MSM: A third of Florida banks `problematic’ or `troubled’

(MiamiHerald) – Florida’s banks continue to exhibit weakness amid the turmoil. A ranking firm gave a third of them lackluster scores. Continue reading

MSM: Obama complains about “fat-cat bankers”

(Reuters) – President Barack Obama complained about “fat-cat bankers” and sharply criticized Wall Street banks for paying out big bonuses to executives in a television interview to air on Sunday. Continue reading

Video: Geithner Savaged On Unemployment During Fiery Capitol Hill Hearing

(PaulWatson) – Congressman Michael Burgess scalded Treasury Secretary Tim Geithner during a fiery hearing on Capitol Hill this morning, telling the former New York Fed chief that he should never have been hired and demanding that the TARP program come to an abrupt end, shortly after GOP Rep. Kevin Brady had called on Geithner to resign. Continue reading

Government Is Trying to Make Bailouts for the Giant Banks PERMANENT

(WashingtonsBlog) – On September 25th, I wrote:

Paul Volcker and senior Harvard economist Jeffrey Miron both testified to Congress this week that the government is trying to make bailouts for the giant banks permanent. Continue reading

Obama set to unveil ‘too big to fail’ plans

The Obama administration plans to unveil on Monday a new plan for dealing with troubled financial giants, said a senior U.S. lawmaker, who also mentioned potentially big changes for the insurance industry. Continue reading

MSM: Bailout May Cost $23.7 Trillion – Barofsky

(HuffingtonPost) – The federal government has devoted $4.7 trillion to help the financial sector through its crisis, a level of assistance equal to about one-third of the overall U.S. economy, a watchdog report said Monday. Continue reading

Inspector General: Treasury Secretary Forced Banks to Surrender Ownership Interest to Government

In a new report, Neil Barofsky, the special inspector general for the Troubled Asset Relief Program (SIGTARP), reveals that then-Treasury Secretary Henry Paulson and key federal regulators forced the nation’s nine largest financial institutions to take billions in taxpayer bailout dollars in October 2008, threatening that if the banks refused, the government would take their stock shares anyway. Continue reading

MSM: Study – Bernanke, Paulson misled public on bailouts

(WATimes) – Federal Reserve Chairman Ben S. Bernanke and former Treasury Secretary Henry M. Paulson Jr. misled the public about the financial weakness of Bank of America and other early recipients of the government’s $700 billion Wall Street bailout, creating “unrealistic expectations” about the companies and damaging the program’s credibility, according to a report by the program’s independent watchdog. Continue reading

Why They Call It Fall

So now it turns out that the whole Troubled Assets Relief Program (TARP) was a flop or more likely a scam. Remember Bush Treasury Secretary Henry Paulson telling us last September that credit markets had locked up, and then, after half of the $750 billion that he extorted out of Congress was handed out to Wall Street firms, new President Barack Obama justifying the spending of the second half of the money because we needed to “get the banks lending again”? Continue reading

MSM: The Real Reason Americans Are Angry – It’s The Big Government, Stupid

(NYPost) – It’s been a hilarious August, watching media supporters of President Obama’s health care package puzzle over the obscure motivations of the noncompliant Americans rallying against it. Continue reading

Video: Kucinich – the Federal Reserve is paying banks NOT to make loans to struggling Americans!

(C-SPAN -July 21, 2009) – U.S. Congressman Dennis Kucinich (D-Ohio, 10th District) questions Neil M. Barofsky, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), testifying before the House Committee on Oversight and Government Reform, about interest payments made to banks that keep their TARP funds and other government (taxpayer) bailout money with the Federal Reserve, instead of making loans to struggling Americans (the original intent of the TARP, remember?) The Fed makes generous interest payments to the banks for “parking” their “excess reserves” at the Fed. Continue reading

Resignation of David M. Walker, the most important economic indicator of things to come: The Fall of Rome

Since the global financial meltdown seems to be the main concern with our corporate world, let’s begin with this topic. Continue reading

While workers’ wages fall – Obama administration rejects limits on bankers’ pay

The Obama administration announced Wednesday that it opposed any government-imposed limits on the salary and bonuses of the CEOs and other top officials of major banks that have received trillions of dollars in federal handouts and guarantees over the past eight months. Continue reading

Treasury Secretary’s Secret Talking Points Reveal That Banks Were Forced to Surrender Ownership Stakes to Government

Last October, then-Treasury Secretary Henry Paulson ordered nine banks that the Treasury Department described as “healthy” financial institutions to surrender ownership interests to the government or else face regulatory action that would force them to surrender ownership interests to the government, according to an internal Treasury Department document. Continue reading

Obama’s leap to socialism

President Obama showed his hand this week when The New York Times wrote that he is considering converting the stock the government owns in our country’s banks from preferred stock, which it now holds, to common stock. Continue reading

MSM: Stiglitz Says White House Ties to Wall Street Doom Bank Rescue

(Bloomberg) – The Obama administration’s bank- rescue efforts will probably fail because the programs have been designed to help Wall Street rather than create a viable financial system, Nobel Prize-winning economist Joseph Stiglitz said. Continue reading