Tag: banks

Someone Noticed the Man Behind the Curtain?

Today the Dow Jones Industrial Average was down over 500 points. Now make no mistake, I don’t like to read too much into the Dow. After all, it’s only 30 stocks, tweaked so the most expensive ones matter the most. However, the S&P 500 also dropped almost 5% today.

The culprit? “Fears over the economy.” That’s the same economy that — at least outside corporate boardrooms — was crappy a week ago, a month ago, a year ago. But now? Someone is exposing the Wizard behind the curtain and it’s obvious that Bad Things are afoot in the Wonderful World of Oz.

What’s different now? Is it that the State of New York isn’t going to let Bank of America get off with a pennies on the dollar settlement? Is it that Congress has done such a bad job that their disapproval rating is at an all time high? Perhaps it’s that we now understand some of the lies surrounding the federal budget? Maybe somebody outside peace activists has realized that we really are running 2 and a half pointless wars (to say nothing of thinking we can still starve Cuba into capitalism)? Did some stock broker take a wrong turn into the wrong neighborhood and notice that trickle down doesn’t work? Could it be that somebody noticed that unemployment is up nearly everywhere, and there’s nothing in the budget deal or any other federal plan that would create jobs?

Of course, I am not alone in thinking we never actually got out of the Great Recession.

If you are looking for a silver lining, mortgage rates are down due to the economic data. Assuming you have a job, and good enough credit to qualify for a mortgage.

In Closing: Fannie and Freddie were just following everyone else off the cliff; if we seriously believe that some criminals can’t be rehabilitated, the answer is life in prison, not a scarlet letter (oh but then we would have to think for more than 10 seconds); it still wasn’t the drugs, but the scopes; Toyota, and Honda lose to Nissan, Kia, and VW; tax reform zombie; you have to be wealthy to eat healthy; and aww honey honey.

Banks Will Continue to Make Their Own Rules

President Obama is backing down from the idea of actually having a Consumer Financial Protection Bureau that protects consumers in any way. Elizabeth Warren is reportedly out of the running to head it. To me, this telegraphs that the CFPB may give lip service to protecting consumers and enforcing the law, but will probably really protect bankers from consumers while they continue to break the law and screw their so-called customers.

I sure do hope he’s not planning on my support to get re-elected.

In Closing: two ships that never sailed; still not vegetarian, adds ew; way to go, kid; neighbors would rather have a house be empty and slip into complete disrepair than have that man live there; Kucinich has a point (but credit rating agencies didn’t cause a crisis by handing downgrades, banks did by playing games with the numbers!); everyone panic!; the fight over nudie scanners has just begun; it’s good to be king CEO; and 5 fundamental problems with the jobs market.

Cyrus: Shorties of a Serial Killer

8 Years: Somehow I managed to overlook my Blogiversary.

Next time you have a hard time getting through to your doctor’s office: Remember that the Feds are tying up the line trying to figure out how hard it is for you to get an appointment.

He’s just so nice: Matt Damon is trying to find ways to help African people get clean, safe water. And he’s good looking, and he can act.

On Fitness: Ladies, please ignore the fact that it comes from a publication called “Men’s Journal.” The Truth is unisex.

Let’s Get This Out of the Way: Everybody knows that yet another appeals court says there’s no Constitutional problems with the Affordable Care Act, right? Ok, moving on then.

In other news, Bill Gates Doesn’t Understand Capitalism: Ignoring the diseases of poverty isn’t a failure, it’s a sign that there’s no money in it. That’s why it’s called “poverty.”

Shut up and get back to work!: Yeah, it sure would be nice to have paid sick days. I have no idea how you’d do that for those of us who are self-employed.

Professor is Correct Again: Cutting the budget deficit won’t put a single person to work. In fact, it will put some government employees out of work. It will also reduce GDP — which by definition includes government spending. Who are the President’s economic advisers? The ghost of Herbert Hoover? A least he understands that there is no way to balance the budget without taxes.

Computer Security: Don’t stick strange memory sticks in your computer! You don’t know where they’ve been! Stupidity makes hacking possible.

Missing Cute White Girl of the Week Club: Why it’s bad for all of us. Amen, brother.

Senator Bernie Sanders: Speaking Truth in a place where it has been lacking.

To those of you who just got out of medical school: Sage words of a Dinosaur.

Too Big To Fail: Simply must be Too Big To Exist.

Sahara: The sign is going to be at the Neon Museum.

Most expensive used car ever: A painstakingly restored 1963 Volkswagen Microbus.

Looking forward to it: Shatner‘s latest film is a documentary wherein he interviews all 5 actors who have played a Star Trek captain.

Speaking of documentaries: Everything you know is probably wrong.

Screw Infrastructure: Apparently it is more cost effective to build a bridge in China and have it shipped here. We won’t have any lasting recovery until we get away from the Latte Economy.

Tomorrow, I’ll have some exciting news for you. In the meantime, stay cool.

I’d Bet a Dimon It

Oh Jamie, Jamie, Jamie. Me thinks thou dost protest too much.

JP Morgan Chase CEO Jamie Dimon was actually able to say with a straight face that the reason the economy has stalled is too much banking regulation. Somebody pass the man a fire extinguisher; his pants are surely ablaze. Fed officials “dispute” it. Heck, when Jim Cramer says you’ve gone too far, that’s a big hint.

We already — still — have a problem where banks think the rules don’t apply to them. That’s even more true at the “too big to fail” institutions. The Feds can’t make banks follow the law. The states don’t even have authority to make them follow the law. And yet Jamie thinks he has too many regulations?

Just ignore those pesky regulations, Jamie. Keep ignoring the law. And especially, ignore those angry consumers who are tired of getting screwed.

 

In closing: on health care; Jesus wouldn’t approve of Ayn Rand; national debt; local news; spam; band-aids on a bullet wound; I hope it never happens to his wife; the elements; food prices going up; wage “growth“; Hooverites; fossil sea turtle; and the continuing saga of Whitney Elementary.

Another Book Review

This time, the BlogHer book event is A Discovery of Witches by Deborah Harkness. My version is right here. Next up will be Terry McMillan’s Getting to Happy.

In Closing: Ezra; Beetles; Faux-pas; finances; debt; wieners; banks; speculation; carbs; demand; testing; Reich; and free books.

The Recovery

I was reading along, minding my own business, when I came across this USAToday item about how Americans have come to expect that they won’t be in any better financial situation next year. Near the bottom is buried this little gem, emphasis mine:

A typical recovery pattern goes like this: stock market bottoms, economic growth bottoms and then hiring and wage increases return. What’s unique and scary about this recovery is that the last piece of the recovery is not there.

The author goes on to talk about how weak job creation has been throughout this “recovery”. It’s almost like he was thinking of this chart from Calculated Risk:

 

Now let’s keep in mind the various bits of financial news we’ve had this week: there were only 54,000 jobs created in May, barely enough to employ a third of the people new to the job market; housing prices are officially in a “double dip“; major stock market indexes are down for the 5th week in a row; 45 banks have failed this year, and almost a thousand more are in trouble; certain forces in government are talking about severe austerity that would cripple job growth and throw millions of people into poverty and disease, despite the contrary wishes of the American people.

Now tell me, where exactly do we get the idea that despite all this, we are actually in some sort of “recovery”? Only if you measure corporate profits without any regard for Human-Americans do we have anything of the sort.

In closing: history for sale; Roman fishing vessel may have had a live storage tank; sluts must be punished; at least they admit that meat isn’t the only source of protein (I also like the emphasis on fruits and veggies over grains); damned liberal facts!; truth isn’t what the media wants you to believe; I don’t quote the good professor enough; depressing; 3rd grade; 60 small changes; HA! Manager comes up with a check fast when the moving truck and sheriff’s deputies show up!; turns out that physical activity is good for kids (who knew???); and the War On Drugs is officially a FAILURE.

Just a few items on the economy

So let’s just start with Robert Reich, pointing out the disconnect between Washington and the economy.

The economy, by the way, is in lousy shape. It’s just that between inflation reporting that automatically inflate GDP and corporations raking in record profits, it’s easy to pretend that things like anemic jobs numbers, people leaving the workforce, dropping housing prices, declining wages, high fuel prices, and all the other things that effect those of us in the trenches don’t matter.

But here’s an odd glimmer of hope. One Fed official thinks it’s time to start raising interest rates. His reasoning is that it will encourage saving. Traditionalists should be ripping their hair out yelling about how it will kill the “recovery” (you know, the one we aren’t really having) by making it harder for businesses to borrow money (you know, the money banks aren’t really lending).

Some of those traditionalists might stop for a moment to consider that it would also stifle inflation (the inflation the feds have been trying to pretend hasn’t existed since the Clinton Administration). None of them will point out that it will make it more attractive for everyone to own bits of the national debt (the debt that Congress is arguing about). It is too much to hope that anyone other than myself is beginning to question whether super-low interest rates actually do much for the economy.

 

In Closing: porn; abortion; blast from the past; War on Drugs; humiliation; security; and cats.

Happy Rapture Day!

How’s that working out for you? I feel fine.

So I haven’t said anything about the brouhaha surrounding now-former IMF head Dominique Strauss-Kahn.  Let me remedy that right now:
Matt Bors

But by far, the best actual headline has to be IMF Aborted Internal Investigation of Strauss-Kahn in 2008. Thank you, Businessweek!

In closing: the truth; if even joking about having a bomb is enough to get you arrested, then why weren’t TSA officers arrested?; most Americans don’t give a **** what gender your spouse is; Disagree with me? And you’re a woman? Or an underage female? You deserve to be killed and raped! (*ahem* at least according to some animals who consider themselves conservatives — just a friendly reminder, you don’t know whether I’ve got a concealed carry license, now do you); For pity sake, Mr. President, just freaking appoint Elizabeth Warren already!; The People want more regulation of Wall Street (are we mad enough to “vote all the bums out?”); the environmental case for legalizing marijuana; are your children at the park?; and Mark Zuckerberg is a freaking idiot.

I Saw the Shorties

I have got to get into the habit of little posts throughout the week. Today’s items are a little mind-blowing.

On Taxes and Debt: Two graphs.

On Inflation: Core rate is crazy.

Explains the Popularity of Certain People: Most people just don’t read books.

I wonder if they’ll remember this come fall: Americans want to nearly double fuel efficiency standards.

Danger, Mistress: Alert the Doctor, Sarah Jane has been traveling solo.

Sadly, probably not a world record: One man eats 25,000 Bic Macs over 13,800 days. I feel bloated just thinking about it.

Speaking of bloating: 513 illegal immigrants in 2 trucks.

Sure, that’s your money, but you can’t have it! You’d just spend it on food and shelter: The Senate wants to “save” you from spending your own 401k funds in an emergency.

Record Used Car Prices: and it’s not just “Cash for Clunkers” that got us here, but the recession and Japan’s earthquake/tsunami issues.

“Banks Say Simpler Mortgage Form Could ‘Stifle’ New Products”: by “stifle“, they mean “make it harder to trick you into getting a mortgage that will gradually strangle your finances.”

On living within your means: If it weren’t for credit cards, the American economy would suck even worse.

On Bid Laden’s Security: It involved about 100 flash drives.

Millenials Have No Clue: They think that they are precious snowflakes that deserve jobs, despite reality.

If you’re going to be out of town for a while, make sure somebody is watching your place: you never know when somebody might set up a brothel inside.

Reid Dares Them: Yeah, go ahead and vote to gut Medicare. Do it. I dare you.

Huh?: Obama says Israel needs to go back to its 1967 borders and like it?? Oy, that will put some people in a tizzy.

Here’s a Hint, Janet: Stop treating us all like criminals. Enough with the nudie scanners. Enough with the probulators. Enough with confiscating our water bottles while letting real threats through. Enough with the Do Not Fly list and other shit that doesn’t keep us safe.

That is all.

My First Book Review

Maybe you knew — and maybe you didn’t — but I like to read. The nice people over at BlogHer asked me to take part in their BlogHer Book Club review-cluster (somebody needs to think of a word to describe dozens of reviews of one book) on Jean Kwok’s semi-autobiographical novel, Girl in Translation. Just want to jump to my review? It’s called “Nobody in America Lives Like This,” Except They Do. I’ve already spawned a spoilers discussion!

There’s a new “Book Reviews” category. Don’t know if you’ll see more in it yet, but I’m leaving myself the option.

Update: per comment from P.D., they are now “Book Events.”

In Closing: yes, there are jobs making clean tech, in China!; on higher education; Judge realizes that you are not your IP address (just one fatal flaw in pretty much every online ID scheme proposed); I think there will be some mighty surprised people in a couple of weeks; UPS’s safest driver; disenfranchisement; you are not a storm-chaser, get your butt to cover!; screw austerity; Senator Dean Heller; looking forward to this book!; I [heart] Amazon; what do soap and school vouchers have in common? (heck, I talked about vouchers within my first 10 posts); on McJobs; must be nice to be that lucky every day (what? you don’t suppose they are manipulating the system, do you?); and the Black Hole.