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Originally posted by burntheships
Anyone here heard of Elliot Wave...he is on the radio right now predicting dow down to 1000, that should help this out!
Originally posted by burntheships
reply to post by redhatty
Bless you too, not too new, but already corrected that...theorist Bob Prechter's on the radio
[edit on 6-3-2009 by burntheships]
[edit on 6-3-2009 by burntheships]
Originally posted by projectvxn
reply to post by theWCH
Look for the a start in CPI. There has already been one and they mistook it for spending.
The way these idiots are cooking the numbers you'll likely see inflation there before consumer spending actually goes up.
Now there's a bowl of alphabit soup!
U.S. bill would revamp accounting oversight
The new five-member board would include top regulators from the Federal Reserve, the Treasury, the Securities and Exchange Commission, the Federal Deposit Insurance Corp, and the Public Company Accounting Oversight Board.
Hhhmmm...and why isn't she . of the Treasury...oh yea...she turned THEM down.
FDIC chief: Limits needed on too big to fail banks?
WASHINGTON (Reuters) - Congress should consider if it is time to step in and stop American banks from becoming too large to fail, the . of the Federal Deposit Insurance Corp. told "60 Minutes" in an interview to be broadcast Sunday.
"I think taxpayers rightfully should ask, that if an institution has become so large that there is no alternative except for the taxpayers to provide support, should we allow so many institutions to exceed that kind of threshold?" FDIC Chairman Sheila Bair said, according to excerpts of the program released on Friday.
...and where are those economies going to get this money...
IMF: Big economies need bigger stimulus
WASHINGTON (Reuters) -- The world's biggest economies may require even more spending to boost growth, yet they also must take steps to address precarious longer term finances, the International Monetary Fund said Friday.
The Fund painted a grim picture of countries trying to balance the risk of a "prolonged depression and stagnation" against a "loss of confidence in government solvency."
...and yet another encouraging article pointing to better times...
How to Invest in a Depression
The Dow Jones Industrial Average seems to be on a permanent downward track. The nation’s GDP has plunged into negative territory. And something once considered unthinkable—a depression—is now a real possibility. That’s the finding of Harvard economists Robert Barro and Jose Ursua, who studied the long-term data for stock market crashes and depressions from 25 countries, including the U.S. In a recently published paper, the economists conclude there’s a 20% chance that U.S. GDP and consumption will fall by 10% or more, something not seen since the early 1930s—in other words, a depression.
...and we're expecting them to rescue us...
China's hard landing
With exports shrinking and unemployment rising, China must find a way to recover. That will take longer than most think.
(Fortune Magazine) -- In the early evening light, on a block that once bustled but is now deathly quiet, Li Zhong-he walks to the front gate of the factory where he used to work. There he looks for his name on a sheaf of papers. They are notices from a local administrative court, granting small unemployment payments to workers like Li and the hundreds of others who were left without jobs when their company, Hejun Toy Manufacturing, ceased operation.
Nearly a decade ago Li had come from the countryside to Dongguan, a sprawling manufacturing town in southeast China that for much of the past decade had boomed. He had made decent money, the equivalent of about $250 a month, worked his way up to shift supervisor on the factory floor, and unlike many of China's migrant workers - an army of an estimated 115 million people nationwide - he had asked his wife and young son to join him so that they could have what he calls a "normal life."
Now, he says quietly as he turns away, disappointed that his name was not on the list, "I don't know what I'm going to do."
Freedom Bank of Georgia, Commerce, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Northeast Georgia Bank, Lavonia, Georgia, to assume all of the deposits of Freedom Bank of Georgia.
The four offices of Freedom Bank of Georgia will reopen on Monday as branches of Northeast Georgia Bank. Depositors of Freedom Bank of Georgia will automatically become depositors of Northeast Georgia Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Northeast Georgia Bank can fully integrate the deposit records of Freedom Bank of Georgia.
Over the weekend, depositors of Freedom Bank of Georgia can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of March 4, 2009, Freedom Bank of Georgia had total assets of approximately $173 million and total deposits of $161 million. In addition to assuming all of the deposits of the failed bank, Northeast Georgia Bank agreed to purchase approximately $167 million in assets at a discount of $13.65 million. The FDIC will retain the remaining assets for later disposition.
The FDIC and Northeast Georgia Bank entered into a loss-share transaction. Northeast Georgia Bank will share in any losses on approximately $96.5 million in assets covered under the agreement. The loss-sharing arrangement is projected to maximize returns on the covered assets covered by keeping them in the private sector. The agreement is expected to minimize disruptions for loan customers as they will maintain a banking relationship.
Customers who have questions about today's transaction can call the FDIC toll-free at 1-866-782-1897. The phone number will be operational this evening until 9:00 p.m., EST; on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties can also visit the FDIC's Web site at www.fdic.gov...
The FDIC estimates that the cost to the Deposit Insurance Fund will be $36.2 million. Northeast Georgia Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Freedom Bank of Georgia is the seventeenth FDIC-insured institution to fail in the nation this year. The last bank to fail in Georgia was FirstBank Financial Services, McDonough, on February 6, 2009.