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Alt 28.07.2008, 18:16   #421
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....hmmmm also wirklich ganz richtig versteh ich das nicht mehr

SIVs In Australia Eradicated

July 28, 2008

Elaine Meinel Supkis


The Australians decided, without warning, to zero out their SIV losses totally. This daring move had to be done just like throwing excess weight overboard when a plane is in trouble. Lending via the normal channels is falling to zero, also. But in my next article today, we will discuss the resumption of the Japanese carry trade, a subject of greatest fury here. The US people are seeing public services die rapidly now. Even as we spend record amounts trying to control the entire planet. Which is, incidentally, undergoing a huge rash of bombings by 'terrorists'. Hedge fund hell hounds are howling because of the SEC's restrictions on short sales and of course, their attempt at capitalization via bidding up oil futures is now failing, too. Citigroup's other chairman leaves with over $40 million in severance pay. Tax the rich!


US Markets to Get 'NABBED' - Straight to Hell
NAB, National Australia Bank, was just forced to write down over ninety percent of its exposure to US mortgages via so-called SIV’s or conduits last Friday, to the order of $830 million dollars. This was by no means a matter of choice for NAB. The bank had just issued and sold $850 million worth of new debt paper. Buyers of that debt are now screaming bloody murder. They are asking why this information, which surely must have been known to the bank at the time of the debt sale, was not disclosed to the market beforehand. They are now demanding their money back or some other way to back out of the deal.

Yet, what happened to this single Australian bank is nothing compared to what will happen to US equity and bond markets when they wake up on Monday morning, July 28, 2008. Robert Gottliebsen of The Business Spectator, an Australian financial news and analysis portal, wrote a commentary pointing to the possible consequences of NAB’s write-down.

This storm began last July. I warned about the consequences of the shift in the value of the yen from 127 to the dollar to the yen rising to around 96 to the dollar. This caused a massive global train wreck. To this day, the participants in this mess have been steadfast in refusing to connect the end of the carry trade from the Bank of Japan with the resulting banking collapse in the G7 nations. More about that later. Right now, the big issue is how this stupid Japan carry trade working in tandem with the Federal Reserve dropping interest rates to Japanese levels: both of these forces fueled one of the biggest joint corporate/housing bubbles in history. All over the planet, not just in the US, suddenly housing 'values' shot to the moon.

In Europe, England, the US, northern Africa, Asia, South America, Canada, Australia, New Zealand, everywhere on earth saw this exact same housing bubble. Now, it is popping. This is due to two factors: people's incomes fell far behind the cost of housing to the point, the principal could no longer rise no matter how low the lending costs. The other factor is the end of the Japanese carry trade. Which, incidentally, has resumed this week. Not roaring ahead like in 2004 but it has revived somewhat. The yen is still too strong for it to be a done deal.

Australia's attempt at simply shoveling this mess off the cliff is predicated on the possibility of the Japan carry trade refueling the lending markets. This is how I see it: once all these crummy SIVs are dumped into the Pacific, the banks no longer have them on the books and can now restart lending! Isn't that cute? And the hit isn't direct since they can now all go to the Bank of Japan for easy loans that will refill the tanks at home with more red ink that can happily continue flowing over Australia. For everyone on earth is addicted to easy credit! If the Japanese credit was realistic, there would be no carry trade.

Japan has inflation! They can't have zero interest rates!

http://elainemeinelsupkis.typepad.com/money_matters/
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Alt 28.07.2008, 18:28   #422
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Government tries to stop short selling:
Wall Street executives expect the Securities and Exchange Commission to extend the temporary limits it has placed on short-selling and expand them to cover additional stocks beyond the 19 financial companies it targeted two weeks ago. The limits are set to expire Tuesday, and executives, lobbyists and hedge-fund representatives of the Managed Funds Association, the biggest hedge-fund industry group, have been talking throughout the weekend, trying to come up with possible approaches to asking the SEC to reconsider expanding the rules, according to people familiar with the talks. A call with regulators on Friday gave the funds group "a fair degree of certainty" that the SEC intends to seek an extension of the emergency period, these people said. Regulators said an extension could be for as short as 60 days and could involve insurance, housing-industry and a broader range of financial stocks, according to these people. SEC Chairman Christopher Cox indicated last week the rules might be extended to all stocks. (all stocks - wer's glaubt )

And here is confirmation that the SEC is finally getting enough support to impose controls on short trades. Short trades should not exist. They are a problem, not a solution. Insane amounts of fake wealth was created via this hole in the system. This money is very volatile. It also contributes directly to inflation. The profits are not 'capital' or printed dollars, it is pure made-up bookkeeping numbers. No value-added labor or production is involved. It is pure money creation which is why the gnomes adore this. Goldman Sachs and JP Morgan are now in danger from this system they love. They, themselves, are now shark bait! So they have run off to the government for protections which they denied their own victims in the past. (...die werden's sicherlich wieder zu ihren Gunsten zu richten wissen )

Note that they wanted this protection to be LIMITED. Not legal rule for all time. The SEC is doing this to them and they hate it but they can't stop the SEC or they will be eaten up by short traders. They want a temporary fix that vanishes when they resume short selling others. This is VERY lucrative! Very. So they are torn in two, hoping to resume the status quo after suspending it selectively to protect their own asses.

http://elainemeinelsupkis.typepad.com/money_matters/


....da kann man ja gespannt sein wie dieses ganze Schlamassel enden wird
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Alt 28.07.2008, 18:54   #423
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...irgendwann muss doch dieser Irrsinn einmal aufhören


Citi paying departing Klein $42.6 million
(Reuters) - Citigroup Inc agreed to pay departing executive Michael Klein about $42.6 million, a person familiar with the matter said on Friday. Klein, a former investment banking head, is receiving roughly as much as the bank awarded Charles Prince, the Citi chairman and chief executive, who retired in November as the bank prepared to post billions of dollars of write-downs.

But Klein's payout comes at a cost: under the agreement, he cannot work for, advise, or solicit clients for 12 major commercial and investment banks through October 4, 2009. He also cannot solicit or hire Citi employees during that period.

This is all the result of those stupid tax cuts. The gnome community loved these cuts and have exploited this historic opportunity to renege on paying for the government that feeds them. Yes, it feeds them! They benefit from deficit spending, hugely benefit. Not only do they not pay taxes, this spending is for THEM. They get government contracts and government hand outs. The 'privatization' scam they pushed is enriching them and making everyone else poorer...IN THE FUTURE. This is significant! Being gnomes, they don't care if this destroys everything in the future. Their motto is, 'Eat, drink and rip off everyone!' So they are happy so long as this process benefits them. If it grinds them down, they halt the system and fix it until they can resume their negative actions that grind down everyone else.

This is why I call them traitors. Since most of our budget deficit is, by definition, caused by 'defense' spending that doesn't protect Americans, this is an overhead that does NOT benefit us at all! It benefits them. They are 'internationalists' in that they don't care about America, they care about themselves. They certainly don't love European or Asian workers! They despise Africans and South American peasants! This is for THEM, not any of us. So we have the tragic situation where the US taxpayers get to foot the future bills for all this and the rich get rewarded with multi-million dollar golden parachutes after they wreck everything they ran. Citibank is bankrupt. It limps along because the Saudis don't want it to sink. But it is dead in the water. Giving this huge handout to a ridiculous man who screwed everything up is pure insanity. He should be taxed at the old 90% rate. All executives should be taxed at this rate. Then they might stop this nonstop looting.

http://elainemeinelsupkis.typepad.com/money_matters/
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Alt 28.07.2008, 18:57   #424
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Geändert von lunar (28.07.2008 um 19:14 Uhr).
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Alt 28.07.2008, 19:18   #425
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IMF sees no end in sight to credit crisis

By Krishna Guha in Washington

Published: July 28 2008 15:45 | Last updated: July 28 2008 15:45

Global financial markets are “fragile” and indicators of systemic risk remain “elevated” almost a year into the credit crisis, the International Monetary Fund said on Monday.

The fund warned credit growth in the US could fall further as a result of ongoing financial system stress and warned that emerging markets would be tested as global financing conditions tighten and policymakers grapple with rising inflation.

The IMF also noted that house prices had softened in a number of European economies including the UK, raising the possibility of further problems in those markets.

The assessment came in the July update to the Global Financial Stability Report, led by former Bank of Spain governor Jaime Caruana.

The IMF said that while likely losses on US subprime mortgages have “largely been acknowledged” in the form of writedowns, financial institutions faced a second wave of losses on other loans.

Credit quality “across many loan classes has begun to deteriorate with declining house prices and slowing economic growth.”

The Fund said bank balance sheets were under “renewed stress” and that the decline in bank share prices had made it more difficult for them to raise new capital.

This “increased the likelihood of a negative interaction between banking system adjustment and the real economy.”

With mounting inflationary pressure, the Fund added: “Policy trade-offs between inflation, growth and financial stability are becoming increasingly important.”.....

full story: http://www.ft.com/cms/s/0/a3deb7da-...?nclick_check=1
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Alt 28.07.2008, 19:43   #426
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...langsam kann einem wirklich Angst und Bange werden

Depression Survival 101

-- Posted Monday, 28 July 2008 | Digg This Article | Source: GoldSeek.com


By James West
www.MidasLetter.com
Monday, July 28, 2008



.....Never mind recession...this is the road to full-scale depression.

At some point, hyperinflation a la 1923 Germany is a very likely possibility. During this period at its worst, one U.S. dollar was equal to 80 billion Mark. Germans used bundles of the notes for firewood because they burned longer than an equivalent amount of firewood that could be purchased with them.

In the spirit of disaster planning, as individuals its beyond time to hope for best and plan for the worst. That said, these are the measures as I see them that will best preserve what equity you may have:


1. If you own any U.S. dollar denominated assets, sell them and put them into gold and silver. As the dollar plummets, these metal prices, expressed in U.S. dollars, will rise, thereby preserving value.

2. If you own your house, sit tight. Don’t sell it and whatever you do, don’t mortgage it. One of the direst outcomes of hyperinflationary or stagflationary periods is high interest rates. Remember the 80’s when interest rates suddenly soared to 20% and beyond. In December of 1980, interest rates averaged 21.50 percent on mortgage loans.


3. If the bank owns your house, you might consider mailing them the keys, and walking away – especially if the mortgage you’re carrying is more than your house is valued at. If you think it’s a struggle now trying to make ends meet, just wait til food and energy prices continue their upward trajectory, and the U.S. dollar purchasing power continues its downward trajectory. Besides, having a bad credit rating rating for seven years might just be the discipline you need so that “no” becomes part of your vocabulary again. No matter that you’re being told no instead of saying no yourself. Consider it “rehabilitation”.

4. If you own anything that consumes lots of gasoline or diesel, sell it. I’m riding around on a scooter these days that costs me about $40 a month in fuel. Takes some getting used to, especially on rainy days, but it’s the best hedge against high gas prices yet.

One important thing to bear in mind.

Right now, it may not look like things are so bad. Sure we’re in a spot of trouble, but it will be no more than dealing with a hangover after a particularly exuberant party that goes on for too long. That would be a normally optimistic approach.....

full story: http://news.goldseek.com/GoldSeek/1217259929.php
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Alt 28.07.2008, 19:55   #427
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wir sind gespannt auf die Worte
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Geändert von Silverbay (28.07.2008 um 19:58 Uhr). Grund: Die Referenz im Nachbar-thread v. Salazie musste ich mir verbitten: image source from "ficklefiat"
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Alt 28.07.2008, 21:20   #428
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4dabopper
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The White House on Monday predicted a record deficit of $490 billion for the 2009 budget year, a senior government official told CNN.


The White House blames a faltering economy and the stimulus package for the increased budget deficit.

The deficit would amount to roughly 3.5 percent of the nation's $14 trillion economy.

The official pointed to a faltering economy and the bipartisan $170 billion stimulus package that passed earlier this year for the record deficit.

The fiscal year begins October 1, 2008.

The federal deficit is the difference between what the government spends and what it takes in from taxes and other revenue sources. The government must borrow money to make up the difference.

The official spoke on the condition of anonymity because the official is not authorized to speak publicly ahead of an official briefing later Monday by Office of Management and Budget Director Jim Nussle.

President Bush inherited a budget surplus of $128 billion when he took office in 2001 but has since posted a budget deficit every year.

The Bush administration has spent heavily on the wars in Iraq and Afghanistan, and faces a large budget shortfall in tax revenue because of Bush's tax cuts and a souring economy.

But the senior administration official says the budgetary problems stem from what is believed to be inadequate defense, intelligence and homeland security resources that were handed down from President Bill Clinton.

The nonpartisan Congressional Budget Office in March projected the deficit for the 2008 fiscal year, which ends September 30, would be $396 billion. It predicted the 2009 deficit to be $342 billion, if the president's proposals were adopted


It would cost at least $140 billion to repair all the nation's bridges if work began immediately, a nationwide safety organization said in a comprehensive report Monday. The report was released days before the first anniversary of the I-35W bridge collapse in Minneapolis, Minnesota. The price tag will rise if the repairs are delayed, the group said.
"States simply cannot keep up with bridge maintenance," the report warns, adding that 73 percent of U.S. road traffic -- and 90 percent of truck traffic -- travels over state-owned bridges.
Nearly one in four bridges needs repairs, and the average age of America's bridges is 43 years -- seven years shy of the maximum age for which most are designed, according to the report, titled "Bridging the Gap."
One in five U.S. bridges is more than 50 years old, the report says.
"Almost one in four bridges, while safe to travel, is either structurally deficient, in need of repair, or ... too narrow for today's traffic volumes," the report from the American Association of State Highway and Transportation Officials said.
It was released days before the first anniversary of the collapse of the Interstate 35W bridge in Minneapolis, Minnesota, which killed 13 people and injured 144.
The report identifies five main problems facing the nation's 590,000 bridges: age, congestion, soaring construction costs, lack of funds for maintenance and "the staggering costs of new bridges."
Rising oil prices have contributed to an increase of at least 50 percent in the price of steel, asphalt, concrete and earthwork over the past 2½ years, the report says, forcing repair delays.
"Thirty months of unprecedented construction inflation are forcing state officials to delay important bridge replacement projects," the report stated. "Nearly every state faces funding shortages," it says, preventing them from doing work to "keep their bridges sound indefinitely."

3. Welt lässt grüssen
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Alt 28.07.2008, 21:25   #429
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vom YahooBoard

Drill , drill , drill ..... 28-Jul-08 01:24 pm and blame , blame , blame. Why didn't Bushy start an energy independence initiative the day after 9-11? He showed real leadership!!! Then he started a self serving war for him and his fellow oil men. Now Mccain is blaming Obama for gas prices and leading the charge to drill some more. We deserve what we have and what awaits us in the future if we put these right wing idiots back in office.
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Alt 28.07.2008, 21:57   #430
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Zitat:
Zitat von Silverbay

wir sind gespannt auf die Worte

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Alt 28.07.2008, 22:00   #431
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... wir sind gespannt auf die Worte

source: Dave Hensley

When Paulson speaks, it's like a serial child abductor
and murderer telling an auditorium full of parents
what they should do to keep their kids safe.

This guy has no business being our Treasury Secretary.
He still works for Goldman Sachs. Now he wants to just
walk away from the mess that Goldman and others made,
leave it lying there for someone else to clean up, and
start this new scam. With gangsters like Paulson in
leadership positions, America is surely screwed.
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Alt 28.07.2008, 22:26   #432
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Zitat:
Zitat von Silverbay

... wir sind gespannt auf die Worte

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Alt 28.07.2008, 22:38   #433
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Record deficit expected in 2009

It's yore money! The Bush ecomnitude:
The White House has increased its estimate for next year's deficit to nearly $490 billion -- half a trillion dollars -- as the economic outlook darkens, a record figure that will saddle the ... would be the highest number ever recorded.
Fucked fact: it doesn't include the costs of the war(s). http://news.yahoo.com/s/ap/budget_deficit

In a related story, McCain's kid is cutting-and-running from his positions on two Nevada bank boards, just ahead of the investigations ---> McCain's son resigns from two Boards of DirectorsPublished: Sunday July 27, 2008
http://rawstory.com//news/2008/McCa...oards_0727.html

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Geändert von lunar (28.07.2008 um 23:00 Uhr).
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Alt 28.07.2008, 23:43   #434
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Pfeil Yin-Yang

quote lunar


die Verflechtungen sind nicht zu leugnen,

even ...

" I welcome ... Bank of America, Citigroup, JPMorgan Chase
and Wells Fargo, that they intend to establish covered bond
programs ... with these new practices.

We applaud these banks ... for recognizing ..."



http://www.treas.gov/press/releases/hp1101.htm
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Alt 29.07.2008, 09:19   #435
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