Comments on: A Better Plan: Forget Wall St, Fund Local Credit Unions Directly http://www.solidarityeconomy.net/2009/05/17/a-better-plan-forget-wall-st-fund-local-credit-unions-directly/ The Politics, Economics & Culture of Radical Change Tue, 10 Jan 2012 17:56:18 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: Automated Trading Canada http://www.solidarityeconomy.net/2009/05/17/a-better-plan-forget-wall-st-fund-local-credit-unions-directly/comment-page-1/#comment-40504 Automated Trading Canada Thu, 21 May 2009 21:17:57 +0000 http://www.solidarityeconomy.net/2009/05/17/a-better-plan-forget-wall-st-fund-local-credit-unions-directly/#comment-40504 It was really nice posting and very informative. Also visit TradingSystems.ca, specializes in using the latest technologies and software development innovations, including its own unique algorithmic trading systems, to create the tools you need to take your business to the next level. It was really nice posting and very informative. Also visit TradingSystems.ca, specializes in using the latest technologies and software development innovations, including its own unique algorithmic trading systems, to create the tools you need to take your business to the next level.

]]> By: Bayard Waterbury http://www.solidarityeconomy.net/2009/05/17/a-better-plan-forget-wall-st-fund-local-credit-unions-directly/comment-page-1/#comment-40483 Bayard Waterbury Mon, 18 May 2009 16:24:41 +0000 http://www.solidarityeconomy.net/2009/05/17/a-better-plan-forget-wall-st-fund-local-credit-unions-directly/#comment-40483 I could have written most of this article. It amazes me that the economists that you mentioned as not being heard are the most informed, and virtually all of them are huge Obama fans, have testified numerous times on Capital Hill, including on the very subject of this article. It is hard to imagine, but I completely agree: Tim Geithner is a real sincere toady wonk to the Banking Oligarchs, and Larry Summers is just to palsy with all of the big players. Let's face it, it is nearly impossible to do things that you would consider harmful or insulting to those you either admire or consider friends. Kind of like being the husband of a shop lifting kelptomaniac -- you might despise what she does, but you could hardly report her to the cops. You would pay for treatment, get her special prescriptions and just talk with her, but never could you do something as hurtful as reporting her illegal activity. And, the Stress Tests, I believe, are a complete farce, and will be revealed as such within four months, if not sooner, as the TA's continue their downward spiral to complete valuelessness, with two of the big three in or headed toward bankruptcy, new spiralling foreclosures, and the almost certain failure of GMAC as part of the GM fallout (they supposedly need 11 billion - per the Stress Test). Credit for major borrowers continues to be very difficult because the big banks are hoarding and will continue to do so. Even if they have sufficient assets, they want to get their share of the TARP paid back so they can return to the bonus trough sooner rather than later. What really gets me is that Hoenig of the KC Fed. is calling for the breakup of the big banks -- where is Bernanke on this? He is such a smart guy, I think he knows, but doesn't have the power to take the big banks under, and is afraid to begin criticizing Tiny Tim and Larry because an internicene feud would be counterproductive. He won't hold his tongue forever, I predict. He is well aware that the Stress Tests are just one more red herring to distract us from taking down the Oligarchs. I could have written most of this article. It amazes me that the economists that you mentioned as not being heard are the most informed, and virtually all of them are huge Obama fans, have testified numerous times on Capital Hill, including on the very subject of this article. It is hard to imagine, but I completely agree: Tim Geithner is a real sincere toady wonk to the Banking Oligarchs, and Larry Summers is just to palsy with all of the big players. Let’s face it, it is nearly impossible to do things that you would consider harmful or insulting to those you either admire or consider friends. Kind of like being the husband of a shop lifting kelptomaniac — you might despise what she does, but you could hardly report her to the cops. You would pay for treatment, get her special prescriptions and just talk with her, but never could you do something as hurtful as reporting her illegal activity.

And, the Stress Tests, I believe, are a complete farce, and will be revealed as such within four months, if not sooner, as the TA’s continue their downward spiral to complete valuelessness, with two of the big three in or headed toward bankruptcy, new spiralling foreclosures, and the almost certain failure of GMAC as part of the GM fallout (they supposedly need 11 billion – per the Stress Test).

Credit for major borrowers continues to be very difficult because the big banks are hoarding and will continue to do so. Even if they have sufficient assets, they want to get their share of the TARP paid back so they can return to the bonus trough sooner rather than later.

What really gets me is that Hoenig of the KC Fed. is calling for the breakup of the big banks — where is Bernanke on this? He is such a smart guy, I think he knows, but doesn’t have the power to take the big banks under, and is afraid to begin criticizing Tiny Tim and Larry because an internicene feud would be counterproductive. He won’t hold his tongue forever, I predict. He is well aware that the Stress Tests are just one more red herring to distract us from taking down the Oligarchs.

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