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Hubert Biagi

Hubert Biagi
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  • U.S. imports more coal even as Appalachian mines shut down [View news story]
    Right, we export low quality coal to China to burn with much looser emission standards, and then must import high quality coal to burn in our backyard. Last time I checked, it was all the same atmosphere. But I suppose as long as it's not in your backyard, it's OK?
    Aug 14 08:10 PM | 5 Likes Like |Link to Comment
  • Rumored Citi settlement out of line [View news story]
    Get your facts straight. Wasn't rubbish, was AAA according to all the rating agencies. And it was pseudo government agencies, Fannie and Freddie, just as greedy and "fraud-mongering", which started large scale, private securitization, in order to meet their HUD goals. In fact, when Citibank resisted the move into subprime, it was Acorn that led the charge and eventually helped, along with the pseudos, to force all the big banks into bad lending practices. It was Fannie's CEO Raines who argued to Congress that "we launched a redoubled new pledge… to provide $2 trillion for 18 million underserved families before this decade is over. …we are one of the best capitalized financial institutions in the world, when compared to the risk of our business… …these assets are so riskless that their capital for holding them should be under 2 percent.” People who didn't remotely qualify a few years earlier, were now getting interest only loans, with nothing down. And it was the Community Reinvestment Act that started all of it. Then years of mindless attacks by the Barney Franks on anyone who questioned these progressive policies. The result? In today's economy, you have an Apple, with a market cap larger than the four big banks, employing only about 60,000 Americans, while what's left of the big four, still manage to employ about a million. Think about that next time you're demonizing banks while enjoying your Isomething/Twitter/Fac... "social experience".
    Jul 9 01:25 PM | 10 Likes Like |Link to Comment
  • Christine Lagarde enters the minimum wage debate [View news story]
    We have spent something like $16T since the 1960's on the "War on Poverty" and "Great Society", and what do we have to show for it? Generations of people completely dependent on public assistance, the disintegration of the family unit, and the increasing sense of entitlement, that they are victims and someone else must be to blame for their lot in life. And then there are people like you, who closely follow SA while trading off the profits of these "sociopaths and psychopaths" who supposedly run America. You are the worse kind of hypocrite.
    Jun 17 08:46 AM | 5 Likes Like |Link to Comment
  • Big shift in Wells Fargo home equity offerings [View news story]
    Anyone can pay down principle at any time. Just send in an extra payment every so often and designate it for principle only. Fact is, if WF does this for you they'll have to increase the cost of the mortgage in other ways, ie, points, origination, closing, etc., etc. It all comes down to the cost of money. Usually best to just find the simplest, lowest interest, lowest cost loan. That is already a challenge.
    Jun 2 11:34 AM | 2 Likes Like |Link to Comment
  • Chamber study predicts Obama's "war on coal" will kill jobs [View news story]
    The point is all these emissions are all going into the same atmosphere. Even while China may be trying to reduce this problem, other nations trying to industrialize and catch up will turn to coal. It's simply not going away as a primary source of energy.
    May 29 08:50 AM | 1 Like Like |Link to Comment
  • Chamber study predicts Obama's "war on coal" will kill jobs [View news story]
    Coal is here to stay. I'm sure China and India will buy all the coal we won't use, and burn it under much less restrictive environmental standards. But last time I checked, it was still all one atmosphere. Too bad the diseased liberals cling to the "not in my backyard" mentality. What we should be doing is to lead the world in coal technology, and encourage it's use at home.
    May 28 08:09 PM | 13 Likes Like |Link to Comment
  • Despite climate threat, U.S. coal finds willing home elsewhere [View news story]
    Coal is here to stay. Instead of attacking the coal industry in this country, thus encouraging coal exports to China and India, where it is burned with much higher emissions, the Obama administration should lead the world in development of coal fired power plants. After all, last time I checked, it's all the same atmosphere... right?
    May 6 11:47 AM | 3 Likes Like |Link to Comment
  • Gates no longer largest individual Microsoft shareholder [View news story]
    Ballmer, the single greatest destroyer of wealth in the company's history...
    May 4 10:06 AM | 2 Likes Like |Link to Comment
  • Employment report highlights return of construction jobs [View news story]
    "a lot of the new hires are unskilled and need intensive training." More of the same, what happened to all those skilled workers that lost their jobs, and who has taken their place?
    May 4 10:04 AM | Likes Like |Link to Comment
  • Detroit, retirees agree to deal over benefits [View news story]
    "Detroit offered its employees a generous pension plan with zero contributions, then sweetened the deal with bonus payments. When the pension became underfunded, at least in part due to those bonus payments, the city borrowed money to fund the plan. The holders of those pension obligation bonds will now lose most of what they are owed."

    "Detroit has two pension systems: the General Retirement System (GRS) and the Police and Fire Retirement System (PFRS). In addition, some employees participate in the Annuity Savings Fund, a defined contribution plan. Members of Detroit GRS and PFRS do not contribute to their defined benefit pension – a very unusual arrangement in the public sector. "

    "The annuity savings program within the Detroit General Retirement System created a class of privileged retirees in a city where pensions average about $19,000 a year, according to municipal records. The accounts got $756.2 million from the pension fund during 1985 through 2007 as extra interest, atop a guaranteed 7.9 percent backed by public money."

    So it would seem that Detroit public workers got a sweet deal for decades. Now they have run out of other people's money.
    Apr 27 10:27 AM | 7 Likes Like |Link to Comment
  • Ex-BofA CFO settles charges over Merrill purchase [View news story]
    Except that it was Congress and the Fed that created the housing bubble in the first place. Under the CRA, eventually all banks were forced loosen their standards. People like then HUD secretary Cuomo insisted that bad loans be processed. Later when Citi resisted the mandate to issue sub-prime loans in Chicago, they were pressured by groups like Acorn and others like Barney Frank, and yes Obama. And Fannie/Freddie led the way for bundling of mortgage paper. Today, who is being punished for that?
    Apr 25 03:06 PM | 5 Likes Like |Link to Comment
  • Keystone pipeline decision delayed again, likely until after November elections [View news story]
    How about going on national media after the gulf spill and saying "I want to know whose ass to kick". In the end, the drilling moratorium actually hurt the coastal economies more than the spill itself. Just one example out of many, many instances and speeches, where Obama has demonized the financial, energy and healthcare sector... no wonder the economic "recovery" is so tepid.
    Apr 19 04:54 PM | 21 Likes Like |Link to Comment
  • Obamacare signs up 8M [View news story]
    By far the greatest expansion of the welfare state in our history. All based on borrowed money. Designed to raise the level of pandering to the ever increasing population that believes the government can provide, and should provide, cradle to grave guarantees for "success" in life. Really sad.
    Apr 18 04:17 PM | 9 Likes Like |Link to Comment
  • GM to play bankruptcy card [View news story]
    All the majors have lousy charts right now, that's the only clear thing I see...
    Apr 16 09:42 AM | Likes Like |Link to Comment
  • CBS' $67M man [View news story]
    The infotainment industry will always get a progressive pass...
    Apr 16 09:37 AM | Likes Like |Link to Comment