The banks are doing better????!

What gets me is that no one in the press core is asking JP Morgan, Citibank, or Bank of America, who are claiming that they are doing better this quarter than expected, is because they have received bailout funds.

They are not doing any better! They have bailout funds! Their math doesn't equate, because they are including these funds in their calculations as to the public perception of doing better they are once again blindsiding the public into thinking things are getting better...

People, Wake the fuck up!

This is another means of manipulation of the markets for the benefit of the corporations. Their accounting is off and no one cares or is calling it!








This, the 264th entry in bloggoland! Thanks for reading and coming back. I always enjoy the comments, emails and the banter!!


(c)Copyright 2009 Doug Boggs

Can we regulate Greed? Part One...

I believe that we are reaching the bottom of this real estate downturn. I say this due to the fact that of the news of housing starts have reached their lowest level ever since records of this have been kept beginning in 1959. We have reached the bottom, but is it the final bottom?

With Obama now looking to mend the pain of the mortgage crisis it may begin to heal the lending portion of the real estate business. With the fact that NO ONE has been able to get a mortgage at this time, despite the billions that we have given banks, they continue to NOT lend. Once people are able to borrow again they will get back to wanting to own a home, or borrow for their businesses.

The housing boom also created a huge inventory of new homes. When the lending shut down the amount of homes on the market dramatically began to increase due to no sales. With the additional foreclosure market adding to the inventory it simply added more inventory on top of inventory. This halted the new build construction industry nearly overnight.

As the construction market nearly stopped completely one of the largest industries began seeing high unemployment and reducing wages through more competition.

Usually, when new housing slows, the remodel business picks up. This didn't happen due to the fact that banks shut down most people's HELOC (Home Equity Lines of Credit) hereby nearly stopping the residential construction business overnight. As banks shut down lending, business couldn't get money either, thereby shutting down the commercial tenant improvement business as well.

I believe that Obama must get some rules to the financial industry to distribute the bailout money. We have reached a point in which the government, which is deeply entrenched in the financial industry with money at this time, must also be deeply entrenched in how it orchestrates these funds. We have reached a point of social finance, but the legislators are refusing to accept this and go there fully. Too late, my friends. The money has exchanged hands and it is now time for the rules of the game to be set. If we don't find ourselves accepting a socialistic approach to finance with full disclosure and accountability Wall Street will find new avenues to bleed the system and once again stifle the necessary growth for the country.

Greed must become regulated in order for this crisis to end.




This, the 257th entry in bloggoland! Thanks for reading and coming back. I always enjoy the comments, emails and the banter!!


(c)Copyright 2009 Doug Boggs

Where's the CON in confidence? You hide it well...

I guess Washington relies on the factoid that Americans have a very short attention span.

Based on the comment from Lila Rajiva, the other day, who is the co-author of one of my favorite books, "Mobs, Messiahs, and Markets", and a must read (to which you can order from my book library spindle at the top) she mentioned that perhaps more writing needs to be done regarding the financiers who have swindled the world from its money. I do agree, do to the fact that most people have already forgotten what has really transpired in the past only four short months...You can find her blog on the right in the column titled "Other Blogs of Interest" to which I frequent and hers is called, Mind-Body Politic.

To recap;
Back in September, Bernanke and Paulson came to Washington and asked for a blank check with no strings attached so they could get the banks the $700B in order for the banks to begin to buy up the toxic assets...When Bush came forward and asked for the blank check-the public said,"not again with the blank check policy..." But basically the politicos gave in anyway after a few bullshit sessions to make things look good to their constituents since Nov. 4 was right around the corner...politics, right?!

Then the banks took the money and hoarded it. No one in Washington told them they actually had to DO something with OUR money we were giving to them-those who fucked it all up in the first place. Oh, some paid for some great parties and a few CEO's and such got some great golden parachutes albeit with different semantic wording in order to comply...but they still got their-I mean, OUR money...

Then the banks kept hoarding the money. They continue to blame it on the consumer confidence. Is this CON or CONfidence... Businesses failed, people went broke, people lost their homes, people lost their jobs, more people lost their homes...

Obama got elected and people began to see a new light to the world. People forgot about the shit...The banks kept hoarding the money...

But more businesses failed, more people went broke, more people lost their homes, more people lost their jobs, then more people lost their homes...

Well, Bernanke stated today, in a speech in London, that he thought that the banks should be given the rest of the $350B that Obama is asking for so that the banks could buy up the toxic assets.

I'm sorry, did I hear that again? I mean, did you stutter? I mean, do you mean it this time?

And I guess our Democratic Congress and Senate decided to get a set of balls when there is an incoming Democratic President. Where were the concerns and checks and balances for the Bush $350B(actually substantially more...)

I asked for the Democrats to get a set of balls, but perhaps they needed to have a damn backbone when we had the Bush criminals running the show...

Once again, you can't make this shit up!

Bernanke originally came in stating that our old friend Greenspan had failed at his job. By no oversight or foresight he seemed oblivious to the lending rates and bubble that was being created. Bernanke stated that Greenspan should have never brought down the rates as low as he did. Now, Bernanke has brought the rates to the lowest they have been since...I'm an American-I can't remember, oh that's a good thing for Bernanke...but I'll find out online...

Don't these people know that everything is recorded and secured for the rest of time through the internet, cell phones, Twitter, Facebook, blogs and more...?

Perhaps they don't care because they know that America has a very short attention span.

What was I saying again?...

Oh, yeah, I was talking about this guy who "made off" with all of our money...his name was Madoff! Anyway...

And we wonder where the CON is in consumer confidence...




This, the 237th entry in bloggoland! Thanks for reading and coming back. I always enjoy the comments, emails and the banter!!


(c)Copyright 2009 Doug Boggs