Stocks extended losses after the manufacturing fell below expectations in May and the private sector added only 38,000 jobs during the month.
"Interest rates are amazingly low and that, thanks to Ben Bernanke, is driving everything," (Peter) Yastrow said. "We’re on the verge of a great, great depression. The [Federal Reserve] knows it.
"We have many, many homeowners that are totally underwater here and cannot get out from under. The technology frontier is limited right now. We definitely have an innovation slowdown and the economy’s gonna suffer."
-CNBC
Showing posts with label wall street. Show all posts
Showing posts with label wall street. Show all posts
Wednesday, June 1, 2011
Wall Street "baffled" by economic woes
Duh.
Labels:
bankstas,
collapse,
depression,
huge fucking mess,
not good,
recession,
wall street
Monday, May 23, 2011
1, 2 , 3, 4, FIF!
Attorney General Eric Holder has managed to stay out of the news during his tenure, but given the current landscape, is that a good thing?
Some of the biggest Wall Street gangs have benefitted from the crisis quite substantially. Goldman Sachs’ 2009 profits were a record for the firm and JPMorgan Chase & Co. (JPM)’s earnings have been at an all-time high as well. But that isn't stopping the Justice Dept. from acting as a lap dog for these and other corporate crooks.
Back in March, Holder’s DoJ was actually caught conspiring with Bank of America (whom DoJ should have been investigating for fraudulent foreclosure and debt collection practices) to try to silence Wikileaks.
Not only has the DoJ been helping silence whistleblowers, they’ve been trying to divert America’s attention away from the real problems. Representative Zoe Lofgren of California, at a May 3 Congressional hearing, pointed out that Federal prosecutors have been more focused on immigration offenses than the financial crisis.
The Justice Dept. claims that they are pursuing corporate fraud, but the reality is, they aren’t pursuing fraudulent corporations.
Once again, we see that the Justice Dept. is protecting corporate criminals, not prosecuting them.
The FBI claims that after 911, they had to reassign agents away from criminal cases in favor of “national security” cases. Ummm, the FBI doesn’t consider the fleecing of our government to be an issue of “national security?”
Apparently not. And apparently, putting black men in both the White House and the DoJ has done nothing to bring white collar criminals to justice.
I plea Da Fif
In November 2009, Attorney General Eric Holder vowed before television cameras to prosecute those responsible for the market collapse a year earlier, saying the U.S. would be “relentless” in pursuing corporate criminals.
In the 18 months since, no senior Wall Street executive has been criminally charged, and some lawmakers are questioning whether the U.S. Justice Department has been aggressive enough after declining to bring cases against officials at American International Group Inc. (AIG) and Countrywide Financial Corp.
Prosecutions of three categories of crime that could be linked to the causes of the crisis -- corporate, securities and bank fraud -- declined last fiscal year by 39 percent from 2003, the period after the accounting scandals at Enron Corp. and WorldCom Inc., Justice Department records show.
-Bloomberg
Some of the biggest Wall Street gangs have benefitted from the crisis quite substantially. Goldman Sachs’ 2009 profits were a record for the firm and JPMorgan Chase & Co. (JPM)’s earnings have been at an all-time high as well. But that isn't stopping the Justice Dept. from acting as a lap dog for these and other corporate crooks.
Back in March, Holder’s DoJ was actually caught conspiring with Bank of America (whom DoJ should have been investigating for fraudulent foreclosure and debt collection practices) to try to silence Wikileaks.
Not only has the DoJ been helping silence whistleblowers, they’ve been trying to divert America’s attention away from the real problems. Representative Zoe Lofgren of California, at a May 3 Congressional hearing, pointed out that Federal prosecutors have been more focused on immigration offenses than the financial crisis.
“The department is spending its resources prosecuting nannies and busboys who are trying to get back to their families,” she said. “And yet we have not brought any prosecutions on the bandits on Wall Street who brought the nation and the world to the brink of financial disaster.”
-Bloomberg
The Justice Dept. claims that they are pursuing corporate fraud, but the reality is, they aren’t pursuing fraudulent corporations.
Using government data compiled by Syracuse University’s Transactional Records Access Clearinghouse, a nonprofit research center, Bloomberg News identified cases coded as corporate fraud by the Justice Department last year. Most involve people accused of stealing from companies, not wrongdoing by firms themselves.
-Bloomberg
Once again, we see that the Justice Dept. is protecting corporate criminals, not prosecuting them.
The FBI claims that after 911, they had to reassign agents away from criminal cases in favor of “national security” cases. Ummm, the FBI doesn’t consider the fleecing of our government to be an issue of “national security?”
Apparently not. And apparently, putting black men in both the White House and the DoJ has done nothing to bring white collar criminals to justice.
I plea Da Fif
Tuesday, May 10, 2011
Boehner looking for trillions more in cuts
We’re fucked.
Why are we fucked?
Because what’s good for Wall Street isn’t necessarily what’s good for the American people.
And things are getting interesting in Washington.
Enter John Boehner.
This calls for a George Washington quote.
Remember GM? Remember how they were deeply in debt and losing money but people kept lending them more money and the government kept giving them money and everything was going to be OK until, finally, it wasn’t? Our whole country is kind of like GM now except there is no cosmic entity that is going to come down from above and bail us out since our ADMITTED debt burden is already 25% of the entire planet’s GDP.
-Phil’s Stock World
Why are we fucked?
Because what’s good for Wall Street isn’t necessarily what’s good for the American people.
40 months into the downturn that has given us the worst number of job losses since the Great Depression, we are nowhere near a recovery. This is terrible, this is unprecedented, this is – great for business!
Bill McBride of Calcuclated Risk, reminds us that Wall Street’s "dirty little secret" is that Wall Street and corporate America like the unemployment rate to be a little high. Higher unemployment keeps wage growth down, and helps with margins and earnings – and higher unemployment also keeps the Fed funds flowing freely. Corporations like to see SOME job growth, so people have enough confidence to spend (and they can have a few more customers) but they don’t care if that job growth is in the US or China
-Phil’s Stock World
And things are getting interesting in Washington.
While DC may continue playing its debt ceiling soap opera, crunch time for the Treasury is approaching as the first of three auctions is on deck: the first one for $32 billion in 3 Year Notes. The total raised will be $72 billion without any offsets from maturities. Elsewhere, the Treasury will catch a $16 billion break after it settles $100 billion in Bill maturities offset by $84 billion in new issuance, yet still the net total of $56 billion in new debt seems to be a slight problem since as of Friday, there was just $23 billion in total capacity under the debt ceiling. Granted, the Treasury has already announced it is commencing the tapering off of other debt programs such as the State and Local Government (SLGs) which however will have at most $5-10 billion in favorable impact per month. It is also cutting its debt issuance forecast in half, likely due to an expectation of maturing old Bills without rolling these, a feat which will consume all if not more of the $108.9 billion in total cash available at the Treasury.
-Zero Hedge
Enter John Boehner.
“Without significant spending cuts and reforms to reduce our debt, there will be no debt limit increase. And the cuts should be greater than the accompanying increase in debt authority the president is given. We should be talking about cuts of trillions, not just billions.”
-Speaker of the House, John Boehner
This calls for a George Washington quote.
Are we going go back from koolaid drinkers of false hope to mindless terrorized sheep? Or are we going to stand up as brave, independent, thinking people and demand real change?
-George Washington
Labels:
debt bomb,
john boehner,
not good,
US Debt,
US Treasury,
wall street
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