Keyword: bankingcrisis

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  • Barney Frank caused the Bush Crash (Fribray)

    02/17/2017 5:43:01 AM PST · by bray · 20 replies
    www.brayincandy.com ^ | 2/17/17 | bray
    Posted 2008 Who shall separate us from the love of Christ? shall tribulation, or distress, or persecution, or famine, or nakedness, or peril, or sword? Nay, in all these things we are more than conquerors through him that loved us. Romans 8:35,37 KJV All the outrage over Bernie Madeoff is pretty surprising. Sure he bilked people out of everything they had, putting them in financial disaster and bankruptcy? So he lied to people over decades taking everything they saved in a fraudulent investment Ponzi scheme bankrupting Pension/Charity and College funds. So he was lying to investigators about those cooked books...
  • My Life as a Gay Congressman

    03/18/2015 6:45:26 AM PDT · by PROCON · 28 replies
    politico.com ^ | March 12, 2015 | BARNEY FRANK
    n 1986, I was as ready to leave the closet as I would ever be—but how would I do so? Though I was a third term Democratic congressman from Massachusetts, I had lived too long with the burden of “the gay thing” to treat coming out as a political matter alone. For many years, I was ashamed of myself for hiding my membership in a universally despised group. I’d been afraid of exposure, and angry at myself for my self-denial. I’d felt shame as I watched younger gay men and lesbians confront the bigots openly with a courage that I...
  • Euro crisis, banking crisis, debt crisis - 5 yrs rearranging deck chairs on the Titanic

    01/26/2015 5:24:20 AM PST · by alexmark1917 · 1 replies
    5 years into the euro zone crisis the ECB announces a €1.1 trillion quantitative easing programme to boost economy. Bolder than expected. Draghi Commits ECB to Trillion-Euro Asset-Purchase Plan to Fight Deflation Mario Draghi led the European Central Bank into a new era, committing to a quantitative easing program worth at least 1.1 trillion euros ($1.3 trillion) to counter the threat of a deflationary spiral. The ECB president shrugged off determined opposition led by German officials with a pledge to buy 60 billion euros every month through September next year in a once-and-for-all push to put more cash into circulation...
  • Bernanke’s ‘humble brag’: 2008 crisis worse than Great Depression

    08/27/2014 1:07:06 PM PDT · by RckyRaCoCo · 28 replies
    Yahoo Finance ^ | 08/27/2014 | Yahoo Finance
    The world finally knows how former Federal Reserve Chairman Ben Bernanke views the 2008 financial crisis. “September and October of 2008 was the worst financial crisis in global history, including the Great Depression,” said Bernanke in a document filed Aug. 22 with the U.S. Court of Federal Claims, reports The Wall Street Journal. Of the 13 “most important financial institutions in the United States, 12 were at risk of failure within a period of a week or two.”
  • The Mega Scandal Everyone Has Forgotten - Fannie, Freddie, and Congress get off scot-free.

    01/02/2013 3:07:33 PM PST · by neverdem · 14 replies
    National Review Online ^ | DECEMBER 31, 2012 | John Fund
    Angelo Mozilo In Star Wars, Obi-Wan Kenobi used an old Jedi mind trick on Stormtroopers to deflect them from their real quarry: “These aren’t the droids you’re looking for.” It worked.It looks as if another mind trick, well known in the Congress — delay and deflection — will now work to make Americans forget one of the biggest scandals of our time: the housing collapse that triggered the 2008 financial meltdown we are still suffering from. We shouldn’t just gaze over the fiscal cliff everyone else is scrutinizing; we should also examine the droids who helped set in motion our...
  • Fitch Upgrades Iceland Rating To First Step Of Investment Grade (Recovery from Banking Crisis) .

    02/17/2012 9:16:53 AM PST · by SeekAndFind · 9 replies
    Wall Street Journal ^ | 02/17/2012 | Mia Lamar
    DOW JONES NEWSWIRES Fitch Ratings lifted its rating on Iceland to investment grade, citing the nation's progress in stabilizing its economy and pushing ahead with structural reforms. The upgrade puts Iceland's long-term foreign currency issuer default rating at triple-B-minus, placing it on the first rung of investment-grade territory. The outlook is stable. As one of the first countries to take a hit from the global financial crisis, the country is now showing a "promising" economic recovery, said Paul Rawkins, a senior director at the ratings firm. He added that Iceland has successfully completed a program with the International Monetary Fund...
  • The way out of our financial mess is transparency

    11/23/2011 12:46:48 PM PST · by neverdem · 20 replies
    American Thinker ^ | November 22, 2011 | Thomas Lifson
    David P. Goldman, writing as Spengler in the Asia Times, diagnoses the heart of the Wall Street crisis, and lays out the solution to the rot in our financial markets. This is an important article to read and digest.Goldman was himself an executive at Credit Suisse, and saw firsthand the generation of profit-making deals in the slicing, dicing, and resale of elements of risk associated with large bundles of individual home mortgages packaged as securities. In his customary clear-eyed, data-rich style, Goldman explains how it all works, and where it went wrong. The ratings agencies - Moody's, Standard and...
  • Once Again, Its Sweden (Sweden!) Showing the Way

    11/11/2011 6:05:07 AM PST · by SeekAndFind · 8 replies
    The Big Picture ^ | 11/10/2011 | By Barry Ritholtz
    Over these past few years of watching Banks collapse, get bailed out, and then falter again, I have had a consistent take on the matter: The banking system is more important than any single institution; If you as a banker are so incompetent as to blow up yourself and your firm, you should not be saved; instead, prepackaged bankruptcy, a/k/a temporary nationalization, is the preferred route to protect the overall system. The choices are stark: Emulate either Japan or Sweden. In the US, we have a hybrid (Perhaps we should call it Swedenese or Jaden).The Swedish approach — Save the...
  • The SEC Employees Watching Porn At Work Were Making Over $200,000/Year

    03/14/2011 2:18:56 PM PDT · by detective · 28 replies
    Business Insider ^ | March 14, 2011 | Courtney Comstock
    Last year, an investigation revealed that there were 24 SEC employees and 7 employees who had been contracted by the SEC who were caught watching porn on work computers (one of whom admitted doing it for 8 hours per day). Now Denver lawyer Kevin Evans's letter requesting that the SEC release their names (the SEC refuses) via the FOIA has more details on the employees: 1.The locations the employees worked at were: Atlanta; Boston; Chicago; Denver; Fort Worth, Texas; Los Angeles; and Washington, D.C.
  • A Bank Crisis Whodunit, With Laughs and Tears

    01/31/2011 3:12:44 PM PST · by neverdem · 12 replies
    NY Times ^ | January 29, 2011 | GRETCHEN MORGENSON
    TRULY startling revelations were few in the voluminous report, published last Thursday by the Financial Crisis Inquiry Commission on the origins of the financial panic. This is hardly a shock, given the flood-the-zone coverage and analysis of the crisis since it erupted four years ago. Yet the report still makes... --snip-- For those of you who’ve wondered why there have been so few prosecutions of mortgage fraud during this epidemic, your answer is on Page 164. “The terrible thing that happened,” said William K. Black, a former fraud investigator in the savings-and-loan crisis who is a professor at the University...
  • The Worst Of The Banking Crisis Is Over

    12/09/2010 7:31:18 AM PST · by SeekAndFind · 15 replies
    Business Insider ^ | 12/09/2010 | Jim Boswell
    The New Year is just around the corner so using the most recent 09/30/2010 banking industry data submitted to the FDIC, I have recently compiled the Quanta Analytics List of U.S. Banks in Trouble for 2011 and Beyond. But before I explain how you can obtain this free, no strings attached, no hassle, and no continuous follow-up list, I believe it is important to explain several key points in relation to the Quanta Analytics List. One, although the banking world may still be struggling, the Quanta Analytics List shows that it is not going to crumble. Even though there are...
  • Barney Frank: Serving on Appropriations Committee in Republican House Will Be A 'Pain In The A--'

    11/23/2010 11:02:42 AM PST · by Sub-Driver · 39 replies
    Barney Frank: Serving on Appropriations Committee in Republican House Will Be A 'Pain In The A--' Tuesday, November 23, 2010 By Nicholas Ballasy (CNSNews.com) - House Financial Services Chairman Barney Frank (D.-Mass.) predicts that serving on the Appropriations Committee in the incoming Republican-majority House of Representatives will be a “great pain in the ass." “Fascinating fact, apparently for the first time in anybody’s memory, members of Congress have declined seats on the Appropriations Committee," Frank said. "Republican members have said, ‘I don’t want to be on the Appropriations Committee.’ The Appropriations Committee, which has been a great plum, is now...
  • Remember the LONG-TERM Causes of the Financial Sector Meltdown (an email pre-formatted for sending)

    10/23/2010 12:49:32 PM PDT · by FreeKeys · 38 replies
    FreedomKeys.com ^ | 20101010 | various
    Would the Last Honest Reporter Please Turn On the Lights?by novelist Orson Scott Card, a Democrat_________..      This [financial crisis] was completely foreseeable and in fact many people did foresee it.  One political party, in Congress and in the executive branch, tried repeatedly to tighten up the rules.  The other party blocked every such attempt and tried to loosen them...Furthermore, Freddie Mac and Fannie Mae were making political contributions to the very members of Congress who were allowing them to make irresponsible loans.  (Though why quasi-federal agencies were allowed to do so baffles me.  It's as if the Pentagon were...
  • [HELOCs] Home Equity Lines of Credit, the Next Looming Disaster?

    09/07/2010 10:46:33 PM PDT · by Lorianne · 21 replies
    Real Estate Channel ^ | 07 September 2010 | Keith Jurow
    Madness of HELOC Lending During the Bubble Years Aided by the seemingly limitless desire of banks to lend money, homeowners opened an incredible number of HELOCs during the bubble years of 2004-2006. Nowhere was the madness of HELOC borrowing more astounding than in California. During the two key years of 2004 and 2005, a total of 1.43 million HELOCs were originated in California just for the purchase of homes according to figures received from CoreLogic. Wait a minute, you say. That's more than the total number of homes sold in California during these years. Correct. A total of 1.25 million...
  • Rep. Barney Frank Causes Scene Demanding Discount (Frank Ferry Fare Fandango Fuss)

    07/27/2010 11:56:36 AM PDT · by lbryce · 111 replies · 7+ views
    New York Post ^ | July 27, 2010 | Staff
    <p>Massachusetts Congressman Barney Frank caused a scene when he demanded a $1 senior discount on his ferry fare to Fire Island's popular gay haunt, The Pines, last Friday.</p> <p>Frank was turned down by ticket clerks at the dock in Sayville because he didn't have the required Suffolk County Senior Citizens ID. A witness reports, "Frank made such a drama over the senior rate that I contemplated offering him the dollar to cool down the situation." Frank made news last year when he was spotted looking uncomfortable around a bevy of topless, well-built men at the Pines Annual Ascension Beach Party.</p>
  • Obama says he beat 'vicious' economic downturn

    07/09/2010 10:41:49 AM PDT · by NormsRevenge · 131 replies · 2+ views
    AFP on Yahoo ^ | 7/9/10 | Stephen Collinson
    LAS VEGAS, Nevada (AFP) – US President Barack Obama said Friday his policies had pulled America out of the most vicious economic dive since the 1930s, setting battle lines for mid-term elections in November. Obama put the Republicans on notice he will vigorously defend his record, despite the fact many Americans do not yet feel the recovery he is touting, while economic data hints that the rebound may be slowing. "Our first mission was to break the momentum of the deepest and most vicious recession since the Great Depression," Obama said in the gambling hub of Las Vegas, wrapping up...
  • Pelosi asks for donations to fend off potential GOP investigations

    06/23/2010 11:14:26 AM PDT · by jazusamo · 62 replies
    The Hill ^ | June 23, 2010 | Eric Zimmermann
    Speaker Nancy Pelosi (D-Calif.) is asking supporters for contributions to help prevent the "subpoenas and investigations" that would result from a GOP majority. In a fundraising letter for the Democratic Congressional Campaign Committee, Pelosi says if Republicans take back the House, they'll initiate "endless investigations against President Obama" and "bring back the days of Ken Starr and the politics of personal destruction." "Remember a Republican-controlled Congress that devoted more time to subpoenas and investigations than to solving our country's problems?" Pelosi asks. "There is far too much at stake for our country now to allow it to happen again." Rep....
  • President Obama: GOP Opposition to Stimulus 'Helped to Create the Teabaggers'

    05/04/2010 8:26:16 AM PDT · by kristinn · 103 replies · 2,372+ views
    ABC News ^ | Tuesday, May 4, 2010 | Jake Tapper
    Three days after he decried the lack of civility in American politics, President Obama is quoted in a new book about his presidency referring to the Tea Party movement using a derogatory term with sexual connotations. In Jonathan Alter’s “The Promise: President Obama, Year One,” President Obama is quoted in an interview saying that the unanimous vote of House Republicans vote against the stimulus bills “set the tenor for the whole year ... That helped to create the tea-baggers and empowered that whole wing of the Republican Party to where it now controls the agenda for the Republicans.” Tea Party...
  • Breaking News Third Senate Test Vote on Financial Overhaul Bill Fails 56-42

    04/28/2010 10:16:41 AM PDT · by Steelfish · 60 replies · 3,928+ views
    FoxNews Reorts: Breaking News Third Senate Test Vote on Financial Overhaul Bill Fails 56-42
  • SEC staff watch porn as economy crashed

    04/22/2010 9:32:41 PM PDT · by myknowledge · 47 replies · 2,302+ views
    Nine News ^ | April 23, 2010
    Senior staffers at the Securities and Exchange Commission spent hours surfing pornographic websites on government-issued computers while they were being paid to police the financial system, an agency watchdog says. The SEC's inspector general conducted 33 probes of employees looking at explicit images in the past five years, according to a memo obtained late on Thursday by The Associated Press. The memo says 31 of those probes occurred in the 2 years since the financial system teetered and nearly crashed. It was written by SEC Inspector General David Kotz in response to a request from U.S. Senator Charles Grassley. An...