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Originally posted by Hx3_1963
reply to post by RetinoidReceptor
Ah...I wouldn't worry about it...BUY!!!
It's all over now...the Gov's gonna pump 'em till Rome burns...
...just watch fer them sneeking in the gas and matches...
Edit: Oooppps...sorry China has the matches...
Here's my thoughts..(Red line is now)
[edit on 3/24/2009 by Hx3_1963]
Mervyn King urges the government not to introduce more fiscal aid in next month's budget as Britain's public finances are already in such dire straits
The government should not unveil any further fiscal stimulus in April's budget as Britain's public finances are already in such dire straits, Mervyn King warned today.
Appearing before the Treasury select committee, the Bank of England governor said: "Given how big those deficits are, I think it would be sensible to be cautious about going further in using discretionary measures to expand the size of those deficits."
"There is no doubt that we are facing very large fiscal deficits over the next two to three years," he added.
The chancellor of the exchequer, Alistair Darling, introduced a £20bn stimulus package in November, but King said the government should be careful about further plans as the country's public coffers are under even greater pressure from falling tax revenues and higher benefit payouts. Darling will unveil his next budget on 22 April.
The governor's caution over a second round of fiscal stimulus measures followed a call from former cabinet minister, Stephen Byers, for the chancellor to abandon the centrepiece of his November package - the temporary cut in VAT to 15%. He said it had "run its course both in terms of its overall benefit to the economy and in relation to the political return that comes to the government".
The Office for National Statistics last week reported a £9bn deficit in February, bringing total public-sector net borrowing for the first 11 months of the fiscal year to a record £75bn - more than £50bn higher than for the same period last year.
King also revealed that the Bank's purchases of gilts in its quantitative easing (QE) programme may end up being less than the planned £75bn pounds if the programme works.
Hmmm...what's this all about?
Obama to meet with a dozen bank leaders Friday: WSJ
Last update: 5:35 p.m. EDT March 24, 2009
SAN FRANCISCO (MarketWatch) -- President Barack Obama will meet with about a dozen U.S. bank leaders on Friday to talk about his administration's plans to put the sector on a sounder footing, The Wall Street Journal reported late Tuesday on its Web site. Invitees include Goldman Sachs Group Inc., J.P. Morgan Chase & Co. and Citigroup Inc.
The meeting follows more than a week of controversy over large bonuses paid at American International Group Inc., after the insurer received billions in federal aid.
Seems she's been up to speed about this, since before this was this...
Regional Banks Are the Future
The big-bank model isn’t going to last much longer, banking industry analyst Meredith Whitney said at the Journal’s Future of Finance Initiative, and said a more sustainable approach would be bigger regional banks.
Whitney, famous for foreseeing the troubles facing Citigroup, suggested that key parts of the big banking model made them susceptible to the types of problems that caused the financial crisis. One issue is the physical distance between loan originators and borrowers. Good lending results from a relationship with borrowers, and regional banks are in a better position to take advantage of those relationships. She added that five banks controlling two-thirds of mortgage origination and credit cards is fundamentally unbalanced.
Instead, she suggested “supercharging” regional lenders. One possibility is that if stress tests help healthy banks and lead them to return TARP money, some of those funds could be transferred to local banks to encourage consolidation (on a smaller scale) in that sector. She also sees the potential for regional banks to take on business from nonblank lenders who were decimated by the subprime crisis.
Regional lenders have grown angry at their larger counterparts, as evidenced by a conference in Phoenix last week. They are angry that the big players have given bankers a bad name. They cheered comments from Federal Reserve Chairman Ben Bernanke and Federal Deposit Insurance Corp. chief Sheila Bair about the need to clamp down on megabanks.
However, not all smaller banks are created equal. While the majority of local banks are faring well and didn’t receive any TARP money, most of the 42 banks that have failed since the start of last year were community institutions.
Originally posted by redhatty
the rest of my post had
Where are the pitchforks???
I am hard-pressed to see where that could be misconstrued as "defending this crap"
We are teh generation who gets to watch as our government completely disregards the Constitution and becomes a self-sustaining monster that is out to kill us all
Geithner Seeks Broad Power To Seize Firms
The problem with a gold backed global currency is that there is only so much gold, it isn't abundant.
The issuer of that currency could easily take it out of the country by not even buying it.
...And Larry Kudlow is still lookin' fer Mustard Seeds and laughin' it up...BUTT NUGGET!!!
New York governor aims to trim 8,900 state workers
NEW YORK, March 24 (Reuters) - About 8,900 New York state workers stand to lose their jobs through layoffs and attrition because their unions spurned other ways of saving money, a budget spokesman said on Tuesday.
"The governor has repeatedly said ... that this is not where we wanted to end up and this is not a good outcome," said spokesman Jeffrey Gordon.
Trimming this many state workers will save $481 million, Gordon said. New York's economy has slid with Wall Street and Governor David Paterson and legislative leaders earlier on Tuesday said revenues had fallen another $2.2 billion, which widened next year's deficit to at least $16 billion.
The head of one of the biggest unions, Civil Service Employees Association President Danny Donohue, said in a statement: "We've been trying to give him the benefit of the doubt, but if Governor Paterson really believes that putting nearly 9,000 New Yorkers out of work is a good idea, he really is out of touch with life on Main Street."
One of the Democratic governor's cost savings that the unions rejected was deferring five days of pay until the economy improves or they retire, Gordon said.
Though the state employs a total of about 200,000 workers, only about 141,000 of these are under the governor's control. The rest work for state universities, the comptroller or the legislature, for example, Gordon noted.
Fox Confirms: Letters mimicking anthrax scare sent to Congress
This is confirmed. A police source indicates that US Postal Inspectors are also looking into this and the letters were received in the last few days.
Per Levine at DOJ:
US Postal official says this was a "non-threatening incident." Official also confirmed that the letters were sent by a documentary crew. Asked whether it may have been from a news organization (as some rumors have said) the official said that is not the case, it is a documentary crew.
The official said they are still trying to determine exactly what the documentary crew was trying to ascertain (as in, why they sent the letters).
Asked -- just for the heck of it -- if the documentary crew was Borat, the official said no.
Letters mimicking anthrax scare sent to Congress
Eds: ADDS background of 2001 anthrax mailings.
By DEVLIN BARRETT
Associated Press Writer
WASHINGTON (AP) -- Federal authorities are investigating a documentary film crew that allegedly sent letters to Congress mimicking the anthrax mailings weeks after the 9/11 attacks.
An official said the investigation started late last week and the letters were written to look exactly like the ones that were sent to Sen. Patrick Leahy and then-Sen. Tom Daschle in 2001. The official said the copycat letters did not contain any white powder. He spoke on condition of anonymity because the case is still under investigation.
Authorities did not identify the film crew, and it was not immediately clear if they would face criminal charges. The FBI and U.S. Capitol Police declined to comment.
After anthrax-laced letters were sent to lawmakers and media outlets in late 2001, the FBI and the Justice Department spent years searching unsuccessfully for the culprit.
The mailings sickened 17 people and killed an elderly Connecticut woman. Coming shortly after the 2001 terror attacks, the case stoked fears about public safety and raised new questions about the government's ability to protect its citizens from terror attacks.
As a result, officials also made drastic changes in how Congress receives and inspects its mail.
In 2008, Army scientist Bruce Ivins, who had worked for the government on anthrax, killed himself amid intense scrutiny from prosecutors.