There has been daily events of news being reported worth noting. Of course, the mass media doesn't highlight most of them. There was some news today that inspired me to do a news roundup.
The Federal Reserve Bank made a killing on AIG contract settlement - What is great about this is, the US Treasury and Federal Reserve bank worked in concert to take taxpayer money and pay 100 cents on the dollar for paper worth 33% of that, if not less. But with this parachute bailout, the Fed makes money on selling illiquid assets. Good stuff. I wish the Federal Reserve Bank was a public company, I'd put all my stock in a company that can take taxpayer money in crisis to profit.
Obama to Push Volcker Reforms to Limit Big Bank Risks - I have covered Paul Volcker before on this blog, pretty much one of the only high ranking officials that knows what must be done to shape up America fiscally. Obama's proposal still falls short, re-instate Glass-Stegall, the law that was in place since the Great Depression, and because of it's repeal in 1999, caused the vast majority of this economic mess. And a proposal is a far-cry from enforcement.
Japan Loan Demand Falls Most in Five Years - Japan has some severe issues ahead of it, after 20 years of a depressed economy and stock market. America is following their fiscal plan, as I blogged before. Mish has a GREAT post on Japans situation.
Federal Housing Administration to Raise Fees - "The Federal Housing Administration is raising fees and tightening lending standards to shore up its strapped finances and avoid a taxpayer bailout." The FHA is basically out of money, and will need a taxpayer bailout eventually. And tightening standards? That doesn't smell to me to be a boom for housing. The FHA is an abomination to mankind and needs to be killed, as any government business that could be handled by private business.
Stiglitz Urges Second Round of U.S. Stimulus Spending - And then a third, fourth, fifth, and sixth round. Basically continuous government deficit spending until the government also goes under. The other alternative is return back to capitalism, clean house, and restructure the corporation (carrot) executive bonus system.
NY Fed’s Response to Subpoena on AIG Is ‘Incomplete,’ Issa Says - I am shocked! The Federal Reserve Bank isn't forthcoming with information? Issa must be mistaken. Accept the Mob, I mean Federal Reserve Bank is above the law and move along.
Greece widens funding search, euro takes fright - If the president of Greece happens to be reading my blog, I have the answer to your problems. Cut spending to the point your country has an annual SURPLUS instead of DEFICIT. With a company....I mean country....that takes in more money than it spends, I suspect it will make it a little easier to get funding. Just a hunch. Luckily the US is able to run infinite deficits and will never have to face this problem.
China's fourth-quarter GDP up 10.7% vs. year-ago - I used to be impressed by China's statistics, until I read about how China builds cities no one (really) can afford to live in, or have more commercial real estate in 1 city unused than all of Manhattan has. Making stuff no one uses should be excluded from GDP, and then I would be impressed.
Swiss Banker Blows Whistle on Tax Evasion - The moral of the story, only people with under billions pay taxes. So start cracking and get your savings up, so you too can avoid taxes.
China Asked Some Banks to Limit Lending, Regulator Liu Says - Drop in the bucket, not impressed, but it is a start.
And finally, we'll finish off with some nice conspiracy theory. (Johnny if ur reading, remember what I said about Obama....) I stated I don't believe in conspiracy theories, this topic is the exception. :)
TrimTabs on that ‘US government-rigged stock market’