Federal Reserve who created the housing bubble, by creating the technology bubble, by bailing out a Wall Street hedge fund. To add more ice cream to this dish, let’s not forget the central banks role in the Asian crisis, the Mexican crisis and the savings & loan crisis. As you can see, these are not one-hit wonders, and sadly the Fed’s Greatest Hits are anything but great.
Certainly, the stock market has recovered – and this is exactly what the US Federal Reserve wanted. At the time, they read somewhere that if people “feel” wealthier, they’ll borrow and spend more. Simple enough, all they had to do was to make people feel wealthier and when it comes to wealth in America, there’s no better barometer than the stock market.
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One can see that as the Federal Reserve printed more and more money, the stock market increased more and more as well.
READ FULL STORY:
http://www.zerohedge.com/news/2013-08-08/icecap-asset-management-popping-super-duper-america-paradigm
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People are doing their own journalism and research.
Terror Alert; Bail-in Alert; Market collapse Alert…
This is a good sign that a popular trend is increasing awareness.
.
Published on Aug 8, 2013
Russia warns Get all Money out of Western U.S. Banks Now
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07 Aug 2013
JPMorgan Chase JPM -0.58% has revealed in its quarterly regulatory filing it’s being investigated by criminal and civil divisions of the U.S. Department of Justice.
The news comes just a day after Bank of America BAC -0.96% was hit with civil suits from the DoJ and SEC.
JPM, the nation’s largest bank, said it is responding to “parallel investigations being conducted by the Civil and Criminal Divisions of the United States Attorney’s Office for the Eastern District of California relating to MBS offerings securitized and sold by the Firm and its subsidiaries.”
The bank said it received a notice from the civil division in May 2013 stating it has preliminarily concluded that the bank violated certain federal securities laws connected with its Alt-A residential mortgage-backed securities offerings during 2005 to 2007.
JPM is not alone in battling the DoJ over its RMBS offerings.
Last Friday BofA warned that the DoJ and SEC intended to file civil charges relating to “one or two jumbo prime securitizations.” The suits were filed yesterday and involved Alt-A residential mortgages that were bundled and sold as securities to investors.
BofA marketed the securities as being backed by high-quality, prime mortgages but in reality the mortgages were given to borrowers whose income was not verified and who lied about their income and employment, the DoJ said.
JPM said in its filing that raised its estimate of possible legal losses in excess of reserves to $6.8 billion at the end of June.
Read More:
http://www.forbes.com/sites/halahtouryalai/2013/08/07/bofa-not-alone-jpmorgan-chase-may-face-criminal-charges-over-bad-mortgage-securities/
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http://hat4uk.wordpress.com/2013/08/09/global-looting-the-new-eu-bailin-law-was-passed-8-days-ago-did-you-notice/
Three beaming eurocrats – Barroso, Van Rompuy and Lithuanian Dalia Grybauskaite – emerged triumphant from a session two days ago, in which they mapped out the biggest bank heist in world history. This is to put flesh on the eurozone law hastily passed on August 1st (while EU citizens were on holiday) to deal with the inevitability event of a bank collapse. Under this draft proposal – which many expect to be applied to the entire EU – no depositor big or small will in future be able to feel safe with money deposited in a bank. The Slog now calls for those who represent us, across the entire cultural spectrum of European society – to do something.
In a barely read piece a month ago, the International Business Times reported on the rapidly drafted new EU law for “overhauling its policy on how banks receive bumper bailouts”.
… But yesterday from the German site Deutsche Wirtschafts Nachrichten (German Economic News) came a piece reporting that all bets are off as far as the ‘guarantee of all funds under €100,000′ pledge is concerned. Under the current Lithuanian Presidency of Dalia Grybauskaite (seen left between a Trot and a poet), the proposal as drafted – and almost entirely ignored by the Western media – states as follows:
* Treatment will not be the same regardless of size of deposit, BUT small account holders will have to wait up to four weeks to get their money….’depending on how serious the insolvency is’. During that time, there will be a maximum withdrawal of €100-200 per day – again, perhaps less depending on the seriousness of the failure. (Based on the Cyprus experience, the haircut in the end will be at least 60%)…
READ MORE:
http://hat4uk.wordpress.com/2013/08/09/global-looting-the-new-eu-bailin-law-was-passed-8-days-ago-did-you-notice/
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