financial bailout
Citigroup is back from the Dead - for now
It was another Sunday night rescue for the folks at the U.S. Treasury, the Federal Reserve and the newest addition to the cast of the Wall Street crisis and financial bailout drama, the Federal Deposit Insurance Corp. (FDIC). This time the dynamic trio swooped in to arrange a bailout of Citigroup, the struggling U.S. banking [...]
Drama Highlights Auto Execs Testimony
It was the House version of “Car Talk” yesterday, according to the Washington Post, as members, both Republican and Democrat, swapped stories about their GM and Ford vehicles. This was disclosed in a article entitled “Auto Execs Fly Corporate Jets to D.C., Tin Cups in Hand.” The camera-loving representatives also had a field day with [...]
Beware Clowns Bearing Financial Advice
A friend of mine sent me a link to a YouTube video (after jump) featuring Peter Schiff, president of Euro Pacific Capital, and longtime critic of the debt-fueled U.S. economy. The video is comprised of interviews on financial news channels in 2006 and 2007 – before the subprime meltdown morphed into a full-blown Wall Street [...]
The NY Times Stinks at News Analysis
Should General Motors file receive a financial bailout from the U.S. government, or should it be left to deteriorating market conditions that will lead to a bankruptcy filing? This is the question put forth by a NY Times “News Analysis” piece entitled “G.M.’s Troubles Stir Question of Bankruptcy vs. a Bailout .” Unfortunately, this article [...]
Treasury Department Needs P.R. Help Now!
The U.S. Treasury should hire a competent public relations firm and send Neel Kashkari, the department’s rude, abrasive Bailout Czar to charm school. According to the NY Post, America’s newest czar gave a Putin-like performance during a brief question and answer session after he delivered the keynote speech at a Midtown Manhattan conference packed with [...]
AIG Gets More of Your Money
What the hell is going on with American International Group(AIG)? First the U.S. government tossed the embattled insurance giant an $85 billion credit line in September – when it decided to let Lehman Brothers file for bankruptcy – and that was increased by $38 billion last month. The spiraling cost of the AIG bailout seems [...]
Panic is the New Black
It’s time to panic again. The first headline I saw this morning screamed “Bloody Friday,” it was in giant, bold blue letters on Marketwatch’s home page. The NY Times ran “Global Shares Plummet on Gloomy Data.” Blood and gloom? That’s no way to start a Friday. I thought those depressing headlines were meant for [...]
Real estate market still sinking
Oct. 17,2008. New records are being set almost every day now - too bad they’re all bad. The Commerce Department just reported that construction of new McMansions and luxury condos dropped an unhealthy 6.3 percent - a decrease of 1.6 percent was anticipated.
This brings the home construction to the lowest level since 1991. And the [...]
Uncle Sam? Uncle Socialist. Get the t-shirt!
No need for alarm, folks. President Bush said today that the partial nationalization of the banking system is an “essential short term measure to ensure the viability” of our highly dysfunctional financial system. Then Bush described these latest moves to stop the financial crisis on Wall Street from spreading as “unprecedented and aggressive”. Sounds like [...]
Financial Turmoil Spawns Zombie Politicians
I woke up this morning, checked the headlines on Marketwatch, and aside from finding out that Asian and European stock markets were falling off another cliff, I stumbled upon a disturbing little article entitled “Lack of EU cooperation worsens turmoil”. It appears that our financial crisis has spread across the Atlantic. And more disturbingly, America’s [...]
