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[...] Bernanke is doing a 'all stops removed' bailout & 'reform' for
the financial sector....
He deliberately excludes the larger Economy....
His strategies are not intended for the economy, nor the GDP, or the Stock Markets...
He is only interested in the financial industry.
the message he alluded to this morning at the CFR,
was that a 'mechanism' will be found to get full-price valuation for all those
toxic-assets & the other hidden assets on the 20 Primary Dealers off-balance sheets... that are causing 'paper' losses' & freezing up the credit market expansion
...because banks then have insufficient reserve capital.
the Game=Plan is for the financial central banks including the USAs Fed
to gain control of all resources , then install a banker orchestrated Allocation of all global resources...
effectively becoming the world central planners, with sovereign governments are but figureheads in service to the banker cartel. [end]
...The Game=Plan is......
the USAs Fed to gain control of al resources,
then install a Banker orchestrated Allocation.....
effectively becoming the world central planners....
Do a few reports concentrating on the goodness and no on the bad.
It's all good...in two days we've turned the corner...go about yer business citizens...
Is This A Depression? Perhaps, But It Depends
www.cbsnews.com...
:snip:
An excerpt published Wednesday from Richard Posner's forthcoming book puts him squarely in the depression camp.
Posner writes: "The word itself is taboo in respectable circles, reflecting a kind of magical thinking: if we don’t call the economic crisis a 'depression,' it can't be one. But no one who has lived through the modest downturns in the American economy of recent decades could think them comparable to the present situation... It is the gravity of the economic downturn, the radicalism of the government's responses, and the pervading sense of crisis that mark what the economy is going through as a depression."
At some point, the answer to a recession vs. depression question becomes a bit academic. If you've lost your house and job and have moved your family into a motel room or a tent city near Sacramento, fine distinctions probably don't matter much.
But to investors and Washington officials, the difference is important. The Dow Jones industrial average is mimicking the rate of decline during the Great Depression, which eventually led to a 90 percent fall; if you think we're in for a repeat, you shouldn't merely exit the market, you should actively bet against it and perhaps buy gold and silver coins (and stash them in a home safe).
Whooo...go chuck...go chuck...
Chuck Norris for president … of Texas
politicalticker.blogs.cnn.com...
Ticker: State could leave the union, actor says
(CNN) – Actor Chuck Norris has his eyes on the presidency, but not the White House.
Norris wrote that he would be interested in becoming the president of Texas, if the state were ever to secede from the Union.
“I may run for president of Texas,” Norris wrote Monday in a column posted at WorldNetDaily. “That need may be a reality sooner than we think. If not me, someone someday may again be running for president of the Lone Star state, if the state of the union continues to turn into the enemy of the state.”
The actor claimed “thousands of cell groups will be united around the country in solidarity over the concerns for our nation” and said that if states decide to secede from the union, that Texas would lead the way.
“Anyone who has been around Texas for any length of time knows exactly what we'd do if the going got rough in America,” Norris wrote. “Let there be no doubt about that.”
Well not exactly 90% to qualify....just a footnote that the last was 90%, compared to what they've lost so far in this debacle...
The article said that the markets needs a downgrade of 90% to be considered a Depression well interesting to point out that today in CNBC they were already talking about how the Markets is now down to 70%
Not exactly complete GDP, but...
Production at the country's factories fell a record 10 percent in January as export partners cut back on orders.
www.cnn.com...
Why has Obama neglected Treasury?
posted at 12:55 pm on March 11, 2009 by Ed Morrissey
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President Barack Obama’s handy excuse for all sorts of goofs and missteps is that he’s too busy working on fixing the economy. In order to do that, one might expect that Obama would concentrate on building his economic team at the Department of the Treasury, where most of those efforts would originate and get managed. Instead, as noted earlier today, phones go unanswered at Treasury — and our allies and trading partners have begun complaining about the lack of effort in the White House.
Reports have floated around that “dozens” of positions remain unfilled at Treasury, most recently in the New York Times’ profile of Treasury Secretary Tim Geithner:
Compounding the strain on the Treasury, almost all the top posts beneath Mr. Geithner are still vacant. Though he has hired about 50 senior advisers — about half the number he hopes to recruit — the White House has become so worried about potential tax problems and other issues in the backgrounds of candidates that it has nominated only a handful of people.
From that, we know that more than four dozen positions remain unfilled — positions that Geithner has to fill himself. But what about positions that the White House has to appoint? I researched that question this morning, and found the list of positions at Treasury that require White House appointment and Senate confirmation. It’s quite a list:
* Secretary
* Deputy Secretary
* Under Secretary — Domestic Finance
* Under Secretary — International Affairs
* Under Secretary — Terrorism and Financial Intelligence
* Assistant Secretary — Economic Policy
* Assistant Secretary — Financial Markets
* Assistant Secretary (Deputy Under Secretary) — International Affairs
* Assistant Secretary (Deputy Under Secretary) — Legislative Affairs
* Assistant Secretary — Management and Chief Financial Officer
* Assistant Secretary — Public Affairs/Director — Policy Planning
* Assistant Secretary — Tax Policy
* Chief Counsel — Internal Revenue Service/Assistant General Counsel for Tax
* Commissioner — Internal Revenue (five-year terms of office)
* General Counsel
* Inspector General
* Inspector General — Tax Administration
* Treasurer — United States
Bonds caught between supply surge and deflation By David Oakley and Michael Mackenzie
November 13 2008 19:56 | Last updated: November 13 2008 19:56
For any government looking to raise money in the capital markets in the next few months, there was an ominous development in Germany this week.
A German 10-year bond auction failed – something more or less unheard of until this year – as cash-strapped banks and investors snubbed the government offering.
It is a clear sign of straitened times when a benchmark bond in one of the most liquid markets in the world cannot attract enough bids to reach its target amount... Copyright The Financial Times Limited 2008
SPAIN July 11, 08...Spain has suspended an auction of sovereign bonds as investors take fright over the country's property crash and accelerating slide into economic crisis.
The treasury pulled an expected sale of 15-year bonds after probing the market informally, saying it would wait until credit conditions began to calm down. "We are not facing financing problems. We placed a successful three-year note on Wednesday," said a spokesman
HUNGARY , which has been forced to turn to the International Monetary Fund to shore up its crisis-hit economy, also scrapped an auction for short-term government bills after only attracting Ft5bn ($22.5m) in a Ft40bn offering.
Analysts said AUSTRIA had dropped plans to launch a bond next week because investors wanted bigger premiums to offset the credit worries and fears over lending by its banks to eastern Europe. The Austrian Federal Financing Agency did not give a reason for the move.
Spain, another triple A rated country, and BELGIUM have cancelled bond offerings in the past month because of the turbulence, with investors demanding much higher interest rates than debt managers had bargained for.
Well...I wasn't to far off...I mentioned this last week?
Freddie to Tap $30.8 Billion in Aid as Losses Deepen (Update2)
www.bloomberg.com...
March 11 (Bloomberg) -- Freddie Mac, the mortgage-finance company thrust into a leading role in President Barack Obama’s homeowner rescue plans, said it will tap an additional $30.8 billion in federal aid after loan holdings and other assets deteriorated.
More capital may be needed, and the $200 billion in total financing pledged by the U.S. Treasury may not be enough, the McLean, Virginia-based company said today in a Securities and Exchange Commission filing. Freddie, which owns or guarantees more than 20 percent of U.S. home loans, posted a wider fourth- quarter net loss of $23.9 billion, or $7.37 a share.
“These numbers are so mind-boggling,” said Paul Miller, an analyst at FBR Capital Markets in Arlington, Virginia. “You can’t even begin to analyze it.”
Freddie and larger competitor Fannie Mae, which together account for about $5.2 trillion of the $12 trillion U.S. residential mortgage market, are part of Obama’s plan to help 9 million Americans avoid foreclosure amid the worst housing slump since the Great Depression.