Two Giants Emerge From Wall Street Ruins
Jessica Ebelhar/The New York Times, 7/16/09
JPMorgan Chase posted a $2.7 billion quarterly profit on Thursday, showing its turnaround.
A new order is emerging on Wall Street after the worst crisis since the Great Depression — one in which just a couple of victors are starting to tower over the handful of financial titans that used to dominate the industry.
On Thursday, JPMorgan Chase became the latest big bank to announce stellar second-quarter earnings. Its $2.7 billion profit, after record gains for Goldman Sachs, underscores how the government’s effort to halt a collapse has also set the stage for a narrowing concentration of financial power.
“One theme here is that Goldman Sachs and JPMorgan really have emerged as the winners, as the last of the survivors,” said Robert Reich, a professor at the University of California, Berkeley, who was secretary of labor in the Clinton administration.
Both banks now stand astride post-bailout Wall Street, having benefitted from billions of dollars in taxpayer support and cheap government financing to climb over banks that continue to struggle. They are capitalizing on the turmoil in financial markets and their rivals’ weakness to pull in billions in trading profits....
Mr. Dimon [JPMorgan] is also gearing up for a series of battles in Washington. One is over tighter regulations for derivatives, a business where the bank generates lucrative fees as one of the industry’s largest players....
http://www.nytimes.com/2009/07/17/business/global/17bank.html?_r=1&th&emc=th
Comment: It seems the “crisis” was contrived to wipe out competition. Goldman Sachs has very, very close ties with Obama’s administration. Thanks to the (not our, for they do not respond to the voters, but to money and power) elected representatives multiplied billions of dollars have been downloaded to these big banks. They got the money for free, yet charge high interest rates. What is wrong with this picture?
However, the profits they are reporting are not just from “interest rates on nothing,” but “trading profits in derivatives,” which brought about the problem in the first place. Though the average man cannot understand these financial “products,” we must guarantee and pay for their failures.
Friday, July 17, 2009
Thursday, June 25, 2009
Thought for the Day: Who owes Whom an Apology
Senate Backs Apology for Slavery
Resolution Specifies That It Cannot Be Used in Reparations Cases
By Krissah Thompson, Washington Post Staff Writer, June 19, 2009
The Senate unanimously passed a resolution yesterday apologizing for slavery, making way for a joint congressional resolution and the latest attempt by the federal government to take responsibility for 2 1/2 centuries of slavery. ...
Comment: The South never owned a slave ship, never bought Africans in Africa to make slaves of them, never profited from the sale of free men into slavery. The Sough bough men who had already been made slaves by the big money from the North. The Emancipation Proclamation did not free the salves in the North, but it destroyed the economy of the South. Why has no one pointed out that Gen. Sherman himself was a slave owner? Did he free his slaves with the Proclamation. (“Truths of History,” Old South Institute Press, Harrisonburg VA.)
If any “reparation” is owed, it is owed by the ones in the North who made money from purchasing free men in Africa and selling them as slaves to the South. The winner always writes the history, which is seldom the truth.
Resolution Specifies That It Cannot Be Used in Reparations Cases
By Krissah Thompson, Washington Post Staff Writer, June 19, 2009
The Senate unanimously passed a resolution yesterday apologizing for slavery, making way for a joint congressional resolution and the latest attempt by the federal government to take responsibility for 2 1/2 centuries of slavery. ...
Comment: The South never owned a slave ship, never bought Africans in Africa to make slaves of them, never profited from the sale of free men into slavery. The Sough bough men who had already been made slaves by the big money from the North. The Emancipation Proclamation did not free the salves in the North, but it destroyed the economy of the South. Why has no one pointed out that Gen. Sherman himself was a slave owner? Did he free his slaves with the Proclamation. (“Truths of History,” Old South Institute Press, Harrisonburg VA.)
If any “reparation” is owed, it is owed by the ones in the North who made money from purchasing free men in Africa and selling them as slaves to the South. The winner always writes the history, which is seldom the truth.
Saturday, April 18, 2009
Thought for the Day: Unintelligent "Intelligence"
"Chinese spies may have put chips in US planes"
Drudge Report, April 18, 2009. http://timesofindia.indiatimes.com/World/Chinese-spies-put-chips-in-US-planes/articleshow/4412075.cms
“WASHINGTON: The Chinese cyber spies have penetrated so deep into the US system — ranging from its secure defence network, banking system, electricity grid to putting spy chips into its defence planes — that it can cause serious damage to the US any time, a top US official on counter-intelligence has said. ...”
Comment: How could the US “Intelligence” community be so “unintelligent.” It should be obvious to the most stupid that by letting the sworn enemy of American, China, make our high tech chips and computer equipment, security would be non-existent. I think we can safely speculate that all Chinese made high tech products have been compromised to China’s liking.
Thus, the Chinese know more about how the US works than our own “Intelligence” community does.
The DHS considers veterans and those who desire to uphold the Constitution greater threats to “security” than the Chinese, whose sworn objective has been to overthrow the US, and those who are in the country illegally.
I cannot say enough about the stupidity in the Federal Government of our day, and the people who voted to put the traitors in office.
Proverbs 8:36 But he that sinneth against me wrongeth his own soul: all they that hate me love death.
And death has been voted for by the "majority."
Wednesday, April 15, 2009
Thought for the Day: The Real Enemy
Obama Administration Targets Conservatives and War Vets
The Obama Administration's new Secretary of Homeland Security recently ordered immigration agents to stop their workplace searches for illegal aliens while at the same time denigrating US war veterans and conservative or right-wing groups. In a warning sent out nationally to local police and law enforcement executives, the Department of Homeland Security is cautioning local police agencies about the alleged rise in “right-wing extremist activity.”........
http://www.newswithviews.com/NWV-News/news140.htm
Illegals are not considered a danger, while patriotic Americans are on the "watch" list. How much more wickedness and evil will Americans tolerate?
Note, however, that the problem is not a political problem, and removing Obama and the rest of the wicked crowd will not solve the problem. The problem is a sin problem among God's people. Until there is a return to Godly self-control (obedience to the law-word of God) among his people, the Lord will see that oppressive rulers continue in power.
Wednesday, April 1, 2009
Thought for the Day: Financial Again
The whole "bailout" is a gigantic fraud against not only the American people, but also the world as we borrow money that can never be repaid.
Though the elected representatives say that the American people want to bail out the money lenders, they ignore reality. The Government is borrowing money to "lend" to the banks so they can make interest producing loans to the public. The best "regulation" that will stop this wickedness is let the banks fail, as well as Wall Street -- that is, those who bet on the economy and lost.
The FED is the worse fraud of all. That private bank creates trillions from thin air, and purchase interest bearing government securities that the "taxpayer" will be expected to repay. Moreover, the FED will end up owning real property for the Monopoly money it created. (In other words, the FED could create fiat money and buy up the world's supply of gold and silver with nothing more than a bookkeeping entry. How wrong can that be?)
When will the American people kick out the thieves? But as long as each area gets its share of the "free" money, they will keep the thieves in office.
Nothing short of a revival that brings about a changed world-view will change society. However, the vast majority of Christians do not think such a thing can happen, so they not only let society go to the devil, but help it do so. It means to them that the rapture will soon be here, and they will have no worries.
By Mark Pittman and Bob Ivry
March 31 (Bloomberg) -- The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.
New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008. ...
http://www.bloomberg.com/apps/news?pid=20601087&sid=armOzfkwtCA4&refer=worldwide
When will enough be enough?
Though the elected representatives say that the American people want to bail out the money lenders, they ignore reality. The Government is borrowing money to "lend" to the banks so they can make interest producing loans to the public. The best "regulation" that will stop this wickedness is let the banks fail, as well as Wall Street -- that is, those who bet on the economy and lost.
The FED is the worse fraud of all. That private bank creates trillions from thin air, and purchase interest bearing government securities that the "taxpayer" will be expected to repay. Moreover, the FED will end up owning real property for the Monopoly money it created. (In other words, the FED could create fiat money and buy up the world's supply of gold and silver with nothing more than a bookkeeping entry. How wrong can that be?)
When will the American people kick out the thieves? But as long as each area gets its share of the "free" money, they will keep the thieves in office.
Nothing short of a revival that brings about a changed world-view will change society. However, the vast majority of Christians do not think such a thing can happen, so they not only let society go to the devil, but help it do so. It means to them that the rapture will soon be here, and they will have no worries.
Financial Rescue Nears GDP as Pledges Top $12.8 Trillion (Update1)
By Mark Pittman and Bob Ivry
March 31 (Bloomberg) -- The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.
New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008. ...
http://www.bloomberg.com/apps/news?pid=20601087&sid=armOzfkwtCA4&refer=worldwide
When will enough be enough?
Thursday, March 19, 2009
Thought for the Day: Financial Turmoil
Financial mess, what can I say publicly and as a Christian?
I was listening to NPR the 18th, All Things Considered. They were talking of the AIG mess. It was the best explanation of what is going on that I have heard. It seems that the “credit default swaps” were nothing short of gambling. The investments banks bet that the housing bubble would bust, and the values would go down. AIG bet that the housing bubble would continue, and the values would go up. AIG lost the bet, and now they must pay off the money they lost on the bet.
It sure appears to me that the situation would by like me going to Las Vegas and losing my bet. Then I appeal to my State Senators to make good my bet that I lost: I am sure Sen. Byrd or Sen. Rockefeller would introduce a bill to get you, the tax payer, to pay off my lost bet.
Conclusions in this mess:
1) How much did the investment banks have on the table when they placed their bets? Regardless, if they bet 10 to 1, they are getting 100% of their winnings.
2) The private corporation, the Federal Reserve, made a book keeping entry of One Trillion dollars. They created it out of thin air. However, the FED has noting invested in that money. It is Fiat, or out of nothing. Yet they created that money and will buy Government securities. That means, they purchased “real property” with money they created out of nothing. What a wonderful scam the taxpayers are financing.
The tax payer loses the value of his home, his children will then be taxed (4 generations just to pay the interest to the FED for money they created out of nothing) to pay for the “bailout” of those who bet on the value of the homes.
When will American’s wake up, and vote the thieves out of office?
Admittedly, we have two of the most “generous” (with taxpayer money) in Congress: Rockefeller and Byrd, who both voted to put our grandchildren to the 4 generation into debt.
Notice also: There is no way the funds can ever be payed back. Official bankruptcy or totally devaluing of the dollar is the only way out of this hole Congress has dug.
I was listening to NPR the 18th, All Things Considered. They were talking of the AIG mess. It was the best explanation of what is going on that I have heard. It seems that the “credit default swaps” were nothing short of gambling. The investments banks bet that the housing bubble would bust, and the values would go down. AIG bet that the housing bubble would continue, and the values would go up. AIG lost the bet, and now they must pay off the money they lost on the bet.
It sure appears to me that the situation would by like me going to Las Vegas and losing my bet. Then I appeal to my State Senators to make good my bet that I lost: I am sure Sen. Byrd or Sen. Rockefeller would introduce a bill to get you, the tax payer, to pay off my lost bet.
Conclusions in this mess:
1) How much did the investment banks have on the table when they placed their bets? Regardless, if they bet 10 to 1, they are getting 100% of their winnings.
2) The private corporation, the Federal Reserve, made a book keeping entry of One Trillion dollars. They created it out of thin air. However, the FED has noting invested in that money. It is Fiat, or out of nothing. Yet they created that money and will buy Government securities. That means, they purchased “real property” with money they created out of nothing. What a wonderful scam the taxpayers are financing.
The tax payer loses the value of his home, his children will then be taxed (4 generations just to pay the interest to the FED for money they created out of nothing) to pay for the “bailout” of those who bet on the value of the homes.
When will American’s wake up, and vote the thieves out of office?
Admittedly, we have two of the most “generous” (with taxpayer money) in Congress: Rockefeller and Byrd, who both voted to put our grandchildren to the 4 generation into debt.
Notice also: There is no way the funds can ever be payed back. Official bankruptcy or totally devaluing of the dollar is the only way out of this hole Congress has dug.
Friday, March 6, 2009
Thought of the Day: Who is at fault
We have mentioned the responsibility of men. However, there is a far heaver responsibility on God’s men. We see from our current situation, that they have refused to fulfill their responsibility. Our current crisis can be laid directly at the feet of those who claim to be God’s servants.
Isaiah 56:9 All ye beasts of the field, come to devour, yea, all ye beasts in the forest. 10 His watchmen are blind: they are all ignorant, they are all dumb dogs, they cannot bark; sleeping, lying down, loving to slumber. 11 Yea, they are greedy dogs which can never have enough, and they are shepherds that cannot understand: they all look to their own way, every one for his gain, from his quarter.
Ezekiel 3:11ff, 33:9ff. These passages are probably well known. They are calls to the leaders of God’s people; the calls are with a warning that if they do not warn the people, then they will be held accountable.
However, Isaiah 59 tells us that those who should be warning are asleep on the job. Primarily, their greed keeps them quit, for the only thing they are concerned about is protecting their income. Greed has caused them to keep quiet as the wicked, v.9, move against the godly.
Sadly, it seems that I can only see the doom and gloom of what is coming about. The financial crises made worse by the private banking system, known as the FED. Then we see the drastic moves against guns (try to purchase guns and/or ammo now). Moreover, we see the move against “talk radio.” Do not get me wrong – a conservative political view and a triumph of conservatism will not solve the problem with Western civilization. Only a return to the God of Holy Scripture will restore the strength of the West. But I would much rather live under conservatives than liberals.
There is an interesting article on WND, “Report: U.S. textbooks 'whitewash' Islam
'Publishers are afraid of activists; they don't want trouble'” ... “American students are not getting a realistic picture of radical Islam, and textbook publishers are even promoting the religion in U.S. public schools, experts say....”
The number one enemy of Biblical Christian faith is the government school system. Christians need to repent of their sin of sacrificing their children to Molech, i.e., the State, and get them out of that wicked environment — the real environment pollution.
Isaiah 56:9 All ye beasts of the field, come to devour, yea, all ye beasts in the forest. 10 His watchmen are blind: they are all ignorant, they are all dumb dogs, they cannot bark; sleeping, lying down, loving to slumber. 11 Yea, they are greedy dogs which can never have enough, and they are shepherds that cannot understand: they all look to their own way, every one for his gain, from his quarter.
Ezekiel 3:11ff, 33:9ff. These passages are probably well known. They are calls to the leaders of God’s people; the calls are with a warning that if they do not warn the people, then they will be held accountable.
However, Isaiah 59 tells us that those who should be warning are asleep on the job. Primarily, their greed keeps them quit, for the only thing they are concerned about is protecting their income. Greed has caused them to keep quiet as the wicked, v.9, move against the godly.
Sadly, it seems that I can only see the doom and gloom of what is coming about. The financial crises made worse by the private banking system, known as the FED. Then we see the drastic moves against guns (try to purchase guns and/or ammo now). Moreover, we see the move against “talk radio.” Do not get me wrong – a conservative political view and a triumph of conservatism will not solve the problem with Western civilization. Only a return to the God of Holy Scripture will restore the strength of the West. But I would much rather live under conservatives than liberals.
There is an interesting article on WND, “Report: U.S. textbooks 'whitewash' Islam
'Publishers are afraid of activists; they don't want trouble'” ... “American students are not getting a realistic picture of radical Islam, and textbook publishers are even promoting the religion in U.S. public schools, experts say....”
The number one enemy of Biblical Christian faith is the government school system. Christians need to repent of their sin of sacrificing their children to Molech, i.e., the State, and get them out of that wicked environment — the real environment pollution.
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