There are three things government can do right now to spur our ailing economy, Jamie Dimon says. First, fix the antiquated tax code, because businesses are paralyzed by confusing tax policies and pending regulation. Second, stop demonizing business, it's our economic engine. The third and most important step, Dimon adds, is that we need to devise an all-new “Marshall Plan." [View news story]
I too, have a three-step plan: 1) Break-up insolvent zombie banks 2) Reinstate clawbacks and take back stolen money from scum like Dimon 3) Force scum like Dimon to work for a living...hand him a shovel.
Russell Wasendorf Sr., the former head of bankrupt commodity firm Peregrine Financial Group, was indicted on 31 counts of lying to regulators today. Wasendorf, who allegedly stole as much as $215M from customers over a 20-year period, was arrested in early July after attempting suicide and is facing up to 155 years in prison and a $7.8M fine. [View news story]
"stole as much as $215M..." Faces $7.8M fine. Where do I sign up for that deal?
Vanguard founder John Bogle on tax fairness: "Rates may have to be changed, but we also need to look at what is taxed, and how. Dividend income should be taxed at the same rate as ordinary income. As for capital gains, there ought to be some distinction between capital made by people who start businesses, and contribute value to society, and capital made by gamblers on Wall Street." [View news story]
Despite the insistence of its president, German officials, and the mere fact that it's probably illegal, the ECB is likely to wind up monetizing peripheral' sovereign debt anyway, predicts CNBC's Steve Liesman. How? By stepping in under the auspices of preserving price stability in the face of deflationary threats from sovereign defaults. A bit of a stretch? Maybe, but it's the only viable alternative, Liesman says, they simply have to do it. [View news story]
Steve "steaming pile of shi+" Liesman. Unbelievable.
I'd be buying bank stocks "hand over fist," says banking analyst Dick Bove. "On a fundamental basis, it's almost impossible to believe that these stocks are not dramatically underpriced." As he sees it, investors should be taking advantage of the turmoil in Europe to buy, not sell every time the market "freaks out" over fears of the sovereign debt crisis spreading. His picks: Bank of America (BAC), Morgan Stanley (MS), State Street (STT) and US Bancorp (USB). [View news story]
Just one of the countless thousands of reasons why Wall Street needs to implode. In a sane/rational world, there would be consequences for a rube like Bove going on national television day after day and lying to millions of people. But nope, not in our crony world.
Fitch has it wrong, U.S. banks could actually wind up benefitting from Europe's debt crisis, says Rochdale's Dick Bove, He cites two reasons: First, U.S. banks have a relatively low level of exposure to European banks. Second, the problems facing European banks could actually drive business to seek healthier institutions in the U.S. His top picks: PNC Financial (PNC) and Fifth Third Bancorp (FITB). Both get hit when Europe erupts, but neither are heavily exposed to European banks. [View news story]
In all honesty, someone needs to put a gag order on this Bove jackass.
The U.S. is doing a lot better than people think, Goldman Sachs Asset Management chief Jim O'Neill tells CNBC, adding he sees "no momentum for a recession." Greece is "only a $350B economy... [Italy] is what it's all about." And if Europe sinks, the U.S. "has coped pretty well with Japan going 20 years without any growth," he says. [View news story]
How this man isn't in prison I'll never understand.
If you've ever doubted whether Bank of America (BAC) is in serious trouble, this development should settle it, says Naked Capitalism's Yves Smith. In a move to reduce the bank's holding company exposure, it recently moved a large tranche of its worst performing derivatives from its Merrill Lynch unit to a subsidiary flush with taxpayer insured deposits. The Fed has signaled it favors the move, but the FDIC, which will have to pay off depositors in the event of a bank failure, objects. [View news story]
Equity holders of this insolvent zombie will be wiped out.
The double-dip recession concept has been oversold, notes Legg Mason's Robert Hagstrom. "The data just one month ago had H2 growth coming in between 1% and 1.5%, now we're seeing estimates upwards of 2.5%." Investors should be scooping up big-cap, high-quality growth stocks. Right now you can "buy the future for free," Hagstrom says, with stocks priced today as if they're expecting no earnings growth over the next 3-4 years. His picks: Amazon (AMZN) and eBay (EBAY). (video) [View news story]
Hedge funder John Paulson rips Occupy Wall Street protesters: "The top 1% of New Yorkers pay over 40% of all income taxes, providing huge benefits to everyone in our city and state... Instead of vilifying our most successful businesses, we should be supporting them." But this year anyway, Paulson & Co. wouldn't be considered very successful. [View news story]
Wyo, this has nothing to do with me so save your pointless, hapless personal attack. It sounds to me like your suggestion is to keep the status quo, extend and pretend, allow the federal gov't to keep propping up the grossly overvalued markets as long as possible. Our economy is completely broken and needs to undergo a dramatic transformation and unfortunately, that means a massive number of jobs in the real estate, insurance, and financial services sectors will be lost.
Hedge funder John Paulson rips Occupy Wall Street protesters: "The top 1% of New Yorkers pay over 40% of all income taxes, providing huge benefits to everyone in our city and state... Instead of vilifying our most successful businesses, we should be supporting them." But this year anyway, Paulson & Co. wouldn't be considered very successful. [View news story]
Tough shi+. Take the pain...there are WAY too many zero value-add, paper-pushing, financial services jobs that this grossly mis-allocated economy has spawned over the years and those jobs need to be purged and resources/capital need to be focused on things like manufacturing, production and infrastructure. You know, things of value. Not a bunch of worthless "analysts" gambling on the stock, bond, and commodities markets.
Hedge funder John Paulson rips Occupy Wall Street protesters: "The top 1% of New Yorkers pay over 40% of all income taxes, providing huge benefits to everyone in our city and state... Instead of vilifying our most successful businesses, we should be supporting them." But this year anyway, Paulson & Co. wouldn't be considered very successful. [View news story]
This is hilarious...Paulson lumping himself in with the "most successful businesses" of New York. I wish I had the foresight to lose half of all my client's assets gambling in the stock market. Thank god he paid himself tens of billions of dollars when his bet on subprime worked out. He'll need some of that to support his opulent lifestyle when he's unemployed at the end of the year.
Brian Moynihan (BAC) on why he sees another year that’s "a grind" in the economy: “Never have middle-market and large companies been as profitable, had as much cash on their balance sheets, had as much availability on their lines, but they haven’t done anything with the money. They don’t feel the certainty of opportunity to make big investments.” [View news story]
What a bunch of bullshi+. THERE IS LITTLE TO NO DEMAND. The private sector is levered to his/her eyeballs in debt and is deveraging...a process that will take years to unwind. So spare me the bull about "uncertainty."
The Fed launches new bank stress tests in which lenders will be forced to model a severe eurozone recession - a 6.9% decline in real GDP - and a skying domestic unemployment rate. In addition, the 6 largest U.S. banks will need to estimate losses "stemming from a hypothetical global market shock," similar to that of late autumn 2008. [View news story]
The gov't always underestimates the severity of things...expect a double-digit decline in real GDP in the Eurozone and something substantially worse than the "shock" of '08.
There are three things government can do right now to spur our ailing economy, Jamie Dimon says. First, fix the antiquated tax code, because businesses are paralyzed by confusing tax policies and pending regulation. Second, stop demonizing business, it's our economic engine. The third and most important step, Dimon adds, is that we need to devise an all-new “Marshall Plan." [View news story]
1) Break-up insolvent zombie banks
2) Reinstate clawbacks and take back stolen money from scum like Dimon
3) Force scum like Dimon to work for a living...hand him a shovel.
Russell Wasendorf Sr., the former head of bankrupt commodity firm Peregrine Financial Group, was indicted on 31 counts of lying to regulators today. Wasendorf, who allegedly stole as much as $215M from customers over a 20-year period, was arrested in early July after attempting suicide and is facing up to 155 years in prison and a $7.8M fine. [View news story]
Vanguard founder John Bogle on tax fairness: "Rates may have to be changed, but we also need to look at what is taxed, and how. Dividend income should be taxed at the same rate as ordinary income. As for capital gains, there ought to be some distinction between capital made by people who start businesses, and contribute value to society, and capital made by gamblers on Wall Street." [View news story]
Despite the insistence of its president, German officials, and the mere fact that it's probably illegal, the ECB is likely to wind up monetizing peripheral' sovereign debt anyway, predicts CNBC's Steve Liesman. How? By stepping in under the auspices of preserving price stability in the face of deflationary threats from sovereign defaults. A bit of a stretch? Maybe, but it's the only viable alternative, Liesman says, they simply have to do it. [View news story]
I'd be buying bank stocks "hand over fist," says banking analyst Dick Bove. "On a fundamental basis, it's almost impossible to believe that these stocks are not dramatically underpriced." As he sees it, investors should be taking advantage of the turmoil in Europe to buy, not sell every time the market "freaks out" over fears of the sovereign debt crisis spreading. His picks: Bank of America (BAC), Morgan Stanley (MS), State Street (STT) and US Bancorp (USB). [View news story]
Fitch has it wrong, U.S. banks could actually wind up benefitting from Europe's debt crisis, says Rochdale's Dick Bove, He cites two reasons: First, U.S. banks have a relatively low level of exposure to European banks. Second, the problems facing European banks could actually drive business to seek healthier institutions in the U.S. His top picks: PNC Financial (PNC) and Fifth Third Bancorp (FITB). Both get hit when Europe erupts, but neither are heavily exposed to European banks. [View news story]
The U.S. is doing a lot better than people think, Goldman Sachs Asset Management chief Jim O'Neill tells CNBC, adding he sees "no momentum for a recession." Greece is "only a $350B economy... [Italy] is what it's all about." And if Europe sinks, the U.S. "has coped pretty well with Japan going 20 years without any growth," he says. [View news story]
If you've ever doubted whether Bank of America (BAC) is in serious trouble, this development should settle it, says Naked Capitalism's Yves Smith. In a move to reduce the bank's holding company exposure, it recently moved a large tranche of its worst performing derivatives from its Merrill Lynch unit to a subsidiary flush with taxpayer insured deposits. The Fed has signaled it favors the move, but the FDIC, which will have to pay off depositors in the event of a bank failure, objects. [View news story]
The double-dip recession concept has been oversold, notes Legg Mason's Robert Hagstrom. "The data just one month ago had H2 growth coming in between 1% and 1.5%, now we're seeing estimates upwards of 2.5%." Investors should be scooping up big-cap, high-quality growth stocks. Right now you can "buy the future for free," Hagstrom says, with stocks priced today as if they're expecting no earnings growth over the next 3-4 years. His picks: Amazon (AMZN) and eBay (EBAY). (video) [View news story]
Hedge funder John Paulson rips Occupy Wall Street protesters: "The top 1% of New Yorkers pay over 40% of all income taxes, providing huge benefits to everyone in our city and state... Instead of vilifying our most successful businesses, we should be supporting them." But this year anyway, Paulson & Co. wouldn't be considered very successful. [View news story]
Hedge funder John Paulson rips Occupy Wall Street protesters: "The top 1% of New Yorkers pay over 40% of all income taxes, providing huge benefits to everyone in our city and state... Instead of vilifying our most successful businesses, we should be supporting them." But this year anyway, Paulson & Co. wouldn't be considered very successful. [View news story]
Hedge funder John Paulson rips Occupy Wall Street protesters: "The top 1% of New Yorkers pay over 40% of all income taxes, providing huge benefits to everyone in our city and state... Instead of vilifying our most successful businesses, we should be supporting them." But this year anyway, Paulson & Co. wouldn't be considered very successful. [View news story]
Where Did The Risk Go? 8 Domestic Factors That Can Roil Stock Markets [View article]
Brian Moynihan (BAC) on why he sees another year that’s "a grind" in the economy: “Never have middle-market and large companies been as profitable, had as much cash on their balance sheets, had as much availability on their lines, but they haven’t done anything with the money. They don’t feel the certainty of opportunity to make big investments.” [View news story]
The Fed launches new bank stress tests in which lenders will be forced to model a severe eurozone recession - a 6.9% decline in real GDP - and a skying domestic unemployment rate. In addition, the 6 largest U.S. banks will need to estimate losses "stemming from a hypothetical global market shock," similar to that of late autumn 2008. [View news story]