… and Bernie Madoff was a caring and honest man.
The Dow Industrial average reached 10,000 with CNBC staff wearing caps that read ‘DOW 10,000‘ and will run a “special” DOW 10,000 TV show this evening.
STOP THE INSANITY
The economy has not been saved, only disguised… akin to putting lipstick on ENRON years ago and calling it a great investment.
Banks and other financial institutions have only been able to report revenues because they no longer have to record ‘actual‘ losses, as long as they don’t sell it they can put whatever value on it they want. We have Congress and the FASB for that brilliant move.
Is Jamie Dimon (JP Morgan CEO) on ‘your‘ side?
Wednesday, October 14, 2009 9:38:07 AMJPMorgan Chase and Co CEO Dimon: Consumer Protection Agency will be “damaging”; will cost customers.
Whatever happened to Obama’s pledge that lobbyists will not be an outside force that can influence Washington? Stupid me, I forgot that many lobbyists ‘are’ part of the Government. So in a way he kept his promise by putting them on staff.
There is only one regulation that will work, yet no one in Washington will dare say the word… Glass-Steagall Act. There was one individual that discussed putting Glass-Steagall back and that was Sen. Ted Kennedy.
Wednesday, October 14, 2009 7:58:55 AMJPMorgan Chase and Co Card services unit see losses of approx 10.5% through H1 2010 – Investor slides- Card service unit losses seen at 9.0% in Q4 2009 and 11% in Q1 2010
- WaMu losses could approach 24% through next ‘several quarters’
- Overall: If economy weakens further, additional reserving actions may be required
Wednesday, October 14, 2009 9:38:07 AMJPMorgan Chase and Co CEO Dimon: Â Corporate lending continues to trend around all time lows, extended credit lines continue to be drawn at very light levels.
Don’t worry, President Obama has everything under control and will quickly move to solve this problem:
Wednesday, October 14, 2009 3:49:13 PMWhite House: Pres Obama supports a $250 payment to seniors, veterans, and the disabled; program could cost up to $13B- payment may include approx 57M individuals
Wow! $250 bucks, that will go a long way in helping people hurt by the financial disaster. The Government estimates that 57 million individuals may qualify for the 250 buck payment. That is if they can find addresses for those who are now living in tents.
Recent Posts:
- Taxpayers to the Rescue of Afghanistan Banking Crisis?
- Economic Data and Earnings Schedule for September 2 2010
- Christina Romer Makes a Final Recommendation Before Leaving To Teach Keynesian Economics
- Homebuilder Hovnanian (HOV) Reports Dismal Quarter
- Auto Sales Data for August 2010
- Stock Market Rewind – September 1, 2010
Yes corporations (especially banks) have lobbyists in their pockets which are in turn full of Government cash.
Just think, $250 might buy another tent that could be rented out for $60 a month. The second tent could be paid for in less than a year. Then you could buy 2 tenta and so on….
i need my ‘retention’ bonus
-AIG kitchen assistant
One homeless person is too many. I dream of the day when there are no homeless at all. With that said…..this story is a joke. Journalistic sensationalism at it’s worst. They report on homelessness and have the audacity to even breathe the word great depression in the story. Sacramento with 2,000 homeless out of a population of more than 1 MILLION. That is less than 1/4 of 1 % of the population. It is also acutely obvious that not all of these homeless developed overnight. Every large city has some amount of homelessness regardless of the economic conditions. They also refer to a construction worker that worked for 30 years, lost his job and now is instantly homeless. What….no savings after 30 years? No relatives or friends? Can’t leave the city and find a construction job in another city where the unemployment rate is lower?? He mentioned that he is used to having TV’s and other stuff….why spend the money on flat screen tv’s when he should have been saving? Come on…
Also, for every hard luck story like this in the news you can choose to pull out a positive one. I mean…the Dallas Cowboys build a new stadium with 100,000 seats and $100 PLUS tickets and it is completely sold out for the year. Family of 4 plunking down $500 for a football game and the place is packed. Why not report that……???
Dave, good comment about the lack of relationship of the crisis to the presence of homelessness. The point is accurately made and is indeed stupid journalism.
However, for having studied the issue, I would like to point out that homelessness is an issue, but not an unsolvable issue. Homelessness strikes mainly people who have less social links, who are often proud, and who generally have a bad handle on their finance. This is a complex issue which does not pertain to finance or economy and is strictly not related to the crisis, no matter what sensationalist journalists publish.
It is a social issue and it affects all the countries in the world (Belgium and France have more than their fair share of homeless people, despite having efficient social institutions). It is also a question if, when confronted to personal and economic failure, people accept to put their future in the hands of someone else.
Finally, Dave, as you’re aware Rebel Traders has indeed a balanced coverage. There is an account of positive AND negative stories and factors. I even get regularly blasted by permabears for saying that the situation might develop more favorably than we expect (you Americans are permaoptimists and it remains to be seen if that is a blessing or a curse).
Now as to predicting where the global economy will be six months from now, I believe that even the most seasoned economists understand that that is an extremely hard feat, especially when we are working with unprecedented conditions.
On that point of view, both a bearish and a bullish perspective are perfectly legitimate. Only time will tell which one is right. Some comments were made that the markets have not crashed because investors have learned to make a good use of put protection against the market whipsaws… And it is maybe the main lesson to be retained: always hedge your plays.