The next breakcame when two men who are now known to have been in the Illuminati gave John Jacob Astor a special government privilege. The two men were President Jefferson and Secretary Gallatin--both Illuminati members. The United States government had placed an embargo on all U.S. ships from sailing with goods in 1807. But Astor got special permission from these two men for his ship to sail with its cargo. His ship sailed and made close to a $200,000 profit in that day’s money. Astor strangely profited greatly from the War of 1812, which crippled almost all the other American shippers. Prior to 1817, John Jacob Astor entered into the fur trade and remained the biggest player in the fur trade until he got out of it in 1834. Over the years, he had managed to build up a monopoly. How he managed to push everyone else out is a good question.
“The number of people out of the labor force — meaning that they were neither working nor looking for work and that the government did not consider them unemployed — jumped by 637,000 last month, the Labor Department said. The number of part-time workers who said they wanted full-time work — all counted as fully employed — rose by an additional 621,000.
Already, the share of men older than 20 with jobs was at its lowest point last month since 1983, and very close to the low point of the last 60 years. The share of women with jobs is lower than it was eight years ago, which never happened in previous decades.”
is to be headed by former Fed Chief Paul Volcker.
The WSJ noted today that the panel is “modeled on the Foreign Intelligence Advisory Board established by then-President Dwight Eisenhower in 1956, at the height of the Cold War, when officials worried that that the existing bureaucratic structure was inadequate to help the U.S. keep pace with the Soviet threat. The financial crisis has drawn similar worries that the government isn’t properly organized to monitor and respond to modern financial markets.”
The first thing you can do to feel better when someone gives you a gift is to realize that the giver put effort into thinking of a gift for you by going through the process if finding and buying it, or perhaps in making the gift. Don’t feel guilty when you think of this! But realize that no one made the giver think of giving a gift and no one made her go out and get it. She chose to do this herself. Many people enjoy the whole gift giving process. So the whole time, up to and including the point when they gave you their gift, they’ve been doing something pleasant and enjoying themselves.
Index funds, which represent about 10 percent of the stock market, ``got $5 billion from owning BUD.'' BUD is the ticker symbol for Anheuser-Busch, brewer of Budweiser beer. ``The stock that was added was a $500 million weight, so about $4.5 billion has to be put to work,'' said Buek. ``That money was spent across the other 499 names. To perfectly track the close, you'd want to put the $4.5 billion to work on the close.''
4 years ago Bill Fleckenstein wrote . . . "I think the party that has won, in this case the Republicans, might want to be careful what they wish for, in that both the stock and real-estate bubbles will unwind on their watch, with them in full control of the House, the Senate, the presidency and the governorships.
"Perhaps we'll all get lucky and the Republican Party will decide to pursue a flat tax, tort reform, and term limits -- the three major areas of reform which I believe could help the country become more competitive and help extricate us from the horrible fix that I see us in. However, if they continue the pork-barrel politics of the last four years, I would think that next go-round, the Republicans will be bounced from office after people's hopes are dashed in the upcoming economic turmoil."
To review the point that I made in Chapter 7 of my book "Greenspan's Bubbles" and in many columns: In the past expansion, economic growth was almost entirely about real estate. Gross-domestic-product growth, excluding mortgage-equity extraction, was almost nonexistent. In addition, when you consider that 30% to 40% of all jobs were real-estate-oriented, it's clear how hollow the economy is liable to be going forward.
Considering the capital destruction and the credit contraction now under way, I have a hard time seeing where the new jobs will come from to handle all the layoffs that are going to take place. Given that lots of marginal businesses have survived on consumers' wild spending, many of them will not make it as folks retrench aggressively. That's on top of all the carnage in anything related to real estate or finance. click here for more
Their task is to take risks, calculating potential costs for themselves. But they do not take into account the consequences of their losses for the economy as a whole.
Hence the financial market "underprices risk" and is "systematically inefficient," as John Eatwell and Lance Taylor wrote a decade ago, warning of the extreme dangers of financial liberalization and reviewing the substantial costs already incurred - and also proposing solutions, which have been ignored.
The threat became more severe when the Clinton administration repealed the Glass-Steagall act of 1933, thus freeing financial institutions "to innovate in the new economy," in Clinton's words -- and also "to self-destruct, taking down with them the general economy and international confidence in the US banking system," financial analyst Nomi Prins adds.
The unprecedented intervention of the Fed may be justified or not in narrow terms, but it reveals, once again, the profoundly undemocratic character of state capitalist institutions, designed in large measure to socialise cost and risk and privatize profit, without a public voice.
That is, of course, not limited to financial markets. The advanced economy as a whole relies heavily on the dynamic state sector, with much the same consequences with regard to risk, cost, profit, and decisions, crucial features of the economy and political system.
to read more about Noam Chomsky click here
``The forced sale was due to the precipitous drop in XL's share price last week,'' O'Hara said in a statement distributed by PR Newswire today.
from Barry Ritholz at Big Picture blog
To repeat my prior arguments, the proximate cause of the Housing crisis were 1) Ultra-low rates; and 2) Abdication of traditional lending standards, thanks to 3) originators ability to resell mortgages for securitization purposes, and therefore not have to worry about loan defaults.
The credit crisis was caused by 1) the above securitized mortgage paper, that was 2) rated triple AAA by Moody's and Standard & Poors, which then 3) Which was then "insured" by credit default swaps (CDS) -- the unreserved for, shadow insurance products whose exemption was made possible by the Commodities Futures Modernization Act. That legislation exempted these derivatives from any supervision or regulation. The lack of reserve requirements is why there is now $62 trillion in CDS, many of which will never pay their counter parties the promised insurance.
If you are going to blame Fannie/Freddie/CRA, or George Bush or Barney Frank, you are missing the big picture.
The fund, which was valued yesterday at $1 a share, experienced ``significant redemption pressure,'' the Boston- based company said in a statement. A drop below $1 a share, known as breaking the buck, would have exposed investors to losses.
The fund had no exposure to securities issued by Lehman Brothers Holdings Inc., Washington Mutual Inc. or American International Group Inc., the company said.
Reserve Primary Fund, the oldest U.S. money-market fund, on Sept. 16 became the first in 14 years to break the buck. Investors pulled 60 percent of their money from the $62.6 billion fund on Sept. 15 and 16 before withdrawals were delayed.
Putnam is a unit of Canadian insurer Great-West Lifeco Inc.
The FDIC issued a report showing that the number of financial institutions on its so-called problem list rose to 117 from 90 which were reported at the end of the first quarter.
That's an increase of 30% in three months, and things look to get worse before they get better. The number of banks on the list is the most visible thing to consumers, but the amount of assets held by those problem institutions is more troubling still. The total assets of institutions on the problem list tripled. That means some pretty big players are in the additions.
Andy, now 62, on the left with me while we were enjoying a cerveza in Mazatlan. He's a great guy, good father and loving husband to his wife Helene.
Ever wonder what the actual CPI is? Here's a chart that show what todays CPI would be using the same basket of goods and services of 1990. Wow, it's 8% more than the "official" rate the government tells us today. Learn more at Shadowstats.com
In New York State, the 16 largest banks sent taxes totaling $5 million in the most recent reporting period; that compares with $173 million from the same period a year ago.
Taxes paid are down an astonishing 97%!
And this is going on throughout the United States . . . . ouch!
"It will be a number of years before Wall Street starts paying taxes again,'' the mayor said at a press conference yesterday in Manhattan. "They will carry forward all of those losses.''
There were over 100 Goldens in the park click here
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