With market participants cheering a new all-time high in the Dow Jones, one man is predicting this “misplaced optimism” will lead to a “worse collapse than in 2008.” Peter Schiff, the eternal provocateur, suggests the Fed’s extraordinary support of bond and housing markets will lead to a market crash as interest rates rise, leaving banks, […]
Uli Deck/dpa/picture-alliance/Newscom American regulators yesterday agreed, both internally and with the European Union, on how to deal with the trading of financial derivatives beyond U.S. shores. The EU and U.S. essentially decided to treat each other’s rules as “close enough.” While the decision has some value, it continues to miss the point. No set of […]
The mortgage industry has been crying foul over rates going up a .25 % or 3/8thover the last month. Well hang on, rates are headed to 5%! No they aren’t, Oh Yes they are! Think of things this way, they are buying $45 billion a month and the total cut for the year from sequestration […]
Commenting on the recent rise in suicides in Greece due to the country’s dire economic situation, a leading lawmaker of the neo-Nazi Golden Dawn party urged nationals to “kill those who are responsible for their problems” rather than result to taking their own lives. Speaking during an interview for the ‘Dateline’ program broadcast by the […]
President Barack Obama has nominated Rep. Mel Watt to be Director of the Federal Housing Finance Agency. If his appointment is upheld, Watt may well lead America into another housing collapse. Watt is the Democratic Representative from the 12th district of North Carolina. He has been in Congress now for 20 years and is well versed in […]
Faced with the obligation to bail out yet another country the European Union forced the confiscation of money held in Cypriot banks as a partial remediation of the current financial crisis—perhaps setting up a dry run for what they may try and do in Spain or Greece later this year. All this should be a […]
I challenge anyone to prove me wrong that confiscation of bank deposits is legalized daylight robbery Bank depositors in the UK and USA may think that their bank deposits would not be confiscated as they are insured and no government would dare embark on such a drastic action to bail out insolvent banks. Before I […]
What’s next for Stanley Fischer, who is stepping down as governor of the Bank of Israel? Washington officials are already talking about tapping Fischer for Federal Reserve Chairman. The Washington Post explains in-depth why that scenario’s not so far-fetched. In this post-crisis era, the job of a central banker requires someone who is simultaneously a […]
Photo credit: RICHARD B. LEVINE/Newscom The Department of Justice’s (DOJ) civil suit against credit rating agency Standard Poor’s (SP) shows that laws that existed well before the financial crash of 2008 were more than sufficient to deal with its potential causes. While the specific charges in this suit will need to be litigated before their […]
Bank of America has reportedly frozen the account of gun manufacturer American Spirit Arms, according to its owner, Joe Sirochman. In a Facebook post dated December 29, Sirochman wrote the following: “My name is Joe Sirochman owner of American Spirit Arms…our Web site orders have jumped 500 percent causing our Web site e-commerce processing larger deposits to […]
