Tag Archives: people hate banks

Get ‘em When They’re Young! | OnlineDegrees.org

Guess what?

You can become a debt slave on autopilot as part of your college education. Institutions of higher learning have partnered with banks to dole out Pell grant and student loans through debit cards that double as student identification cards.

Now you can get a degree that you can’t pay off and be nickle and dimed to death doing it.

It up to us to stop this.

Click on image at left to enlarge.

How Bank Of America Destroyed Football | ZeroHedge

…the referee at the center of the most controversial call of the season so far is in fact a vice president for small-business banking at Bank of America in California.

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Is There a Question?

Public Pensions Are Not The Whole Problem | ZeroHedge

While it’s the latest new thing to vilify public employees and their pensions, this little known and understood threat is doing just as much damage:

In 2002 a little-known but powerful state agency in California and Wall Street titans Morgan Stanley, Citigroup, and Ambac consummated one of the biggest deals to date involving … an “interest rate swap.” A year later the executive director of the Bay Area’s Metropolitan Transportation Commission, Steve Heminger, proudly described these historic deals to a visiting contingent of Atlanta policymakers as a model to be emulated.

Because of the economic collapse, and the decline of interest rates in 2008 to virtually zero, the MTA has been forced to pay the amazing sum of $658 million in net swap payments so far.

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Lowering interest rates to zero isn’t Fed policy, it’s Wall Street policy – Ed.

Broken Fences | Bruce Krasting / Zero Hedge

When I (and others) book a job three months in advance, the contractor can hire more workers knowing when checks will be coming in. My visibility creates the contractors visibility. The predictability of revenue creates the opportunity for economic expansion and job creation.

The Federal Reserve is operating monetary policy using a simple formula:

Lower interest rates across all maturities ALWAYS increases economic growth.

My personal example proves this formula to be flawed. I think the formula is more complicated:

Lowering interest rates across all maturities has both positive and negative consequences. As interest rates approach zero, (with the prospect that they will remain so for years to come) the negative consequences outweigh any benefits.

The idea that lower interest rates are hurting savers is an old one. The question is, “How significant are the negative consequences of low interest rates?” The multi-decade efforts in Japan to reflate an economy with low interest rates is a shining example of policy that has not worked.

Read this article, you will have, in nutshell, exactly our economic situation. Read at least some of the comments. If you filter out the hyperbole of a few, the comments form a kind of crystal ball, with some sobering predictions.

JPMorgan has $2 billion trading loss, reputation hit | Reuters

JPMorgan Chase & Co said on Thursday that it suffered a $2 billion trading loss from a failed hedging strategy, a disclosure that hit financial stocks and the reputation of the bank and its prominent CEO, Jamie Dimon.

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A Majority of Americans (Including Both OWS and the Tea Party) AGREE on the Most Important Issues … We Just Don’t Realize It | ZeroHedge

I have repeatedly demonstrated that – despite the false divide-and-conquer tactics of the mainstream parties and mainstream media – the overwhelming majority of Americans agree on the most important issues facing our country.

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