BREAKING: Obama calls for "resolution authority"

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Wednesday March 18, 2009 · 10:14 AM PDT

2009/03/18 · 10:14

Obama Says AIG Bonuses Show Need for Agency to Oversee Bailouts. This sounds very interesting. It is time that we prepare for the possibility that financial conglomerates will be liquidated and reorganized. Is this a precursor?

dennisk

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Thursday March 12, 2009 · 9:48 AM PDT

2009/03/12 · 09:48

Citigroup, whose existence depends on taxpayer money, wants to enter the debate about Employee Free Choice Act(EFCA). But instead of being a facilitator of the debate they are definitely taking sides and it is not in favor EFCA. That certainly is not a surprise but what is surprising is that it is allowed to operate like this with all the taxpayer money it has accepted. Oh wait, that is right cheap capital with no strings attached.

dennisk

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Monday March 02, 2009 · 11:17 AM PST

2009/03/02 · 11:17

Today's news of more money for AIG brings more debate about "nationalization" and from the comments under some the diaries there seems to be some wrong information about "nationalization". In my opinion many of the proposals for "nationalization" are starting sound the same. Even, James Baker's suggestion in today's Financial Times sounds like many left leaning economists. So, I offer this proposal, which is not very profound or ground breaking, as a means of debate and discussion.

dennisk

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Sunday March 01, 2009 · 2:55 PM PST

2009/03/01 · 14:55

As taxpayers, we should demand that Treasury Department either force or convince Citigroup to hold an open auction of some of its 'toxic' stuff on its balance sheet. After all we own 30-40% of Citigroup. Gillian Tett proposed this solution this past week in the Financial Times(registration required). This is the best forum than any to make such a demand. Senator Christopher Dodd (Chairman of the Senate Committee on Banking, Housing and Urban Affairs) and Congressman Barney Frank (Chairman of the Financial Services Committee) are in a position to make such a demand of Treasury.

Please contact Senator Dodd and Congressman Frank and let them know you want an open auction of these toxic assets on Citi's books.

dennisk

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Wednesday February 25, 2009 · 4:41 PM PST

2009/02/25 · 16:41

Can someone "talk me down"? We are starting to get some details about the "stress test" that Secretary Geithner proposed several weeks ago and it does not sound promising.

dennisk

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Monday February 16, 2009 · 5:53 PM PST

2009/02/16 · 17:53

I don’t have any hard proof and it may take a while to determine if financial illiteracy did contribute to our current crisis but based on what I have seen and what I have read - I believe the answers Yes. The mortgage crisis is just the beginning. If we are significantly challenged with managing debt what does the future hold for retirement savings? The mortgage crisis is a symptom to a much bigger problem – the lack of financial literacy in our country.

dennisk

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Saturday February 14, 2009 · 10:40 AM PST

2009/02/14 · 10:40

This is a follow up diary to one I did yesterday based on a BusinessWeek article: How Banks Are Worsening the Foreclosure Crisis. I just wanted to include some quotes regarding some of the politics that was occurring while people were losing their homes. What is very clear is that bank lobbyists played a vital role in protecting the interest of their clients but who was protecting our interests???

dennisk

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Friday February 13, 2009 · 11:48 AM PST

2009/02/13 · 11:48

I just read this BusinessWeek article entitled How Banks Are Worsening the Foreclosure Crisis. I probably should go for a long walk now instead of writing this because I feel my blood pressure boiling. After reading this article and thinking about what I said yesterday about being blackmailed, I am absolutely convinced that we are being played by the financial conglomerates.

dennisk

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Wednesday February 11, 2009 · 11:14 AM PST

2009/02/11 · 11:14

Remember that saying "don't assume, because when you do it makes an ass out of u and me." Taxpayers are assuming too much downside risk with the Financial Stability Plan as presented by Treasury Secretary Geithner this morning. So, are we the asses on this latest bailout plan? Taxpayers are on the hook for more capital injections into banks and potential purchase guarantees of toxic assets by private investors. The plan does offer some improvements such as requiring a 'stress test' of bank balance sheets and more transparency and disclosure of toxic assets but this only a start. Time is of the essence and relying on a market system that is not functioning properly is a waste of time and money.

dennisk

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Wednesday January 28, 2009 · 10:54 AM PST

2009/01/28 · 10:54

News reports indicate that President Obama is considering a "bad bank" system to address the problem with "toxic assets" on the books of financial conglomerates. The problem with this approach is that: 1) what price do we pay for these "toxic assets" and 2) it preserves and protects shareholders with taxpayer money. We need to start over and wipe the slate clean. This would be very painful but it is better than dumping trillions of dollars into a system that is broken beyond repair.

dennisk

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Monday January 26, 2009 · 8:53 AM PST

2009/01/26 · 08:53

People are struggling and are in need of cash - and fast. Tax filing season is in full swing and so are the tax refund anticipation lenders. Tax refund anticipation loans (RALs) are marketed in such away to convince people not to wait for their tax refund and get their cash now. A very enticing proposition especially in our current economic environment. But RALs are susceptible to fraud and are extremely expensive. Most importantly, we are paying fees, which are sometimes very high, to borrow our own money. These RALs are insane and totally unnecessary.

dennisk

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Tuesday January 20, 2009 · 9:20 AM PST

2009/01/20 · 09:20

For the past 30 years, our economic system, and our political system for that matter, have been dominated by a philosophy that believes that the market system is perfect and is the answer or mechanism that can make the necessary changes to our country. Some people call it "laissez-faire" capitalism, "free market" capitalism or market fundamentalism. It doesn’t matter what you can it. It is terribly flawed.

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BREAKING: Obama calls for "resolution authority"

So Citi Wants to Play

Nationalization Proposal

We Should Demand an Open Auction!

I am Seeing Red.

Did Financial Illiteracy Contribute to this Crisis?

Our Country was Burning and It was Politics as Usual

We Can Win the Survival of the Fittest

Financial Stability Plan: Too Much Downside Risk

Wipe the Slate Clean and Start Over

Beware: Tax Refund Anticipation Loans

Change Just Doesn't Happen