Today: FINANCIAL News, Money, Banks, Economic and Financial Crisis, Oct 20, 2011

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Oct 20, 2011

FINANCIAL News, Money, Banks, Economic and Financial Crisis, Oct 20, 2011


Blame the Fed for the Financial Crisis
Wall Street Journal
The Federal Reserve has caused every single boom and bust that has occurred in this country since the bank's creation in 1913. It pumps new money into the financial system to lower interest rates and spur the economy. Adding new money increases the ...
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Gordon Brown Argues For Global Growth Pact, International Financial Standards
Huffington Post
In Brown's view, world leaders never fully addressed the underlying fundamentals of the financial crisis and are now facing the same persistent problems -- too many banks with too little cash on hand and a lack of knowledge about where money is flowing ...
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Dexia: the end of a crisis or the beginning?
Washington Post
BRUSSELS — The collapse of Dexia Bank has been rationalized by European and bank officials as a last act of the 2008 financial crisis, a slow-bleeding casualty whose complicated structure and investment portfolio couldn't be rearranged effectively ...
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GAO: Executives' seats on Fed boards as firms benefit give appearance of conflict
Washington Post
Top executives from Goldman Sachs, JP Morgan Chase, General Electric and other firms sat on the boards of regional Federal Reserve banks while their firms benefited from the central bank's policies during the financial crisis, creating an appearance of ...
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Britain can't save Europe, but we might still save ourselves
Telegraph.co.uk
A case study in financial engineering, it won't address the fault lines at the heart of the single currency crisis – namely, the widely divergent competitiveness between north and south, and the connected stand‑off between debtor nations that have ...
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Telegraph.co.uk
Banking System in Crisis: "Economic Collapse Part 2" Ahead?
Elliott Wave
You can find them in the updated, 2nd edition of the book which foretold the financial crisis: Conquer the Crash. What does Prechter say about the near-term future? For starters, he observes that the "banking system [is] still in crisis. ...
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Fed's Rosengren Says Global Bank 'Vulnerabilities' Must Be Fixed
BusinessWeek
“It is apparent that the financial intermediaries encompass some vulnerabilities for the worldfinancial system and the global economy.” Spanish, Italian and Greek bonds fell yesterday on concern that the euro region is struggling to contain a crisis ...
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A Shot of Money
Slate Magazine
And conventional analyses of the financial crisis focus on the weak capital base of many banks, which left them with insufficient reserves to absorb the losses they incurred when asset prices fell sharply in 2007 and 2008. Taxpayers, notably in the ...
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Slate Magazine
Europe needs the ECB to step up to the plate
Financial Times
When these financial institutions sell government bonds they are in search of a safe asset, and this is primarily central bank money. That money is hoarded and is not used to expand credit and themoney supply, and so does not lead to inflationary ...
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Pranab on how global crisis is affecting Indian economy
NDTV.com
I propose to present a bird's eye view of the economic situation in the country and then sit back and listen to your views and answer any questions that you may have. 4. In 2007-08 India's GDP grew by 9.3%. Due to the global financial crisis our growth ...
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Bernanke To Communicate Better With The Public
NPR
They'd like to do away with the Fed, do away with paper money and go back to the gold standard. And some other people think the Fed is simply not being tough enough on the big banks that after all caused the financial crisis that we're still suffering ...
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Sarkozy flies in for emergency euro talks to cement rescue deal
The Guardian
As around 100000 Greeks staged violent protests in Athens at the austerity measures being imposed to prevent their country sliding into bankruptcy, Sarkozy underlined the scale of the crisis by flying straight to Germany's financial capital rather than ...
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The Guardian
U.S. regional banks get boost from business loans
Reuters
During a conference call with analysts, US Bancorp Chief Executive Richard Davis said the bank is adding larger corporate customers that borrowed from international banksbefore the financial crisis. He said commercial credit line use remains low, ...
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Reuters
EU summit to decide on eurozone crisis
The Bostwana Gazette
As the protests demonstrate this weekend, there is no appetite for public money being used to rescue the banks yet again.” Another area under discussion in Paris has been whether to strengthen the IMF. Developing countries want to boost it, ...
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Rebalancing the global economy
BusinessDay
Before now,UK had enjoyed about 25% of American Financial institutions money market Deposits. It is important to mention that reflationary efforts in the economy must reach to the primary consumers and not sit in vaults of banks,who now speculate with ...
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House price hit yet to come
Business Spectator
The business sector debt was about a 125 per cent of GDP I think when the crisis began. The rest was household and a trivial amount of debt, believe it or not, was actually owed by the non-bank financial sector, the shadow banking sector as we call it ...
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Leaders in Europe Take Time From a Farewell to Negotiate a Bailout Deal
New York Times
Numerous open questions remained, including how to increase the financial clout of the European bailout fund and find money to recapitalize weaker banks. “In Germany, the coalition is divided on this issue. It is not just Angela Merkel who we need to ...
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New York Times
Nordea Rules Out Recapitalization as European Issue Glut Looms
BusinessWeek
Still, Finance Minister Anders Borg signaled yesterday he may be backing down from the target as the threat of a European banking crisis stresses financial markets. “We want to eventually continue to gradually sharpen demands on Swedish banks both when ...
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European Stocks Unattractive Until Crisis Solved, BlackRock Says
BusinessWeek
Group of 20 finance ministers and central bank governors concluded talks last weekend in Paris by endorsing parts of an emerging European plan to avoid a Greek default, bolster banks and curb contagion. The proposals, which have yet to be made public, ...
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September Losers Now Best Junk Bonds in the World: China Credit
BusinessWeek
The People's Bank of China has injected cash into the financial system every week for the past three months to help ease the cash shortage, pumping in a total 565 billion yuan ($89 billion). The seven-day repurchase rate, a gauge of interbank funding ...
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First half of 2012: Decimation of Western banks
Global Economic Intersection (blog)
Any global banking crisis (as any major bank event), therefore, begins and ends in these two cities since the modern global financial system is a vast process of incessant wealth recycling (virtual or real) developed by and for these two cities (14). ...
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Global Economic Intersection (blog)
Money $marts: Pointing the finger at the wrong villains
Naples Daily News
Enough time has passed since the economic downturn for comprehensive research to uncover and identify the causal factors of the recession. Forget the president's mandated Financial CrisisCommittee's formal report on causes. ...
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Fulton Financial Corp. posts higher profits as loan losses decline
The Express Times - LehighValleyLive.com
Fulton Financial earnings improved as it reserved less to cover loan losses, an expense that hurt the bottom line of many banks when the credit crisis began in 2008. As loan defaults rose, banks reserved more money to cover those losses....
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The Express Times - LehighValleyLive.com
Huntsman's Copycat Wall Street Reform
The Atlantic
Others might argue that the size of banks weren't the problem but that the interconnected nature of the modern financial industry makes it susceptible to crisesanytime too much correlated risk builds up in the system. But if Huntsman identifies with ...
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The Atlantic
Asian Stocks Rise as U.S. Earnings Spur Global Recovery Outlook
San Francisco Chronicle
Mitsubishi UFJ Financial Group advanced 0.9 percent to 338 yen. Commonwealth Bank ofAustralia, Australia's biggest lender by market value, rose 1.2 percent to A$48.01. Australia's banksare being shielded from the effects of Europe's debt crisis by ...
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BMO starting to see shift out of equities
Globe and Mail (blog)
Bank of Montreal's Canadian private bank is starting to see investors shift money out of stocks amid mounting concern related to Europe's debt crisis and a globaleconomic slowdown. Funds had flowed into equities this year until about six weeks ago, ...
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