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Stacy Summary: Create a twitter account. It’s easy, it’s free, it’s anonymous. Set your location for Wall Street. Because if bankers are everywhere, then they are nowhere. Set your background pinstripe and your avatar either a Wall St. sign or a bowler hat – all in support of the bankers that are trying to thwart the ‘populist overreaction.’ Post lots of tweets that bankers are being attacked by savage mobs of envious extremists. Let’s get this disinfo campaign rolling!! For what would this site be without rogue bankers??
Stacy Summary: A Great Depression style bank holiday? A holiday would probably be good for some of these bankers and good for the rest of us that have to keep bailing them out. Anyway, thanks and hat tip to all who sent in many headlines via email and in the comments on the previous blog entry. But I thought I would put these stories in their own headline box in order to have an area to discuss.
Stacy Summary: Sounds like a “Walt Disney on Ice” sort of event, but this time its a global financial system on ice.
In other words, the same folks who missed, or did nothing to prevent, the worst crisis since the Great Depression will definitely, absolutely, positively be able to anticipate the next one. Uh-huh.
It gets worse. Instead of eliminating the doctrine of “too big to fail,” which encourages risky behavior because of perceived government backing, the Obama plan defines, institutionalizes and expands on it.
“All systemically important companies will be subject to enhanced regulation,” says Peter Wallison, senior fellow at the American Enterprise Institute, a conservative Washington think tank. “What could that possibly mean? It means they are too big to fail.”
Stacy Summary: To those of you who have been asking, here is a good blog on what it means.
Reasons To Cheer IMF Gold Sales
1) If the IMF wants to dump gold in favor of paper assets diminishing in value over time, it’s fine by me. I hope they dump it all. It will reduce the amount of meddling they can do down the road.
2) IMF gold sales are a bull market phenomenon. The UK dumping gold at $250 marked the bottom.
3) China is a possible recipient of the gold. If the real reason for this move is to allow China to get rid of some US dollars or treasuries in return for gold I view that as good thing.
Stacy Summary: This headline is a big hat tip to @Nancy S. Never come between a German and their savings.
Stacy Summary: Stay tuned for the shocker that comes from minute 01.36. The interviewee casually mentions that Mousavi was responsible for executing thousands of political dissidents. Was anyone else aware of this??? I should imagine Rummy and Dick are thinking if they stay quiet for a decade or so, they, too, could possibly return as reformist heroes to the twitterverse?
Stacy Summary: Well, one thing is for sure, the CIA will certainly find a lot of ex-bankers on Wall Street with experience in economic warfare and destabilization of financial systems.
Patrick said the agency would welcome worthy applicants from Wall Street, whose reputation has been tarnished by the financial crisis and revelations of lavish lifestyles and multi-million dollar bonuses at banks blamed for the meltdown
Stacy: Perhaps they are crashing out getting ready for their new jobs as ‘public servants’?
Stacy Summary: In the words of Max Keiser, “there is no there there.”
Stacy: Stop buying politicians, operating ponzi schemes and rigging markets then.
David Wyss, S&P’s chief economist said banks should brace for a plastic meltdown as credit-card losses track the unemployment figures almost exactly. “Credit-card losses, on average, are equal to the unemployment rate plus about 5 percent,” he said, noting his estimates that the nationwide jobless rate could rise as high as 12.5 percent by 2011.
Stacy Summary: If there was a vote held in the US on what to do about health care situation, the public health option would, according to polls, win by a landslide. And, yet, single payer advocates weren’t even allowed into the hallowed halls of democracy by Senator Baucus, who has received more funds from health and insurance corporations than any other member of the Senate.
Americans overwhelmingly support substantial changes to the health care system and are strongly behind one of the most contentious proposals Congress is considering, a government-run insurance plan to compete with private insurers, according to the latest New York Times/CBS News poll.
The poll found that most Americans would be willing to pay higher taxes so everyone could have health insurance and that they said the government could do a better job of holding down health-care costs than the private sector.
Stacy: Note the word “contentious” – it is apparently only contentious for the lobbyists and their congresspeople they apparently own.
Support for public health insurance: 72% in favor, 20% opposed, 7% no opinion
Among Republicans: 50% favor, 39% oppose, 11% no opinion
Among Democrats: 87% in favor, 9% oppose, 4% no opinion
Willingness to pay higher taxes so all can have health care: 57% willing, 37% not willing, 6% no opinion
Among those making less than $50,000: 64% willing, 27% not willing, 8% no opinion
Among those making more than $50,000: 52% willing, 44% not willing, 4% no opinion
Stacy Summary: Another funny story in the complete and utter concern in the twitterosphere. Remember, our protesters are either ‘anarchists’ (if they are against globalisation or neoliberalism) or ‘loony, nutcases’ (if they are against the Fed or taxes). And the evidence of corruption and coverups in our own societies are ‘conspiracy theories,’ while a 140 character statement about state corruption from someone who could be anywhere in the world is headline news on Huffpo or Andrew Sullivan. Sorry to interrupt your morning, go back to watching Other People’s Revolutions.