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Originally posted by GreenBicMan
reply to post by redhatty
I have not cheerleaded..
If you cannot have an opinion, what good is this site
People saying that the econ. is going to crash = advice as well
As I have said, its all in how the user "interprets" what they read
So, I guess, everyone that states an OPINION = ADVICE
Not one time and this is the 1000000000000 time I have said it, I would never hope that anyone would act on anything they have read on this website
EDIT: Yes, Redhatty, Im a sinister mo'fo' working with the govt. hoping to shut this ridiculously misinformed thread down because the people posting have gone out and outsmarted the govt. and myself
Bravo, friend
[edit on 14-5-2009 by GreenBicMan]
More at Link... :bnghd:
U.S. banking crisis may last until 2013: S&P
www.reuters.com...
NEW YORK (Reuters) - A day after saying big U.S. banks probably needed to raise only one-fourth the capital demanded by the government, Standard & Poor's said the nation's banking crisis has "merely entered a new phase" and might not end before 2013.
The credit rating agency said the industry is being propped up by hundreds of billions of dollars of government support, especially for lenders considered too important to the financial system to fail.
While efforts to spur lending, take bad assets off banks' balance sheets, and restart the market for packaging and selling securities may help the sector, S&P said banks will have a tough time surviving absent a bigger capital cushion than regulators require.
"There's nothing to say that this banking crisis can't go on for another three or four years," S&P Managing Director Tanya Azarchs said.
S&P did not immediately return a request for comment.
Originally posted by GreenBicMan
EDIT: Im actually a 25 year old kid with a history of substance abuse that turned his life around, that is def NOT smarter than 80% of people that most likely post on this thread, but SMARTER marketwise than 98%
Originally posted by GreenBicMan
reply to post by RetinoidReceptor
And you are wrong, I CALLED THIS RALLY, i just didnt blindly buy, get your facts straight my friend
The Obama administration is expected to expand its mortgage aid program on Thursday, announcing new measures that would help homeowners avoid a blemished credit record even if they don't qualify for other assistance.
The new initiatives are expected to include ways to allow borrowers to avoid foreclosure by selling their properties or giving them back to lenders, according to people briefed on the plan who declined to be identified because it has yet to be announced.
One way would be to encourage a "short sale," in which the home is sold for less than the amount owed on the mortgage but the lender considers the debt paid off. Another option is a deed-in-lieu of foreclosure -- in which the borrower gives the property to the lender to satisfy a delinquent loan and to avoid foreclosure proceedings.
Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan are scheduled to appear Thursday morning with some borrowers who have benefited from the government's housing aid program launched in March. An administration official said more than 55,000 offers have been made to modify borrowers' loans in its first two months.
Short sales are often seen as preferable to foreclosure because they don't harm a borrowers' credit record as much as a foreclosure, but real estate agents have complained that the process can drag out for months.[/url]
More at Link...
Villaraigosa to declare fiscal emergency?
abclocal.go.com
LOS ANGELES (KABC) -- Los Angeles Mayor Antonio Villaraigosa is asking the Los Angeles City Council to declare a fiscal emergency, clearing the way for mandatory furloughs and layoffs of an additional 1,000 city employees.
The layoffs would be in addition to the 1,600 layoffs the council authorized earlier in May.
A declaration of fiscal emergency allows the city to act without the approval of employee unions. The mayor told the city council Tuesday that Los Angeles could run out of money between November and February.
Villaraigosa told the council the city faces a $529 million deficit in the budget year beginning July 1. He added that the budget gap could balloon to $1 billion in the following fiscal year.
More at Link...
Documents on Paulson, bankers' meeting released
www.reuters.com...
WASHINGTON (Reuters) - Documents made public on Wednesday confirm former U.S. Treasury Secretary Henry Paulson gave nine major banks no choice but to allow the government to take equity stakes in them as the Bush administration moved to address turmoil in the financial industry.
The documents, obtained by the public interest group Judicial Watch under a Freedom of Information Act request, include "talking points" used by Paulson at the October 13, 2008, meeting with the banks' CEOs in Washington.
The details of the meeting had been widely reported at the time, but the documents offer a first-hand account of what transpired behind closed-doors.
"We don't believe it is tenable to opt out because doing so would leave you vulnerable and exposed. If a capital infusion is not appealing, you should be aware your regulator will require it in any circumstance," the document said, citing Paulson talking points.
Originally posted by stander
Retail Sales, one of the economic indicators that used to control the up and down traffic, is due to be released today. Based on other economic indicators, the figures to be released should continue to be dismal. We were made aware of the Californians losing dramatically their purchasing power, so the number of visits to McDonald's, Kentucky Fried Chicken and Ford dealers should decrease nation-wide.
I wonder what forces will drive today market. Would the Retail Sales indicator play any part?
A negative bias loomed in premarket trading as sellers prepared to continue their efforts amid weakness among major foreign indices. Their cause was strengthened by an unexpected decline in advance retail sales data for April, which was released ahead of the opening bell and supported the notion that consumers aren't completely ready to lead an economic turnaround.
According to the data, April total retail sales decreased 0.4%, and sales less autos decreased 0.5%. The April figures failed to meet the consensus forecast, which called for total sales to be flat and sales excluding autos to increase 0.2%. However, the decline wasn't as sharp as what was seen in March, when total sales slid 1.3%, and sales less autos declined 1.2%.
I have a feeling that the Dow will lose 1.2% today.
WASHINGTON (AP) - The Obama administration is asking Congress to extend its oversight of the financial system to include the shadowy market of derivatives, the kind of complex financial instruments that helped bring down the giant insurer AIG.
More at Link...
Brazil to Tax Some Savings Accounts to Allow for More Interest-Rate Cuts
www.bloomberg.com...
Brazil plans to begin taxing interest on savings accounts of 50,000 reais ($23,900) or more, and may lower taxes on fixed-income funds, to maintain demand for government bonds as the central bank cuts the benchmark rate.