America's Financial Crisis

[KanadaHye]

Re: America's Financial Crisis

As much as I try to explain people how these wars, economic crisis, etc. are about oil supply and interests of the wealthy, they keep clinching onto the B.S. the governments feed them about "freeing the citizens", "democracy" and "human rights".

[meline]

Re: America's Financial Crisis

As much as I try to explain people how these wars, economic crisis, etc. are about oil supply and interests of the wealthy, they keep clinching onto the B.S. the governments feed them about "freeing the citizens", "democracy" and "human rights".

You can't convince people who want to be fooled

[KanadaHye]

US 'exposure to crisis $23.7tn'

US 'exposure to crisis $23.7tn'

The total exposure of the US government to the financial crisis could hit $23.7 trillion (£14.3tn), according to a watchdog report.


President Obama has stressed the importance of government spending


Neil Barofsky, overseeing the Troubled Asset Relief Program (Tarp), made the estimate in prepared remarks to a House of Representatives committee.

The worst-case estimate represents the maximum exposure if all parties offered support requested maximum assistance.

The figure includes all government and Federal Reserve initiatives.

'Repeated failure'

"From programmes involving large capital infusions into hundreds of financial institutions, to a mortgage modification programme, to public-private partnerships using tens of billions of taxpayer dollars to purchase 'toxic' assets from banks, Tarp has evolved into a programme of unprecedented scope, scale and complexity," said Mr Barofsky, special inspector general of Tarp.

However, he said the programme was only part of the wider effort to rescue the US economy.

"As massive and important as Tarp is on its own, it is just one part of a much broader federal government effort to stabilise and support the financial system.

"The total potential federal government support could reach $23.7tn," he added.

Mr Barofsky said any judgement on the effectiveness of Tarp should be made in the context of the government's overall efforts to revive the economy.

He also criticised the government for "repeatedly" failing to adopt recommendations from his office regarding transparency.

http://news.bbc.co.uk/2/hi/business/8160282.stm

[KanadaHye]

Re: America's Financial Crisis

Here is some mind boggling math:

Assuming 300 MILLION (300 000 000) people in the United States, with the government being 27.7 TRILLION (27,700 000 000 000) in debt. That comes down to $92 233 of debt PER PERSON (man, woman and child). That's on top of the personal debt that each citizen may have. Crazy eh?

[bradcapo2]

Re: America's Financial Crisis

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[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"?

[tenpong]

Re: America's Financial Crisis

The relationship with Asia is a top priority for the Bilderberg-dominated Obama administration
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[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

[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

[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.