....also die AmiBanken werden gerettet und der DAX und der Rest der Welt freut sich :dumm
Endlich Boden gefunden!
US Regierung - Finanzminister Henry Paulson will eine Holding schaffen, die "faule Kredite" sammelt und so dem Markt eine Belastung entzieht. Ob das der Weisheit letzter Schluss ist? "Geht es gut, gibt’s Boni, geht es schlecht, übernimmts der Staat...?"
US Leerverkäufe - NY Generalstaatsanwalt Cuomo startet grosse Untersuchung wegen Leerverkäufen und vor allem wegen "Inverkehrsetzung gezielter Zweckgerüchte". Hat Verdacht, vor allem Hedge Funds hätten oftmals Gerüchte verbreitet, die wenig mit der Wahrheit zu tun hätten. Das wird die Miesmacher-Gerüchte nicht stoppen, "...aber deren Qualität stark verbessern..."
GB Leerverkäufe - die englische Aufsichtsbehörde FSA hat per sofort alle Leerverkäufe in Finanzaktien verboten. Wird - wie an der Wall Street - zu hektischen Eindeckungen führen.
.....na dann können sich die Hedgefunds ja an den anderen Aktien laben :dumm
...die coolen Engländer :rolleyes mit heissen Tagesgewinnen :dumm
...man braucht zwar eine besondere Brille um diese Zahlen zu lesen :o aber nach diesen Zahlen kann man sich ja manches leisten :mad
...ich kann gar nicht so viel essen wie ich :bad möchte
.....Welches Vorbild gibt es für den Mega-Rettungsplan?
Der Steuerzahler übernahm davon 82 Prozent.......
......Wo liegen die Schwierigkeiten einer solchen Rettung?
.....Heute handelt es sich um eine globale Krise. Wegen der Verbriefung amerikanischer Hypotheken und dem weltweiten Handel von außerbörslichen Derivaten sind nicht nur US-Banken betroffen, sondern Finanzinstitute in aller Welt. Um wirklich erfolgreich zu sein, müsste die RTC aber den gesamten Bestand an problematischen Papieren abbilden - was wiederum die Kooperation mit Regierungen und Aufsichtsbehörden anderer Länder voraussetzt. Ansonsten würde es sich nur um eine amerikanische Lösung für ein weltweites Problem handeln. Die Gefahr dabei: Die Banken anderer Länder könnten jederzeit ihre Wertpapierbestände auf den Markt werfen, die RTC-Auffanggesellschaft könnte das nicht kontrollieren - und damit auch den Einstiegspreis für den Steuerzahler.....
...ich dachte die Republikaner sind gegen Steuererhöhung :schwitz:mad
This Is the Credit Crisis
The problem with our economy and our markets is not short selling. It is not liquidity. And it is not because of an awkward regulatory structure.
The problem is that the banks have engaged in an orgy of financial speculation, having undermined major sections of our regulations and institutions, aided and abetted by one of the most incompetent and corrupt presidential administrations in history, thereby exposing the public to significant financial risk with a reckless disregard for fiduciary responsibility.
Again and again the government was co-opted into overturning long standing safeguards to allow a small group of greedy men to brink our economy to the brink of ruin for their own personal power and wealth. Ex-SEC Official Blames Agency for Blow-Up of Broker-Dealers
The people are responsible for allowing themselves to be manipulated into a state of fear and ignorance.
Posted by Jesse at 2:00 AM http://jessescrossroadscafe.blogspot.com/
Swiss restaurant to serve meals cooked with human breast milk
A Swiss gastronomist has stirred a controversy in the tranquil Alpine republic after announcing that he will serve meals cooked with human breast milk.
Last Updated: 3:16PM BST 18 Sep 2008
The owner of the Storchen restaurant in the exclusive Winterthur resort will improve his menu with local specialities such as meat stew and various soups and sauces containing at least 75 per cent of mother's milk.
"We have all been raised on it. Why should we not include it into our diet?" Hans Locher, who has become Switzerland most controversial restaurant owner, said.....
Guten Tag, wieviel ist eine Trillion ? :)
...wer hat, dem wird gegeben :rolleyes
SWX Swiss Exchange bans naked short selling
5:29 AM ET, Sep 19, 2008 :eek
Remember the words of Denis Healey, former British Defence Secretary and Secretary of the Exchequer: “World events do not occur by accident: They are made to happen, whether it is to do with national issues or commerce; and most of them are staged and managed by those who hold the purse strings.”
Posted by sckpak @ 5:46 am on September 19, 2008
re: .. Tragedy and Hope
-> Posted by 2_point @ 5:06 am on September 19, 2008
129 page :schwitz PDF Summary
.....es soll sehr gut sein :cool habe aber noch nichts gelesen - 129 Seiten :rolleyes
aber vielleicht regnet's ja am Wochenende ;)
Treasury to provide up to $50 billion in fund guarantees
7:33 AM ET, Sep 19, 2008
Treasury announces guaranty program for money market funds
7:32 AM ET, Sep 19, 2008
Treasury will insure public offered money funds
7:32 AM ET, Sep 19, 2008
...na dann ist ja alles gut :o
....who is more powerful than Hank Paulson :confused
sogar CNBC muss sich das mit einem gewissen Unterton fragen :rolleyes ....time will tell - um mit Germa zu sprechen ;)
A burning desire to REGULATE.
UBS N 20.50 +4.55 +28.53% 16:27:50 ....Herr Paulson hat sich wohl persönlich der faulen UBS-Eier angenommen :rolleyes
....rotten eggs :o
Originally Posted by hotrod
I am seriously thinking that most of the world will continue to support the dollar even with mass printing needed to solve financial debt/derivative crisis.
When the Dow/S&P rise the worlds indexes rise and everyone is appeased. When our markets decline the worlds markets decline and the world freaks. Seems the world is addicted to the dollar and our financial leadership so breaking away to painful. All the Fed must do is let everyone experience a taste of the dark side and I think they will support Fed initiatives.
I am just amazed at how are stock market dictates the most of the world markets.
...ich finde das erschreckend was für eine unqualifizierte Macht sich da zusammengeballt hat - this is really scary :mad
19 September 2008
SEC Issues Emergency Order - Bans Short Selling of Financial Stocks
These bailouts miss the point.Hank Paulson is saying "get this toxic debt off the banks' books."
Well, what is going to prevent them from putting new toxic debt back on as soon as they have the opportunity? Did they suddenly grow wisdom? Learn from experience? Become chaste and humble?
And when this latest plan fails, because they are still only treating symptoms, and enriching the bankers, and manipulating markets, what will they do next?
Forced buying of Treasuries? Currency controls on the dollar? Production quotas for industries? Government lists of patriotically favored stocks and commodities from homeland security?
When the banks and the government become trading partners we are beyond simple moral hazard.
19.09.2008, 18:05 #4697 syracus :verbeug
Thank you for working your _$$ off 50 hrs/wk, for 50yrs to line our pockets & pay for our mansions, yachts, multiple Vacation homes & all our banking buddies that made billions for destroying the system. We sincerely would like to repay you taxpayer so we, along with all the mismanaged banks are giving you 13.5 Trillion in mortgage securities guaranteed to be paid back by people who either don't have a job or work minimum wage & are now back living with their mommy.
Also, in order to keep our financial system & economy strong we have just passed a law that would grant ALL Assest to Gov. in the event of your death. For those of you who have managed to accumulate wealth you must understand that you are worth more to us dead than alive, if you are holding this letter you should be feeling faint about now & have about 1 minute to live. The Gov. will be there momentarily to seize your assets before your family comes home. Please don't worry, we arranged for their well being in a homeless shelter. Thanks again for your hard work & cooperation in these difficult times.
$THANK$ AGAIN$, U.S.S.A.
United Social States Of America
:hihi :hihi :hihi
When blatant government market manipulation won't help you... the Run on Morgan Stanley
User Rating: / 3
Written by Reggie Middleton Friday, 19 September 2008
Note to Commissioner Cox: You have doomed the last two independent investment banks. Congratulations. By actually trying to directly manipulate the US capital markets by literally banning the short selling of a certain cadre of stocks (while allowing the long buying of those same stocks) you have upset the natural equilibrium of our capitalistic environ. You must learn to wrap you mind around, and grasp the difference between, price and value. The short sellers were driving the prices of these investment banks down to match their value. Now, with your short sighted intereference, you have allowed - no, let's be more accurate, you have overtly facilitated the divergence between price and value.
For one, you cannot prevent astute investors from taking bearish positions on a company. You preside over the most advanced, and complex financial markets in the history of the world, not some third world nation that is just opening its first exchange as an extension of the town food market!
Word has it that the clients of Morgan Stanley are fleeing, despite (or maybe even because - due to the drastic socialist nature of) your actions. Because you have allowed longs to bid prices up way above their intrinsic economic value, you have injected an unprecendented amount of volatility into the system. This increases the cost of capital, my friend, not decrease it. When the truth meets reality, what do you think will happen to share
prices? That's right, they will fall that much more. A market needs two sides to a trade, not just one. I hear you plan on preventing investors from selling stocks at a loss next, which will be music to the ears of those at the IRS!
From FT Alphaville: This is a pretty stunning line to read:
"We need a merger partner or we're not going to make it," Mr. Mack told Mr. Pandit, according to two people briefed on the talks. Mr. Pandit, a former senior investment banker at Morgan Stanley, said Citigroup was not interested.
What might Mack have had on his mind? Afterall, only the other day he was supposedly telling MS employees that everything was just fine, notwithstanding the destructive antics of rumour-mongering short sellers.
Discount Window Shatters Record
AIG bailout adds $28B to tally; investment bank demand surges
During a week that witnessed the collapse of a major investment bank and the bailout of the world's largest insurer, lending through the Fed's discount window shattered all records, totaling $121.3 B.
19 September 2008
Did Bernanke Panic? And Where Are We Going?
"We have lost control," said Hale, quoting Bernanke. "We cannot stabilize the dollar. We cannot control commodity prices."When there is panic amongst the thinkers and planners like Bernanke, men of quick action and of less thoughtful inclination like Hank "The Hammer" Paulson start taking 'strong measures.'
And when those measures do not succeed, there is the temptation to take even stronger measures, even more radical action. Men sneer that outmoded laws and useless principles must fall to vital expediency so that we might be saved.
And in their fear people concede first discretionary choices, then their moral outrage, then the weak, then their wealth, then their freedom, and finally come madness and the deluge.
"The overwhelming majority of Germans did not seem to mind that their personal
freedom had been taken away.... a newly arrived observer was somewhat surprised
to see that the people of this country did not seem to feel that they were being
cowed.... On the contrary, they supported it with genuine enthusiasm. Somehow it
imbued them with a new hope and a new confidence and an astonishing faith in the
future of their country."
The Rise and Fall of the Third Reich, by William Shirer
...ist auch bei den Goldies ;)
:kiff US Government to secure mortgage market with gold reserves
Lee Jones - 19-Sep-2008
The U.S. Treasury Department has promised “hundreds of billions” to save the US markets using its own gold reserves.
full story: http://www.moneymarketing.co.uk/cgi...m.cgi?id=173208
…… toxic mortgage market secured with gold reserves
-> Posted by sailman @ 15:04 pm on September 19, 2008
WOW! Looks like Hank and Ben just hatched a slick cover story for the default on all the US gold reserves.
But was there any left to begin with ????
...bei CNBC schnappen sie bald über vor lauter Wichtigtuerei und schwafeln andauernd von confidence returned to the market :dumm
wäre wohl besser sie hätten confidence in the taxpayer :o
Paulson Goes All In
Sep 19, 2008
Just three days ago, after looking at the prospect of bailing a string of distressed financial institutions in the country, the government seemingly drew a line in the sand, and refused to bail out Lehman Brothers. The authorities clearly saw Lehman's demise as a trial balloon to see how the markets would react if the government stayed on the sidelines. That trial balloon quickly turned into the Hindenburg. Immediately reversing course, the Government has decided to go "all in" and bail out every institution with financial exposure to U.S. mortgages. Simply put, Americans will not be allowed to visibly suffer losses after the greatest asset bubble in U.S. history. But make no mistake, the losses are real and Americans will pay one way or another.
Moving beyond the guided munitions of selective bailouts, the Government is now trying the financial equivalent of carpet bombing (for AIG, Merrill Lynch, and especially Lehman Brothers, this gives new meaning to being a day late and a dollar short). To continue with the military analogies, Paulson's bazooka turned out to be a nuclear tipped ballistic missile.
By committing trillions of tax payer dollars (not the "hundreds of billions" that Paulson predicts), the plan will save commercial and investment banks from certain bankruptcy. In his statement today, Paulson made clear that Congress must pass new legislation to allow the Government to acquire even those loans too poorly collateralized to currently qualify for GSE or FHA absorption. The losses baked into these mortgage products, which Wall Street has been reluctant to even estimate, will now be borne wholly by taxpayers......
full story: http://www.321gold.com/editorials/s...hiff091908.html
SEC staff will die Shortsell-Regel aufweichen, ein Optionhändler muss eine Aktie shorten können, sonst hat er kein Brot :rolleyes (CNBC)
sind ja tolle Profis die sich das nicht vorher überlegt haben - gelle Herr Paulson :p
...and on we go :rolleyes thanks to go4gold (GodseitenForum) :verbeug
CMC Markets would like to inform you that the Financial Services Authority in the UK, the Financial Regulator in Ireland, the SEC in the US and the Australian Securities and Investments Commission have in effect banned the creation of new short positions in certain stocks.
Our clients are not allowed to open any new short positions or increase any short positions.
To view the affected instruments, please click on the relevant stock in the table below:
In addition, as from Sunday 21st September, short selling is prohibited in all Australian products (shares, sectors, indices and treasuries).
If you currently hold an open short position, you are not forced to close this and if you need to sell in order to close a long position your order will be accepted.
It is your responsibility to remain appraised of these developments as the obligation regarding the creation of new short positions are obligations that the relavant regulators are imposing on you.
It is likely that other regulators and authorities around the world will make similar announcements, we will do our best to keep you informed.
:kiff IT'S LIKE A FIX FOR A JUNKIE! Ron Paul on Economy Meltdown
IT’S THE DERIVATIVES, STUPID!
WHY FANNIE, FREDDIE AND AIG ALL HAD TO BE BAILED OUT
Ellen Brown, September 18, 2008
“I can calculate the movement of the stars, but not the madness of men.”
– Sir Isaac Newton, after losing a fortune in the South Sea bubble
.......Now the Federal Reserve has announced that it is giving an $85 billion loan to American International Group (AIG), the world’s largest insurance company, in exchange for a nearly 80% stake in the insurer . . . . The Fed is buying an insurance company? Where exactly is that covered in the Federal Reserve Act? The Associated Press calls it a “government takeover,” but this is not your ordinary “nationalization” like the purchase of Fannie/Freddie stock by the U.S. Treasury. The Federal Reserve has the power to print the national money supply, but it is not actually a part of the U.S. government. It is a private banking corporation owned by a consortium of private banks. The banking industry just bought the world’s largest insurance company, and they used federal money to do it.....
full story (die wieder mal sehr lesenswert ist ;)): http://www.webofdebt.com/articles/i...derivatives.php
bei Merriman gesehen:
This week, there were at least two interesting news articles that illustrate these concerns. An Associated Press story by Ellen Simon on Thursday stated, “The Treasury Department, for the first time in its history, said it would begin selling bonds for the Federal Reserve in an effort to help the central bank with its unprecedented borrowing needs.” Why do you issue bonds? You do so because you are running out of cash. But in typical denial fashion, which is common with government leaders of late when economic crisis come knocking at your door, the next paragraph states, “Treasury officials said the action did not mean that the FED was running short of cash, but simply was a way for the government to better manage its financing needs.” Sure. You have a bond auction to raise money, but you are not short of cash. Uh huh.
hot off the press
-> Posted by ment17 @ 3:00 am on September 20, 2008
9/19/09 (Reuters) The federal government is now bailing out compulsive gamblers in Las Vegas, Reno, Atlantic City, and elsewhere. Anyone who has lost $1000 or more gambling in U.S. casinos may apply for a full refund at taxpayer expense, by writing to:
Treasury Secretary Henry Paulson
Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, D.C. 20220
Include a copy of your income tax returns as proof of your gambling losses, and the treasury will issue you equal compensation withing 6-8 weeks. The refund program does not apply to offshore gambling, Internet gambling, and losses at casinos run on Native American reservations. Details are available at the U.S. Treasury web site
BARGELD KONTROLLEN: GÖSSTE AKTION IN DEUTSCHLAND Samstag, 20. September 2008
Bislang größte Bargeld Kontroll Aktion in Deutschland.
800 Zöllner kontrollierten 13.000 Reisende. Grenze zur Schweiz abgeriegelt. Polizei mit "Bargeld-Spürhunden" unterwegs!
Im Rahmen der bislang größten Bargeld-Kontrolloperation haben 800 Zöllner vom 10. bis 17. September die Grenze in Richtung der Steuerparadiese Schweiz und Liechtenstein verriegelt.
Wie das Nachrichtenmagazin FOCUS berichtet, wurden auf Straßen, Flughäfen und in Zügen insgesamt 13.000 Personen und 22.000 Gepäckstücke kontrolliert. Die Aktion war Teil der internationalen Operation „Athena“. In nur einer Woche registrierten die deutschen Fahnder 5,5 Millionen Euro, die in 181 Fällen ins Ausland geschmuggelt werden sollten. Im gesamten Jahr 2007 waren es lediglich 5,1 Millionen Euro.
Die Zöllner stoppten auf den Autobahnen und Landstraßen im Bereich Bregenz, Konstanz und Lörrach Hunderte Autos. Auf 17 Airports wurden Ausreisende kontrolliert, darunter in Frankfurt, München und Düsseldorf sowie auf kleinen Regionalflughäfen wie Hahn, Münster/Osnabrück oder Paderborn/Lippstadt. Auch in den Zügen Richtung Basel und Zürich durchsuchten Zollbeamte die Fahrgäste.
ganzer Artikel: http://www.mmnews.de/index.php/2008...EUTSCHLAND.html
....das gefällt doch einigen Usern :Prost
The Bi-Partisan Origins of the Financial Crisis
Shattering the Glass-Steagall Act
By WILLIAM KAUFMAN
If you're looking for a major cause of the current banking meltdown, you need seek no farther than the 1999 repeal of the Glass-Steagall Act.
The Glass-Steagall Act, passed in 1933, mandated the separation of commercial and investment banking in order to protect depositors from the hazards of risky investment and speculation. It worked fine for fifty years until the banking industry began lobbying for its repeal during the 1980s, the go-go years of Reaganesque market fundamentalism, an outlook embraced wholeheartedly by mainstream Democrats under the rubric "neoliberalism."
The main cheerleader for the repeal was Phil Gramm, the fulsome reactionary who, until he recently shoved his foot even farther into his mouth than usual, was McCain's chief economic advisor.
But wait . . . as usual, the Democrats were eager to pile on to this reversal of New Deal regulatory progressivism -- fully 38 of 45 Senate Democrats voted for the repeal (which passed 90-8), including some famous names commonly associated with "progressive" politics by the easily gulled: Dodd, Kennedy, Kerry, Reid, and Schumer. And, of course, there was the inevitable shout of "yea" from the ever-servile corporate factotum Joseph Biden, Barack Obama'sidea of a tribune of "change"--if by change one means erasing any lingering obstacle to corporate domination of the polity.
REPUBLICANS AGAINST(1): Shelby.
DEMOCRATS AGAINST(7): Boxer, Bryan, Dorgan, Feingold, Harkin, Mikulski and Wellstone.
NOT VOTING: 2 REPUBLICANS (2): Fitzgerald (voted present) and McCain.
Obama and McCain . . . have accepted a substantial amount of campaign money from Wall Street bankers, investment and securities firms and their executives during this election cycle.....
full story: http://www.counterpunch.com/kaufman09192008.html
...ist schon erstaunlich was so alles gegen diese Zustände geschriebern und veröffentlicht wird - ob sich die Verantwortlichen auch mal eine Lesestunde gönnen - oder sogar so etwas wie Einsicht am Horizont schimmert :rolleyes - :no Geld, Gier und Macht lassen wohl jegliche Integrität verblassen :mad und das Volk :nnn:kschaf :Prost
Welcome To The USSA
Sep 19, 2008
Our government is truly unbelievable.
Election + Fear = Stupidity.
.....And make no mistake about it - this crisis is not an accident. It is in fact a deliberate act - by our government.
Who enabled it?
Alan Greenspan, by flooding the market with money after 9/11 and the technology stock crash, for one.
Barney Frank and the rest of Congress, along with Bill Clinton, who made it public policy that everyone - from a daycare worker to a McDonalds' cook to someone on welfare - could and should own a house.
Both Clinton and Bush Administrations who intentionally looked the other way while rampant fraud ravaged Wall Street and Main Street both, including intentional blindness to outright false accounting in the form of "Level 3" assets and claims of solvency that were not and still are not true.
Now, just yesterday, we find out that The SEC made possible the expansion of leverage in the investment bank and broker/dealer community that made possible the loose lending which helped fuel the housing bubble and mess we are now in:
"The SEC allowed five firms - the three that have collapsed plus Goldman Sachs and Morgan Stanley - to more than double the leverage they were allowed to keep on their balance sheets and remove discounts that had been applied to the assets they had been required to keep to protect them from defaults.Yep - the SEC was not only involved but basically caused this mess.
And now that Congress is involved, we are going to get the mother and father of all debt - shoved down our throats:
"The proposal to create a massive facility to buy mortgage-backed securities could cost as much as a half-trillion dollars and would involve the purchase of both private-label and government-guaranteed mortgages, according to an administration official."This is nothing short of unbelievable, and that actually understates the cost, which is likely to be vastly more than stated. It always is.
Remember folks, the original estimate on the S&L bailout was that it would cost $20 billion.
The actual cost, when all was said and done, was approximately $160 billion dollars extracted from your wallets all across America.......
full story: http://www.321gold.com/editorials/d...nger091908.html
Peter Schiff telling the TRUTH and advising people to buy gold !!!
Spun Green II
Heil Paulson. All Power is His
Absolutely unbelievable. Here's the text folks. Only two computer screens long. Der Fuhrer may identify financial institutions as being agents of the government. Any existing law regarding contracts of the federal government ... are null & void.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
U.S. Treasury Proposal to Buy Mortgage-Related Assets: Text
Sept. 20 (Bloomberg) -- Following is the text of a legislative proposal by the U.S. Treasury to buy mortgage- related assets from financial institutions:
LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS
Section 1. Short Title.
This Act may be cited as ____________________.
Sec. 2. Purchases of Mortgage-Related Assets.
(a) Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
(b) Necessary Actions.--The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:
(1) appointing such employees as may be required
to carry out the authorities in this Act and defining
(2) entering into contracts, including contracts
for services authorized by section 3109 of title 5,
United States Code, without regard to any other
provision of law regarding public contracts;
(3) designating financial institutions as
financial agents of the Government, and they shall
perform all such reasonable duties related to this Act
as financial agents of the Government as may be
required of them;
(4) establishing vehicles that are authorized,
subject to supervision by the Secretary, to purchase
mortgage-related assets and issue obligations; and
(5) issuing such regulations and other guidance
as may be necessary or appropriate to define terms or
carry out the authorities of this Act.
Sec. 3. Considerations.
In exercising the authorities granted in this Act, the Secretary shall take into consideration means for--
(1) providing stability or preventing disruption to the financial markets or banking system; and
(2) protecting the taxpayer.
Sec. 4. Reports to Congress.
Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.
Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.
(a) Exercise of Rights.--The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.
(b) Management of Mortgage-Related Assets.--The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.
(c) Sale of Mortgage-Related Assets.--The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.
(d) Application of Sunset to Mortgage-Related Assets.- -The authority of the Secretary to hold any mortgage- related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.
Sec. 6. Maximum Amount of Authorized Purchases.
The Secretary's authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time
Sec. 7. Funding.
For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Sec. 9. Termination of Authority.
The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.
Sec. 10. Increase in Statutory Limit on the Public Debt.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.
Sec. 11. Credit Reform.
The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.
Sec. 12. Definitions.
For purposes of this section, the following definitions shall apply:
(1) Mortgage-Related Assets.--The term mortgage- related assets means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.
(2) Secretary.--The term Secretary means the Secretary of the Treasury.
(3) United States.--The term United States means the States, territories, and possessions of the United States and the District of Columbia.
For Related News: For news on the credit crisis: NI CRUNCH BN For finance news: NI FIN
Last Updated: September 20, 2008 11:59 EDT
Schwarzman Raises Investing Hurdle, Buffett Uses Cash
(Bloomberg) -- Bankrupt Lehman Brothers Holdings Inc. and government-seized American International Group Inc. top the list of distressed sellers seeking buyers for at least $1 trillion of assets. So far, bargain hunters aren't biting. The same uncertainty that erased $3.1 trillion from global stocks in the first four days of this week has all but paralyzed the market for unpaid corporate debt, non-performing mortgages, degraded securities and repossessed real estate. Before takeovers are pursued that help troubled companies bolster capital and pay off creditors, hedge funds and buyout firms that have raised $163 billion this year face roadblocks such as a lack of financing.This Bloomberg article admits that the guys have cash on hand. They are not buying yet for obvious reasons.
Here is an investment gnome who hangs out with hell hounds and pirates:
``We're raising the hurdles for putting money out there because there are going to be increasingly better opportunities,'' Blackstone Group LP Chief Executive Officer Stephen Schwarzman said in an interview. ``You're most aggressive when you're coming off the bottom.'' Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben S. Bernanke and members of Congress pledged yesterday to fill the void by moving bad debt to a government institution that would sell it.THE SAME GUYS WE ARE SAVING ARE WAITING FOR THE BOTTOM. Then they buy. This is why they want us to go into debt to them to hold their loot until it drops in price to a level where they can buy it up, cheap. Pretty funny of them, eh? Note that the Jewish financier, Schwarzman, is eager to go when the time is ripe for him to make a killing. He isn't going to save us from these messes, we are to save HIM.
The private privateers who are eagerly watching things drop in price don't need courage! Gads! These are fucking PIRATES! Not schoolgirls. These pirates hold their loot offshore where it can't be taxed or seized...except if we finally use our navy to attack these parasite islands. Anyway, they are holding everything offshore until the US is held up at gunpoint so we accept all the world's banking debts. This will destroy our nation. They don't care, of course.
20 September 2008
When Pyramid Schemes Collapse
Its just an opinion, but some think that Wall Street has looked at the tea leaves and realized that they are going to lose control of the White House in addition to the Congress, and the next four years are going to be about rebuilding and reform, restoration and maybe retribution.
So with a new sheriff coming perhaps its time for the confidence men to cash in their chips and leave town.
Hoping a Hail Mary Pass Connects
By JOE NOCERA
September 20, 2008
It was the end of the worst week for financial markets since 1929, and Treasury Secretary Henry M. Paulson Jr. looked sleep-deprived.
......It has led to complete chaos in the multitrillion-dollar market for credit-default swaps and was a crucial reason Morgan Stanley was forced to scramble to stay alive this week. It is also why questions were raised about the viability of Goldman Sachs, a firm with a pristine balance sheet and almost none of the bad assets that are bringing down other firms. (Is it really pristine? How do we know? - Jesse).....
.......Nobody understands who owes what to whom — or whether they have the ability to pay. Counterparties have become afraid to trade with each other. Sovereign wealth funds are no longer willing to supply badly needed capital because they no longer know what they are investing in. The crisis continues because nobody knows what anything is worth. You simply cannot have a functioning market under such circumstances. (The wages of sin often include a lack of the good regard of others. - Jesse).....
.....He acknowledged that it would likely cost taxpayers “hundreds of billions of dollars.” I think it will cost more than $1 trillion. (The Bush Administration fired Lawrence Lindsay for saying that the Iraq war would cost more than $100 billion. Jesse).......
full story: http://jessescrossroadscafe.blogspo...s-collapse.html
WOW. Impressive. This Rep from Ohio.
-> Posted by butters @ 1:06 am on September 21, 2008
Marcy Kaptur lets Wall St have it with both barrels. Tonite from the House of Rep.
They Want Mama to Make It All Better
THEY WANT MAMA TO MAKE IT ALL BETTER! Rep Kapture
.....ich fang mal mit conclusion an ;)
So the three main factors contributing to the severity of the Great Depression were:
....der ganze Artikel ist hier zu lesen: What Caused the Great Depression of the 1930's?
What Caused the Great Depression?
The US in the 1920's: Buying into the Boom
Central Banking Delusion: A Sharp Reduction in the Money Supply
Political Faux pas
The Demise of Trade
SteveH (usagold 20September2008; 16:59)
I saw your article on the new Bailout plan.
Please be advised that some of us out in Main Street believe that the Treasury has been leasing US gold in order to suppress the interest rates, keep inflation low. We believe that JP Morgan and others, including the NY FED have received physical US gold via the Exchange Stabilization Fund (ESF) and have also heavily shorted the gold and silver markets. This same fund appears to now back stop the Money Market Mutual Funds. In short, we believe that this is a very serious derivatives market that is out of the public eye and also bears witness to the type of activity we can look forward to should the Treasury be given such powers of the purse as are being proposed — secret deals beyond the courts that will in the end further exacerbate and bankrupt our country.
Headline should read, Treasury Alleged to Have Sold US Gold to Suppress Interest Rates and Same Fund Now Backs Money Markets!
Please read this for deep background:http://www.fnarena.com/index2.cfm?t...F5A89CE1B021112
....schliesse mich an ---> Please read this for deep background. :supi
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