That's when these monstrous mega banks really took off...
but they have been chipping away at regulations for years...this is one of the big "mega mergers" in the 1980's where the layoff/arbitrage became routine and has just escalated from there.
A retired banker wrote in claiming that back when he was a banker in the early 1970s, interstate banks were illegal.
Anybody know what he was talking about?
-------------------------------------
Executive compensation is inversely proportional to morality and ethics.
been told to open their books? Banks? Investment houses? Auto manufacturers? ... now insurers?
No ... all this freakin money is going into a black freakin hole.
The question that needs to be asked is : Who are the counter parties to all of this?
In fact it's the opposite danger, if the government wildly overestimates instead of underestimates the amount of spending needed, then that's exactly what will happen.
The only way we get out of this OK is if they hit the needle with the 50 caliber machine gun.....
-------------------------------------
Executive compensation is inversely proportional to morality and ethics.
One wonders what accepting TARP funds will do to their A.M. Best Ratings? A sound precondition for allocating TARP funds would be full transparency as to the quality of their holdings.
Once again, debt deflation is upon us. The summer oil rally is just that...an attempt to lure in a few, but demand is softening. And why not? Who is actually buying anything? What businesses are actually making large capital investments right now? (Unless they have a long-term gov't/military contract, who is really buying big time? (Yes, we hear much spin from the IBM/Cloud Computing evangelists about China upgrading networks, etc. But is this credible over the next few reporting Quarters?)
Back in 2001, I was helping senior citizens that were having their homes taken away by predatory lenders. The only valuable asset for many people gone because of fraud. No one listened to the problem or cared. The Mortgage Bankers Association owned state legislators and governors.
I have seen whole neighborhoods devastated by predatory lenders. It is sad the level of pain that predatory lenders and their benefactors - financial conglomerates - have caused people. People are trying enjoy life the best they can or who have been hoodwinked into believing in the "American Dream". It is just sad.
After all, layoffs are a severely lagging indicator, especially governmental layoffs. We haven't seen the end of the first round of wage deflation yet, so we won't know if we're in a wage/price spiral (the pessimistic outlook) until at least Q409, maybe even Q110.
The key phrase in the above is "once demand increases". We won't see increasing demand until we see increasing jobs, and we won't see increasing jobs unless the federal spending is enough to counteract the effect of State Government Trapdoor Day.
We are still *very much* in danger of falling into a wage/price deflationary spiral.
-------------------------------------
Executive compensation is inversely proportional to morality and ethics.
If you all recall earlier this week there was headline after headline claiming the Obama administration got all private health insurers and others to promise to reduce medical costs by $2 trillion dollars.
So, after we get this massive press sweep, the truth is they are all back peddling....in other words, they have no intention of doing that...
it cuts into the profits.
and last i heard, grassroots groups, those for universal single payer, the MDs and the Nurses are still let out of the negotiating table creating legislation.
Even worse, I have not heard at all, anything about regular patients being at the bargaining table.
From Britain to America to Asia, people are rising up and protesting debt as being normal and accepted. Why is this happening?
“Just as the rich rule over the poor, so the borrower becomes the lender’s servant.” Pvbs 22:7
It is quite interesting after reading that verse from the Bible that God cautions us away from debt just as the protesters are doing. Taking the verse into context of the whole chapter of Proverbs, one could say that only a fool would be in debt. However, in today’s current economic systems and philosophies, debt is the main instrument of economic success of the entire world.
What happens to an economic system that is based on what God considers foolish?
Just found out that Aon is outsourcing their actuarial work. So even the jobs of the "protected class" of high income, upper class professionals are sailing away. And it's not just actuaries. The only thing standing between radiologists and pathologists and the unemployment lines (or primary care practice; hard to say which is worse) is the complexity of medical tort law. Once the outsourcing groups get a handle on this issue, those jobs will be gone as well (anyone can read digitalized images of films and slides from any location). If the outsourcing continues without let up, then as you pointed out yesterday in your "Labor Shock" post, there will be no recovery. It'll be much more like a lazy L.
If you're referring to Bailout Nation, I thought that McGraw-Hill had axed it - far too critical of those agencies for their taste.
With regard to S&P's prediction, given their corrupt and dishonest behavior concerning colluding with the O.C.C. to interdict the states' AGs from going after the predatory lenders, and the more than occasional example of triple-A rated paper, which S&P was planning to continue, but then several days to one week prior it was suddenly downrated to junk paper, I would suggest S&P is probably off by at least 10 years --- look for 2023, if we're lucky.
We should make sure the jobs goes to Americans and not to Korea, China, Mexico. Why bailout a company that will help other countries instead of America? It seems like this country is already loosing it's common sense.
1927 McFadden Act.
It was repealed and interstate banking "gone wild" in 1994 with the Riegel-Neal Interstate Banking and Branching Efficiency Act of 1994.
That's when these monstrous mega banks really took off...
but they have been chipping away at regulations for years...this is one of the big "mega mergers" in the 1980's where the layoff/arbitrage became routine and has just escalated from there.
A retired banker wrote in claiming that back when he was a banker in the early 1970s, interstate banks were illegal.
Anybody know what he was talking about?
-------------------------------------
Executive compensation is inversely proportional to morality and ethics.
been told to open their books? Banks? Investment houses? Auto manufacturers? ... now insurers?
No ... all this freakin money is going into a black freakin hole.
The question that needs to be asked is :
Who are the counter parties to all of this?
In fact it's the opposite danger, if the government wildly overestimates instead of underestimates the amount of spending needed, then that's exactly what will happen.
The only way we get out of this OK is if they hit the needle with the 50 caliber machine gun.....
-------------------------------------
Executive compensation is inversely proportional to morality and ethics.
One wonders what accepting TARP funds will do to their A.M. Best Ratings? A sound precondition for allocating TARP funds would be full transparency as to the quality of their holdings.
Once again, debt deflation is upon us. The summer oil rally is just that...an attempt to lure in a few, but demand is softening. And why not? Who is actually buying anything? What businesses are actually making large capital investments right now? (Unless they have a long-term gov't/military contract, who is really buying big time? (Yes, we hear much spin from the IBM/Cloud Computing evangelists about China upgrading networks, etc. But is this credible over the next few reporting Quarters?)
Back in 2001, I was helping senior citizens that were having their homes taken away by predatory lenders. The only valuable asset for many people gone because of fraud. No one listened to the problem or cared. The Mortgage Bankers Association owned state legislators and governors.
I have seen whole neighborhoods devastated by predatory lenders. It is sad the level of pain that predatory lenders and their benefactors - financial conglomerates - have caused people. People are trying enjoy life the best they can or who have been hoodwinked into believing in the "American Dream". It is just sad.
we see stagflation ... by all recipes we could see wages continuing to drop while prices start to rocket.
After all, layoffs are a severely lagging indicator, especially governmental layoffs. We haven't seen the end of the first round of wage deflation yet, so we won't know if we're in a wage/price spiral (the pessimistic outlook) until at least Q409, maybe even Q110.
The key phrase in the above is "once demand increases". We won't see increasing demand until we see increasing jobs, and we won't see increasing jobs unless the federal spending is enough to counteract the effect of State Government Trapdoor Day.
We are still *very much* in danger of falling into a wage/price deflationary spiral.
-------------------------------------
Executive compensation is inversely proportional to morality and ethics.
If you all recall earlier this week there was headline after headline claiming the Obama administration got all private health insurers and others to promise to reduce medical costs by $2 trillion dollars.
So, after we get this massive press sweep, the truth is they are all back peddling....in other words, they have no intention of doing that...
it cuts into the profits.
and last i heard, grassroots groups, those for universal single payer, the MDs and the Nurses are still let out of the negotiating table creating legislation.
Even worse, I have not heard at all, anything about regular patients being at the bargaining table.
You might put this question in a comment, since you're looking for references. I don't have any stats on this but you might try looking at polls.
That would make for an interesting post, just how many times has Congress gone completely polar opposite of what the people want.
On TARP, bail outs it has to be high. There is bi-partisan opposition as in rage.
These are pretty amazing numbers considering the Bernanke money machine too.
I notice the oil companies are trying to push up gas for the summer and it seems decorrelated from the price of oil.
Anyone looked into that or have some charts? i.e. the price of gas, per season per the price of oil?
then they are too big period.
If there is a company big enough to drag down the economy on its own then it is a monopoly and needs to be broken up.
Why does it all keep coming back to the repeal of Glass/Steagel?
just for the post
From Britain to America to Asia, people are rising up and protesting debt as being normal and accepted. Why is this happening?
“Just as the rich rule over the poor, so the borrower becomes the lender’s servant.” Pvbs 22:7
It is quite interesting after reading that verse from the Bible that God cautions us away from debt just as the protesters are doing. Taking the verse into context of the whole chapter of Proverbs, one could say that only a fool would be in debt. However, in today’s current economic systems and philosophies, debt is the main instrument of economic success of the entire world.
What happens to an economic system that is based on what God considers foolish?
Just found out that Aon is outsourcing their actuarial work. So even the jobs of the "protected class" of high income, upper class professionals are sailing away. And it's not just actuaries. The only thing standing between radiologists and pathologists and the unemployment lines (or primary care practice; hard to say which is worse) is the complexity of medical tort law. Once the outsourcing groups get a handle on this issue, those jobs will be gone as well (anyone can read digitalized images of films and slides from any location). If the outsourcing continues without let up, then as you pointed out yesterday in your "Labor Shock" post, there will be no recovery. It'll be much more like a lazy L.
I think he found a new publisher, but unsure if it's out yet.
Nothing like a stiff woodie to get one's swagger...or should I say "mojo"...back.
If you're referring to Bailout Nation, I thought that McGraw-Hill had axed it - far too critical of those agencies for their taste.
With regard to S&P's prediction, given their corrupt and dishonest behavior concerning colluding with the O.C.C. to interdict the states' AGs from going after the predatory lenders, and the more than occasional example of triple-A rated paper, which S&P was planning to continue, but then several days to one week prior it was suddenly downrated to junk paper, I would suggest S&P is probably off by at least 10 years --- look for 2023, if we're lucky.
We should make sure the jobs goes to Americans and not to Korea, China, Mexico. Why bailout a company that will help other countries instead of America? It seems like this country is already loosing it's common sense.
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