America's Financial Crisis

[KanadaHye]

Re: America's Financial Crisis

The problem is the pentagon (industrial military complex) has a mind of its own, listens to nobody yet eats everyone's tax money.

[Muhaha]

Re: America's Financial Crisis

The most overinflated part of the u.s. government is the defense department.

Well, that's not what we're discussing, but sine you brought it up..

The money is used inefficiently, such as on dead end wars and maintaining our ridiculously high number of overseas bases. But when it comes to how much they're receiving, I wouldn't really mind it if they got some more. WAY more money needs to be spent on R&D, WAY more.

[Armanen]

Re: America's Financial Crisis

Legal advice on matters of this tiny nature costs around 500 dollars, which is a lot cheaper than the taxes people will have to pay to support this over inflated government.

The most overinflated part of the u.s. government is the defense department.

[Muhaha]

Re: America's Financial Crisis

Ever read that little book that comes with a credit card? I think you need a banker, lawyer and a magnifying glass to read and understand it.

Legal advice on matters of this tiny nature costs around 500 dollars, which is a lot cheaper than the taxes people will have to pay to support this over inflated government.

[KanadaHye]

Re: America's Financial Crisis

Great, more regulations, God forbid people actually read the things they're signing.

Read more at: http://www.huffingtonpost.com/2009/1..._n_330038.html

Ever read that little book that comes with a credit card? I think you need a banker, lawyer and a magnifying glass to read and understand it.

[Armanen]

Re: America's Financial Crisis

Well if the bankers are against this than I am for it. Those bastards are largely responsible for the current economic crisis.

[Muhaha]

Re: America's Financial Crisis

Great, more regulations, God forbid people actually read the things they're signing.


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Consumer Financial Protection Act Passed By House Committee

The proposed Consumer Financial Protection Agency took another step forward Thursday in the House, moving out of the Financial Services Committee -- albeit a bit weaker -- on its way toward the floor.

CFPA, which would be the first federal regulatory agency devoted solely to consumer financial protection, passed the committee 39 to 29. All but one of the assembled committee Republicans and two Democrats voted against the consumer protection bill, despite a series of compromises that included exemptions for favored industries and limits on tougher state regulation.

During the four days worth of amendments considered by the committee, Republicans consistently decried the proposed independent consumer watchdog, echoing bank lobbyists, as a threat to the overall "safety and soundness" of the financial services industry. Those complaints were undercut -- and the bill given a boost -- when top banks announced huge bonus payouts during the markup.

Republicans also argued, in debate and through a long list of proposed amendments, that existing banking regulators like the Federal Reserve were already capable of protecting consumers as well as the financial markets. Rep. Michael Castle (R-Del.) acknowledged that existing regulators failed to protect consumers, but, he added, "I think they're ready to do that now."

Democrats weren't convinced.

"What did the prudential regulators do to protect consumers? Nothing. Zero. Zilch. They didn't do a thing," Rep. Luis Gutierrez (D-Ill.) said, noting that the Fed has already had consumer protection powers since 1994 but that they went unused for 12 years. "I think enough has been said here in this committee about the markets. The markets. Always concerned about the markets. Well, you know what? Those markets caused trillions of dollars in losses to men and women who live on Main Street across this country."

Castle ultimately crossed the aisle to support the bill, while Democrats Travis Childers of Mississippi and Walt Minnick of Idaho opposed it.

A pillar of the Obama administration's proposed financial regulatory reforms, the CFPA is designed to protect Americans from abusive or deceptive loans, including credit cards and mortgages, that played a substantial role in the financial crisis.

Read more at: http://www.huffingtonpost.com/2009/1..._n_330038.html

[Illuminati]

independent.co.uk: "The demise of the U.S. Dollar"

http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html

But then again this...

http://globaleconomicanalysis.blogspot.com/2009/10/ridiculous-hype-over-secret-oil.html

Re: America's Financial Crisis

The relationship with Asia is a top priority for the Bilderberg-dominated Obama administration
proprietaire simulation rachat credit immobilier consommation - demander un rachat de crédit, faites une simulation rachat de credit en ligne.proprietaire simulation rachat credit immobilier consommation

[KanadaHye]

Re: America's Financial Crisis

Bad mortgages widen GMAC losses

Losses at finance group GMAC have risen by more than a half after bad debts increased at its mortgage business.

The company reported a loss of $3.9bn (£2.3bn) between April and June, up 56% on the $2.5bn loss it made a year ago.

The loss included a $1.2bn charge related to the firm's conversion from a partnership into a public company.

GMAC has received billions of dollars of government aid to combat mortgage losses and to provide funds for Americans to buy cars.

In December last year, the government stepped in with a $6bn bail-out.

In May this year, the US Treasury announced that it would provide a further $7.5bn in aid.

"The company lives and dies by its federal government support," said Sean Egan at Egan-Jones Ratings.

Excluding one-off charges, GMAC said its quarterly loss was $400m.

In the first quarter of this year, the company made a loss of $675m.

It had returned to profit in the fourth quarter of 2008 after more than a year of losses. However, those results were largely thanks to a one-off gain from a debt swap which reduced its interest payments.

GMAC was formerly the finance arm of carmaker General Motors. However, in 2006 it became an independent finance company after GM sold a 51% stake in the business.

In May of this year, GM further reduced its stake in the company.

http://news.bbc.co.uk/2/hi/business/8183796.stm

How do you "make a loss"?