Interview and analysis with Mariner Kemper of UMB Financial regarding about the testifying of Sheila Bair before the congress on the too big to fail situation.
4:16
Bloomberg
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
"Overall household indebtedness is up from $7 trillion to almost $10 trillion since 2000. On this sum, we estimate, the American consumer has an annual interest bill of more than $500 billion; a sum, by the way, that vastly exceeds his current income growth." —Kurt Richebacher
Knowing that the vote over the weekend in Greece was really a referendum on Euro membership, a majority of the Greek Parliament said yes to staying. European Finance Ministers meet again on Wednesday to solidify the 2nd bailout package for Greece at the same time hopefully a deal is consummated between Greece and its creditors this week. The Greek 14.5b euro bond that matures on March 20th is up by 2 pts. The optimism that all will be completed and contained AGAIN to Greece has yields lower in Portugal, Spain and Italy. The iTraxx Financial Index is also narrower by...
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May 17th, 2009 at 11:00 am
Debunking the “too big to fail” propaganda is a must. At least one Fed official Thomas Hoenig, agrees.
This propaganda combined with Greenspan and the bnaking industry’s asssumption that the industry was capable of “self-regulation” combined to make a particularly lethal Molotov Cocktail to the US economy. You see, too big to fail meant the banks became implicitly guaranteed by the US govt, or GSE’s. And once they became implicitly guaranteed by the govt, well, then, under the new “self-regulation” regime they could all sorts of recklessly insane self-destructive behaviors, as they ultimately had the govt, i.e. the taxpayers to backstop their chicanery.
No, “too big to fail” is a paradigm that must die. That has to become one of the lessons we takeaway from this crisis. if the banks knew they would beco
May 18th, 2009 at 12:47 am
Too big to save should be the motto perhaps if they knew they had to live with consequences of their actions like us mere mortals do they would learn a valuable lesson. I do not think we should be bailing out anyone including the people who took “Liar’s Loans” or those who were greedy thinking it would be a fast way to make a buck or those who used their homes as a means to buy things they could not otherwise afford since when is it acceptable to gamble and make others responsible for your losses? Having said that this is another “Glaring” hypocrisy….
D-O-U-B-L-E Standard
http://www.butasforme.com/2009/05/15/video-as-gm-closes-1000-dealers-an-obama-double-standard-emerges/