Posts Tagged ‘Goldman Sachs’

“More Georgia Banks Succumb”

Two more Georgia banks failed on Friday!

With the failure of the 72nd and 73rd banks since the banking crisis began Georgia’s banking system remains extremely vulnerable.

Florida lost another bank, the 12th this year and number 52 since the crisis began. Florida remains 2nd to Georgia in bank foreclosures.

A total of 406 U.S. banks have been taken over by the FDIC, and the four lost last week cost the DIF nearly $360 million.

But, the problem brewing in Europe may far exceed our crisis here in the United States.

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Posted in Economy, FDIC Foreclosures | No Comments »

“An UnTea Party Revolution”

New article has been posted on The Huffington Post. Read it on HuffPost by clicking on the link.

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Stop the revolution, I want to get off!

Revolution is nigh and this time it’s not the product of the misguided anger of the Tea Party!

This one is ‘real.’ Not manufactured. A protest the right loves to hate.

Armed with legitimate complaints, too many to count, people — ignored by an uncaring Congress — have taken their concerns to the street.

It started with the occupation of Wall Street, spread to more than 100 cities throughout the United States, then to cities all over the world.

Is this a populist movement?

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Posted in HuffPost Articles, Occupy, Opinion, Politics, Tea Party | No Comments »

Quick Hit: “Move Your Money”

Are small banks and credit unions safer than big banks?

Big banks and Wall Street caused the financial meltdown, were bailed out by the taxpayers, and are operating under the same destructive model that caused our financial problems. By remaining with any one of the top 20 banks you are helping create another financial crash that will be even worse for the global economy.

Occupy Wall Street has brought the collusion of  big banks and Wall Street into focus as the main cause of our declining economy. It has served, in growing numbers, to expose their collusion and calls for Congressional action.

But, the next move can be yours!

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Posted in Banking, Quick Hits, Rebalancing America, Too Big to Bail | No Comments »

“Stimulating a Dead Economy”

My newest article is now available on The Huffington Post. Click on the HuffPo linke to read it there.

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The U.S. economy is surviving only because of over-stimulation.

We’re living on fumes in this country, and the pursuit of happiness has come to an end for millions of families!

Main Street is still suffering. But, the Market is on Viagra, shored up by QE2, the Fed program to buy hundreds of billions of dollars in U.S. Treasury Bonds. As QE2 winds down, and the economy falters, the discussion turns to the possibility of QE3.

A tremendous number of band aids have been administered to keep the U.S. economy from hemorrhaging; to prevent not only a domestic collapse, but a global one.

Each attempt to divert a financial disaster has had varying levels of success; many failing to achieve their intended goals.

Why have we needed so much stimulus?

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Posted in Economy, HuffPost Articles, Predictions, Wall Street | No Comments »

“The Banksters: An Oscar Winning Performance”

Oscar Winning “Inside Job” exposed the criminals of the banking crisis!

As a result of the hard-hitting documentary, the criminals have been rounded up, tried, convicted, and incarcerated in maximum level confinement.

Their families are outraged, claiming they are being treated like caged animals; treated like Bradley Manning—isolated and stripped of their rights and visitation privileges. They are calling for fair and humane treatment, including access to their overpaid attorneys.

What?

There are no banksters in prison?

No one has been convicted?

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Posted in Banking, Economy, Finance, Politics, Too Big to Bail | 1 Comment »

“August is Hard on Banks in Three States!”

California, Illinois, and Florida lose 9 banks in the first 3 weeks of August.

In the first three weeks of August only 10 banks have been seized by the FDIC. Eight of them on Friday; four of them in Northern California. To date in 2010 the FDIC has closed 118 banks; 39 more than this time last year.

The month has been extremely damaging for three of the four states with the most foreclosures during the crisis. Four more banks were added to California’s total bringing their foreclosures to 31 since the banking crisis began in 2008. Though Illinois lost three banks this month Florida lost two at the end of July and two this week, passing Illinois by one with 38 lost in the crisis. Georgia still leads with 41. The four states have lost 147 total banks. That is 54% of all the lost banks during the two and a half year’s of the crisis.

It has been a fair month for the Federal Deposit Insurance Fund, with the exception of the three banks from Illinois. The overall cost to the fund in August is still less than a billion dollars. But the Illinois banks will cost an estimated $780 million of the total.

Losses in August have definitely slowed compared to the 22 banks closed in July, but there is one week left in August.

The loss of 15 to 20 banks a month is still unacceptable and means between 180 and 240 banks will be seized in 2010, many more than in 2009.

These losses will continue to erode the Fund and our financial well-being.

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Posted in FDIC Foreclosures | No Comments »

“Recapturing Hope to Save a Dying Nation!”

A Bipartisan effort is necessary to fix what’s wrong with America.

An earlier article, “The Evaporation of Hope!” discussed diminishing hope, disintegrating dreams, the need for change, and how we must rebalance this lost and dying nation. If we don’t, the consequences could be devastating.

This article will more clearly identify our biggest problems and begin to discuss the solutions necessary for the survival of this country.

Though campaign financing is at the heart of our path to destruction there is a lot we can do immediately to persuade our elected representatives to make the right choices. We can no longer sit idly by and allow them to continue to make their sordid mistakes. Too much is at stake to ignore the obvious problems. Collectively we must get active and apply pressure to make them do the right thing for ‘the people,’ instead of for the Special Interests.

Some think the Tea Party is that movement and that they’re doing the work necessary to correct the ills of this country. But the Tea Party is not the answer and if we’re duped into thinking they have the answers then we are in worse shape than anyone could imagine.

If the Tea Party is not the answer then what is, and how do we initiate it?

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Posted in Economy, Politics, Rebalancing America | No Comments »

“Senate Votes for Big Banks and Against the People!”

The People vs. Big Banks! Who won the vote in the Senate last week?

Last Thursday night the Senate voted on an important amendment for ‘the people’ of this country—protecting the American people from predatory banks. The amendment (Brown (OH) amdt. No. 3733) to Restoring American Financial Stability Act of 2010, would impose leverage and liability limits on bank holding companies and financial companies. Essentially a controlled method of separating the banks and protecting depositors and investors—‘the people.’

There are many reasons to break up the Big Banks and those are discussed in greater detail in “Break ’em Up!” But mostly it’s because of what the banks continue to do to middle-class Americans with impunity.

Surely the Senate voted in favor of their constituents?

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Posted in Banking, Politics, Too Big to Bail | 2 Comments »

“Break ‘em Up!”

There are many reasons why we need to break up the behemoths of finance!

The taxpayers saved their affluent asses. The Big Banks, along with their highly compensated executives, were headed over the cliff with nothing to stop their fall, and we bailed them out!

Break ’em Up!

Congress, in a panic, saw fit to give taxpayer dollars to the self-destructive creators of the financial crisis to prevent a catastrophic meltdown of the U.S. economy, without even asking us.

We’re told over and over that TARP was successful, that Congress’ decisive actions saved the economy and that we should be eternally grateful. We’re reminded that the Big Banks are again stable. They’re back to making billions of dollars—and the economy is improving.

For whom?

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Posted in Banking, Economy, Too Big to Bail | No Comments »

“Doing Fraud’s Work: A Goldman Tradition”

A few months ago Goldman’s virtuous CEO, Lloyd Blankfein, was quoted in an interview with John Arlidge of The Sunday Times of London, saying that He was ‘doing God’s work.’

In the article, “I’m Doing God’s Work.’ Meet Mr. Goldman Sachs,” Blankfein went on to state that Goldman was part of a virtuous cycle allowing that “they have a social purpose.”

But many contend that they are socially challenged.

Goldman executives were on Capitol Hill yesterday to testify about their involvement in failed Abacus; the securitized investment that crumbled when the housing market crashed, shortly after being put together, leaving investors with millions of dollars in losses. Goldman failed to tell investors that the person who put the package together was taking a short position in the investment. John Paulson was betting on its failure even before it was completed.

The recent charges brought by the Securities and Exchange Commission charging Goldman with failure to disclose important details to investors in the Abacus deal could be only the first of many charges that the UnVirtuous Goldman will have to face.

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Posted in Banking, Economy, Too Big to Bail | No Comments »