Headlines, Headlines, Headlines – 10 April 2009

Posted on April 9, 2009 by admin| 21 Comments

Stacy Summary:  Banks resembling mafia organizations in the headlines today as the banks are forced to take an oath of omerta to Geithner and the Australian bank cartels shakedown the people.

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21 Responses to Headlines, Headlines, Headlines – 10 April 2009

  1. geecie30 | April 9, 2009 at 11:59 pm |

    This is where we are. Maybe the richest of the rich bankers can do some inside trading before the stress test is or is not announced.  If  I ran a financial institute I wonder if knowing I was failing my stress test,  I would find some loophole to capitalize on the impending closure of my bank. The dark seedy trading in the past makes  me think there might be room for that. There might be no rights for humans anymore. Might makes right

  2. Wolfgang | April 10, 2009 at 12:26 am |

    RE: ‘Australian ‘bank cartels…’
    So Prof Gans of the Melbourne Uni Business School thinks that “there isn’t a residual risk to the Australian housing market from some subprime crisis” – even though our government is showering people (many of whom will soon be unemployed) in government handouts specifically designed to facilitate investment in the housing market, whilst interest rates are at record lows, thereby creating an absurdly artificial upward spike working hand in glove with this permeating false sense of confidence vis-à-vis the unsophisticated consumer and the Australian property market (i.e. google ‘Home owner grant boost stimulating economy: Rudd’) so insane that even the chief economist for JP Morgan AUS, Stephan Walter, came out last night and declared on a publicly owned TV station (our ABC) that we are sowing the seeds for our own US-stylesubprime crisis (very strangely, I watched him say this last night on TV however I cannot find a video/transcript of it anywhere on the internet)…….
     I’m sure Mr. Keen would find Gans analysis laughable.

  3. Mep | April 10, 2009 at 2:18 am |

    Just a reminder to those in the US–and our friends in Canada–that the New Way Forward protests are happening this Saturday. 

    Simon Johnson has recently signed on as a sponsor, as has Chris Hayes, David Sirota, and a few more groups.

    http://anewwayforward.org/demonstrations/

  4. Suresh Nair | April 10, 2009 at 2:30 am |

    Hey Max / Stacy,
    I am working as  contractor for HP. They are now planning to have 10% pay cut for us. We are still negotiating
    cheers,
    Suresh

  5. Mr Supergeek | April 10, 2009 at 4:13 am |

    Like a lot of people(judged by the large amount of callers I hear on night time radio) my account with BT was one of the first things to go when looking for ways to save money and cut back on luxurys after things started to get tight.
    I’d wanted to leave them rip off twats for a long time. Withdrawing my money was such a great feeling,
     4 months later I’m still smiling.

  6. Harry | April 10, 2009 at 6:20 am |

    What, in between all this, is the gold doing? I see sub-900 gold?
    Houses are coming down and other indicators show a ‘nothing is wrong’ situation?!?

  7. rich hayes | April 10, 2009 at 6:50 am |

    Oil demand down.

    That, to me, was the main objective of this ‘crisis’. The party was just about over with oil based economics, so the system had to be collapsed in order for it to survive the medium term (relatively) unscathed and the long term transition.

  8. Veritas | April 10, 2009 at 6:58 am |

    I’m going to break out my top hat and tuxedo and have a night out in WALES:

    http://digg.com/d1oNQ6

  9. Danny | April 10, 2009 at 7:45 am |

    Dia dhuit mo chairde,
    Seo libh, an scéal is níos tabhactach i mo thuairim.

    G-20′s Global Cash Splash Infuriates ECB

    US Is Pushing Whole World Into Crisis By Printing Excessive Currency
    From the Regional Times in Karachi. Pakistan’s asking for trouble again.

    IMF Special Drawing Right “Paper Gold” as Opposed to a Real Gold Standard
    ECB Gold Reserves Rise 24.1 Billion Euros After Revaluation
    Fuelling a New World Money Supply
    …with carbon.

    Slán go foill, tá mé  ag dul go dtí Clonakilty anocht!

  10. Danny | April 10, 2009 at 7:56 am |

    Ps. Max, you better start packing your bag for London, 44 people demanding you. What are you gonna do there, just show up at Canary Wharf with a sandwich board on you?? :)

  11. Mep | April 10, 2009 at 7:57 am |

    A headline bound to drive the likes of  Michelle Bachmann and Glenn Beck absolutely nuts:

    Roundabout Bailout: Fed to Pump Foreign Currencies into US Banks:
    http://www.huffingtonpost.com/2009/04/10/roundabout-bailout-fed-to_n_185277.html

  12. smurf | April 10, 2009 at 1:35 pm |

    Hi there. Finally got a minute to check out PirateMyFilm which I think is great. You may want to be in touch with Franny Armstrong at Spanner Films who partly funded her latest movie “The Age of Stupid” by raising £590,000 using a “crowd funding” model. You might want to check sellaband.com  as well have a similar idea for cash strapped musicians. 

    smurf

  13. StephenLV | April 10, 2009 at 1:53 pm |

    If you think the Banking Industry is manipulated, try the Gold Market. While it is wise to have some Gold, understand there probably is nothing more controlled by the Gov than the price of Gold. The CPI is the key, a rather dubious number.

  15. Jeremy | April 10, 2009 at 2:54 pm |

    Stacy , I think you might be interested in this story.

    AIG’s Liddy owns 3M in GS stock!

    Unf’nbelievable.

  16. stacyherbert | April 10, 2009 at 3:45 pm |

    @jeremy – thanks for that info; unbelievable indeed

    @veritas – v. funny; it does, indeed, remind me of those three frightening hours i was in cardiff . . .

    @harry – gold goes up and down; ‘they’ say investors were concerned about imf selling gold . . . that would take MONTHS to get approval from Congress and even if they had the approval and then they really have the gold then it would be within the 500 tons annual sales allowed under the Washington Gold Agreement that is meant to be extended . . . .

    @danny -   did you see max practicing or something???  how did you know what his act is!?

    - stacy

  17. Carpathia | April 10, 2009 at 5:02 pm |

    Australian banks are jerks and the big four should be nationalized. Official cash rate is at 300 and 90 day bills are floating at 305. The spread for housing 500k+ is 250 and higher if under that. It’s insane. Business loan spreads are 600+. The banks also want way to much collateral if you have real assets and real money… but if you’re some kid that’s just got his first job sweeping floors you get 90% finance.  And on call money will typically get 1 point of interest PA. WTF?!

  19. Rates NZ | April 10, 2009 at 9:46 pm |

    Max and Stacy, how about you guys join forces with Jacques Fresco and the Venus Project to bring about meaningful social change and a new sustainable global civilization? Seems like you have some ideas in common relating to copyright and economics issues for starters.

    http://www.thevenusproject.com/

  20. Richard Buchanan | April 11, 2009 at 5:39 am |

    Thought you people might like to check this out

    http://www.crimethinc.com/books/days.html

    Kindest

    Rich

  21. Dirk van Dijk | April 11, 2009 at 4:23 pm |

    Mr. Keiser,
    A good friend of mine, Alan Scott, sent me a link to this site.  He mentioned that you were in the same MHS class as him and my brother Peter.  Your thoughts seem to be very much in line with mine and I also write a good deal about these subjects.  Contact me please.
    Thanks,
    Dirk van Dijk