Tag Archives: Banks

Roundup for Thursday 1/21/10

Democrats: Get something done, or get sent home: The fundamental pact between a political party and its supporters is that the two groups believe the same thing and pledge to work on it together. And the Democratic base feels that it has held to its side of the bargain. It elected a Democratic majority and […]

Dow 10,000: Who Cares?

Does anyone remember when the Dow hit 14,000 back in 2007? Those were the golden days – you could buy a house with little or no credit, unemployment was low, peoples’ credit card limits were still high, and only a few people had heard of subprime mortgages (and even less understood them). Now, the Dow […]

Government insurance for banks but not humans

As I was listening to the NPR this morning, they mentioned that the FDIC (Federal Deposit Insurance Corporation) was basically broke from having to clean up after so many bank failures around the country. The FDIC is a government run insurance company that banks pay fees to each year to insure their customers accounts for […]

Why we have to limit their size

The main lesson of [the bailouts] is that society cannot permit the existence of private institutions that are too large to fail. And that’s not only because they might eventually fail and then we are on the hook for their liabilities. It’s also because the lesson of the bailouts — both the auto and banking […]

Innovation = skimming off the top

I’m sure I’m preaching to the choir here, but I just want to say again that the banks need to be heavily regulated. Especially if they are operating on de facto government guarantees, which shield them from the financial consequences of their foolish risk taking. You know, privatizing the profits and socializing the losses… One […]

The looting continues, Part 2

Back in March I wrote about how the Bush/Obama bank bailouts are essentially cementing the power of big banks like Citi and Bank of America rather than reforming a system that’s failed so spectacularly. Instead, we’re rewarding big banks for their failure, and turning the other way while they misuse tax payer money in a […]

Just nationalize the banks already

According to the Washington Post, the Obama Treasury Dept., under the leadership of Tim Geithner, is planning to buy up the crappy debt crushing banks and thus the banking system. There is no doubt about it. We need a good financial system in place if our economy is going to recover and thrive. People need […]

Congress is throwing your money into a black hole

The evidence that we’re getting fleeced by both the government and the banking industry with this bailout just keeps coming in. The financial world was fixated on Capitol Hill as Congress battled over the Bush administration’s request for a $700 billion bailout of the banking industry. In the midst of this late-September drama, the Treasury […]

Things you might not have noticed

The possibility of a $700 billion bailout for Wall Street is looming large over the national conversation, so I’ll forgive you for not noticing these fun nuggets portending America’s doom: Congress is working on passing a $25 billion bailout for Detroit automakers And why $25 billion for companies that have long ago ceased to be […]

So long, and thanks for all the fish

(Updated twice below) Maybe keeping money under your mattress isn’t such a bad option anymore? Update Calming words from Alan Greenspan: Just kidding. The market is screwed! Update II From Who is IOZ? The thing to bear in mind about the “melt-down” of all these investment institutions is that the mainstream narrative, that great amounts […]