Archive for the 'Economy' Category
Montana Legislation Would Allow Payments in Precious Metals
March 25th, 2009This should be interesting to watch. We know what happens when individuals decide to use gold for financial transactions. What will happen when a state allows it!? Via: World Net Daily: A bill being considered in the Montana Legislature blasts the Federal Reserve’s role in America’s money policy and permits the state to conduct business […]
Japan: Automakers Report Plunging Sales
March 25th, 2009Via: IHT: Toyota Motor said Tuesday that its global production had plunged by nearly half in February from a year earlier, while Honda and Nissan reported similarly grim figures highlighting the troubles facing Japanese automakers. Separately, the Japan Automobile Manufacturers Association said auto sales in Japan for the fiscal year through March 2010 were expected […]
Dodd’s Wife a Former Director of Bermuda-Based IPC Holdings, an AIG Controlled Company
March 24th, 2009Via: Real Clear Politics: No wonder Senator Christopher Dodd (D-Conn) went wobbly last week when asked about his February amendment ratifying hundreds of millions of dollars in bonuses to executives at insurance giant AIG. Dodd has been one of the company’s favorite recipients of campaign contributions. But it turns out that Senator Dodd’s wife has […]
U.S. Seeks Expanded Power to Seize Firms
March 24th, 2009Via: Washington Post: The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document. The government at present has the authority to seize […]
Magna Cum Lousy: Where Today’s Bad CEOs Went to School
March 24th, 2009Bad? Business School sophomores will be masturbating to posters of these crooks. They’re heroes to the would-be swindler class. Watch Wall Street again. That thing is timeless—except for the fact that, in real life, the Gordon Geckos of the world generally don’t go to jail. Maybe they’ll get it right in the sequel, Money Never […]
Soon There May be Nobody Left to Lend to America
March 24th, 2009Good summary. Via: Times Online: Anyone who thought Ben Bernanke and his Federal Reserve Board colleagues were out of ammunition received a rude, or pleasant, shock last week. Rude, if you worry that a few extra trillions sloshing around the economy might one day trigger a wave of inflation; pleasant, if you worry that the […]
China Calls for New Reserve Currency
March 23rd, 2009Via: Financial Times: China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund. In an essay posted on the People’s Bank of China’s website, Zhou Xiaochuan, the central bank’s governor, said the goal would be to create a reserve […]
Still Think It’s About the Bonuses? The Big Takeover
March 22nd, 2009Via: Rolling Stone: It’s over — we’re officially, royally fucked. No empire can survive being rendered a permanent laughingstock, which is what happened as of a few weeks ago, when the buffoons who have been running things in this country finally went one step too far. It happened when Treasury Secretary Timothy Geithner was forced […]
Dollar Declines Most Since 1985
March 22nd, 2009Via: Bloomberg: The dollar dropped the most against the currencies of six major U.S. trading partners since the Plaza Accord almost a quarter-century ago as the Federal Reserve’s plan to purchase Treasuries spurred speculation that it’s debasing the greenback. “What it introduces is the problem of the currency to the extent that the Fed is […]
FDIC Friday: Three Banks, Two Credit Unions Taken Over by Regulators
March 21st, 2009Via: MarketWatch: The pace of the ongoing credit crisis quickened significantly Friday when regulators seized three banks and placed two large corporate credit unions into conservatorship, citing a need to “stabilize the corporate credit union system.” Banks in Colorado, Georgia and Kansas were closed by regulators, bringing the number of bank failures this year to […]
