http://www.youtube.com/watch?v=9Yf2hn9ANg0http://www.youtube.com/watch?v=15yzzw1ym74
http://www.youtube.com/watch?v=cziN3gt-hic
Sunday, August 9, 2009
Monday, July 27, 2009
Sunday, July 26, 2009
Arizona's unemployed find benefits lower than minimum wage
Reported by: Kyle Burke
Email: kburke@abc15.com
Last Update: 7/25 5:58 pm
Alabama and Mississippi are the only other states in the country who pay out smaller unemployment benefits than Arizona.
"Every state has a different level, and there are a lot of factors that go into it, the local economy, local wage rates, a lot of different factors," said Meissner.
The unemployment benefits come from the unemployment tax that all employers are required to pay.
"The legislature set it at a rate they thought was appropriate not only for the people getting it, but for the companies that have to pay it," said Meissner.
Weekly unemployment benefits by state
Massachusetts $628
New Jersey $584
Minnesota $566
Hawaii $545
Washington $541
Pennsylvania $539
Rhode Island $528
Connecticut $519
Alabama $255 Montana $407
Alaska $370 Nebraska $308
Arizona $240 Nevada $362
Arkansas $409 New Hampshire $427
California $450
Colorado $475 New Mexico $455
New York $405
Delaware $330 North Carolina $494
District of Columbia $359 North Dakota $385
Florida $275 Ohio $372
Georgia $330 Oklahoma $392
Oregon $482
Idaho $362
Illinois $385
Indiana $390 South Carolina $326
Iowa $443 South Dakota $285
Kansas $423 Tennessee $275
Kentucky $415 Texas $378
Louisiana $284 Utah $444
Maine $496 Vermont $409
Maryland $380 Virginia $378
*
Michigan $365 West Virginia $424
Wisconsin $363
Mississippi $230 Wyoming $387
Missouri $320
Email: kburke@abc15.com
Last Update: 7/25 5:58 pm
Alabama and Mississippi are the only other states in the country who pay out smaller unemployment benefits than Arizona.
"Every state has a different level, and there are a lot of factors that go into it, the local economy, local wage rates, a lot of different factors," said Meissner.
The unemployment benefits come from the unemployment tax that all employers are required to pay.
"The legislature set it at a rate they thought was appropriate not only for the people getting it, but for the companies that have to pay it," said Meissner.
Weekly unemployment benefits by state
Massachusetts $628
New Jersey $584
Minnesota $566
Hawaii $545
Washington $541
Pennsylvania $539
Rhode Island $528
Connecticut $519
Alabama $255 Montana $407
Alaska $370 Nebraska $308
Arizona $240 Nevada $362
Arkansas $409 New Hampshire $427
California $450
Colorado $475 New Mexico $455
New York $405
Delaware $330 North Carolina $494
District of Columbia $359 North Dakota $385
Florida $275 Ohio $372
Georgia $330 Oklahoma $392
Oregon $482
Idaho $362
Illinois $385
Indiana $390 South Carolina $326
Iowa $443 South Dakota $285
Kansas $423 Tennessee $275
Kentucky $415 Texas $378
Louisiana $284 Utah $444
Maine $496 Vermont $409
Maryland $380 Virginia $378
*
Michigan $365 West Virginia $424
Wisconsin $363
Mississippi $230 Wyoming $387
Missouri $320
Thursday, July 23, 2009
The Capital Spin
Wall Street
http://www.youtube.com/watch?v=GQnCFdjLJAM
Vatican Slams ‘Greed Is Good’ Wall Street Mantra (Update2)
Share | Email | Print | A A A
By Flavia Krause-Jackson
July 28 (Bloomberg) -- Vatican Secretary of State Tarcisio Bertone said free-market economics legitimized greed, citing the 1987 Oliver Stone movie “Wall Street” and its protagonist, the corporate raider Gordon Gekko.
“Greed market has substituted free market,” Bertone said today in a speech to Italian senators in Rome. “Greed is good, greed is right,” Bertone said, citing one of Gekko’s famous lines from the film, in outlining the contents of Pope Benedict XVI’s encyclical calling for a new financial order.
The 82-year-old pontiff on July 7 published the 150-page “Caritas in Veritate,” Latin for “Charity in Truth.” The pope’s reflections on capitalism were two years in the making and publication was held up by the credit crunch. The text also examines ways out of the worst recession since World War II.
“Once profit becomes the exclusive goal, if it is produced by improper means and without the common good as its ultimate end, it risks destroying wealth and creating poverty,” Benedict wrote in the encyclical.
Bertone, the second-highest ranking official in the Vatican, underscored the pope’s message to Italy’s legislators. Since the 1970s, he said, developed nations had “exposed their real economies to the whims of finance” and convinced consumers to spend beyond their purchasing power.
Benedict, the head of the world’s smallest state, has been outspoken in denouncing globalization and has even been credited with predicting the financial crisis.
Last November, Italian Finance Minister Giulio Tremonti said the pope had pronounced a “prophecy” in a paper Benedict wrote when he was a cardinal.
In 1985, then-Cardinal Joseph Ratzinger presented a paper titled “Market Economy and Ethics” at a Rome event on the Catholic Church and the economy. He said a decline in ethics “can actually cause the laws of the market to collapse.”
Two years later, Michael Douglas turned in an Oscar-winning performance as Gekko. The character, loosely based on convicted arbitrager Ivan Boesky, came to symbolize the excesses of Wall Street in the 1980s.
Benedict has made frequent comments on the economy since the financial crisis erupted last fall. In an Oct. 7 speech, he reflected on crashing markets and concluded that “money vanishes, it is nothing,” and warned that “the only solid reality is the word of God.”
For Related News and Information: News on the Vatican: NI POPE News on Benedict: POPE BENEDICT XVI For more on the Encyclical: NSE Benedict Encyclical
Last Updated: July 28, 2009 09:57 EDT
In A New York Minute Don Henley
http://www.youtube.com/watch?v=zigWpC0GHGw
Perception is reality in the financial markets…the stock market.
The Stock Market is performing best when cash flows are up.
Supply and demand…Capitalism…fuels the market.
It behooves all those connected to push the "Buy Buy Buy" message,
or "you will miss the move."
Cash inflows from the greatest Ponzi scheme ever perpetrated against the public, the hand that feeds the market, have long and lasting memory and effect.
The 401k,now a 201k is evidence of that.
That being said;
any spin regarding "minimal importance of the Jobless claims report...
or how the unemployment numbers are trending downward should take note of this:
Jobs fuels Consumer Spending
70% of the U.S. economy, for better or worse, is reflected through Consumer Spending.
You don’t need an MBA from Harvard,
although it helps if you're intent is fraud,
No MBA needed to come to the conclusion jobs fuel spending,
People out of work can’t freely spend money.
Weekly Jobless Claims
The importance of this number is best served as a forward looking talking point.
Real Time, how much worse can it get?
The number is seasonally adjusted…
It’s often revised…and
It is a lagging indicator.
(Not a good crystal ball tool)
Non-Farm Employment
This monthly report is clearly more valuable to the discerning American.
The bad news: the number is skewed.
It distorts real job data
It hides part-time employment
It eliminated the disenfranchised worker
Bureau of Labor Statistics (BLS)
http://www.bls.gov/
http://www.bls.gov/news.release/pdf/empsit.pdf
Key data last month
Civilian Labor force………155 million
The number of unemployed persons (14.7 million)
and the unemployment rate (9.5 percent)
were little changed in June.
Since the start of the recession in December 2007,
the number of unemployed increased by 7.2 million,
(part-time workers) was little changed in June at 9.0 million.
Since the start of the recession, the number of such workers has increased by 4.4 million. (See table A-5.)
About 2.2 million persons not counted as unemployed
These individuals wanted and were available for work and had
looked for a job sometime in the past 12 months.
Among the marginally attached, there
were 793,000 discouraged workers in June, up by 373,000 from a year earlier. Discouraged workers are persons not currently looking for work
because they believe no jobs are available for them.
The other 1.4 million persons marginally attached to the labor force
in June had not searched for work in the 4 weeks preceding the survey
for reasons such as school attendance or family responsibilities.
(See table A-13.)
The newest data will be released on August 7, 2009
Hold your breath.
http://www.youtube.com/watch?v=GQnCFdjLJAM
Vatican Slams ‘Greed Is Good’ Wall Street Mantra (Update2)
Share | Email | Print | A A A
By Flavia Krause-Jackson
July 28 (Bloomberg) -- Vatican Secretary of State Tarcisio Bertone said free-market economics legitimized greed, citing the 1987 Oliver Stone movie “Wall Street” and its protagonist, the corporate raider Gordon Gekko.
“Greed market has substituted free market,” Bertone said today in a speech to Italian senators in Rome. “Greed is good, greed is right,” Bertone said, citing one of Gekko’s famous lines from the film, in outlining the contents of Pope Benedict XVI’s encyclical calling for a new financial order.
The 82-year-old pontiff on July 7 published the 150-page “Caritas in Veritate,” Latin for “Charity in Truth.” The pope’s reflections on capitalism were two years in the making and publication was held up by the credit crunch. The text also examines ways out of the worst recession since World War II.
“Once profit becomes the exclusive goal, if it is produced by improper means and without the common good as its ultimate end, it risks destroying wealth and creating poverty,” Benedict wrote in the encyclical.
Bertone, the second-highest ranking official in the Vatican, underscored the pope’s message to Italy’s legislators. Since the 1970s, he said, developed nations had “exposed their real economies to the whims of finance” and convinced consumers to spend beyond their purchasing power.
Benedict, the head of the world’s smallest state, has been outspoken in denouncing globalization and has even been credited with predicting the financial crisis.
Last November, Italian Finance Minister Giulio Tremonti said the pope had pronounced a “prophecy” in a paper Benedict wrote when he was a cardinal.
In 1985, then-Cardinal Joseph Ratzinger presented a paper titled “Market Economy and Ethics” at a Rome event on the Catholic Church and the economy. He said a decline in ethics “can actually cause the laws of the market to collapse.”
Two years later, Michael Douglas turned in an Oscar-winning performance as Gekko. The character, loosely based on convicted arbitrager Ivan Boesky, came to symbolize the excesses of Wall Street in the 1980s.
Benedict has made frequent comments on the economy since the financial crisis erupted last fall. In an Oct. 7 speech, he reflected on crashing markets and concluded that “money vanishes, it is nothing,” and warned that “the only solid reality is the word of God.”
For Related News and Information: News on the Vatican: NI POPE
Last Updated: July 28, 2009 09:57 EDT
In A New York Minute Don Henley
http://www.youtube.com/watch?v=zigWpC0GHGw
Perception is reality in the financial markets…the stock market.
The Stock Market is performing best when cash flows are up.
Supply and demand…Capitalism…fuels the market.
It behooves all those connected to push the "Buy Buy Buy" message,
or "you will miss the move."
Cash inflows from the greatest Ponzi scheme ever perpetrated against the public, the hand that feeds the market, have long and lasting memory and effect.
The 401k,now a 201k is evidence of that.
That being said;
any spin regarding "minimal importance of the Jobless claims report...
or how the unemployment numbers are trending downward should take note of this:
Jobs fuels Consumer Spending
70% of the U.S. economy, for better or worse, is reflected through Consumer Spending.
You don’t need an MBA from Harvard,
although it helps if you're intent is fraud,
No MBA needed to come to the conclusion jobs fuel spending,
People out of work can’t freely spend money.
Weekly Jobless Claims
The importance of this number is best served as a forward looking talking point.
Real Time, how much worse can it get?
The number is seasonally adjusted…
It’s often revised…and
It is a lagging indicator.
(Not a good crystal ball tool)
Non-Farm Employment
This monthly report is clearly more valuable to the discerning American.
The bad news: the number is skewed.
It distorts real job data
It hides part-time employment
It eliminated the disenfranchised worker
Bureau of Labor Statistics (BLS)
http://www.bls.gov/
http://www.bls.gov/news.release/pdf/empsit.pdf
Key data last month
Civilian Labor force………155 million
The number of unemployed persons (14.7 million)
and the unemployment rate (9.5 percent)
were little changed in June.
Since the start of the recession in December 2007,
the number of unemployed increased by 7.2 million,
(part-time workers) was little changed in June at 9.0 million.
Since the start of the recession, the number of such workers has increased by 4.4 million. (See table A-5.)
About 2.2 million persons not counted as unemployed
These individuals wanted and were available for work and had
looked for a job sometime in the past 12 months.
Among the marginally attached, there
were 793,000 discouraged workers in June, up by 373,000 from a year earlier. Discouraged workers are persons not currently looking for work
because they believe no jobs are available for them.
The other 1.4 million persons marginally attached to the labor force
in June had not searched for work in the 4 weeks preceding the survey
for reasons such as school attendance or family responsibilities.
(See table A-13.)
The newest data will be released on August 7, 2009
Hold your breath.
express scripts ESRX
Express Scripts [ESRX 70.3077 -0.6023 (-0.85%) ] - Reports after the bell. This PBM is also hitting price levels it has not seen since October and is another potential buyer of Aetna's PBM business. It has beaten analyst consensus numbers in 12 of the past 13 quarters and has earnings growth forecast for 2010 of nearly
22%.
bythenumbers@cnbc.com
Today, July 29 eps est.
0.86 after the bell
http://finance.yahoo.com/q/ta?s=ESRX
Why I like ESRX...
Baby Boomers will be living longer,they require MEDS.
They downsized like all other corps ridding themselves of high salaries.
Technically...The 5 year chart
Pre-October,when all got slammed: I like the caped crusader pattern.
From August 2007 until January 2008 it went from 49 to 77 1/2...28 1/2 points in4 1/2 months...
March 27,2009 it bottomed @ $43.89.
It climbed out of that canyon and found a strong buyers ledge @60.
Since March 26 its making higher highs and higher lows.
67 3/4 is a critical level but
it should eventually take it out...
depending on earnings.
(7/22/09 $67.42)
The monumental concern is efficiency and productivity of the workforce...
Also bothersome: volume is light to moderate.
If it doesn't meet expectations this quarter
the street will absolutely annihilate it.
I like the pattern...
I own and continue to hold the stock...
Good pbm play
Crystal balls ...75 by september...
Magic wand 80^ in january 2010
22%.
bythenumbers@cnbc.com
Today, July 29 eps est.
0.86 after the bell
http://finance.yahoo.com/q/ta?s=ESRX
Why I like ESRX...
Baby Boomers will be living longer,they require MEDS.
They downsized like all other corps ridding themselves of high salaries.
Technically...The 5 year chart
Pre-October,when all got slammed: I like the caped crusader pattern.
From August 2007 until January 2008 it went from 49 to 77 1/2...28 1/2 points in4 1/2 months...
March 27,2009 it bottomed @ $43.89.
It climbed out of that canyon and found a strong buyers ledge @60.
Since March 26 its making higher highs and higher lows.
67 3/4 is a critical level but
it should eventually take it out...
depending on earnings.
(7/22/09 $67.42)
The monumental concern is efficiency and productivity of the workforce...
Also bothersome: volume is light to moderate.
If it doesn't meet expectations this quarter
the street will absolutely annihilate it.
I like the pattern...
I own and continue to hold the stock...
Good pbm play
Crystal balls ...75 by september...
Magic wand 80^ in january 2010
Wednesday, July 22, 2009
AND AWAY WE GO...
BUT FIRST Sherman the Monkey Sneezing!
http://www.youtube.com/watch?v=irBFJel7kvg
Curious George ~ Upside Down
http://www.youtube.com/watch?v=KNzFFvW20G0
Jobless claims overwhelm process centers
Published: Jan. 12, 2009 at 12:30 PMOrder reprints | Feedback
WASHINGTON, Jan. 12 (UPI) -- Record numbers of unemployment claims have overwhelmed computer systems in several states, a national association said.
Computer systems in California, New York, Ohio, Michigan, Missouri, Colorado, Kentucky and North Carolina have crashed at some point in recent weeks under the onslaught of calls and Internet inquiries, USA Today reported Monday.
The unemployment rate leaped from 6.8 percent in November to 7.2 percent in December.
"We've had the highest number of people filing unemployment claims in a single month," said Kim Saylor Brannock, a spokeswoman at Kentucky's Office of Employment and Training.
"Many states do not have the infrastructure in place to respond better to the crisis," Richard Hobbie, executive director of the National Association of State Workforce Agencies told the newspaper.
Not a single state was spared an increase in claims the last week of December compared with the same period of 2007.
Several states, including Missouri and Michigan, have added temporary workers to their processing centers.
The federal government allocates $2.45 billion for states to process claims this year, less than what states say they could use to upgrade current systems, Hobbie said.
© 2009 United Press International, Inc. All Rights Reserved.
AMERICAN DREAM
If Congress would quickly pass the “Expanding the American Homeownership Act" instead of sitting back and doing nothing, then the following situation could be avoided entirely.
Instead of losing their homes to foreclosure, American families could obtain an FHA mortgage or even refinance with the FHA, which offers incredible foreclosure-prevention measures.
Foreclosures On the Rise
A foreclosure may seem like one of those “It will never happen to me” situations, but recent studies have demonstrated that foreclosures are on the rise in America: In the first quarter of last year, 323,102 properties across America were in some stage of the foreclosure process. This amount corresponds to a 38 percent jump from 2005 and a 72 percent from 2004.
The recent increase in the number of foreclosures has given banks and other lenders the image of being greedy corporate machines who’d like nothing more than to kick a family to the curb.
The fact is, however, that foreclosures are bad news for everybody: because they have to sell the house back on an open market, banks lose an average of $40,000 per foreclosure.
Foreclosures also lower property values in the surrounding neighborhood. As Brian Montgomery put it in his recent testimony to the Senate, “foreclosures are bad for families, bad for neighborhoods, and bad for the economy as a whole.”
Foreclosure Storm Will Hit U.S. in 2009 as Loan Changes Fail
Dec. 11 (Bloomberg) -- U.S. foreclosure filings climbed 28 percent in November from a year earlier and a brewing "storm" of new defaults and job losses may force 1 million homeowners from their properties next year, RealtyTrac Inc. said.
Delinquencies
The share of mortgages delinquent by 30 days or more in the third quarter rose to a seasonally adjusted 6.99 percent while loans already in foreclosure rose to 2.97 percent, both all-time highs, the Mortgage Bankers Association said in a Dec. 5 report. The gain in delinquencies was driven by an increase in loans with payments 90 days or more overdue
According to Mortgage Strategist, more than $2 trillion of U.S. mortgage debt, or about a quarter of all mortgage loans outstanding, is due for interest rate resets in 2007 and 2008.
Matchbox Twenty - "How Far We've Come"
Unless we want the American Dream to become a foreclosure, Congress must take action.
http://www.youtube.com/watch?v=irBFJel7kvg
Curious George ~ Upside Down
http://www.youtube.com/watch?v=KNzFFvW20G0
Jobless claims overwhelm process centers
Published: Jan. 12, 2009 at 12:30 PMOrder reprints | Feedback
WASHINGTON, Jan. 12 (UPI) -- Record numbers of unemployment claims have overwhelmed computer systems in several states, a national association said.
Computer systems in California, New York, Ohio, Michigan, Missouri, Colorado, Kentucky and North Carolina have crashed at some point in recent weeks under the onslaught of calls and Internet inquiries, USA Today reported Monday.
The unemployment rate leaped from 6.8 percent in November to 7.2 percent in December.
"We've had the highest number of people filing unemployment claims in a single month," said Kim Saylor Brannock, a spokeswoman at Kentucky's Office of Employment and Training.
"Many states do not have the infrastructure in place to respond better to the crisis," Richard Hobbie, executive director of the National Association of State Workforce Agencies told the newspaper.
Not a single state was spared an increase in claims the last week of December compared with the same period of 2007.
Several states, including Missouri and Michigan, have added temporary workers to their processing centers.
The federal government allocates $2.45 billion for states to process claims this year, less than what states say they could use to upgrade current systems, Hobbie said.
© 2009 United Press International, Inc. All Rights Reserved.
AMERICAN DREAM
If Congress would quickly pass the “Expanding the American Homeownership Act" instead of sitting back and doing nothing, then the following situation could be avoided entirely.
Instead of losing their homes to foreclosure, American families could obtain an FHA mortgage or even refinance with the FHA, which offers incredible foreclosure-prevention measures.
Foreclosures On the Rise
A foreclosure may seem like one of those “It will never happen to me” situations, but recent studies have demonstrated that foreclosures are on the rise in America: In the first quarter of last year, 323,102 properties across America were in some stage of the foreclosure process. This amount corresponds to a 38 percent jump from 2005 and a 72 percent from 2004.
The recent increase in the number of foreclosures has given banks and other lenders the image of being greedy corporate machines who’d like nothing more than to kick a family to the curb.
The fact is, however, that foreclosures are bad news for everybody: because they have to sell the house back on an open market, banks lose an average of $40,000 per foreclosure.
Foreclosures also lower property values in the surrounding neighborhood. As Brian Montgomery put it in his recent testimony to the Senate, “foreclosures are bad for families, bad for neighborhoods, and bad for the economy as a whole.”
Foreclosure Storm Will Hit U.S. in 2009 as Loan Changes Fail
Dec. 11 (Bloomberg) -- U.S. foreclosure filings climbed 28 percent in November from a year earlier and a brewing "storm" of new defaults and job losses may force 1 million homeowners from their properties next year, RealtyTrac Inc. said.
Delinquencies
The share of mortgages delinquent by 30 days or more in the third quarter rose to a seasonally adjusted 6.99 percent while loans already in foreclosure rose to 2.97 percent, both all-time highs, the Mortgage Bankers Association said in a Dec. 5 report. The gain in delinquencies was driven by an increase in loans with payments 90 days or more overdue
According to Mortgage Strategist, more than $2 trillion of U.S. mortgage debt, or about a quarter of all mortgage loans outstanding, is due for interest rate resets in 2007 and 2008.
Matchbox Twenty - "How Far We've Come"
Unless we want the American Dream to become a foreclosure, Congress must take action.
America on the Auction Block
The G-Bay Bailout Plan: America on the Auction Block
Reverse auction to sell foreclosed property. The Treasury has just established the concept of G-BAY. Is not Meg Whitman an advisor on staff for The Citizen McCain for President Campaign? If you have ever bought or sold on E-BAY, it is very similar in process. The more thought I give it the more I think it may just work.
Today on Capitol Hill, Secretary Treasury Hank Paulson, SEC Chairman Christopher Cox, and Federal Reserve Chairman Ben Bernanke spoke before the Senate Banking Committee on the Bailout Plan. The focus from most Senators through the hearing seemed to be on guarantee without precedent as well as issues of skeptical accountability.
The key element is to determine price discovery for current distressed assets. That X factor sets a floor upon the NPA. The ceiling number is the mark on the books. For obvious reasons that number is meaningless. Secretary Paulson and Chairman Bernanke explained repeatedly the measures of the $700 Billion were to act as a tourniquet in measured truants. When asked what Plan B is, the alternative is the fallout of continued Recession, higher unemployment and increased home foreclosures.
Bill Clinton Sept-22-2008
http://www.youtube.com/watch?v=i5GBWOx6bKU
Chairman Bernanke referred to his plan or market mechanism as a Sotheby’s theory of valuating assets. The Government essential is buying NPA’s from financial institutions to stabilize the Housing Market and the Banking system and ultimately the Economic Foundation of the Nation.
The Non Performing Assets, the marks on the book, are presently worth nothing which not the same being as being worthless. The lack of oversight with the present conditions did not account for a perfect storm scenario model. Post Hoc Ergo Proctor Hoc: After of therefore because of.
Paulson expressed his views accountability by saying there is plenty of blame to go around. Part of the problem that got us here are excess complexities. It seems as though accountability should fall directly upon the Securities and Exchange Commission Chairman C Cox. Interestingly the Chairman did not have much airtime.
The number of foreclosures is approaching 10,000 per day. President discussed this topic on Letterman last night saying, “Each foreclosure takes $225,000 in terms of GDP.” That is the enormity of the problem. That is the source of the bleeding. He went on to say Hillary has been trying to place a moratorium on foreclosures for the past year.
http://www.youtube.com/watch?v=azWIvxEkQts
The $700 Billion would go to liquefying the market keeping the money flow going forward. The Auction price would be above the Fire sale price to buy and ultimately sell bad mortgage investments. Troubled Americans have been doing this through liquidation their of 401k accounts to buy time in hope to stabilize personal debt.
Hence, the outline of the G-BAY Bailout Plan. Smart people had to count on the Internet to have a handle on solving this problem. gjf
ttp://www.youtube.com/watch?v=Z7pgn_qLLM8
Reverse auction to sell foreclosed property. The Treasury has just established the concept of G-BAY. Is not Meg Whitman an advisor on staff for The Citizen McCain for President Campaign? If you have ever bought or sold on E-BAY, it is very similar in process. The more thought I give it the more I think it may just work.
Today on Capitol Hill, Secretary Treasury Hank Paulson, SEC Chairman Christopher Cox, and Federal Reserve Chairman Ben Bernanke spoke before the Senate Banking Committee on the Bailout Plan. The focus from most Senators through the hearing seemed to be on guarantee without precedent as well as issues of skeptical accountability.
The key element is to determine price discovery for current distressed assets. That X factor sets a floor upon the NPA. The ceiling number is the mark on the books. For obvious reasons that number is meaningless. Secretary Paulson and Chairman Bernanke explained repeatedly the measures of the $700 Billion were to act as a tourniquet in measured truants. When asked what Plan B is, the alternative is the fallout of continued Recession, higher unemployment and increased home foreclosures.
Bill Clinton Sept-22-2008
http://www.youtube.com/watch?v=i5GBWOx6bKU
Chairman Bernanke referred to his plan or market mechanism as a Sotheby’s theory of valuating assets. The Government essential is buying NPA’s from financial institutions to stabilize the Housing Market and the Banking system and ultimately the Economic Foundation of the Nation.
The Non Performing Assets, the marks on the book, are presently worth nothing which not the same being as being worthless. The lack of oversight with the present conditions did not account for a perfect storm scenario model. Post Hoc Ergo Proctor Hoc: After of therefore because of.
Paulson expressed his views accountability by saying there is plenty of blame to go around. Part of the problem that got us here are excess complexities. It seems as though accountability should fall directly upon the Securities and Exchange Commission Chairman C Cox. Interestingly the Chairman did not have much airtime.
The number of foreclosures is approaching 10,000 per day. President discussed this topic on Letterman last night saying, “Each foreclosure takes $225,000 in terms of GDP.” That is the enormity of the problem. That is the source of the bleeding. He went on to say Hillary has been trying to place a moratorium on foreclosures for the past year.
http://www.youtube.com/watch?v=azWIvxEkQts
The $700 Billion would go to liquefying the market keeping the money flow going forward. The Auction price would be above the Fire sale price to buy and ultimately sell bad mortgage investments. Troubled Americans have been doing this through liquidation their of 401k accounts to buy time in hope to stabilize personal debt.
Hence, the outline of the G-BAY Bailout Plan. Smart people had to count on the Internet to have a handle on solving this problem. gjf
ttp://www.youtube.com/watch?v=Z7pgn_qLLM8
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