Clipmarks | Banking Clips

the banking system

Tue, 14 Oct 2008 02:36:26 GMT

clipped by: ikino22

For starters, the banking system should be nationalized. This could provide immediate relief for the international credit squeeze, in which banks are choking off economic growth by refusing to lend to one another.

The banks' ability to damage our livelihoods with their speculation should be ended immediately.

Sprouting from an Acorn

Tue, 14 Oct 2008 01:32:05 GMT

clipped by: willhelm
clipper's remarks: Editorial writers from Little Rock to Buffalo condemned ACORN's action as an affront to both civility and freedom of speech. Editorialists also pointed out that the "spending cuts" the protesters railed against were imaginary - Gingrich proposed merely to slow the growth in some welfare programs and turn control back to the states.

Yet ACORN had only just begun. Two days later, 50 to 100 of the same protesters hit their main target - a House Banking subcommittee considering changes to the Community Reinvestment Act, a law that allows groups like ACORN to force banks into making high-risk loans to low-credit customers.

The CRA's ostensible purpose is to prevent banks from discriminating against minorities. But Rep. Marge Roukema (R-NJ), who chaired the subcommittee, was worried that charges of discrimination had become an excuse for lowering credit standards. She warned that new, Democrat-proposed CRA regulations could amount to an illegal quota system.

Clip Source: www.nypost.com

TO discover the roots of to day's economic crisis, consider a tale from 1995.

That March, House Speaker Newt Gingrich was scheduled to address a meeting of county commissioners at the Washington Hilton. But, first, some 500 protesters from the Association of Community Organizations for Reform Now (ACORN) poured into the ballroom from both the kitchen and the main entrance.

Hotel staffers who tried to block them were quickly overwhelmed by demonstrators chanting, "Nuke Newt!" and "We want Newt!" Jamming the aisles, carrying bullhorns and taunting the assembled county commissioners, demonstrators swiftly took over the head table and commandeered the microphone, sending two members of Congress scurrying.

The demonstrators' target, Gingrich, hadn't yet arrived - and his speech was cancelled. When the cancellation was announced, ACORN's foot soldiers cheered.

Want To Know How The BAILOUT Scam Is Going To Effect You . . .

Mon, 13 Oct 2008 18:51:23 GMT

clipped by: gmentgen
clipper's remarks: Amazing how a little "Play-Money" can effect everything.

Do you see the connection between the "Play-Money Auction" described relates to the "Play-Money" the Federal Reserve issues?

Clip Source: mises.org

What We Learn From a Play-Money Auction

If you want to get an idea of how this bailout bill is going to affect your family in the months and years to come, all you have to know is what took place at my nephew's party. My sister-in-law thought it would be fun to give away party prizes by having an auction with play money. I got to run the show. I had attended auctioneer school recently and needed the practice.

My nephew's auction serves as a good example of what we now face. This same liquidity-infusion process has been going on for decades in our economy with the Federal Reserve providing new money to the banking and financial industries. With the passage of the Emergency Economic Stabilization Act of 2008, however, the Fed is poised to accelerate this process at a rate not seen in our lifetime. Those who will be hurt the most, of course, will be those who do not receive the new money.

Tags: bailout

Blaming the Victim

Mon, 13 Oct 2008 16:42:19 GMT

clipped by: AtlLiberal
clipper's remarks: It seems it's become de rigueur for the Conservatives to blame the victims these days. IMO, it shows how out of touch these conservative pundits truly are.

BTW, for those not familiar, the SPLC is a watchdog organization dedicated to exposing hate groups and suing them out of business. They've done impressive work particularly against the KKK and the American Aryan party.

Clip Source: www.splcenter.org

Fox’s Cavuto Wins SPLC’s Dobbsy Award for Pinning Blame on Minorities for Mortgage Crisis

The first wave of nominations are in, and one man stands head and shoulders above the rest to claim our inaugural Dobbsy Award – Neil Cavuto of Fox News.

The host of “Your World with Neil Cavuto” used his program to put the blame for the subprime mortgage meltdown squarely where he believes it belongs – on the shoulders of poor minorities who have dared try to own a home. In doing so, Cavuto has exemplified what it means to be a Dobbsy winner – a “mainstream” figure who makes utterly false or misleading statements that denigrate or defame an entire group of people.

That’s right. In Cavuto’s world, the real problem isn’t Wall Street greed or lax federal regulation of reckless banking behemoths. No, it’s all a matter of those irresponsible minorities who were willing to destroy the country’s economy for a two-bedroom home in the ‘burbs.

STOCK FUTURES RALLY

Mon, 13 Oct 2008 12:46:28 GMT

clipped by: merrie
clipper's remarks: OPEC tells IMF that without quick end to financial market crisis, bearish sentiment in oil market is likely to continue.
• Saefong reports on taking refuge in gold

Clip Source: www.marketwatch.com

U.S. stock futures surge on Monday following last week's drop of nearly 20%. Indexes in Europe and Asia rise markedly.
• Stocks to watch for Monday | World markets rally | Oil futures up
• Gold falls | Bailouts boost euro | Hong Kong jumps over 10%
• Libor eases slightly | Rally in London -- but not for HBOS, RBS
• IMF: world has a plan | Time to buy Chinese stocks?

Agreements reached in Paris and Washington D.C. restore degree of confidence

Europe leads the way
Euro-zone members outline deal to back bank loans, recapitalize banking sector.
• Banks to get $73 bln | U.K.'s arms-length deal
• Germany readies $135 billion for banks
• Central banks to offer unlimited dollar funds
• Japan to halt bank share sales
• Mark-to-market rules 'clarified'
• G7's broad-but-vague plan

Tags: futures surge, gold falls, libor eases, imf plan, paris washington agreements, confidence restored

How Very Convenient

Mon, 13 Oct 2008 12:15:05 GMT

clipped by: debbyski
clipper's remarks: You can't learn from finger pointing.

Clip Source: www.nytimes.com

PARIS — A week ago, European leaders said they knew who was responsible for the global credit crisis.

The British prime minister, Gordon Brown, pointedly noted that the crisis had “come from America.”

Indeed, even while European leaders continued to point fingers at the United States as they completed their own rescue efforts Sunday, analysts predicted that the eventual cost of the bailout on this side of the Atlantic could soon rival that of the $700 billion American plan.

“The same mechanisms that led to the crisis in the United States were operating here,” said Arnoud Boot, a professor of finance and banking at the University of Amsterdam. “It’s totally misplaced for European leaders to put the blame on the Americans.”

The American subprime loan crisis may have been the trigger, Mr. Boot said, but dangers like too much leverage, too little oversight and an executive-bonus culture that encouraged risk-taking had been building for years in Europe, just as in the United States.

World 'to fail' on nature target

Mon, 13 Oct 2008 11:18:18 GMT

clipped by: tabsey
clipper's remarks: High expectations in a world that is just realizing that nature needs help too.

Clip Source: news.bbc.co.uk

The world's governments will fail to meet their agreed target of curbing biodiversity loss by 2010, according to experts questioned by BBC News.

Nearly 200 countries signed up to the target in 2002.

Ten leading conservationists asked here at the World Conservation Congress were unanimous that the goal cannot be met.

Others suggested the target was unachievable even at its inception six years ago.

Last week saw the publication of the Red List of Threatened Species, showing that between a quarter and a third of mammals are at risk of extinction.

It also saw the head of an EU-commissioned review into the economics of biodiversity loss say that degradation of forests worldwide cost the global economy more each year than the current banking crisis.

said that on the worldwide basis there was absolutely no chance of achieving it.

"We don't have many measures of biodiversity at a global level, but there are a few," she said.

Tags: nature

Royal Bank of Scotland under state control

Mon, 13 Oct 2008 04:15:02 GMT

clipped by: sunstreak509

Clip Source: business.timesonline.co.uk

The Chancellor will move to take control of the Royal Bank of Scotland today by injecting £20 billion of taxpayers’ money.

The Government is also expected to take over HBOS in the most dramatic extension of state ownership in the British economy since the war. The bank’s rescue takeover by Lloyds TSB appeared to be on the brink of collapse last night.

As governments around the world scramble to prevent the collapse of the global financial system, Alistair Darling will unveil plans for a £40 billion “recapitalisation” of the banking sector.

Tags: economy, business, markets, bank, government

Clickjacking causing Browser woes

Mon, 13 Oct 2008 00:16:19 GMT

clipped by: douchrti
clipper's remarks: The article is a good explanation of what happens with Clickjacking and how to take steps to defeat it.

Clip Source: peterhgregory.wordpress.com

Stop “clickjacking” with Firefox and NoScript

Clickjacking is one of the newest and most dangerous web browser vulnerabilities discovered to date. Every browser is vulnerable, even those that can defend against the similar Cross Site Request Forgery (CSRF) vulnerability.

How clickjacking works: when you visit a compromised web site, your browser loads an invisible button that hovers below the mouse pointer. When you visit a legitimate site like online banking or e-mail, when you click on a link, you’re actually clicking the invisible button placed there by the malicious code. As explained by Jeremiah Grossman, CEO of Whitehat Security:

Tags: browser, clickjacking

Iranian now VP at Wells Fargo

Sun, 12 Oct 2008 23:54:09 GMT

clipped by: masbury
clipper's remarks: Loves skiing with her 84 year-old father.

Clip Source: www.payvand.com

Iranian Now V.P. of Firm that Made the Wild West

Wells Fargo is one of the few surviving American businesses from the days of the Wild West when it ran stage coaches and provided banking services for cowboys. The stagecoaches and cowboys are gone, but the banking system remains and one of the vice presidents of the modern firm is now an Iranian-American woman.

Avid Modjtabai is also part of the Board of Directors of Public Affairs Alliance of Iranian Americans (PAAIA)

When asked about her most important career influences, Modjtabai gave credit first to her parents. "My parents have been the greatest influence on my career. My father gave me the determination to demand the best from myself. From my mother, I learned compassion and tolerance. Wells Fargo chairman Dick Kovacevich and CEO John Stumpf took chances on me and gave me opportunities to grow professionally."

Marjane Satrapi's popular graphic novel "Persepolis"

had a lot of significance to me, given my Iranian background

Tags: iran

only one bourse is booming nowadays & that is .... Baghdad!!

Sun, 12 Oct 2008 21:26:37 GMT

clipped by: syncopath

Clip Source: www.abs-cbnnews.com

BAGHDAD - Worried about the global financial meltdown? Here's a tip: try Iraq.

Stock markets across the globe may be tanking, but the Baghdad bourse is booming, with the general index of Iraq's stock exchange up by nearly 40 percent last month.

Brokers -- sweat stains spreading under their armpits -- wrote the latest stock prices on a wall of whiteboards, the Baghdad bourse's answer to computer screens.

Investors waved and made hand signals at the brokers working behind a low partition. Hotels and banks were the hottest picks among the exchange's 95 listed companies.

"People know the hotel stocks are undervalued ... They think that in the new year companies will come to Iraq and the hotel business will flourish," said investor Saad Jalil, adding that the bourse was the busiest he'd ever seen it.

The world banking crisis won't affect us, our market is sealed off from the outside. We don't even have electronic trading."

Clip Source: www.daylife.com

Sunshine bank

Sun, 12 Oct 2008 15:39:21 GMT

clipped by: lechat
clipper's remarks: test du logiciel

Clip Source: portal.fxfn.com

Sunshine State Community Bank has set the new standard for banking hours. Not only do we have extended drive-thru hours Monday through Friday 7:00am - 7:00pm, but our lobbies & drive-thrus are open from 9:00am - 12:00pm on Saturdays! So come by and see us, even on Saturdays!

Tags: sb

Nature loss 'dwarfs bank crisis'

Sat, 11 Oct 2008 17:31:50 GMT

clipped by: fredondo

Clip Source: news.bbc.co.uk

Nature loss 'dwarfs bank crisis'

The global economy is losing more money from the disappearance of forests than through the current banking crisis, according to an EU-commissioned study.

It puts the annual cost of forest loss at between $2 trillion and $5 trillion.

Nature loss 'dwarfs bank crisis'

Sat, 11 Oct 2008 12:33:55 GMT

clipped by: vk2yoc
clipper's remarks: It's only money, could be worse, we could lose our planet.

Clip Source: news.bbc.co.uk

The global economy is losing more money from the disappearance of forests than through the current banking crisis, according to an EU-commissioned study.

The figure comes from adding the value of the various services that forests perform, such as providing clean water and absorbing carbon dioxide

"It's not only greater but it's also continuous, it's been happening every year, year after year," he told BBC News.

"So whereas Wall Street by various calculations has to date lost, within the financial sector, $1-$1.5 trillion, the reality is that at today's rate we are losing natural capital at least between $2-$5 trillion every year."

The greatest cost to western nations would initially come through losing a natural absorber of the most important greenhouse gas.

A number of nations, businesses and global organisations are beginning to direct funds into forest conservation, and there are signs of a trade in natural ecosystems developing, analogous to the carbon trade,

United States bank holiday history

Sat, 11 Oct 2008 12:13:07 GMT

clipped by: katsteevns

Clip Source: en.wikipedia.org

United States bank holiday

From Wikipedia, the free encyclopedia

Jump to: navigation, search

The United States Bank Holiday of the Great Depression took place in 1933 when Franklin D. Roosevelt closed the banks from March 6 to March 10 to keep depositors from bankrupting the banking system by withdrawing all their money.

Banks were allowed to reopen when they could prove that the money in their reserves was greater than or equal to the money that had been deposited in. If the banks were unsound they would stay closed or could apply for a government loan in order to keep from declaring bankruptcy.

This article relating to the history of the United States is a stub. You can help Wikipedia by expanding it.

Retrieved from "http://en.wikipedia.org/wiki/United_States_bank_holiday"

Categories: United States history stubs | New Deal