Updates from September, 2012 Toggle Comment Threads | Keyboard Shortcuts

  • Phi Asset Managers 11:19 am on September 5, 2012 Permalink | Reply  

    Dear Whole Wide World 

    This is a public service announcement! Bank Of Montreal is a cesspool of fraudulent executives covering nearly all executive groups. To the extent anyone reading this is able to further bring these facts into the public spotlight, it would greatly advance the accountability of our in-Justice system. It only requires a small investigation into the facts to begin awakening to the unbridled fraud that has and will continue to occur by the Bank of Montreal.

    As part of this unfathomable corporate bank fraud the bank relies upon legal firms buying out our very justice system. All the while the Securities Exchange Commission fails at its job of protecting investors but clearly succeeds at the protection of the Wall Street Wrongdoers. In the current instance BMO hired a PR firm to lie to the public and BMO’s own shareholders for the private benefit of management. Further aided by the crony capitalist legal team of Sullivan & Cromwell.

    http://www.zerohedge.com/news/bloomberg-foia-documents-how-wall-street-made-muppet-sec-and-dodd-frank

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  • Phi Asset Managers 10:05 am on July 27, 2012 Permalink | Reply  

    Two stories about the crisis 

    Emergent Economics

    Two unorthodox economists have written about the crisis in 1000 words or less. They’re both interesting because they depart so fundamentally from the mainstream story. Steve Keen says it’s all about debt; Michael Roberts, the rate of profit.

    Keen:

    Both the crisis and the apparent boom before it were caused by the change in private debt. Rising aggregate private debt adds to demand, and falling debt subtracts from it… The crisis itself began in 2008, precisely when the growth of private debt plunged from its peak of almost 30% of GDP p.a. down to its depth of minus 20% in 2010. The recovery, such as it was, began when the rate of decline of debt slowed. Across recession, boom and bust between 1990 and 2012, the correlation between the annual change in private debt and the unemployment rate was -0.92.

    Keen says that banks create money rather than money existing already, and…

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  • Phi Asset Managers 2:14 pm on July 25, 2012 Permalink | Reply  

    BREAKING: Audit The Fed passes House! 

    Bruce Balensiefer

    According to the C-SPAN live stream of the House of Representatives just now, HR 459 to Audit the Board of Governors of the Federal Reserve Bank passed by a vote of 326 to 98! (Official roll call forthcoming.)

    The bill only needed 290 votes to achieve the 2/3 majority and pass. The wide margin shows the level of bipartisan support this bill has.

    This is a great step toward untangling the mysteries of the economic collapse, but there is still work to do. The bill now goes to the Senate vote.

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  • Phi Asset Managers 8:11 am on July 23, 2012 Permalink | Reply  

    Good credit – bad strategy 

     
  • Phi Asset Managers 9:47 am on July 20, 2012 Permalink | Reply  

    Greek Bonds No Longer Good as Collateral — ECB 

    24/7 Wall St.

    The European Central Bank (ECB) said this morning that Greek debt, whether issued or backed by the government, is “for the time being” no longer eligible to be used as collateral in eurozone monetary policy operations. The ban takes effect on July 25, when the current buyback program ends. Had Greek sovereign debt been used as collateral beyond that date, the ECB would have been on the hook for losses.

    The announcement sent the euro plunging to 1.2144, its lowest point in the past two years versus the U.S. dollar. Compounding the drop in valuation was a request from Spain’s Valencia region for help from Spain’s central government to help Valencia repay outstanding debt. Earlier today, eurozone finance ministers approved a €100 billion bailout package to recapitalize Spanish banks.

    The ECB will review Greece’s eligibility to use its debt as collateral in conjunction with the European Commission and the…

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  • Phi Asset Managers 9:44 am on July 20, 2012 Permalink | Reply  

    Philly Fed Business Outlook Survey 

    Unlike News

    The Philly Fed‘s Business Outlook Survey is a monthly report for the Third Federal Reserve District, covers eastern Pennsylvania, southern New Jersey, and Delaware. Today’s report shows the third consecutive negative reading in General Activity after eight months of positive data. The July -12.9 follows the -16.6 in June and -5.8 in May.

    via Philly Fed Business Outlook Survey.

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  • Phi Asset Managers 9:44 am on July 20, 2012 Permalink | Reply  

    World Grain Price Surge Triggering Defaults 

    Unlike News

    Too Late

    Grains suppliers are starting to default on previously agreed sales to major importers, including top wheat buyer Egypt, rather than deliver on contracts that are now losing money because of the huge rally in prices sparked by the U.S. drought.

    The worst drought in more than 50 years is wilting crops in the U.S. Midwest and sending prices into overdrive, with corn alone surging by around 50 percent in the last month.

    Soybeans have also hit record highs, with wheat not far behind. Crop downgrades in Russia, Ukraine and Kazakhstan as drought followed a bitterly cold winter have added to global price rises, stoking fears of unrest especially in Middle Eastern countries, where high food prices can trigger political protest.

    via World Grain Price Surge Triggering Defaults – Business News – CNBC.

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  • Phi Asset Managers 9:43 am on July 20, 2012 Permalink | Reply  

    Generational Warfare 

    Off the Top o' My Head

    In an Esquire piece called “War Against Youth,” David Marche claims that Baby Boomers and older GenXers are robbing and undermining GenY. According to Marche, the federal government spends $480 billion on Medicare, but only $68 billion on education; $62 billion on drugs, but only $8 billion for Head Start. He cites a 2009 Brookings Institution study to state that the federal government spends seven times as much, per capita, on the elderly as on children.

    I had no idea that older generations are sucking the wealth out of younger generations. You can’t say that older generations did anything for the younger generations. Sure we raised them, but what did we really do for them? Not much, considering that the average child only cost his or parents a quarter of a million to raise. If parents were not so selfish they would spend a lot more on their children. My…

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  • Phi Asset Managers 9:32 am on July 20, 2012 Permalink | Reply  

    Study indicates: Hire Young People. Period. 

     
  • Phi Asset Managers 9:32 am on July 20, 2012 Permalink | Reply  

    Private sector job recovery stronger than that of early 2000 and at par with that of early 90s 

    Job Market Monitor

    The U.S. economy is working its way back from the Great Recession. One indication has been that unemployment insurance claims have steadily fallen since September and they are now at the same level as in March of 2008. Additionally, layoffs are at the same level as in 2006. We also recently learned that the ratio of job seekers to job openings fell to 3.5 in May, continuing its downward trend and reaching nearly the same level as in November 2008. This recovery, like all recoveries, has seen its ebbs and flows, but the trajectory continues to demonstrate a steady path of growth and resilience.

    For example, this economic recovery far surpasses the recovery of the early 2000s in terms of private sector job growth and is at par with the recovery of the early 90s. We have seen 4.4 million private sector jobs added to the economy in the last…

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