Will the USA default?

[blue rider]

http://www.bloomberg.com/news/2011-1...in-income.html

"The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue. "




"The Fed, headed by Chairman Ben S. Bernanke, argued that revealing borrower details would create a stigma -- investors and counterparties would shun firms that used the central bank as lender of last resort -- and that needy institutions would be reluctant to borrow in the next crisis."


'Dean Baker, co-director of the Center for Economic and Policy Research in Washington, says banks “were either in bad shape or taking advantage of the Fed giving them a good deal. The former contradicts their public statements. The latter -- getting loans at below-market rates during a financial crisis -- is quite a gift.”

this articles makes for some excellent reading, i suggest a generous drink or two to go with the article

[mashman]

http://www.bloomberg.com/news/2011-1...in-income.html

"The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue. "

"The Fed, headed by Chairman Ben S. Bernanke, argued that revealing borrower details would create a stigma -- investors and counterparties would shun firms that used the central bank as lender of last resort -- and that needy institutions would be reluctant to borrow in the next crisis."

'Dean Baker, co-director of the Center for Economic and Policy Research in Washington, says banks “were either in bad shape or taking advantage of the Fed giving them a good deal. The former contradicts their public statements. The latter -- getting loans at below-market rates during a financial crisis -- is quite a gift.”

this articles makes for some excellent reading, i suggest a generous drink or two to go with the article

got nae mer bling to give... nice find.

Remarkable... given that these people can pluck money out of thin air should they desire. At least it keep us from realising that the system is broken and imho is so fundamentally flawed that it has eroded society to the point where we believe the shite that they spout. Someone's having a good hard laugh... other than me that is.

[blue rider]

got nae mer bling to give... nice find.

Remarkable... given that these people can pluck money out of thin air should they desire. At least it keep us from realising that the system is broken and imho is so fundamentally flawed that it has eroded society to the point where we believe the shite that they spout. Someone's having a good hard laugh... other than me that is.

you want me to really scare you........ read this

http://www.zerohedge.com/news/707568...107-trillion-6


i feel all safe and secure knowing that dear Leader is a banker/trader with awesome money making skills

[mashman]

you want me to really scare you........ read this

http://www.zerohedge.com/news/707568...107-trillion-6


i feel all safe and secure knowing that dear Leader is a banker/trader with awesome money making skills

Where money is concerned I am unscarable anymore... there is no mystery as to where money comes from and what it can do, a glance at the news shows the results.

Not that I understood 99% (wahhhahahahahahaaaa) of that article, but that's some impressively big numbers... but I'm not worried, we're selling our assets, she'll be right

[Paul in NZ]

Oh well - here we go again...

What a topsy turvey world it is... Suddenly the Russians and the Chinese look like the level headed reliable types and the 'mercans look like unstable 3rd world loonies holding the whole world hostage to a right wing nutcase minorities demands..

Defunding the Obamacare initiative based on a dodgy political idea and ignoring that the majority of americans seem to like the idea is very naughty. Its come about because of the outrageous gerrymandering allowing unrepresentitive representation which is NOT what America was all about. It really has become the land of corporate control and screw the public....

My prediction - eventually the Unitied States will suffer rebellion of states much like Russia did. Except it will be an economic seperation rather than a ethnic one. California is already a big enough economy to arguably go it alone - Texas has never need too sure and if any of them do split off the shit fight will leave anything the Russians went through looking like a pre schoolers game of tiddly winks...

[baffa]

Paul: you might find this interesting: http://www.youtube.com/watch?v=qSjGo...layer_embedded

Americans already pay more per capita for healthcare than most countries, and yet the vast majority of them get nothing.

Regarding the fact that their Govt is a halarious waste of time and money, run by idiots who cannot seperate God, country, and firearms, to be honest Im not surprised it has come to this. Neither side wants to back down, so thousands of people and agencies suffer their stupidity.

[mashman]

I wish it would collapse and collapse hard. The people will form community's as they have done in other places around the world. The rich and powerful will, ironically, become targets. Bring it.

[Brian d marge]

I for one have taken a different approach.
I embrace our new Chinese overlord. I have married into their culture and now we have a half-cast offspring.
Huan yīng guǎng lín wěidà de tǒngzhì zhě

fyi the rest of you are fucked. Sorry.

Fk I hope the dont remember the wee party the Japanese had there a few years back

Im screwed

Stephen

[Brian d marge]

Interesting background on the problem, here...

http://english.pravda.ru/business/fi...e_usa_debts-0/

Dear old Christine , pro american. Who would have thunk it
and being the head of the IMF and all ...shame , shame

Stephen

[awa355]

What the hell is " Gerrymandering" ??

[Brian d marge]

Gerrymandering is a daytime tv show in the states
v popular I am told

Stephen

[mashman]

What the hell is " Gerrymandering" ??

I thought he was the guy out of Dad's Army... learn something new everyday.

[ellipsis]

...since 1770'ish the americans have been killing themselves over their rights to freedom...it's a tumultuous and sad history they have in such a short timespan...so many died for fuck all freedom...

[Brian d marge]

I thought he was the guy out of Dad's Army... learn something new everyday.

Thats CAPT Gerrymandering

fk

Stephen

[Brian d marge]

...since 1770'ish the americans have been killing themselves over their rights to freedom...it's a tumultuous and sad history they have in such a short timespan...so many died for fuck all freedom...

Thats true .. but dont tell em , otherwise the brits , the germans, the nigerians,the somalians all giving it there best for freedom
I dont know why
Just open a bank , you will be free in a heartbeat

Stephen