I am fascinated by a whole lot of individual stories floating around these days.
OBAMA IS AFTER THE BASTARDS OF THE UNIVERSE:
Obama will do whatever he can to frustrate the AIG bonuses. Good. How can it be sound corporate governance when you need $170B bailout and still thing the senior management in place was entitled to bonuses for good performance. Glad to see the NY AG is looking into this scam using a fraud lens. I am interested in the findings and applaud the initiative. Someone hast to rein in these Bastards of the Universe.
DOES MINISTER KNOW THE DIFFERENCE BETWEEN SCIENCE AND A SEANCE?
Harper’s Science Minister Gary Goodyear is being coy about his religious beliefs regarding evolution versus creationism. The natural vacuum he leaves with comments like “I’m not going to answer that question. I am a Christian, and I don’t think anybody asking a question about my religion is appropriate.” The question was not actually about his religion. It was about science and if he believed in evolution. To default to presume that this is about his religion and his bvelief in creationism provides us with the answer he tried to refuse to give. BTW, studies show 28% of Americans still believe the Sun revolves around Earth. What say you Minister Goodyear?
CRAMER CRASHES AND GET BURNED!
Mad Money Fiscal Infomercial Man - Cramer seems to have disappeared from the chat circuit ever since Jon Stewart eviscerated him on the Daily Show. CNBC says “In Cramer We Trust.” Must be very lonely for the CNBC promo people these days!
CONSERVATIVE PARTY INSTITUTES INCUMBENT PROTECTION PROGRAM:
The Globe and Mail Editorial today takes on the Conservative Party on its Incumbent Candidate Protection Program. Democracy suffers when control comes from the top like this and citizens are excluded even more from politics and policy issues Political parties in Canada have too much power and,as private clubs, they lack sufficient public accountability. They need fixing. The Liberals are not the only political party that is "broke." (sic)
OUR BANKS ARE BETTER - THE HAVE CASH & OPT TO REFUSE HARPER'S BAILOUT POLICY
I want to end with some good news. Canadians are “...becoming our grandparents: we’re starting to think in terms of savings” according to CBIC World Markets. The upside is the Canadian banking system has lots of cash and are relatively solvent. Savings are to the point the banks are refusing the Harper government’s offer from last October to buy up some risky mortgages with taxpayer money. “We actually don’t need a lot of funding right now” says a senior Big Five banker. All of the Canadian banks are pretty flush right now with cash.” Was Bush right when he said "Go Shopping" after 9/11? Is it time to borrow and start buying again Canada?
There is lots happening in the world. Most of it is either sad, scary or absurd. I wonder what George Carlin would be saying about the current state of these notions if he were still with us.
Re: banks and mortgage purchases. I don't believe your admittedly brief summary conveys what was going on.
ReplyDeleteBased on what I have read the Canadian banks had been utilizing this facility. They now say they no longer require the funding. That does not negate the usefulness of the facility earlier, or that they may not require it again later. It is also a little misleading to simply refer to them as "risky". Risky by what measure? These were no "ninja" loans (No Income, No Job, No Assets), but standard Canadian mortgages. They weren't T-Bills, but were not high-risk loans either.
The only meaningful test of whether the banks are in fact "flush with cash" is if they are comfortable to go out again and lend it. Banks sitting on bailout money does no one any good... just ask the prior Bush and present Obama administration.
Cdn banks are lending = prudently but money is availible for the credit worthy...I know of a few lines of credit for small businesses that have been set up in the last month for sure.
ReplyDeleteAn other wild story on the $$$ scene: In a Swiss Canton near Zurich some people are excessively over paying their taxes...
ReplyDeleteWHY?
Well, it seems that the banks are paying less than .05% on deposits while the government is paying 2% on funds that are paid in excess of taxes due!!!! Plus it seems that there is little risk on this great returning 'investment'.
greengirl