing will be not losing
your principal," Brennan said. "The way out of this, in the long term,
is for people to start saving."
He said the nationalization of banks is inevitable, but it will be
done "under the table." He sees the British pound disappearing as an
independent currency, the U.S. dollar in peril as the reserve
currency, and the euro perhaps splitting into a strong Nordic and weak
Latin one.
More
Posted by Economic analyst at 10:53 AM 10 comments
Saturday, March 14, 2009
Its getting MUCH WORSE! Global Trade COLLAPSING. Worse than GREAT
DEPRESSION
Global trade collapsing
Commentary: U.S. exports falling at 49% pace as customers fade away
By MarketWatch
Last update: 12:37 p.m. EDT March 13, 2009Comments: 21
WASHINGTON (MarketWatch) -- For a while, some analysts held out hope
that the rest of the world would be spared the devastation of the
collapse of the great American credit bubble. The global economy had
de-coupled, they said. America's problems were her own.
No one is saying that any more.
In fact, the latest evidence shows that global trade flows are
plunging at an alarming rate.
The Commerce Department reported that the volume of U.S. imports from
abroad fell 4.6% in January while exports declined 8.6%, the most
since the monthly trade figures were first collected in 1992. See full
story.More
Over the past five months since the credit crunch intensified, real
exports have plunged at a 49% annual rate, while real imports have
fallen at a 30% pace.
The pace of the decline is unprecedented in modern times, economists
say. "We doubt even during the Great Depression that trade collapsed
with such ferocity," said David Greenlaw, an economist for Morgan
Stanley.
The Great Recession, as the IMF calls it, has severed a crucial link
in the global economy. U.S. consumer spending has been the main engine
of growth for the whole world, but that spending was based largely on
phantom gains in asset prices that were inflated by that cheap money
from abroad that has now been disrupted.
The profits that foreign producers made from selling to America, in
turn, created millions of jobs in places such as China, Southeast Asia
and the Persian Gulf. That was then: China reported its exports
plunged 25% in February compared with a year earlier.
Those jobs are disappearing, sparking a great reverse migration back
to rural China, the Philippines and South Asia. In China, an estimated
20 million workers have lost their jobs. It's not just the American
economy that needs to adjust to the new reality. The rest of the world
will have to re-examine just where growth comes from.
More
Posted by Economic analyst at 4:19 PM 20 comments
20/20 and economists all say "No Stimulus"
Posted by Economic analyst at 11:31 AM 4 comments
House Prices may fall another 55% and Britain will be BANKRUPT
House prices may fall by a further 55 percent and there is a "very
real probability" that Britain will be bankrupted, a leading
investment bank has warned in a private note to clients.
People who bought buy-to-let flats are expected to “begin panic
selling” and the average home value could drop below £100,000.
The predictions in a 298-page report from Numis Securities, a City
investment bank, are the bleakest yet on the deteriorating state of
the British property market.
House prices have already fallen by about 20 per cent over the past
year.
However, in the note written last month, Numis said: “Despite UK house
prices already having fallen 21% from the peak, we do not believe that
the correction is anywhere near over.
“Our core headline forecast is that UK property prices remain between
17% and 39% overvalued based on fair valuation. Moreover, history has
shown us that when property…which has experienced a price bubble
corrects, the price tends to fall below fair value for a period of
time, as confidence in that market remains low. Prices could fall a
further 40-55% if the over-correction was as bad as the early 1990s in
our view.”
More
Posted by Economic analyst at 11:23 AM 1 comments
Friday, March 13, 2009
America faces new Depression misery as financial crisis worsens
By the wide stretch of the American River in Sacramento, history is
repeating itself. Here, during the Great Depression of the 1930s, men
and women who had lost everything and despaired of finding work built
rough shelters and huddled around fires.
Now the spiral of job losses and house repossessions has left another
wave of Americans homeless, and a new tent city is growing rapidly on
lumpy, derelict land between the river and the railway tracks here in
the capital of California.
There are more than 300 people living in scattered encampments
stretching a couple of miles along the river bank. As many as 50 more
arrive each week. Unemployment in Sacramento reached 10.4 per cent in
January and California is suffering some of the worst repossession
rates in the country, with as many as 500 people losing their homes
every day last year.
Charity workers in the city can no longer cope with the number of
people coming to them for help. The shelters are full, with one home
that caters for women and children turning away 200 people a night.
oan Burke, director of advocacy for the homeless charity Loaves and
Fishes, said: “The folks we deal with typically are the working poor.
But right now the economy is in such turmoil that it is affecting a
new layer of middle-class earners - construction workers, farm
labourers, retail workers, restaurant staff.
“People who have earned good money but have not got any savings are
finding out about the reality of being just one or two pay cheques
away from becoming homeless.”
Much more
Posted by Economic analyst at 2:49 PM 6 comments
Older Posts Subscribe to: Posts (Atom)
BUY NOW. $33.95 Includes shipping
Emergency Survival Kits for 2! BUY NOW!
Interested in ADVERTISING HERE? Over 250,000 page views monthly!
Email Me Thecomingdepression.blogspot.com has a traffic rank of:
263,957
Subscribe in a reader
Obama Deception Movie 1.52 hrs
Blog Archive
▼ 2009 (192)
▼ March (43)
Congress members have MILLIONS invested in AIG
Chief Doubts Chrysler Would Survive Bankruptcy
IMF poised to print billions of dollars in 'global...
Financial System Far worse than 1929 Depression
Think recession's bad? Try a CATACLYSM! World fina...
Its getting MUCH WORSE! Global Trade COLLAPSING. W...
20/20 and economists all say "No Stimulus"
House Prices may fall another 55% and Britain will...
America faces new Depression misery as financial c...
U.S. autos task force hires bankruptcy lawyer! AND...
China "worried" about US Treasury holdings
Massive Inflation Coming to US-Zimbabwe style
For CANADIANS-This is what your looking at! Your M...
Families living in HOTEL and MOTELS-Homeless
We are going into a BLACK HOLE: Will take Decades ...
Thousands line up for FOOD in Indiana with 18.3% U...
Outstanding Derivatives: 1.28 QUADRILLION-95% on M...
Dow 4000 by Summer
America's 5 largest banks-FINISHED!
50 trillion lost in this global downturn! No Depre...
Is the Future Going Down the Drain? Baby Boomers G...
Cash In A Mattress? No, Gold In The Closet.
Bread lines starting: Beginning of the Depression
Ohio: 700 people apply for a single job as a JANIT...
Investors lose 32 Million from Donald Trump Condo ...
US GOVERNMENT warns US bank deposit insurance fund...
The Protesting are STARTING! 50,000 Screaming in N...
Consider this: EVERYTHING IS DONE!
Former President advisor: HYPERINFLATION NEXT YEAR...
Explaining GOLD and where it's heading
Get ready: DOUBLE DIGIT HYPERINFLATION! Got Gold?
The WORLDS largest BANKRUPTCY COMING!
Chinese Manufacturers Collapsing..AGAIN
Trends Researcher: Great Depression is UPON US NOW...
Former National Security Advisor, has warned that ...
Jim Rogers: Let AIG go Bankrupt and you should bec...
Ukraine residents: Banks have NO CASH
Federal Reserve Balance Sheet
Good times for auto industry never coming back: CI...
Jobless rate in February 750,000 will top a MILLIO...
Economic data so bad: Depression Irreversible-ALER...
GOVERNMENT ALERT ON BANK RIOTS
Pension Fund Collapsing!
► February (77)
Buffet predicts: ONSLAUGHT OF INFLATION-Buy GOLD a...
Buyers giving up MILLION DOLLAR Deposits in this R...
Most Irish Pension Funds INSOLVENT-Coming to North...
Europe's Crisis: Much Bigger Than Subprime, Worse ...
The Sudden Spectacular Crash of the GLOBAL ECONOMY...
Icelanders storm their Central Bank
Moody's predicts default rate will exceed peaks hi...
► January (72)
► 2008 (160)
► December (70)
► November (62)
► October (28)
About Me
Economic analyst
Professional researcher. I research info and supply it to the consumer
at no cost.
View my complete profile
FEEDJIT Live Traffic Feed
Live Traffic Feed
Top Cedar City Blogs
Cedar City, Utah arrived on "The Coming Depression"
Sacramento, California arrived on "The Coming Depression"
Lenexa, Kansas arrived from stevequayle.com on "The Coming
Depression: Outstanding Derivatives: 1.28 QUADRILLION-95% on
MARGIN!"
Vancouver, British Columbia arrived on "The Coming Depression"
Perth, Western Australia arrived on "The Coming Depression"
United States arrived on "The Coming Depression"
Atlanta, Georgia arrived on "The Coming Depression"
Thornhill, Ontario arrived on "The Coming Depression"
Mexico, Distrito Federal arrived on "The Coming Depression"
Johannesburg, Gauteng arrived on "The Coming Depression"
Watch in Real-Time
Options>>
∙ Change your Location
∙ Ignore my browser
∙ Live Traffic Map
∙ Popular Pages Today
Click to get FEEDJIT
Follow This Blog
Follow this BLOG
Posts
Atom Posts
All Comments
Atom All Comments
CANCER CURE? You decide! Join HERE FREE. Make MONEY, CURE AND SPREAD
THE HOPE!
CANCER CURE? Join Here
Read Article
My Blog List
Movies Download
Growing Out DVDRip rapidshare
2 days ago Vintage Watches For Investment
VALID reasons To Buy a Vintage watch NOW... Especially in this
Economy!
5 days ago equanimist
Part I. "It's Just Business" (Update 1)
2 weeks ago Live The Life
Money Maker
4 weeks ago Big Money List
The social media revolution and you
1 month ago AIA Studios Actors Resources
AIA Studios Student Keeps on Bookin'
4 months ago Virtual University of Pakistan
Progressive Pakistan???
5 months ago Show 5 Show All
One Big Ass Mistake@america.org One Big Ass Mistake America
"bushhelpscorporationsdestroyamerica" <bushhelpsc...@yahoo.com>
wrote in message
news:3c03232f-6137-419a...@v19g2000yqn.googlegroups.com...
WIRE: Pelosi, Kerry big $$ Losers... as AIG Stakes Evaporate
Sept. 19 (Bloomberg) -- The market storm that brought down Lehman Brothers
Holdings Inc., American International Group Inc. and other pillars of U.S.
finance may have also blown holes in the portfolios of House Speaker Nancy
Pelosi, Senator John Kerry and more than 50 other members of Congress.
Pelosi, in her most recent financial disclosure form, reported that her
husband owned between $250,000 and $500,000 of stock in AIG, which ceded
majority control to the U.S. government this week in exchange for $85
billion of loans.
Kerry, the 2004 Democratic presidential nominee, disclosed that his wife,
Teresa Heinz Kerry, had more than $2 million of AIG stock at the end of
2007, when shares were worth $58.30. AIG has fallen 85 percent this week to
close yesterday at $2.69. The lawmakers' aides didn't respond to calls
seeking comment.
Altogether, 56 senators and representatives had stakes in AIG, Lehman,
Fannie Mae, Freddie Mac, Bear Stearns Cos. or IndyMac Bancorp Inc. -- some
of the biggest casualties of the market bloodbath -- according to the Center
for Responsive Politics. The most recent annual disclosure filings list
investments as of Dec. 31, 2007, and reveal the size of holdings only within
a range of values. Lawmakers may have sold shares since then.
``Lawmakers, like everyone else in America who has any kind of retirement
portfolio or stock holdings, are going to be suffering,'' said Gary Kalman,
a lobbyist for the Boston-based U.S. Public Interest Research Group, a
consumer-advocacy organization. ``This is a serious issue. We need to have a
serious response.''
Market Plunges
The Standard & Poor's 500 Index plunged 7.6 percent during the first three
days of this week on news that Lehman and Merrill Lynch & Co. -- which
survived two world wars and the Great Depression -- were finished as
independent investment banks.
Lehman filed history's biggest bankruptcy case on Sept. 15 and Merrill sold
itself to Bank of America Corp. Even after rallying yesterday, the S&P 500
is down almost 25 percent from its October 2007 peak.
Lehman shares, which traded for as much as $67.73 last November, closed
yesterday at 5 cents. Merrill's shareholders are in better shape. To avoid
Lehman's fate, Merrill agreed to be acquired in a stock-swap worth $26.28
per share at yesterday's closing prices. In better days, Merrill soared to
as much as $98.68 in January 2007.
Bear Stearns was the first Wall Street titan to fall as home-loan defaults
battered the market for mortgage-backed securities and started a chain
reaction that devastated credit markets. JPMorgan Chase & Co. bought Bear
Stearns in March.
Government Takeover
Earlier this month, the government took control of Fannie Mae and Freddie
Mac, which together accounted for almost half of the U.S. home-loan market.
Fannie Mae shares had already plummeted more than 80 percent this year, to
$7.04 from $39.98, before the government's Sept. 7 takeover was announced.
Shares dropped to 73 cents when trading resumed the next day. Freddie Mac
fell to 88 cents, after starting the year at $34.07.
Representative Robin Hayes, a South Carolina Republican, had Congress's
biggest AIG stake, according to the Washington-based Center for Responsive
Politics. Hayes's AIG stock was worth between $2.8 million and $11.5
million.
John McCain, the Republican presidential nominee, avoided potential losses.
Because of the Arizona senator's run for the White House, his wife, Cindy,
last year liquidated a blind trust that had contained stock in AIG, Fannie
Mae, Freddie Mac and Lehman. The amounts of stock she had owned weren't
disclosed.
Representative Jane Harman, a California Democrat, owned between $50,000 and
$100,000 of Lehman shares, according to her disclosure form. Calls to
offices of Hayes and Harman weren't returned.
Pasadena, California-based IndyMac's bank was seized by U.S. regulators in
July, in the third-biggest U.S. bank failure. IndyMac stock closed yesterday
at 6 cents, after trading earlier this year for as much as $11.32.
To contact the reporter on this story: Jonathan D. Salant in Washington at
jsalant@
Reverend Billy Bobby
"One Big Ass Babs - Nazi" <OBABS One Big Ass Mistake@ America.org> wrote in
message news:ANMvl.151617$fM1....@newsfe14.iad...
Blaming anyone but Bush/Cheney and the GOP for the economy is insane and 99%
of America knows it.
Tater Gumfries
If you have any mutual funds, you probably have investments in AIG
too.
Tater
One Big Ass Mistake@america.org One Big Ass Mistake America
"INBRED Billy Bobby" <di...@limbaugh.net> wrote in message
news:7ONvl.2190$im1...@nlpi061.nbdc.sbc.com...
>
http://www.foxbusiness.com/story/markets/industries/finance/dodd-cracks-aig---time/#
Tuesday, March 17, 2009
Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In
Rich Edson
FOXBusiness
Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing
American International Group (AIG: 0.9513, 0.1712, 21.95%) bonus recipients
so the government could recoup the $450 million the company is paying to
employees in its financial products unit. Within hours, the idea spread to
both houses of Congress, with lawmakers proposing an AIG bonus tax.
While the Senate constructed the $787 billion stimulus last month, Dodd
unexpectedly added an executive-compensation restriction to the bill. That
amendment provides an "exception for contractually obligated bonuses agreed
on before Feb. 11, 2009," which exempts the very AIG bonuses Dodd and others
are seeking to tax. The amendment is in the final version and is law.
Also, Sen. Dodd was AIG's largest single recipient of campaign donations
during the 2008 election cycle with $103,100, according to opensecrets.org.
Dodd's office did not immediately return a request for comment.
One of AIG Financial Products' largest offices is based in Connecticut.
Dodd Amendment Rules
a.. Crack down on bonuses, retention awards and incentive compensation:
Bonuses can only be paid in the form of long-term restricted stock, equal to
no greater than 1/3 of total annual compensation, and will vest only when
taxpayer funds are repaid. There is an exception for contractually obligated
bonuses agreed on before Feb. 11, 2009.
b.. For institutions that received assistance totaling less than $25
million, the bonus restriction applies to the highest compensated employee;
$25 million to $250 million, applies to the top five employees; $250 million
to $500 million, applies to the senior executive officers and the next top
10 employees; and more than $500 million applies to the senior executive
officers and the next top 20 employees (or such higher number as the
Secretary determines is in the public interest).
One Big Ass Mistake@america.org One Big Ass Mistake America
"bushhelpscorporationsdestroyamerica" <bushhelpsc...@yahoo.com>
wrote in message
news:3c03232f-6137-419a...@v19g2000yqn.googlegroups.com...
http://www.foxbusiness.com/story/markets/industries/finance/dodd-cracks-aig---time/#
Reverend Billy Bobby
"One Big Ass Mistake America" <OBAMA One Big Ass Mistake@ America.org> wrote
in message news:r%Pvl.66154$Zp.5...@newsfe21.iad...
Repeating oneself over and over is a sign of insanity.
<PLONK>