It has been a constant refrain emanating from the right, that there's too much regulation in the American economy and that its stifling growth and job creation. Well, I will be the first to say that where we find unneeded regulation, … [Read more...]
The extortion of America by AIG executives
For more then a month I have been calling for AIG to be cut lose from the taxpayers, the level of obligation that I suggested far exceeded the capacity for our government to pay with out leaving little to continue to support the safety net … [Read more...]
AIG a watershed or waterloo for President Obama time will tell
Yet neither he nor Treasury Secretary Tim Geitner nor President Obama have demanded nor required the dismissal of the leadership of this corporation that is likely to be the key to the financial meltdown. Instead it appears that the fear of … [Read more...]
Economics 101: Why I now believe it is time to nationalize our Banks
Ok maybe you got a clue from the title but if you missed it here are the details. It seems Citigroup was concerned about not having enough corporate jets to satisfy their executives so with a portion of the bail out money they received in … [Read more...]
Turn on a light, Economics 101; Tarp money myths and misstatements. With Poll
Let me preface the discussion with the comments that preceded her statements, Peggy Noonan was criticizing the outlandish bonuses that were received during the time when these banks were making high risk bets that have ultimately cost you … [Read more...]
Don’t Tell Me Citigroup Doesn’t Deserve A Bailout!
From Bloomberg News Service we learn that: Jan. 15 (Bloomberg) -- Citigroup Inc. plunged as much as 25 percent in New York trading on concern the bank may be forced to seek more government assistance on top of the $45 billion of U.S. funds … [Read more...]
Bailout Money in Cabo
Dear Senator Kerry, Senator Kennedy, Rep. Olver: While taking a once-in-a-lifetime whole family vacation (19 of us from around the country!!) to Cabo San Lucas, Mexico over the holidays, I couldn't help but notice the four or five dozen … [Read more...]
Are we supposed to bail out Citigroup twice?
Also, if, God forbid, I go a minute past the minimum payment due date, my default APR will now be the greater of 1) the Prime Rate plus up to 23.99% or 2) up to 29.99%. I'm not even mentioning the increases they … [Read more...]
Heads or tails, it’s Rubinomics
[Blogging way over my head -- fair warning.] So, who was in charge of Citigroup when it was taking on unsustainable risk the past few years? Bob Rubin. Who was a big advocate of using derivative products to stabilize markets and control … [Read more...]
The real reason why the call bugged me
I've stated my immediate objections to Patrick's phone call: I think it's an improper use of the Governor's time, reputation and authority of office. But there's some subtext to this that I think may not be apparent. One of the reasons why … [Read more...]