GOOD OLD MAN CLUBS BROUGHT MARRIAGES OF FAILING TRAVELLERS AND CITY AND ALL THE GARBAGES THAT WERE COLLECTED SINCE THEN ARE ROTTING STILL BESIDES LATEST CREATIONS (OFF THE BALANCE SHEET VENTURES AND CREDIT DEFAULT SWAPS) OF THESE CLUBS. A COMMITTED CLEANER LIKE VIKRAM WITH A TOKEN SALARY OF $1 CAN NEVER BE TOLERATED BY DRONES WHO HAVE BEEN PASSING ON THE BUCK SINCE 1970'S AND ENJOYING ENORMOUS WEALTH AT THE COST OF SHAREHOLDERS AND HARD WORKING EMPLOYEES. HOPE OBAMA SEEING THRU THE GAME WOULD BE ABLE TO SEE REASON TO DO PUBLIC GOOD.
How Will Payday Lenders Be Affected by New Bill in Congress? [View article]
It is so disgusting to find that a Democratic Senator would be initiating a Bill fixing 36% interest on short term loans to most vulnerable section of our society. It is even more disgusting to know that while billions of dollars are being doled out of our tax money to save worst run financial institutions and their vangaurds who are making millions in bonus and not propose a very simple Credit Guarantee Corporation (probably with a billion Dollar initial funding from Federal Govt.) to guarantee these loans and fix a reasonable ceiling of 15% APR on these loans.
As to reporting under TIL why loans less than 10 months not be reported and an amendment to this Law be brought by Senator.
He has looked at this from the viewpoint of a Bankers/Lenders lobby not from the viewpoint of marginal borrowers/his sense of social justice to indigent.
Hope people in Obama administration should look into these loans as a form of microlending with establishment of a Credit Guarrantee Corporation to mitigate their subprime status. They should also look into the possibility of resurrecting Old Usuary Laws that were in existence into most of the States to reduce possibility of Criminal elements being so present in this area as of now.
British empire could afford all niceties to their agents (buchers of colonies/exploiters of raw material wealth from colonies) because they had accummulated sufficient reserves but unfortunately we are presently biggest debtor to the world. As biggest consuming nation and in command ot enormous resources of our own and biggest military machine we would be able to leverage for now, but we must bring sensible regulatory policies and deal with unscrupulous in a manner that will support democratic structure and real capitalism allowing markets to function freely.
We are a capitalist country and have proudly followed free market theories and have shown to the world how by practising we have brought about overall economic development in countries that have joined us in this effort.
GSE's were originally created to provide mortgage finance to primary mortgage institutions by refinancing them thru consolidation of loans and securitisation. The process was simple. Original funding was done by federal Govt. at interest rates which were low to enable GSE's to rediscount at lower rates so that needy low income and middle income citizens could get mortgages at reasonable interest rates. They were allowed to issue Bonds to public and there was an implied understanding that since these institutions are created by Congress they will have full support of Uncle Sam. Their Bonds have been rated As AAA for that reason right from the beginning. Most conservative retirees have invested in their Bonds for earning fixed interest income as their rate of interest is slightly higher than GINNIE MAES whose Bonds are expressly guaranteed by Govt.
Two things are not understandable. First why these institutions would have run into losses when they were allowed substantial leverage by Federal Govt and Federal Reserve plus funding by public at rates much lower than the rates at which these institutions have been rediscounting as their spreads were always maintained and guranteed. Losses appear to be the result of mismanagement and lack of control on overheads. This seems to have happened despite close watch of Federal Reserve System and oversight of Congress. A thorough expert investigation is needed as Congressional Hearings are not enough.
Secondly on one side Mr. Paulson and Bernanke have been able to come up with a Plan which will provide emergency funding and even buying shares of both Freddy and Fannie ( commendable indeed to save the system) poor shareholders have been given clear cut message that since these two are bankrupt (per one Fedral Reserve Governor) they should not have any hope of recovering their equity. The most surprising innuendo in your artcle is that Bondholders should also be prepared to loose. In nutshell conservative retirres who are shareholders and bondholders in these GSE's ( carriers of implied Federal Govt. Guarantee) should be ready to bear this additional indirect tax as a result of mismanagement by Administration, Federal Reserve and Congress. In fact I hold Freddy and Fannie Bonds and my broker has advised by way of a footnote in my latest Statement that interest on these Bonds has not been paid and may not be paid so I should not plan things based on this estimated/accrued interest. This information has not been made public by either CNBC or other media so far and I do not know what action has been taken by Debt rating Agencies as GSE's would definitely have advised them and any action by them would create additional flutter.
Dow's Next Move: A Technical and Fundamental Look [View article]
Appreciate a very timely and focussed analysis. ANY MORE DETAILS ABOUT FUNDAMENTALS MIGHT HAVE VITIATED A STRAIGHT SHOT. Recession in european markets is definitely affecting and so is the inability of G8 to come together in solving turmoil in credit markets.
Friday Outlook: Sectors and International [View article]
Could you pl add proshares S&P130/30 etf when it has developed some reasonable volume. Explanations of some terms as foot notes at the end might help some.
Reduce Your Chinese Holdings Before the National Party Congress Begins [View article]
I fully agree with these views and would like to add that Global movement of capital and increasing impact of growth of BRIC since old periods has changed substantially.
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As to reporting under TIL why loans less than 10 months not be reported and an amendment to this Law be brought by Senator.
He has looked at this from the viewpoint of a Bankers/Lenders lobby not from the viewpoint of marginal borrowers/his sense of social justice to indigent.
Hope people in Obama administration should look into these loans as a form of microlending with establishment of a Credit Guarrantee Corporation to mitigate their subprime status. They should also look into the possibility of resurrecting Old Usuary Laws that were in existence into most of the States to reduce possibility of Criminal elements being so present in this area as of now.
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GSE's were originally created to provide mortgage finance to primary mortgage institutions by refinancing them thru consolidation of loans and securitisation. The process was simple. Original funding was done by federal Govt. at interest rates which were low to enable GSE's to rediscount at lower rates so that needy low income and middle income citizens could get mortgages at reasonable interest rates. They were allowed to issue Bonds to public and there was an implied understanding that since these institutions are created by Congress they will have full support of Uncle Sam. Their Bonds have been rated As AAA for that reason right from the beginning. Most conservative retirees have invested in their Bonds for earning fixed interest income as their rate of interest is slightly higher than GINNIE MAES whose Bonds are expressly guaranteed by Govt.
Two things are not understandable. First why these institutions would have run into losses when they were allowed substantial leverage by Federal Govt and Federal Reserve plus funding by public at rates much lower than the rates at which these institutions have been rediscounting as their spreads were always maintained and guranteed. Losses appear to be the result of mismanagement and lack of control on overheads. This seems to have happened despite close watch of Federal Reserve System and oversight of Congress. A thorough expert investigation is needed as Congressional Hearings are not enough.
Secondly on one side Mr. Paulson and Bernanke have been able to come up with a Plan which will provide emergency funding and even buying shares of both Freddy and Fannie ( commendable indeed to save the system) poor shareholders have been given clear cut message that since these two are bankrupt (per one Fedral Reserve Governor) they should not have any hope of recovering their equity. The most surprising innuendo in your artcle is that Bondholders should also be prepared to loose. In nutshell conservative retirres who are shareholders and bondholders in these GSE's ( carriers of implied Federal Govt. Guarantee) should be ready to bear this additional indirect tax as a result of mismanagement by Administration, Federal Reserve and Congress. In fact I hold Freddy and Fannie Bonds and my broker has advised by way of a footnote in my latest Statement that interest on these Bonds has not been paid and may not be paid so I should not plan things based on this estimated/accrued interest. This information has not been made public by either CNBC or other media so far and I do not know what action has been taken by Debt rating Agencies as GSE's would definitely have advised them and any action by them would create additional flutter.
Dow's Next Move: A Technical and Fundamental Look [View article]
Friday Outlook: Sectors and International [View article]
Reduce Your Chinese Holdings Before the National Party Congress Begins [View article]
Reduce Your Chinese Holdings Before the National Party Congress Begins [View article]