Stock Market Heading For Black Monday Crash? Stock-Markets / Financial Crash Jan 24, 2010 - 12:26 PM By: Clive Maund On Friday Goldman Sachs and J P Morgan broke down decisively from their Head-and-Shoulders tops, a development that we predicted before the open based in large part on the huge downside volume in these stocks on Thursday. The Put options that we bought in the early trade in GS and JPM soared, some contracts rising by about 50% by the close. This bearish development caused shockwaves to spread through the market which accelerated to the downside late in the day....
Published on Wednesday 10th of March 2010 10:57:14 AM
Jan. 14 (Bloomberg) -- As many as 50 financial firms with assets greater than $50 billion each would be hit by a levy President Barack Obama will propose today to help recoup taxpayer bailout money and trim the federal budget deficit, an administration official said. The levy based on bank liabilities would be imposed starting June 30 and the administration estimates it will raise $90 billion over a minimum of 10 years, said the official, who briefed reporters on the condition of anonymity. Obama plans to outline the proposal late this morning at the White House and a more detailed...
Published on Wednesday 10th of March 2010 10:57:14 AM
Last week the U.S. House of Representatives passed Barney Frank’s financial regulatory reform bill, or as Democratic Congressman Brad Sherman called it, “TARP on Steroids.” Instead of examining and addressing the root cause of the financial collapse so that we may ensure it never happens again, this bill codifies the bailout mindset.
Published on Wednesday 10th of March 2010 10:57:14 AM
WASHINGTON - The House passed the most ambitious restructuring of federal financial regulations since the New Deal on Friday, aiming to head off any replay of last year's Wall Street failures that plunged the nation deep into recession. The sprawling legislation would give the government new powers to break up companies that threaten the economy, create a new agency to oversee consumer banking transactions and shine a light into shadow financial markets that have escaped the oversight of regulators. The vote was a party-line 223-202. No Republicans voted for the bill; 27 Democrats voted against it. While a victory for...
Published on Wednesday 10th of March 2010 10:57:14 AM
The House has passed a sweeping overhaul of financial regulations that would govern Wall Street and reconfigure the power of the agencies overseeing the nation's banking system. The vote was 223-202. The legislation is a priority of President Barack Obama's. It is designed to address the shortfalls that led to last year's calamitous financial meltdown. New powers would give the federal government the right to break up big risky companies. It also would create a consumer agency to police lenders.
Published on Wednesday 10th of March 2010 10:57:14 AM
Congressional Democrats are poised to pass legislation before the end of this year that would increase the federal borrowing limit by another $1.8 trillion, a number large enough to avoid revisiting the matter next year when Democrats will have to defend their majority in midterm elections. To make sure the legislation passes, House Speaker Nancy Pelosi, D-Calif., is planning on combining it with a bill that funds Iraq and Afghanistan. Do you think Congress should raise the debt ceiling higher than its current $12.1 trillion?
Published on Wednesday 10th of March 2010 10:57:14 AM
Treasury Secretary Timothy Geithner on Wednesday moved to extend the government's $700 billion bailout fund into October 2010 and pledged to deploy no more than $550 billion of it. Geithner, in letters to House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid, said the extension of the Troubled Asset Relief Program (TARP) until Oct 3, 2010, would allow the Obama administration to use bailout funds to fight home foreclosures and boost small business lending.
Published on Wednesday 10th of March 2010 10:57:14 AM
Speaker Nancy Pelosi gave her strongest endorsement yet of a global financial transaction fee Thursday after raising the issue directly with Treasury Secretary Timothy Geithner in a conversation this week. Geithner was widely seen as opposing such a levy when it was proposed by Gordon Brown, the British prime minister, at a meeting of G-20 finance ministers last month in Scotland. But after their phone conversation Wednesday, Pelosi told colleagues that the secretary indicated he was more open to some such fee than had been reported. Pelosi didn’t reveal her conversation with Geithner at her weekly press conference Thursday, but...
Published on Wednesday 10th of March 2010 10:57:14 AM
The Obama Administration sends taxpayer dollars for "green jobs" to Chinese manufacturersKirsten Gillibrand's letter to the Wall Street Journal has already proven that the real purpose of Obama's "climate change" legislation is to create a market for carbon credits--a phony commodity with even less value than mortgage-backed securities or dot-com stocks--to enrich Obama campaign contribution bundlers like Goldman Sachs and J.P. Morgan Chase. Goldman Sachs bundled almost a million dollars in campaign contributions to help elect Obama so he could pass laws to enrich the company's highly-compensated executives even further, at the expense of working Americans who will have to...
Published on Wednesday 10th of March 2010 10:57:14 AM
Dem bill urges new US powers over financial firmsTue Oct 27, 2009 8:16pm EDT By Kevin Drawbaugh and Rachelle Younglai * Financial Services Oversight Council would be set up * Treasury would head council to monitor, address risks * Federal Reserve, FDIC would get new authorities * Obama says bill urgent, crucial (Updates with Obama letter to Frank) WASHINGTON, Oct 27 (Reuters) - The U.S. government would gain far-reaching new powers to regulate, and even shut down, large financial firms that threaten economic stability under a draft bill released in Congress on Tuesday. Congressional Democrats and the Obama administration agreed...
Published on Wednesday 10th of March 2010 10:57:14 AM
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