rushmc 23 #1 December 2, 2010 http://www.ft.com/cms/s/0/4dd95e42-fd6d-11df-a049-00144feab49a.html#axzz16uOpMICr More links on Drudge if you care to learn"America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
rushmc 23 #2 December 2, 2010 Following the link requests you to register You can view directly from Drudge if you want http://drudgereport.com/"America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
rushmc 23 #3 December 2, 2010 Quote Fed reveals global extent of its backing By Francesco Guerrera and Michael MacKenzie in New York Published: December 1 2010 20:35 | Last updated: December 1 2010 23:56 Rivers of ink have been spilt on the crisis that gripped the world’s financial system between 2007 and 2009. Yesterday’s huge release of data by the US Federal Reserve chronicles a similar story, but in numbers. A lot of numbers. EDITOR’S CHOICE European banks took big slice of Fed aid - Dec-01 Video: Fed loan details - Nov-11 Federal Reserve documents - Dec-01 In depth: Global financial crisis - Sep-04 Money Supply - Feb-25 In depth: US business regulation - Sep-13 The Fed’s release, prompted by an order from Congress, details more than 21,000 transactions that enabled US authorities to dole out $3,300bn to banks and companies in the worst downturn since the Great Depression. The picture is one of a global financial system in desperate need of short-term funding. In the credit boom that preceded the crisis, short-term debt and loans became the lifeblood of modern finance. When they dried up in 2007 after the collapse of the US housing market, banks and hedge funds were left gasping for air. From huge multinationals such as Citigroup and General Electric to small funds and Germany’s Landesbanken, the list of participants to the six Fed programmes is a who’s who of modern finance. The data on the primary dealer credit facility (PDCF) underlines how large banks that routinely funded themselves with overnight loans were forced to rely on the Fed’s help. Emergency facilities tapped The Fed launched a variety of emergency lending facilities as traditional sources of liquidity dried up. The agency mortgage-backed securities purchase programmeallowed banks to exchange MBS for cash. The term auction facility allowed deposit-taking banks to bid for 28-day and 84-day loans and was open to “generally sound” US institutions and overseas banks with a US branch. The primary dealer credit facility allowed lending to a range of institutions on an overnight basis in exchange for collateral. Dealers also tapped the term securities lending facility, swapping illiquid collateral for liquid treasuries in deals that lasted a month. The term asset-backed securities loan facility allowed any holder of securities backed by assets to swap them for a Fed loan minus a haircut. The programme was established in March 2008, when private lenders in the repurchase, or repo, market stopped supporting Bear Stearns, the stricken investment bank later bought by JPMorgan Chase. The PDCF enabled dealers to gain access to overnight funds from the Fed instead of the repo market. Its use is a barometer of the pressures that afflicted various banks once the crisis began in September 2008. The greatest cumulative user of the PDCF was Merrill Lynch, through its New York and London operations, followed by Citigroup and Morgan Stanley. Merrill, now part of Bank of America, became a heavy user of the facility in late September, borrowing $33.2bn on September 26 alone. Its daily demand would not drop below $10bn until Christmas eve. Barclays of the UK drew down $47.9bn on September 18 as it absorbed Lehman Brothers, which before its bankruptcy had $16bn in term funding and made heavy use of the PDCF after it filed for bankruptcy on September 15. After Lehman’s demise, Morgan Stanley borrowed hefty amounts into October: – its PDCF borrowing peaking at $61.3bn on September 29, while at the same time it borrowed about $36bn in term funds under a separate Fed facility – as both its London and New York arms needed short-term funding amid investors’ concerns for its future. Morgan Stanley said it had disclosed its use of some Fed facilities and had repaid the loans. Morgan Stanley tapped the PDCF facility 212 times over the crisis. Its archrival, Goldman Sachs, used it only 84 times, with peak daily borrowing of about $24bn – less than most rivals but perhaps enough to question its executives’ assertions that it did not need government help. Reporting by Francesco Guerrera, Michael Mackenzie, Justin Baer and Patrick Jenkins"America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
Amazon 7 #4 December 2, 2010 Quote Quote Fed reveals global extent of its backing By Francesco Guerrera and Michael MacKenzie in New York Published: December 1 2010 20:35 | Last updated: December 1 2010 23:56 Rivers of ink have been spilt on the crisis that gripped the world’s financial system between 2007 and 2009. Yesterday’s huge release of data by the US Federal Reserve chronicles a similar story, but in numbers. A lot of numbers. EDITOR’S CHOICE European banks took big slice of Fed aid - Dec-01 Video: Fed loan details - Nov-11 Federal Reserve documents - Dec-01 In depth: Global financial crisis - Sep-04 Money Supply - Feb-25 In depth: US business regulation - Sep-13 The Fed’s release, prompted by an order from Congress, details more than 21,000 transactions that enabled US authorities to dole out $3,300bn to banks and companies in the worst downturn since the Great Depression. The picture is one of a global financial system in desperate need of short-term funding. In the credit boom that preceded the crisis, short-term debt and loans became the lifeblood of modern finance. When they dried up in 2007 after the collapse of the US housing market, banks and hedge funds were left gasping for air. From huge multinationals such as Citigroup and General Electric to small funds and Germany’s Landesbanken, the list of participants to the six Fed programmes is a who’s who of modern finance. The data on the primary dealer credit facility (PDCF) underlines how large banks that routinely funded themselves with overnight loans were forced to rely on the Fed’s help. Emergency facilities tapped The Fed launched a variety of emergency lending facilities as traditional sources of liquidity dried up. The agency mortgage-backed securities purchase programmeallowed banks to exchange MBS for cash. The term auction facility allowed deposit-taking banks to bid for 28-day and 84-day loans and was open to “generally sound” US institutions and overseas banks with a US branch. The primary dealer credit facility allowed lending to a range of institutions on an overnight basis in exchange for collateral. Dealers also tapped the term securities lending facility, swapping illiquid collateral for liquid treasuries in deals that lasted a month. The term asset-backed securities loan facility allowed any holder of securities backed by assets to swap them for a Fed loan minus a haircut. The programme was established in March 2008, when private lenders in the repurchase, or repo, market stopped supporting Bear Stearns, the stricken investment bank later bought by JPMorgan Chase. The PDCF enabled dealers to gain access to overnight funds from the Fed instead of the repo market. Its use is a barometer of the pressures that afflicted various banks once the crisis began in September 2008. The greatest cumulative user of the PDCF was Merrill Lynch, through its New York and London operations, followed by Citigroup and Morgan Stanley. Merrill, now part of Bank of America, became a heavy user of the facility in late September, borrowing $33.2bn on September 26 alone. Its daily demand would not drop below $10bn until Christmas eve. Barclays of the UK drew down $47.9bn on September 18 as it absorbed Lehman Brothers, which before its bankruptcy had $16bn in term funding and made heavy use of the PDCF after it filed for bankruptcy on September 15. After Lehman’s demise, Morgan Stanley borrowed hefty amounts into October: – its PDCF borrowing peaking at $61.3bn on September 29, while at the same time it borrowed about $36bn in term funds under a separate Fed facility – as both its London and New York arms needed short-term funding amid investors’ concerns for its future. Morgan Stanley said it had disclosed its use of some Fed facilities and had repaid the loans. Morgan Stanley tapped the PDCF facility 212 times over the crisis. Its archrival, Goldman Sachs, used it only 84 times, with peak daily borrowing of about $24bn – less than most rivals but perhaps enough to question its executives’ assertions that it did not need government help. Reporting by Francesco Guerrera, Michael Mackenzie, Justin Baer and Patrick Jenkins Did you actually READ the article??? Let me check but March to Christmas of 2008 might not be the POTUS you were intent on slammin Quote Share this post Link to post Share on other sites
billvon 3,009 #5 December 2, 2010 >Let me check but March to Christmas of 2008 might not be the POTUS >you were intent on slammin Well, to be fair, he didn't list the president he was slamming. It may well have been a (not-undeserved) slam on Bush. Quote Share this post Link to post Share on other sites
Amazon 7 #6 December 2, 2010 Quote>Let me check but March to Christmas of 2008 might not be the POTUS >you were intent on slammin Well, to be fair, he didn't list the president he was slamming. It may well have been a (not-undeserved) slam on Bush. BWAHAHAHAHAHAHAHAHAHAHAHA Ok Bill BWAHAHAHAHAHAHAHAHAHAHAHA Quote Share this post Link to post Share on other sites
rushmc 23 #7 December 2, 2010 Quote>Let me check but March to Christmas of 2008 might not be the POTUS >you were intent on slammin Well, to be fair, he didn't list the president he was slamming. It may well have been a (not-undeserved) slam on Bush. It was a slam on government But amazon is too blinded to see that"America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
Amazon 7 #8 December 2, 2010 QuoteQuote>Let me check but March to Christmas of 2008 might not be the POTUS >you were intent on slammin Well, to be fair, he didn't list the president he was slamming. It may well have been a (not-undeserved) slam on Bush. It was a slam on government But amazon is too blinded to see that BWAHAHAHAHAHAHAHAHAHAHAHA Ok Marciepoo BWAHAHAHAHAHAHAHAHAHAHAHA Quote Share this post Link to post Share on other sites
mnealtx 0 #9 December 2, 2010 QuoteQuoteQuote>Let me check but March to Christmas of 2008 might not be the POTUS >you were intent on slammin Well, to be fair, he didn't list the president he was slamming. It may well have been a (not-undeserved) slam on Bush. It was a slam on government But amazon is too blinded to see that BWAHAHAHAHAHAHAHAHAHAHAHA Ok Marciepoo BWAHAHAHAHAHAHAHAHAHAHAHA Nothing in the quoted story or in his followup post about any President - projecting again?Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
Amazon 7 #10 December 2, 2010 Quote Quote Quote Quote >Let me check but March to Christmas of 2008 might not be the POTUS >you were intent on slammin Well, to be fair, he didn't list the president he was slamming. It may well have been a (not-undeserved) slam on Bush. It was a slam on government But amazon is too blinded to see that BWAHAHAHAHAHAHAHAHAHAHAHA Ok Marciepoo BWAHAHAHAHAHAHAHAHAHAHAHA Nothing in the quoted story or in his followup post about any President - projecting again? Yeah... as if you or Marc could ever vote for anyone other than a shining example of the GOP like GW Bush Quote Share this post Link to post Share on other sites
mnealtx 0 #11 December 2, 2010 Quote Quote Nothing in the quoted story or in his followup post about any President - projecting again? Yeah... as if you or Marc could ever vote for anyone other than a shining example of the GOP like GW Bush Non-sequitur.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
Amazon 7 #12 December 2, 2010 Quote Quote Quote Nothing in the quoted story or in his followup post about any President - projecting again? Yeah... as if you or Marc could ever vote for anyone other than a shining example of the GOP like GW Bush Non-sequitur. DUUUUUUUUD You need to reboot Quote Share this post Link to post Share on other sites
mnealtx 0 #13 December 2, 2010 QuoteQuoteNon-sequitur. DUUUUUUUUD Yes, that's exactly what your post was...a dud.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
rushmc 23 #14 December 2, 2010 Quote Quote Quote Non-sequitur. DUUUUUUUUD Yes, that's exactly what your post was...a dud. I guess I will assume (based on Amazons blathering) that she approves of TARP dollars going over seas Nice"America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
tkhayes 348 #15 December 2, 2010 I thought that the news this week was that the cost of the TARP program was only going to end up being $25B. Far cry from the 700B or whatever it was. Nice to get all that money back. I heard we even made money on many of the things we invested in..... Oh yes, and the other news this week - corporate profits are way up. But unemployment is still high......so much for that argument that if we give the corporations all the money through tax breaks and such that it will all filter down to us little people.....like via jobs or something..... Quote Share this post Link to post Share on other sites
rushmc 23 #16 December 2, 2010 QuoteI thought that the news this week was that the cost of the TARP program was only going to end up being $25B. Far cry from the 700B or whatever it was. Nice to get all that money back. I heard we even made money on many of the things we invested in..... Oh yes, and the other news this week - corporate profits are way up. But unemployment is still high......so much for that argument that if we give the corporations all the money through tax breaks and such that it will all filter down to us little people.....like via jobs or something..... It is the uncertianty that is keeping them from hiring At this point they are hedging their bets by holding on to cash The tax votes coming up could change this"America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
SkyDekker 1,465 #17 December 2, 2010 QuoteIt is the uncertianty that is keeping them from hiring That may be part of it. However, once business get used to doing the same or more work, with less people and costs, it takes a long time before they start hiring again. They just make people work harder for the same or less money. It is in the interest of the owners to do so. Creating jobs is certainly not always in the interest of the owners, and should only be done if it creates more profit. Quote Share this post Link to post Share on other sites
Amazon 7 #18 December 2, 2010 QuoteQuoteI thought that the news this week was that the cost of the TARP program was only going to end up being $25B. Far cry from the 700B or whatever it was. Nice to get all that money back. I heard we even made money on many of the things we invested in..... Oh yes, and the other news this week - corporate profits are way up. But unemployment is still high......so much for that argument that if we give the corporations all the money through tax breaks and such that it will all filter down to us little people.....like via jobs or something..... It is the uncertianty that is keeping them from hiring At this point they are hedging their bets by holding on to cash The tax votes coming up could change this Christ... is the sinkler going to follow soon now, the smelly hook that is dangling behind you. 30 years of VOO DOO DOO Economics got us to where we are today... and all the right can say to those who have smacked them us side their heads and taken almost everything is ... Can I have another please???? Quote Share this post Link to post Share on other sites
billvon 3,009 #19 December 2, 2010 >I thought that the news this week was that the cost of the TARP >program was only going to end up being $25B. Far cry from the >700B or whatever it was. Shush, you. How will such small numbers anger anyone? Quote Share this post Link to post Share on other sites
matthewcline 0 #20 December 2, 2010 That is good news. Now for the rest of the country to catch up! MatAn Instructors first concern is student safety. So, start being safe, first!!! Quote Share this post Link to post Share on other sites
Amazon 7 #21 December 2, 2010 Quote That is good news. Now for the rest of the country to catch up! Mat Matt, you are not standing out there waiting for the trickle to start are you??? Quote Share this post Link to post Share on other sites
matthewcline 0 #22 December 2, 2010 No, my employer had to lay off several folks and cut the health care of the rest (I pay for my Retiree Tri care as it is cheaper and better benefits) and a bunch of other cut backs here. I survived all that, but I am in a one man "Department" now. I work for a little less, because of unpaid (furlough) days and do more for that pay, I just don't Advise any more I also Crew on set. Our Contract got renewed but chopped by a large sum, as is needed for the dept to come down, it was a sacrifice and all suggested it, some where surprised when it affected us. I also took on two other side gigs. I also added more "I" courses to my months work, some thing I wish to phase out of. I would eventually just like to Jump, for the Jump! (But First Jump Students are still fun for me!) But as you know I am not a member of any Political Party, so I don't "follow" any one of them. So I don't believe any one of their "spin treatments". When we hire back the cut crew and all are healthy, fed and laughing, then I will think the rest of the country has caught up. I hope that is the case, I don't care who is in charge. MattAn Instructors first concern is student safety. So, start being safe, first!!! Quote Share this post Link to post Share on other sites
