It's Official - Exxon Hits Record Profits for Any Corporation Ever
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I also asked the question about who "authorized" the Fed to print more money for this bailout. The Fed is a privately owned and operated institution. For what I know, all the government can really do is "allow" or "disallow" the Fed to buy or trade so much stock in AIG by the SEC and trade comission. But that same situation applies to any major takeover bid - they are all subject to approval bythe FTC and SEC.
More cronyism I reckon.
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It's getting worse... little by little folks.
Federal bank insurance fund dwindling
"WASHINGTON - Banks are not the only ones struggling in the growing financial crisis. The fund established to insure their deposits is also feeling the pinch, and the taxpayer may be the lender of last resort.
The Federal Deposit Insurance Corp., whose insurance fund has slipped below the minimum target level set by Congress, could be forced to tap tax dollars through a Treasury Department loan if Washington Mutual Inc., the nation's largest thrift, or another struggling rival fails, economists and industry analysts said Tuesday."
Eleven federally insured banks and thrifts have failed this year, including Pasadena, Calif.-based IndyMac Bank, by far the largest shut down by regulators.
Additional failures of large banks or savings and loans companies seem likely, and that could overwhelm the FDIC's insurance fund, said Brian Bethune, U.S. economist at consulting firm Global Insight.
"We've got a ... retail bank run forming in this country," said Christopher Whalen, senior vice president and managing director of Institutional Risk Analytics.
Just IMAGINE how you would feel if you had worked all your life and had a nestegg of $50,000 accumulated in a savings account, and tomorrow you were told it's not there - it doesn't exist. the bank closed-up and your money is gone. NOW, you have to start filing papers for a claim against the FDIC, but you find out they too are broke and are waiting for a loan from the treasury so they can repay you some of what you lost. You don't know when it will be available... or how much of it you might get - if any. Now imagine you have 2 or 3 accounts at one or more banks and you lose ALL of them? Think it's not a possibility? Just ask someone who was with IndyMac.
We are heading into a period of termoil that many younger people have never seen the likes of. There will be vigilantes going into offices to put a hit on the boss that screwed them, hits on these filthy rich hedge-fund manipulators, investors who lost it all will be going bonkers, etc. It saddens me to the core, but I firmly believe it is going to get worse before it gets better.
And we are about 2 months away from the holiday season - when the pressures of spending cause the nations highest rates of depression and unhappiness. Bad recipe here folks... real bad.
Federal bank insurance fund dwindling
"WASHINGTON - Banks are not the only ones struggling in the growing financial crisis. The fund established to insure their deposits is also feeling the pinch, and the taxpayer may be the lender of last resort.
The Federal Deposit Insurance Corp., whose insurance fund has slipped below the minimum target level set by Congress, could be forced to tap tax dollars through a Treasury Department loan if Washington Mutual Inc., the nation's largest thrift, or another struggling rival fails, economists and industry analysts said Tuesday."
Eleven federally insured banks and thrifts have failed this year, including Pasadena, Calif.-based IndyMac Bank, by far the largest shut down by regulators.
Additional failures of large banks or savings and loans companies seem likely, and that could overwhelm the FDIC's insurance fund, said Brian Bethune, U.S. economist at consulting firm Global Insight.
"We've got a ... retail bank run forming in this country," said Christopher Whalen, senior vice president and managing director of Institutional Risk Analytics.
Just IMAGINE how you would feel if you had worked all your life and had a nestegg of $50,000 accumulated in a savings account, and tomorrow you were told it's not there - it doesn't exist. the bank closed-up and your money is gone. NOW, you have to start filing papers for a claim against the FDIC, but you find out they too are broke and are waiting for a loan from the treasury so they can repay you some of what you lost. You don't know when it will be available... or how much of it you might get - if any. Now imagine you have 2 or 3 accounts at one or more banks and you lose ALL of them? Think it's not a possibility? Just ask someone who was with IndyMac.
We are heading into a period of termoil that many younger people have never seen the likes of. There will be vigilantes going into offices to put a hit on the boss that screwed them, hits on these filthy rich hedge-fund manipulators, investors who lost it all will be going bonkers, etc. It saddens me to the core, but I firmly believe it is going to get worse before it gets better.
And we are about 2 months away from the holiday season - when the pressures of spending cause the nations highest rates of depression and unhappiness. Bad recipe here folks... real bad.
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Just IMAGINE how you would feel if you had worked all your life and had a nestegg of $50,000 accumulated in a savings account, and tomorrow you were told it's not there - it doesn't exist. the bank closed-up and your money is gone. NOW, you have to start filing papers for a claim against the FDIC, but you find out they too are broke and are waiting for a loan from the treasury so they can repay you some of what you lost. You don't know when it will be available... or how much of it you might get - if any. Now imagine you have 2 or 3 accounts at one or more banks and you lose ALL of them? Think it's not a possibility? Just ask someone who was with IndyMac.
http://www.reuters.com/article/rbssF...40249720080917
Quite frankly I wish the Government would stop bailing companies and people out.
Last edited by 5thgen69camaro; Sep 17, 2008 at 04:35 PM.
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Like the kid in the back of the classroom, just because he doesn't speak up doesn't mean he isn't learning.
Please don't stop. This 52-year old kid has learned more from your history of economics than the rest of his life combined.
I did not go to college. But I can sure see that some that did, have really messed up this country (and possibly the world).
And with your help, I am beginning to see why.
Thank you,
jms
Please don't stop. This 52-year old kid has learned more from your history of economics than the rest of his life combined.
I did not go to college. But I can sure see that some that did, have really messed up this country (and possibly the world).
And with your help, I am beginning to see why.
Thank you,
jms
Some stuff I already knew, but was loathe to divulge and considered it wasn't timely to bring up. ProudPony's facts are irrefutable.
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This is a rather interesting thread on Anthrax, Enron, and the market manipulation that resulted.
Just read the posts by "waleska". Start at post #39, and just keep reading down. He really goes into details with names and just about day-by-day explanation of what happens. He surely sounds like a convincing insider.
Some people connect this to be the same person as another poster "reinhardt", who actually posted in the fall 2007 about a collapse in March (Bear Stearns) and another one in September 2008. He even went on to talk about the 15th of September as being the date.
Take it for what it's worth, base your own conclusions. But there is a lot of very interesting information there, and it appears factual.
Just read the posts by "waleska". Start at post #39, and just keep reading down. He really goes into details with names and just about day-by-day explanation of what happens. He surely sounds like a convincing insider.
Some people connect this to be the same person as another poster "reinhardt", who actually posted in the fall 2007 about a collapse in March (Bear Stearns) and another one in September 2008. He even went on to talk about the 15th of September as being the date.
Take it for what it's worth, base your own conclusions. But there is a lot of very interesting information there, and it appears factual.
Last edited by 5thgen69camaro; Sep 18, 2008 at 12:09 PM.
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House passes anti-speculation bill
The bill provides more tools and manpower for federal regulators to stop oil speculation; Bush likely to veto.
...
The bill, passed by a vote of 283-133 and sent to the Senate, is aimed at certain hedge-fund and large institutional investors as well as electronic trading through overseas entities that avoid U.S. government scrutiny.
...
The White House said in advance of the House vote that President Bush is likely to veto the bill if it reaches his desk.
There "is no verifiable evidence to conclude that oil speculators were behind the rise in oil prices ... [or] were behind its recent decline," said the White House in a message to lawmakers.
http://money.cnn.com/2008/09/18/news...n.ap/index.htm
The bill provides more tools and manpower for federal regulators to stop oil speculation; Bush likely to veto.
...
The bill, passed by a vote of 283-133 and sent to the Senate, is aimed at certain hedge-fund and large institutional investors as well as electronic trading through overseas entities that avoid U.S. government scrutiny.
...
The White House said in advance of the House vote that President Bush is likely to veto the bill if it reaches his desk.
There "is no verifiable evidence to conclude that oil speculators were behind the rise in oil prices ... [or] were behind its recent decline," said the White House in a message to lawmakers.
http://money.cnn.com/2008/09/18/news...n.ap/index.htm
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This was also in that reference... I wouldnt want that to pass.
But Lawrence Eagles, global head of commodity research forJPMorgan Chase Co. (JPM, Fortune 500), said "fundamentally ... high energy prices are a result of supply and demand, not excessive speculation."
But Lawrence Eagles, global head of commodity research forJPMorgan Chase Co. (JPM, Fortune 500), said "fundamentally ... high energy prices are a result of supply and demand, not excessive speculation."
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This was also in that reference... I wouldnt want that to pass.
But Lawrence Eagles, global head of commodity research forJPMorgan Chase Co. (JPM, Fortune 500), said "fundamentally ... high energy prices are a result of supply and demand, not excessive speculation."
But Lawrence Eagles, global head of commodity research forJPMorgan Chase Co. (JPM, Fortune 500), said "fundamentally ... high energy prices are a result of supply and demand, not excessive speculation."
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Well I havent read this whole thread. I was just pointing out that in your link alone there is contradictory evidence to what you think is so obvious. I call BS
Last edited by 5thgen69camaro; Sep 21, 2008 at 10:56 AM.
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From the following post in another thread... https://www.camaroz28.com/forums/sho...8&postcount=10
Here was my response regarding oil, our dollar, a windfall tax and how I would do it if I were wrongfully sentenced to a term in the white house...
"Here's my parting salvo....
* Get our @ss out of the middle east pronto. We should never have gone in there like we did to start with.
* Implement the windfall tax on energy companies with a conditional clause... If they reinvest 25% of their NET PROFITS into development of alternative fuel sources, improved refining methods, infrastructure for electrics and/or bio fuels, etc then they are exempt from the windfall tax. In other words, if you won't invest in our nations future on your own, "we'll help you do it". That still leaves them a sickening 75% of $40-Billion/year to wallow in and I think that's PLENTY. If/when their profits come back to parity with other large industries, the windfall tax becomes unapplicable and lies dormant. No profits, no taxes - fair?
* If they resist or start jumping through loopholes to get around doing what is fair and right, slide the noose shut on them and regulate ALL fuel pricing in the USA - just like electricity. I personally would like to see that happen anyways, but I'll give the greedy bastards a chance to show me that they can do what is right if given a chance (why we should need to explain it to them in the first place demonstrates their mentality though... so I digress).
* STOP allowing our manufacturing to flee the country like rats from a sinking ship. Manufacturing is the conversion of raw materials and resources into something of elevated value and use, i.e. "wealth". If you are not "making something", you are not "creating wealth". All services are simply a relocation or minor adjustment to the wealth created by someone else. As a service provider, you will NEVER see the same level of wealth created by producer. Example... a new TV costs me $600... it goes "pop" one day and doesn't work... a repairman says it will be $100 for the service call and $400 to fix it... do I repair or replace... economics standard says if the repair cost is more than 40% of a depreciated value - you replace. So what does the repair man get out of it compared to the TV manufacturer? They sell 2 sets, the repair man wasted his time and effort quoting the repair."
I don't have the solution to everything, but I can offer some suggestions instead of passivity, complacency, and the desire to just accept what I get.
Here was my response regarding oil, our dollar, a windfall tax and how I would do it if I were wrongfully sentenced to a term in the white house...
"Here's my parting salvo....
* Get our @ss out of the middle east pronto. We should never have gone in there like we did to start with.
* Implement the windfall tax on energy companies with a conditional clause... If they reinvest 25% of their NET PROFITS into development of alternative fuel sources, improved refining methods, infrastructure for electrics and/or bio fuels, etc then they are exempt from the windfall tax. In other words, if you won't invest in our nations future on your own, "we'll help you do it". That still leaves them a sickening 75% of $40-Billion/year to wallow in and I think that's PLENTY. If/when their profits come back to parity with other large industries, the windfall tax becomes unapplicable and lies dormant. No profits, no taxes - fair?
* If they resist or start jumping through loopholes to get around doing what is fair and right, slide the noose shut on them and regulate ALL fuel pricing in the USA - just like electricity. I personally would like to see that happen anyways, but I'll give the greedy bastards a chance to show me that they can do what is right if given a chance (why we should need to explain it to them in the first place demonstrates their mentality though... so I digress).
* STOP allowing our manufacturing to flee the country like rats from a sinking ship. Manufacturing is the conversion of raw materials and resources into something of elevated value and use, i.e. "wealth". If you are not "making something", you are not "creating wealth". All services are simply a relocation or minor adjustment to the wealth created by someone else. As a service provider, you will NEVER see the same level of wealth created by producer. Example... a new TV costs me $600... it goes "pop" one day and doesn't work... a repairman says it will be $100 for the service call and $400 to fix it... do I repair or replace... economics standard says if the repair cost is more than 40% of a depreciated value - you replace. So what does the repair man get out of it compared to the TV manufacturer? They sell 2 sets, the repair man wasted his time and effort quoting the repair."
I don't have the solution to everything, but I can offer some suggestions instead of passivity, complacency, and the desire to just accept what I get.
* STOP subsidizing farmers to NOT grow grains. Flood the market with the crap and drive prices down. Feed people and fuel people... dammit. If anything, subsidize them TO plant grains so they can maybe make a decent living while making a sellable good. (This item is not aimed at farmers, but government. I know farmers are struggling to make a profit as it is, but that (IMO) is due to governmental policy and the growth of huge ag-companies that rum farms like a production line and have shifted the profit from the man growing the product to the company packing it and retailing it - which I think is unfair. I would advocate pushing the profits back to the grower to a point of equality with the distributor.)
* START leveraging our ability to produce grain and food for the world like the world is leveraging our dependence on their oil. Hey Russia/China... You want grain? We want cheap oil, steel, and concrete. Let's talk.
Last edited by 5thgen69camaro; Sep 21, 2008 at 11:15 AM.
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This was also in that reference... I wouldnt want that to pass.
But Lawrence Eagles, global head of commodity research forJPMorgan Chase Co. (JPM, Fortune 500), said "fundamentally ... high energy prices are a result of supply and demand, not excessive speculation."
But Lawrence Eagles, global head of commodity research forJPMorgan Chase Co. (JPM, Fortune 500), said "fundamentally ... high energy prices are a result of supply and demand, not excessive speculation."
The bankers, investors, and oil companies are all saying "It's supply and demand."
EVERYONE ELSE is saying - "Don't think so."
FYI...
look at this link - EXXON-MOBIL
You will find JP Morgan chase is the 8th largest holder of shares in their company...
JP MORGAN CHASE & COMPANY 72,786,433 shares, 1.40%, worth $6,414,668,340
Yup, dayum, if I was holding $6.5Billion in their stock, and getting dividends and kickbacks for record-setting profits every quarter, I'd probably want you to think prices were high for a valid reason too.
Morgan-Chase saying that it's free-market principles that are affecting prices is like the fox saying the chickens just don't taste good (with feathers stuck to his face as he exits the henhouse no less). Maybe we should actually pay the fox to eat these poor-tasting birds? Poor fox... having to gut them down like that.
I appreciate the comment on their position, seriously - I do. But I've read their stuff for the last 3 years now and the song and music never change, despite the fact that the US has cut way back on overall consumption. With the recent findings brought before congress - of which even the current administration admits and is seeking action to prevent such short-term investing - I simply don't believe them anymore - not like I do the 3rd party investigators paid to find the truth and justify their findings before a congressional panel.
