Stacy Summary: I see that governments around the world are starting to converge on this 80 percent number. I saw number used by Lenihan today in Ireland as well. With our money, governments are really determined to prevent ANY big bank from experiencing the verdict of the marketplace.
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Stacy Summary: Here we go again another bubble and more rigging of the system for the bankers to take all the foam. When and if that bubble gets going, of course.
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Stacy Summary: UK & US styled capitalism. Definition: ‘Private sector’ gets all the taxpayer funded rewards, ‘public sector’ gets the risks. Did anyone in the UK even know that a PFI bank had been created earlier this year?? To use taxpayer funds to provide financing for the parts of the PFI deals that can’t find funding in the ‘private sector.’ Right. So, in fact, absolutely zero of the risks of building these projects got transferred to the private sector as Gordon Brown had claimed. And, in fact, the risk has been concentrated on the taxpayer while the reward has been concentrated in the hands of the ‘private’ consortia running the PFI deals.
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Stacy Summary: So the casino capitalists of the City are rescued by the government funds from China and Qatar. And next we learn that individuals working for government instead of private sector are much, much richer in retirement. And then there are the stock market operators, only the brokerage firms/banks on government welfare are ‘thriving,’ while smaller firms and banks with no connections to government are pounding sand. Do they teach any of this in business school? And I don’t recall Thatcher or Reagan mentioning the car parks on the hill where we would all live in retirement.
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Stacy Summary: What say ye? I note in the ‘emergency control’ over internet story, this paragraph: “Probably the most controversial language begins in Section 201, which permits the president to “direct the national response to the cyber threat” if necessary for “the national defense and security.” The White House is supposed to engage in “periodic mapping” of private networks deemed to be critical, and those companies “shall share” requested information with the federal government. (“Cyber” is defined as anything having to do with the Internet, telecommunications, computers, or computer networks.)“ So, the emergency powers would extend to personal computers as well as the actual internet?
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Stacy Summary: That’s 1000 banks the too big to fail will absorb probably becoming too big to bail.
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Stacy Summary: They say we get the politicans we deserve; do we also get the banking system we deserve? The second link to Tyler Durden’s piece picks up on Max’s theme that the banks with the collusion of the Fed & Treasury have been running a racket and should be charged under RICO.
In a nutshell – the banks want their complete opacity cake and eat it too, or else, the racket goes, the transparency that will somehow promote massive rumor mongering will again destroy capitalism. In the meantime, the Ken Lewises of the world can continue touting how stable their businesses are based on optimistic future projections, while implicitly, they continue to survive merely thanks to the cash granted them by you, taxpayers.
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Stacy Summary: A must read primer from Mish on the global inflation/deflation debate. Mish will be on tomorrow’s On the Edge and he also refers to and links to Steve Keen, who will also be interviewing in early October!
After studying the above, I think this link might interest you. In it Elizabeth Warren talks about how Paulson saved the world of dinosaurs of banking :
Had Paulson allowed Goldman and a few other big investment banks to fail, what do you think would have been allowed to flourish in its place?
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Stacy Summary: Interesting story. I wonder if it relates to how effective Big Pharma has been at selling the population on the idea of needing a drug for every single vaguely bad feeling, itch in the leg or slight sniffle. Because so many people have faith in and believe that there is a drug to cure them of anything and everything, then maybe that’s why the placebo effect is getting more powerful?
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Rick Ackerman
Karl Denninger – Market Ticker The Big Picture Mish David Morgan King World News SmartKnowledge GoldCore
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