BofA Resolves Fannie Mae, Freddie Mac Loan-Putback Dispute
Jan. 3 (Bloomberg)
Jan. 3 (Bloomberg)
Only $3 billion for nearly $130 billion of loans? 2%?
Global financial system implosion begins
- Thread starter Falcon
- Start date
gosub
~#
except there is VAT on silver and none on gold
gosub
~#
except there is VAT on silver (and none on gold)
ferrelhadley
There is no love between us anymore.
Yes. It's all so blatant though.
World food prices at fresh high, says UN
BBC News 5 January 2011
How much of the quantitative easing money is going into commodities?
ferrelhadley
There is no love between us anymore.
ferrelhadley
There is no love between us anymore.
The cuts are coming to the US economy. The battle for the increase in the legal limit the US can borrow to will be the first fight on the budget, money will be leaving the US economy, the job less recovery is likely to stall.
Hard rain gonna fall.
Hard rain gonna fall.
City Bankruptcies Will Increase, Dimon Warns
The Huffington Post. William Alden. 01-12-11
Housing Market Slips Into Depression Territory
11 Jan 2011 CNBC.com
Where's the recovery?
The Huffington Post. William Alden. 01-12-11
Housing Market Slips Into Depression Territory
11 Jan 2011 CNBC.com
Where's the recovery?
Path Is Sought for States to Escape Debt Burdens
New York Times, 20/1/2011
http://www.nytimes.com/2011/01/21/business/economy/21bankruptcy.html?pagewanted=1&_r=2&src=busln
New York Times, 20/1/2011
http://www.nytimes.com/2011/01/21/business/economy/21bankruptcy.html?pagewanted=1&_r=2&src=busln
That's going to be popular, when the pensioners get told "Sorry, your government, and former employer, the State of California, has gone bust, so you can piss off for your pension. Meanwhile, a new company, called "State of California (2011) Inc." has been set up.
Giles..
deke t lefel
Active Member
if the US stops giving China bits of paper with fancy scribbling on it, then China will probably stop giving the US their produce and look to sell it elsewhere in order to minimise damage to their economy
Yeah, it will be none too popular right enough. Still, the image on worldwide news of armies of protesting pensioners (replete with walking sticks, oxygen tanks and zimmer frames) massed against ranks of tooled up ninjas from the US police force, will surely make 'the powers that be' think twice.
Kanda
Diving wanker
TARP funds gain 27%: http://www.reuters.com/article/idUSTRE70N0U220110124?feedType=RSS&feedName=topNews
That's down a lot from $700bill!!
That's down a lot from $700bill!!
London_Calling
Pleasant and unpatronising
I see in the FT the new Chair of the OBR Robert Chote says the UK won't inflate its way out of difficulty. LOL.
What's part of the Troubled Asset Relief Program and what isn't? For sure the stocks bought at the bottom have gone up but still the numbers don't add up.
AIG and Chrysler are about $27 billion between them but how much are Freddie Mac and Fannie Mae in debt?
love detective
there's no love too small
The Federal Reserve made an $81bn profit last year as well - making it the most profitable bank in history
Little hope they'll use that to stop the states going bankrupt though.
US Federal Reserve makes $80.9bn profit
I suspect the tendency for food prices to lead oil prices is the biofuel market. Initial diversion of edible biomass into fuel manufacture raises food prices while supporting liquid fuel supplies. However, incremental liquid fuel production is insufficient to offset depletion, leading to the oil price rise, then global crash.
The spike in the food price index suggests we are about to experience the same oil price spike and crash. Certainly the production capacity investment record tells us there has been insufficient investment to offset depletion.
Of course, there are now no surplus funds for defibrillating the financial system. All this talk of "double dip recession" and "slow return to growth" is a catastrophic misunderstanding of the big picture.
deke t lefel
Active Member
that seems to suggest that oil prices led food prices up until autumn 2006, at which point food prices continued to rise instead of dropping in response to falling oil prices - this seems to correspond with the boom in biofuel production during that period
the cart then seems to have been pulling the horse for a while, although it could be that the 11/2010 food spike is due to the 4/2010 oil spike and once again oil prices are leading food prices (although now with an exaggerated effect)
the cart then seems to have been pulling the horse for a while, although it could be that the 11/2010 food spike is due to the 4/2010 oil spike and once again oil prices are leading food prices (although now with an exaggerated effect)
deke t lefel
Active Member
since the industrial revolution and the widespread use of inorganic fertilizers, the world population has boomed mainly due to an increased food supply fuelled by fossil fuels
under these circumstances food prices will normally be led by fuel prices due to the cost of running machinery and the cost of fertilizer production from natural gas
when food production is then used to supplement the fuel stock, in effect food production is then fuelling itself to a certain degree, enough to cause food prices to soar and fuel prices to follow behind helped along by derivative trading
a heavy reliance on biofuels is probably going to cause amplifications to food prices and, in the long run, fuel prices don't look like they will be going down
under these circumstances food prices will normally be led by fuel prices due to the cost of running machinery and the cost of fertilizer production from natural gas
when food production is then used to supplement the fuel stock, in effect food production is then fuelling itself to a certain degree, enough to cause food prices to soar and fuel prices to follow behind helped along by derivative trading
a heavy reliance on biofuels is probably going to cause amplifications to food prices and, in the long run, fuel prices don't look like they will be going down
ohmyliver
poppin' like a cork
lets not also forget that speculation in food prices caused a mini bubble.
http://www.ipsnews.net/news.asp?idnews=54274
"UXBRIDGE, Canada, Jan 28, 2011 (IPS) - Billions of dollars are being made by investors in a speculative "food bubble" that's created record food prices, starving millions and destabilising countries, experts now conclude.
Wall Street investment firms and banks, along with their kin in London and Europe, were responsible for the technology dot-com bubble, the stock market bubble, and the recent U.S. and UK housing bubbles. They extracted enormous profits and their bonuses before the inevitable collapse of each.
Now they've turned to basic commodities. The result? At a time when there has been no significant change in the global food supply or in food demand, the average cost of buying food shot up 32 percent from June to December 2010, according to the U.N. Food and Agriculture Organisation (FAO). "
http://www.ipsnews.net/news.asp?idnews=54274
"UXBRIDGE, Canada, Jan 28, 2011 (IPS) - Billions of dollars are being made by investors in a speculative "food bubble" that's created record food prices, starving millions and destabilising countries, experts now conclude.
Wall Street investment firms and banks, along with their kin in London and Europe, were responsible for the technology dot-com bubble, the stock market bubble, and the recent U.S. and UK housing bubbles. They extracted enormous profits and their bonuses before the inevitable collapse of each.
Now they've turned to basic commodities. The result? At a time when there has been no significant change in the global food supply or in food demand, the average cost of buying food shot up 32 percent from June to December 2010, according to the U.N. Food and Agriculture Organisation (FAO). "
There was another food (commodities) bubble in 2006
Commodities traders caused starvation and malnutrition for 200 million people 05-07-2010
Commodities traders caused starvation and malnutrition for 200 million people 05-07-2010
deke t lefel
Active Member
the degree of the effect of speculation on 2007/8 food prices is debateable........there was a 2006 bubble in biofuels largely caused by the phasing out of MBTE fuel additive in the US in favour of ethanol - the housing market was already in decline and speculators probably predicted a rise in food prices as land was transferred over to fuel producing crops
the ensuing bull market in food and fuel ensured that some little piggies got their roast beef although it was only a matter of time before they went wee, wee, wee all the way home
the ensuing bull market in food and fuel ensured that some little piggies got their roast beef although it was only a matter of time before they went wee, wee, wee all the way home
Preaching to the choir I know but a good recap.
Why Isn't Wall Street in Jail?
Rolling Stone. February 16, 2011
Why Isn't Wall Street in Jail?
Rolling Stone. February 16, 2011
deke t lefel
Active Member
isn't that the purpose of corporate limited liability - a license to take excessive risks with very little accountability placed on the employees
Yes. I don't enough about the Law in cases of Fraud regarding limited liability though. For example Bernard Madoff.
Bernard Madoff says banks and funds were 'complicit' in $90bn fraud
guardian.co.uk, Wednesday 16 February 2011
deke t lefel
Active Member
limited liability may protect the shareholders of a company from personal bankruptcy, although the creation of a corporate legal personality means that directors do not go to jail for corporate crimes, rather fines are usually imposed on the company
......and the banks can pay those out of the bail out money from the taxpayer
......and the banks can pay those out of the bail out money from the taxpayer
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