Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Tag Archives: Wall Street

ARMs are Costing People their Homes

Subprime Crisis No Barrier to Affordable Housing

Subprime Crisis (Photo credit: woodleywonderworks)

Back in September, the Associated Press took a close look at U.S. census data and learned that the supposed economic recovery was leaving an awful lot of people behind. One segment is homeowners who bought the dream of owning a home using ARMs – adjustable rate mortgages – and who are now finding out how these sub-prime mortgages really work. They are working to

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Fed Transcripts from 2008 Reveal Experts to be Clueless and Confused

English: President Barack Obama confers with F...

President Barack Obama confers with Federal Reserve Chairman Ben Bernanke following their meeting at the White House. (Photo credit: Wikipedia)

Followers of the Fed have carefully analyzed the 1,865 pages of transcripts it released in February of its eight regularly scheduled meetings and six emergency meetings in 2008 and have concluded that these experts were clueless and unaware of the opening economic abyss yawning before them. Even the New York Times was forced to admit, following its review of the documents, that

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Detroit’s Grand Bargain will Satisfy no one

The so-called “grand bargain” that Detroit’s emergency financial manager rolled out on Friday – all 440 pages of it – was welcomed by Michigan Governor Rick Snyder with words that perfectly encapsulated the nearly year-long effort to settle the city’s bankruptcy:

Kevyn Orr has submitted a thoughtful, comprehensive blueprint directing the city back to solid financial ground … [but] there will be

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Former Treasury Secretary Geithner to head up private equity firm Warburg Pincus

Former Treasury Secretary Timothy Geithner announced his plans to join the Wall Street private equity firm Warburg Pincus in March 2014 where he will serve as president and managing director.

Geithner is the proto-typical insider with establishment ties that follow almost exactly

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Hillary Clinton Launches her 2016 Campaign with High Dollar Speeches

With a recent series of highly compensated speeches to wealthy and influential groups, former Secretary of State Hillary Clinton has unofficially but effectively launched her 2016 presidential campaign. In July Clinton spoke to Kohlberg Kravis Roberts, a $40 billion international private equity firm, followed by another to the

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US oil output is up 25 percent from just one year ago

If the increase in US oil output continues to increase by 25% every year, as it did from September 2012 to September 2013, total US output would double every three years. It’s a simple case of mathematics, compound interest, and the Rule of 72.

The main thing working to keep that from happening is

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Summers is out, Yellen is in, the Fed rolls on

Just when it appeared that Larry Summers had the nomination for the next Fed chair all wrapped up, Summers called the White House on Sunday and told his good friend, President Obama, that he was withdrawing his name from consideration. He then sent a formal withdrawal letter to the president:

I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation’s ongoing economic recovery.

The president dutifully responded with the appropriate accolades:

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CNBC says Larry Summers to replace Ben Bernanke at the Fed

Citing an unnamed source from “Team Obama”, CNBC announced that Larry Summers will be named head of the Federal Reserve by President Obama to replace outgoing chairman Ben Bernanke whose term expires on December 31st.

Despite much media conversation about other potential candidates for the position, chief among them Fed Vice Chairman Janet Yellen, Summers always had the inside track. Summers served as

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Monsanto Gets no Love

This article was first published at The McAlvany Intelligence Advisor on Friday, August 23rd, 2013:

On Wednesday, Insider Monkey, the service from Stocknomics that tracks insider trades and hedge fund activity, said that “the constant drama over GMOs (genetically modified organisms) seems to be hitting the newswires daily … [and] some hedge funds want nothing to do with Monsanto…. Monsanto Company (NYSE: MON) has experienced declining interest from the entirety of the hedge funds we track.” It added:

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Turning the Clinton Foundation into Hillary’s Presidential Launching Pad

When consulting firm Simpson Thacher & Bartlett, better known simply as Simpson Thacher, completed its corporate review of the Clinton Foundation earlier this month, their conclusions were picked up by the New York Times. Authors Nicholas Confessore and Amy Chozick gently chided the Clintons for running a money machine allegedly designed to “strengthen the capacity of people throughout the world to meet the challenges of global interdependence” but which suffers instead from

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Securities Agency Sues Jon Corzine, former MF Global head, over theft of customer funds

The sanctions sought against Jon Corzine, the former head of MF Global, by the U.S. Commodity Futures Trading Commission (CFTC) in a lawsuit filed in U.S. Southern District Court in New York on June 27th should end Corzine’s career as a Wall Street manipulator and send him into

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Central Banks’ bubble is bursting, sending markets down worldwide

When the Japanese stock market lost more than 6 percent of its value on Wednesday in a massive selloff, pundits jumped on the move to try to explain what happened, and what it all means. Evan Lucas, a market strategist at IG Markets, wrote:

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The China party is over, says the Wall Street Journal

And it’s about time, too!  The Journal is just a little late to notice what’s happening, and has been happening, over there for at least the last two years.

Let’s put things into perspective.

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The coming Tobin Tax and Wall Street

I have watched in utter amazement as the stock market continues inexorably to climb to new highs nearly on a daily basis. I have wondered aloud and in writing how such an upward march could be justified. I have looked in vain. There is nothing going on in the economy that, in my opinion, justifies this. Smarter people than I have failed to find justification for it either. The markets don’t care, it seems. They just continue to move higher.

But perhaps Wall Street is watching something that is about to happen in Europe

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The gap between Wall Street and Main Street widens

On Thursday, the last trading day of the first quarter of 2013, the Standard and Poor’s index of 500 stocks – the S&P 500 – closed  at 1569, four points above where it traded in October, 2007, just before it plummeted to 676 in March, 2009. With that news the sigh of relief on Wall Street was nearly audible. CNNMoney gushed:

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Is the stock market real? Not according to consumers.

With the stock market steadily marching higher and setting new all-time highs (on a nominal, not inflation-adjusted basis), does this reflect what’s really going on in the economy? Not according to 5,000 households who

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Those cute little “green” cars aren’t so green after all.

I have a good friend who drives an older model Honda Insight which, he tells me, gets 70 miles per gallon. I learned that he paid about $20,000 or so for it and since he drives down to the Springs from Black Forest almost every day (a round trip of 50 miles) he is saving a lot of money. I drive a Honda Accord. It gets

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The Fed Needs a New Leader, says the Wall Street Journal

Sometimes I seek opportunity. Sometimes opportunity is thrust into my lap. The latter just happened with this unbelievable screed written by Paul Farrell today at the Wall Street Journal‘s MarketWatch. He decries the failed attempts by Fed governors going all the way back to

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Those Wal-Mart Emails and the US Economy

Much was made of some internal emails from Cameron Eiger, a Wal-Mart VP, expressing his frustration over slow sales at the start of the year. In a February 1st email to company executives, he wrote:

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The Profound Unfairness of Raising Taxes on the Rich

Benjamin Anderson tells the story of how a wealthy entrepreneur reacted to the imposition of much higher income tax rates in 1935 at the bottom of the Great Recession. Anderson’s Economics and the Public Welfare, a highly regarded study of the Great Depression, was based on his personal experience as an economist for the Chase Manhattan Bank and the editor of the Chase Economic Bulletin. Anderson recounts the case of one rich man who,

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.

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