Tuesday, September 23, 2008

French, Iranian Pres's Have Opinions of Meltdown

French President Sarkokozy says to punish those who caused financial meltdown in this article:
http://news.yahoo.com/s/nm/20080923/wl_nm/us_france_economy_sarkozy;_ylt=AiaLocduyi4aWer23WYw3dSs0NUE/
7:31 AM 9/23/2008
Iranian President Ahmadinejad believes meltdown is due to Military operations inadequately funded and warns in this article in Yahoo News
from the United Nations. I quote: "If anyone allows himself to commit even a tiny
offense against Iran's legitimate interests, borders and sacred land,
our armed forces will break his hand before he pulls
the trigger," Ahmadinejad said during a military parade Sunday."[end quote]
http://news.yahoo.com/s/ap/20080923/ap_on_re_mi_ea/un_general_assembly;_ylt=AlxFKxIB1ZZhPSmCSvpq6Gms0NUE/

7:36 AM 9/23/2008
And ask yourself if all delinquent student loans of poor American students are going to be bought up to salvage the credit of those people; and not just the bad debts of the 535 Congressional "investors" in abortuaries,fake medical research labs, casinos, companies that buy/sell short [not owned] stocks, and other 'investors' into evil.
Also here's a quote from a prominent Republican, and I am glad to hear Republicans opposing the socialistic idea of putting the
US government in charge over all financial institutions with a broad, undefined, unlimited powers being given to unelected and
unaccountable persons [Henry Paulson and Ben Bernanke]:
"Sen. Richard Shelby of Alabama, the top Republican on the
Senate Banking Committee, blasted the emerging plan
as "neither workable nor comprehensive."

"In my judgment, it would be foolish to waste massive sums of
taxpayer funds testing an idea that has been hastily crafted
and may actually cause the government to revert to an
inadequate strategy of ad hoc bailouts," Shelby said" [end quote]; from Yahoo news article today.
7:46 AM 9/23/2008
Also remember that Freddie Mac and Fannie Mae were always government run, and did that prevent them from failing AGAIN? Should we trust the same people who jacked up rents of poor people in Denver Colorado from $30 / month to $500 per month in a period of 3 months time? Could any private landlord get away with such an trick?
signed gloriapoole, RN and artist, Denver CO 80203
http://gloriapoole.com/defiant
http://G-L-O-R-I-A.name
http://gloriapoole-RN.com
Update as of 8:57 am MT: from MarketWatch today. This added info from this article by MARK HULBERT
"Bloodied but still bullish
Commentary: Markets' problems haven't deterred corporate insiders" at:
http://www.marketwatch.com/news/story/markets-problems-havent-deterred-corporate/story.aspx?guid=%7B30A6FC32%2DD37E%2D492D%2D8811%2DE634DF256A72%7D&dist=TNMostRead

10:41am 09/23/2008
:
According to Vickers, a "high 'plus' value generally reflects
relatively heavy insiders buying,"while a "high 'minus' value
generally reflects heaving insider selling."
Here are several financial companies that have been in distress
lately, along with their Vickers Insider Index readings in the
July 23, 2007, issue:
American International Group, Inc.
(AIG:American International Group, Inc

Last: 5.53+0.81+17.08%

10:56am 09/23/2008

AIG 5.53, +0.81, +17.1%) : -566
Bear Stearns: +23
Lehman Bros. Holdings, Inc. (LEH:Lehman Brothers Holdings Inc

Last: 0.15-0.04-21.62%[end quote]

LEH 0.15, -0.04, -21.6%) : -24
Merrill Lynch & Co., Inc. (MER:Merrill Lynch & Co., Inc

Last: 27.12-0.93-3.32%

10:56am 09/23/2008

MER 27.12, -0.93, -3.3%) : -97
Washington Mutual Inc. (WM:Washington Mutual Inc

Last: 3.34+0.01+0.30%

10:56am 09/23/2008

WM 3.34, +0.01, +0.3%) : -24
---And this:
Quote from the Chicago Sun Times article entitled and dated
"Illinois Governor To Obama: Governors Make Decisions, Legislators Debate" first published onThursday, September 11, 2008:
“The reality is, governors every day have to make decisions
for better or for worse. That’s part of the job. It’s an executive
position. And it’s a position that is like what you’re going to do
when you’re president. Legislators, they do different things.
They debate and they pass their bills back and forth,” he said."
8:24 AM 9/23/2008
Read article at:
http://www.suntimes.com/news/blogentries/index.html?bbPostId=BDMew7knvld2B7J4Cd6UL39iB7NUx7Zs4A2JCz8FRGHmp7plP&bbParentWidgetId=B8k88rWwXopuz5STgLeVwBLu/
--And this :
These quotes from the NY Times article today entitled "Following the Bail-out
Hearing" by Mike Nizza at this link:
http://thelede.blogs.nytimes.com/2008/09/23/following-the-bailout-hearing/
I quote from that article:
Don’t Overdo This, 10:58 a.m. “We must prevent panic both in
the markets and in our government,” said Sen. Wayne Allard,
Republican of Colorado. “Overreaction, in the long run, will be
worse for our economy.”
Against God’s Timetable, 10:55 a.m. The Associated Press reported
a Congressional zinger on whether rushing to a decision would be
wise:
“Just because God created the world in seven days doesn’t mean
we have to pass this bill in seven days,” said Rep. Joe Barton,
R-Texas.[end quote]
--And this opinion that seems spot on to me:
An excellent article entitled 'Cash for trash' by Paul Krugman
in the NY Times today at this link:
http://www.nytimes.com/2008/09/22/opinion/22krugman.html?em
--And this updated at 10:05 am MT by me, gloria poole:
--And from NY Times editorial today, this quote:
Balancing those complex mandates is made more difficult by the
fact that Mr. Paulson hails from Wall Street and could,
if he wanted to, return to Wall Street.

The only way to avoid the appearance of a conflict of interest
is for Mr. Paulson to welcome full and transparent legislative
and judicial review. [end quote]. Read that article at:
http://www.nytimes.com/2008/09/23/opinion/23tue1.html?hp
--And this quote from article entitled "A Second Opinion?" by Bob Herbert
"His {Paulson's] eyes, as he hopped from one network camera to
another, said, as salesmen have been saying since the dawn of time:
“Trust me.”

With all due respect to Mr. Paulson, who is widely regarded as a
smart and fine man, we need to slow this process down."... and then
another quote very correct it seems to me:


"Lobbyists, bankers and Wall Street types are already hopping up
and down like over-excited children, ready to burst into the
government’s $700 billion piñata. This widespread eagerness
is itself an indication that there is something too sweet about
the Paulson plan.

This is not supposed to be a good deal for business.
“The idea is that you’re coming here because you would be
going bankrupt otherwise,” said Mr. Baker. “You’re coming here
because you have no alternative. You’re getting a bad deal,
but it’s better than going out of business. That’s how it should be
structured.”
9:43 AM 9/23/2008
And this quote from an article entitled "Bubblenomics" by
David Leonhardt in today's NY Times:
"As late as 2004, financial services firms earned 28.3 percent of
corporate America’s total profits, according to Moody’s Economy
.com. That was somewhat lower than it had been over the previous
few years, but still almost double the financial sector’s average
share of profits throughout the 1970s and ’80s. By 2007, the share
had fallen only marginally, to 27.4 percent." Remember that the
so-called bail-out plan equals the budget of the Defense Dept, the
US Dept of Education, and the Social Security Dept for a segment of
the economy that is less than a third of the earners and presumably the
taxpayers.
Read that article with particular attention to the last two paragraphs
in it, at:http://www.nytimes.com/2008/09/21/weekinreview/21leonhardt.html
And this quote pointing out that it is the LACK of regulation that was
already law that created this mess, so why trust MORE regulation:
"So the conversion into banks by Goldman and Morgan may perhaps
be redolent of the greatest failure of global financial regulation
over the past decade or so." in article entitled "Bye-Bye Bulge-Bracket"
by Robert Peston in the BBC news today at this link:

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/09/bye_bye_bulgebracket.html/
And this shocking news:

from Americas,from

Business,from

Market Data, from

BBC World Service

Page last updated at 06:45 GMT, Tuesday, 23 September 2008 07:45 UK


article entitled "Fed relaxes bank investment rules"

[Quote:
The US central bank has relaxed the rules governing investors who
take minority stakes in banks, a move that could
encourage greater investment.

The US Federal Reserve said investors can now take a 33% stake
in a firm without incurring regulatory hurdles, up from the
previous limit of 25%.[end quote]. Read the article at:
http://news.bbc.co.uk/2/hi/business/7630734.stm
10:04 AM 9/23/2008
And this update at 10:42 am MT: this quote:
"This massive bailout is not a solution, It is financial socialism
and it's un-American," said Sen. Jim Bunning, R-Ky. [end quote]
and this quote:
"Added Rep. Darrell Issa, R-Calif., "I am emphatically against it.",
and this quote:
Dodd said the administration's initial proposal would have allowed
the Treasury secretary to "act with utter and absolute impunity
— without review by any agency or court of law" in deciding how to
administer the envisioned bailout program.

"After reading this proposal, I can only conclude that it is not just
our economy that is at risk, Mr. Secretary, but our Constitution,
as well," Dodd said.

Those quotes from this article:
http://news.yahoo.com/s/ap/20080923/
10:39 AM 9/23/2008
Update at 12:07 pm MT:
A quote from an article entitled, "Lead financial services lawmaker
defends trading" written by
By BEN EVANS [quote:]
WASHINGTON (AP) — The top Republican on the House Financial
Services Committee struck paydirt on a stock option last year after
betting that a Chinese advertising company would jump in value.

In a single transaction on Dec. 10, Rep. Spencer Bachus of Alabama
made up to $15,000 off an investment he had held for just two weeks,
according to his congressional financial disclosure statement.[end quote]
Read that entire infuriating from a standpoint of betrayal of the American people article at :
http://ap.google.com/article/ALeqM5jwYW3HPsLcS2RM0bvnlbRHrftszAD93CIE700
12:05 PM 9/23/2008
Update as of 5:06 pm MT:
"Yesterday, the Webmaster of a Georgia-based proxy service
confirmed that his server logs showed the intruder used an IP
address belonging to an Illinois Internet service provider
that serves the Knoxville apartment complex where Kernell lives"
quote from Computerworld article entitled "Federal Grand Jury Meets on Palin hacking case" by Gregg Keizer, today at:
http://www.computerworld.com/action/article.do?command=viewArticleBasic&articleId=9115370&intsrc=news_ts_head/
2:22 PM 9/23/2008
And more about Financial meltdown:
These quotes: "Passing legislation of this magnitude in a one-week
period of time is a tall order," said Rep. Jack Kingston (R-Ga.).

"You have a very divided House right now," he added. "Right now,
the votes aren't there."

"I don't know anyone who's sold on this rescue plan," said
Rep. Wally Herger (R-Chico"[end quotes] from LA Times' entitled "Congress Balks at
Treasury's Plan for Wall Street" at:
http://www.latimes.com/news/nationworld/washingtondc/la-fi-bailout24-2008sep24,0,6459526.story
Update at 5:02 pm MT:And here's the dumbest worst financial plan in history, buying something at the price it 'might be worth' in a year or two. Common sense tells even the most ordinary citizen not to pay future prices for something at present. Would you buy a house or a car at what inflated price it might be in a year or two? That is gambling! Yet read this quote:
"Bernanke suggested buying the assets at a "hold-to-maturity" price
, which would be based on an estimate of what the securities would
eventually be worth as payments came in over the years." That quote from
this article "Dire [Economic] Warnings Fail to Persuade Senators" at:
http://my.earthlink.net/article/top?guid=20080923/48d869c0_3ca6_1552620080923-1111908696
5:03 PM 9/23/2008
AND HERE IS SOME GOOD NEWS AT 5:26PM MT:

Quote from article "FBI investigating companies at heart of meltdown" in the Yahoo News: "Two law enforcement officials said the FBI is looking at
potential fraud by mortgage finance giants Fannie Mae and
Freddie Mac, Lehman Brothers Holdings Inc., and insurer
American International Group Inc." from this article:
http://news.yahoo.com/s/ap/financial_meltdown_investigation;_ylt=Av3kjiAEXS0VhwoIUhPT8fas0NUE/
5:23 PM 9/23/2008

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