Sunday, September 20, 2009

Davos on the Edge / Market Thread 9.21.2009

  • Tax the Dogs: State plots dog surcharge
  • Irene Aldridge Gets Death Threats Over Her Views On HFT, Pitches Book Again
  • OUTRAGE: TYING IT ALL TOGETHER
  • 95% Of Your Savings, IRA, Checking Account and Retirement will be Gone (Video from http://thecomingdepression.blogspot.com)
  • Elderly Bank Bandit: I Robbed to Pay Off My Mortgage
  • Faux capitalists look for the free lunch
  • ‘We still have the same disease' (H/T xRayMike79)
  • "Bailout" Money & Bankers: Corruption: Banks Lending UNSECURED To Terrorists?

Economy

Tax the Dogs: State plots dog surcharge

“The number of abandoned animals has gone through the roof over the past few years,” Jehlen said. “Shelters are euthanizing animals because they have too many.”

Jehlen pointed out that the MSPCA and several dog kennels and purebred pooch clubs throughout the state support the bill.

But French bulldog owner Megan Doerrer said she’s tired of the dog pile of state fees and taxes.

“I don’t want to pay more and I don’t think anyone else does either. It’s a weird time to choose to raise prices,” said Doerrer, 25, a math teacher who lives in the South End and was walking her dog Brady in Peters Park.

Clerks from cities and towns also oppose the additional fee, saying the state is snatching even more money away after cutting local aid.

Irene Aldridge Gets Death Threats Over Her Views On HFT, Pitches Book Again

Click to play

OUTRAGE: TYING IT ALL TOGETHER (Strong language, don't watch if offended)

[video:http://www.youtube.com/watch?v=UYqCm_D7pRE&feature=player_embedded]

95% Of Your Savings, IRA, Checking Account and Retirement will be Gone (Video from http://thecomingdepression.blogspot.com)

I started at the 2:20 minute point...

[video:http://www.youtube.com/watch?v=SLTa-ylnxsY]

Elderly Bank Bandit: I Robbed to Pay Off My Mortgage

"I had to get us out of this," the elderly man said Friday from the other side of the glass at San Diego central jail. "I've never done a bad thing in my life. But when you get desperate, I guess you throw all that sh-- out the window."

Listening to how Michael Casey Wilson of Santee tells it, a 17 percent mortgage, the threat of homelessness and a terminal health condition will turn a man to crime.

Wilson, 69, is accused of walking into the Bank of America branch in the 4100 block of El Cajon Boulevard in City Heights and handing a bank manager a demand note, saying he had a bomb. Prosecutors said he made off with $107,000 before he was caught lying on a front porch near the bank.

Faux capitalists look for the free lunch

The book has a chapter titled ‘Casino capitalism,’ which suggests that a simple solution to banks’ problems is to identify the banks that are insolvent and temporarily nationalise them. “Appoint new management, and give them six months to spin out 10 per cent of each of the separate viable pieces, with the taxpayer retaining the rest as passive investors. Bank of America can spin out five major pieces: BoA, Merrill, Countrywide, a toxic holding company, and the rest of its holdings,” Ritholtz recommends.

‘We still have the same disease' (H/T xRayMike79)

MT: They're all still here. Today we still have the same amount of debt, but it belongs to governments. Normally debt would get destroyed and turn to air. Debt is a mistake between lender and borrower, and both should suffer. But the government is socializing all these losses by transforming them into liabilities for your children and grandchildren and great-grandchildren. What is the effect? The doctor has shown up and relieved the patient's symptoms – and transformed the tumour into a metastatic tumour. We still have the same disease. We still have too much debt, too many big banks, too much state sponsorship of risk-taking. And now we have six million more Americans who are unemployed – a lot more than that if you count hidden unemployment.

"Bailout" Money & Bankers: Corruption: Banks Lending UNSECURED To Terrorists?

Can someone answer this question:

HOW IN THE HELL DO OUR BANKING REGULATORS ALLOW THIS SORT OF OUTRIGHT FRAUDULENT GRANTING OF CREDIT? $50,000 IN UNSECURED CREDIT LINES TO A FREAKING DELIVERY DRIVER WHO APPEARS TO BE A FOREIGN NATIONAL WITH NO ASSETS IN THE UNITED STATES AGAINST WHICH TO SECURE THE LOAN?

THE BANKS THAT WE BAILED OUT FAILED TO STOP THIS CRAP ALL THE WAY UP TO MARCH OF THIS YEAR AT LEAST (WHEN THIS GUY FILED BANKRUPTCY) AND PROBABLY STILL ARE DOING IT!

This is an OUTRAGE. Not only did this guy effectively stick the US Taxpayer with the $50,000 in debt it appears he may have been using the freaking money to plot some sort of terrorist attack as part of an Al-Quaida cell INSIDE THE UNITED STATES?

TO PUT THIS IN ONE SENTENCE: BANKS THAT WE BAILED OUT WITH TAXPAYER MONEY ARE FUNDING TERRORISTS INSIDE THE US?!

And don't try to tell me this is an "isolated incident" either. Some of these banks have had active programs for years to give loans and other services to undocumented illegal aliens. Wells Fargo even advertised their willingness to lend to people in this nation illegally:

It's the American dream -- buying a home for your family. And now you don't have to be in the country legally to own one.

Wells Fargo is first major California lender to offer home loans to illegal immigrants, 10News reported.

"We're not required to ask the immigration status of any of our customers. That is the responsibility of the federal government," Wells Fargo bank representative Jerry Ruiz said.

Bank America has provided credit cards for years to illegal immigrants and others "without social security numbers", requiring only that they have a checking account for three months. BAC will also extend mortgages to these people - individuals who could be deported at any time, sticking the bank (well no, sticking the taxpayer, since we bailed them out!) with the loss.

Oh, and if you want an ACORN connection to all this? Here it is - this time with CITIBANK, who only exists today because of taxpayer largesse:

The local program, which uses tax identification numbers instead of Social Security numbers, is similar to programs run by small lenders – and two state agencies – around the country that have distributed millions of dollars to undocumented immigrants over the past few years.

“There is a huge untapped market out there, but it is a controversial program,” said Sarah Lumbert, office director of San Diego's ACORN Housing Corp., part of a national group working with Citibank to provide tax-ID loans.

Isn't that special?

Not only is the taxpayer bailing out banks that have made loans to illegal immigrants but now it appears that the taxpayer has been bailing out banks WHO EFFECTIVELY GAVE MONEY TO AL-QUAIDA TO FUND A TERRORIST ATTACK IN THE UNITED STATES!