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August 242010 Posts

August 242010 Posts

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Published by Albert L. Peia

business, law, finance, economics, current events / topics, stock market, forecasts, links to Albert L. Peia, Albert Peia, Al Peia, RICO, albertpeia.com

business, law, finance, economics, current events / topics, stock market, forecasts, links to Albert L. Peia, Albert Peia, Al Peia, RICO, albertpeia.com

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Categories:Business/Law, Finance
Published by: Albert L. Peia on Aug 25, 2010
Copyright:Attribution Non-commercial


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Business / Economic / Financial[This link to a somewhat more cumulative blog posts pagewill precedecurrent days news since most all topics remain current in terms of impact and longer-term effect and can be searched by topical indexterm more easily. The same is provided since the blog sitehttp://alpeiablog.blogspot.comhas just been censored as to size bygoogle which is typical for google as nsa / cia / gov’t shill as more arebecoming aware of. The same is true for microsoft, another co. that’sseen their best days and relies on the government to maintain their monopoly. Up to now the better pagehttp://www.scribd.com/alpeiaisprovided for ease of formatting and clarity thereby while theWashington Post page is the real deal but without formattinghttp://www.washingtonpost.com/wp-srv/community/mypost/index.html?plckPersonaPage=PersonaComments&plckUserId=alpeia&newspaper UserId=alpeia ]
How to Fix It‘We have a "fundamentally corrupt financial system" and theDodd-Frank reform bill did nothing to change it, says Boston Universityeconomics professor Laurence Kotlikoff."Relatively little has changedexcept there are going to be more federal regulators who are probablygoing to miss major problems." At the core of the 2008 crisis was "theproduction and sale of trillions of fundamentally fraudulent securities,"Kotlikoff says, suggesting all levels of society participated in the fraud --including homeowners. At the center of it all were financial intermediaries(a.k.a. Wall Street) who packaged and sold "snake oil under the guise of proprietary information" to limit or eliminate disclosure, and enabled bycorrupt rating agencies, regulators and elected officials, he says. In theaccompanying video, Kotlikoff explains how we can "make Wall Street safefor Main Street." In short, we should transform all financial companies withlimited liability (banks, hedge funds, private equity firms and insurancecompanies alike) into mutual funds, which the professor describes as "littlebanks that have 100% capital requirements. " Notably, the big mutual fundcompanies survived the "financial earthquake" of 2008-09 when the rest of the financial system collapsed, Kotlikoff recalls. In late 2009, Kotlikoff andHarvard's Niall Ferguson penned anop-ed for The FTd
escribing a blueprintfor how to take moral hazard out of banking. Citing a speech by Bank of England governor Mervyn King, Kotlikoff and Ferguson called for "limitedpurpose banking" (LPB), that would "limit banks to their legitimate purpose
- financial intermediation and payment facilitation." Nine months later,Kotlikoff remains convinced this "very simple reform" remains a muchbetter alternative than the financial reform bill hammered out inWashington - with plenty of influence from Wall Street lobbyists. "We arerebuilding [the system] out of straw rather than out of brick," Kotlikoff says, suggesting his "LPB" proposal will ultimately be good for theeconomy and provide a model for the rest of the world. "If we have a safe,sound [financial] structure other countries will follow suit," he says.’Stocks Crushed AGAIN: Here's What You Need To Know 
All-around ugly. The close was especially bad. But first,the scoreboard:
Dow: -134
S&P 500: -15.5And now, the top stories:* The day really started last night whenthe WSJ dropped its big story about the Fedbeing divided on the proper course of action. The report sent jittersthroughout the markets, both because the future is uncertain, but alsobecause it revealed that several of the Fed governors aren't actually seeingthe economic deterioration being seen by market participants.* The Nikkei started off and ended weak, as more murmurs about BoJ-yenintervention gathered steam. Japanese FinMind Noda did hold a yen-related press conference, but it mainly signaled that no action wasimminent, and the yen surged (later in the day that was tempered a little bitby wire reports about a possible intervention).* Europe continued the ugly trend as sovereign debt worries continue torace into the fore. Greek shares plunged on talk of a desperate merger among the country's banks. Even Germany's deficit is soaring.* Stocks were already sagging in the early going whenexisting home salesdatacame out and was staggeringly bad. At a drop of 27.2%, the number was far worse than the most dour expectations.* That's when things got pretty bad. Stocks fell further, the yen wentballistic, and the yield on the 10-year bond fell below 2.5%, a truly eye-popping number. Everyone is now presuming that another round of quantitative easing (QE) is a done deal.* There were a few moments in the day when the bulls might try to make arun, but... nope. It never happened. Other notable market measures: Gold isquietly creeping back to old highs, while oil is threatening to fall below $70.
From TheBusiness Insider 
at at thelast FOMC meeting, several of the Fed governors expressed reservationsabout the plan to maintain the size of the balance sheet, and roll over MBSinto Treasuries. There are a lot of moving parts to the story because thereare different reasons for the objections. Some of the Fed governors arehawkish (like Hoenig). Some are more dovish (like Bullard). And some thinkthat the Fed can't really do anything because our problems are morestructural (Kocherlakota). But here's what folks are taking away from thearticle: The Fed is still way behind the curve in terms of how bad theeconomy is. It's paralyzed. It's funny, because this is the exact opposite of what some people initially thought -- there was this fear that the Fed knewsomething about bad news coming down the pike that the public hadn'theard yet. In fact, as we now know, the Fed isn't seeing what everyone elseis. Anyway, this is the talk of the morning, and it's helping send stocksdown again.’
Housing Sinks Stocks, Dow at 6-Week Low Midnight Trader4:20 PM, Aug 24, 2010 -- 
NYSE down 103.95 (-1.5%) to 6,681.02
DJIA down 134 (-1.3%) to 10,040
S&P 500 down 15.5 (-1.5%) to 1,052
Nasdaq down 36 (-1.7%) to 2,124GLOBAL SENTIMENT
Hang Seng down 1.1%
Nikkei down 1.33%
FTSE down 1.51%UPSIDE MOVERS(+) AVII reports positive study results.(+) MGIC signs four new partners.(+) DTPI to be sold to PriceWaterhouseCoopers for $12.50 per share.(+) FMCN continues evening gain that followed earnings.(+) DUK downgraded.DOWNSIDE MOVERS(-) CRH warns for earnings.(-) PFE says cancer study fails to meet primary endpoint.(-) BIG EPS beat by a penny, raises FY EPS view though still straddlesStreet estimate.(-) MDT meets with earnings, guides in line to below Street view.

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