Big banks have benefited from TARP funds, but those benefits are not trickling down to the real economy, Elizabeth Warren, chairman of the Congressional Oversight Panel, told CNBC.
Airtime: Wed. Dec. 9 2009 | 8:35 AM ET
An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today. —Laurence J. Peter (1919 - 1988)
According to the CFTC data for the week ended Tuesday, net shorts again went to a record high in the euro after last week's modest drop. Net shorts in the pound fell a touch from last week's record high. In contrast, net longs in the Canadian $ rose by 60% to the most since Nov '07 and net longs in the Australian $ rose 26% to a 7 week high. Net longs in gold rose for a 4th week, up slightly. Net longs in crude rose to a 7 week high....
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December 10th, 2009 at 2:26 pm
Joe K’s typical vacuous CNBC commentary. Any criticism of Wall Street is labelled “cynical” and belongs on an opinion show on some other network. As if CNBC was not an opinion show.
December 10th, 2009 at 10:03 pm
The conspiracy theorist in me wonders whether the government is tolerating the unfair advantage built into the TBTF banks trading, since the government already has them by the balls.
The government may be relying on this unfair advantage to “clear the field” of speculators before clamping down with financial regulation. Any thoughts?
December 10th, 2009 at 10:28 pm
Well, they really don’t have them by the balls; it’s the other way around. And it’s implied in their policy that the administration thinks economic health hinges on asset inflation, which is ultimately helped by bank trading. It’s not cynical, it’s an obvious fact of their business model, and to think otherwise is pretty ignorant. The idea that government and banking have mutually exclusive interests is a fairy tale.