Article

2009-12-06 Economy

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Fred 2009-12-06 00:00|| || Front Page|| [1 views ] Top

#1 Can you graduate from Harvard without being a certifiable moron?

Posted by g(r)omgoru 2009-12-06 02:07|| 2009-12-06 02:07|| Front Page Top

#2 Yes, if you miss enough classes from being too drunk.

Posted by Glenmore 2009-12-06 06:52|| 2009-12-06 06:52|| Front Page Top

#3 Is that light at the end of the tunnel another Obama administration financial bailout coming?

Posted by Besoeker 2009-12-06 08:21|| 2009-12-06 08:21|| Front Page Top

#4 No, that's regional bank failures when they can't extend their commercial real estate construction loans any longer.

Posted by Nimble Spemble 2009-12-06 09:19|| 2009-12-06 09:19|| Front Page Top

#5 The Amtrust failure has some interesting aspects. The Feds have been extending them lifelines for over a year now, no bailouts, but going lightly on applying existing regulations to Amtrust's case. Thirteen months ago, after Cleveland's National City Bank failed & was taken over by PNC, an out of town bank, local Congressmen put pressure on the Feds to do more to save Cleveland banks. The Plain Dealer has been covering this very well the whole time, for those who care to keep themselves informed, a very small fraction, I know.
For the last several weeks Amtrust's holding company withdrew its deposits from its own bank and sent them to PNC. Then on 11/30 the holding company declared bankruptcy while keeping Amtrust in business, thus putting its own assets out of reach of the FDIC. FDIC's delay on using 'prompt corrective action' as mandated by law much increased FDIC losses in the collapse of Amtrust.
I would love to know what fraction of banks are actually insolvent at this moment, but the MSM isn't bothering to consider this, being consumed by health care reform and Tiger Woods. Karl Denninger opines that most banks are now, and have been for some time, insolvent.

Posted by Anguper Hupomosing9418 2009-12-06 13:53|| 2009-12-06 13:53|| Front Page Top

#6 KD might be right, but he's a little bit to catastrophe loving for me.

I also don't think he understands the difference between credit deflation and normal deflation, or even what money really is.

Posted by Bright Pebbles 2009-12-06 14:43|| 2009-12-06 14:43|| Front Page Top

23:58 KBK
23:52 KBK
23:40 Barbara Skolaut
23:40 KBK
23:32 KBK
23:20 KBK
23:08 KBK
22:54 CrazyFool
22:48 CrazyFool
22:43 CrazyFool
22:40 CrazyFool
22:31 JosephMendiola
22:29 JosephMendiola
22:27 Super Hose
22:25 KBK
22:23 ed
22:22 JosephMendiola
22:22 KBK
22:21 ed
22:18 JosephMendiola
22:07 KBK
22:07 notascrename
22:05 Super Hose
22:04 Bright Pebbles