Posts Tagged ‘Treasury Secretary’

The Trouble with Tim’s Treasury

The Trouble with Tim’s Treasury

Courtesy of New Deal 2.0, by Marshall Auerback

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FinReg may fall short if power is channeled into Geithner’s hands.

More depressing news from the “change” President.  The Washington Post has reported that one of the major impacts of the FinReg bill passed last week by Congress is the accretion of new power to Obama’s Treasury Secretary.  According to the Post, Tim Geithner stands to inherit vast power to shape bank regulations, oversee financial markets and create a consumer protection agency.

Make no mistake:  this is Timmy’s bill, plain and simple, as the Post makes clear: “The bill not only hews closely to the initial draft he released last summer but also anoints him — as long as he remains Treasury secretary — as the chief of a new council of senior regulators.”

The Geithner Treasury repeatedly pushed back against many sensible legislative proposals that would have made significant structural changes to practices that brought about the current economic crisis. And the article itself represents latest in a series of attempts to embellish the Treasury Secretary’s hagiography.

Reading it, one wonders whether the Washington Post inhabits a strange parallel universe.  Have the writers actually paid attention to what is truly happening in the economy? The WaPo persists in towing the party line that Geithner’s tenure has been marked with conspicuous success, supposedly by advocating a response to the financial crisis that allegedly later proved correct: “Geithner vigorously resisted calls by some lawmakers and financial experts to nationalize the nation’s largest and most troubled banks during the most perilous days. Instead, he helped get the financial system back on its feet, in particular by pressing for stress tests of big banks.” (my emphasis)

Oh, really?  I would argue that Washington continues to allow the big banks to operate “business as usual” and to cook the books to show profits so that they can pay out big bonuses to the geniuses who created the toxic waste that brought on the crisis. Most continue to show profits based not on fundamentally health lending activity, but one-off gains, and accounting gimmickry.  Commenting on the latest JP Morgan results, my friend and colleague Randy Wray has noted:

JP Morgan’s results were horrendous: it lost…
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The Most Important Treasury Secretary You’ve Never Heard Of

The Most Important Treasury Secretary You’ve Never Heard Of

Courtesy of Joshua M Brown, The Reformed Broker 

Think fast – who’s on the $10,000 bill?  Granted, you may never have actually seen or held one in your hands, but you’d probably know the name if I said it, right?

Okay – it’s Salmon P. Chase who appears on it.

Never heard of him, right?  As we approach Independence Day, I thought we’d take a look at a fairly obscure but important American, the man who both created the national banking system and invented America’s paper currency.

Salmon was a politician from Ohio in the mid-19th century, one of the most outspoken anti-slavery voices in the nation.  He ran for the Presidency as the first Republican candidate, eventually throwing his support behind Abe Lincoln for the national race.  Lincoln ultimately made Chase his Secretary of the Treasury after the election.

As Treasury Secretary from 1861 to 1864, Salmon Chase raised the $500 million needed to finance the Civil War after striving hard to prevent it’s having to be fought at all.  To accomplish this, he sold war bonds with the help of early investment bankers Jay Cooke & Co.

Chase also was the father of our modern paper currency as he created the first "greenback" demand note in 1861.  We won’t hold the fact that his own face appeared on many of these notes against him.  Chase is said to have personally made the decision to have "In God We Trust" added to the bills as well.

Salmon Chase died at the the age of 65 in 1873 and the Chase Manhattan Bank (now a part of JPMorgan Chase) was named in his honor.  From 1928 to 1946, the $10,000 bill was printed and circulated with his face on it.

Anti-slavery activist, proto-Republican and creator of the US paper currency – Salmon Chase is a name you should know. 

 


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Lawmakers call on Geithner to testify about concerns over AIG bailout

Should be interesting, Geithner explaining the AIG bailout, gifting of taxpayer money to AIG’s counterparties, and surrounding secrecy. – Ilene

Lawmakers call on Geithner to testify about concerns over AIG bailout

By Silla Brush, The Hill 

Geithner Testifies Before Congressional Oversight Panel On TARP

The Treasury secretary would be asked about whether government officials improperly pressured AIG during the bailout.

Democratic and Republican lawmakers on Friday called on Treasury Secretary Timothy Geithner to testify about whether government officials improperly pressured American International Group during the bailout.

Geithner has come under renewed criticism this week following concerns that the Federal Reserve instructed AIG not to disclose how billions of taxpayer dollars would be used during the bailout…

Rep. Elijah Cummings (D-Md.) on Friday called for a full investigation into the issue and for testimony from Geithner.

“In all cases, the money provided by the [Federal Reserve Bank of New York] to AIG came from U.S. taxpayers and taxpayers had the right to know at the time the money was being provided how it was to be used," Cummings wrote.

Rep. Spencer Bachus (R-Ala.) urged House Financial Services Committee Chairman Barney Frank (D-Mass.) to schedule a hearing into Geithner’s role. Meanwhile, Issa and Rep. Patrick McHenry (R-N.C.) urged Rep. Edolphus Towns (D-N.Y.), chairman of the House Committee on Oversight and Government Reform, to request testimony from Geithner through subpoena if necessary…

Full article here.>>

 


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ValueWalk

How To Find Your Best Investment Strategy - Not The One You Expect

By Guest Post. Originally published at ValueWalk.

Are you always searching for a better or the absolute best investment strategy?

Superior investment performance can be attributed to some combination of 3 basic drivers

If so I have good and bad news for you.

It simply doesn’t exist

The bad news is – it doesn’t exist!

The good news is it doesn’t matter, let me explain.

Your best investment strategy

The best investment strategy you will ever find is not...



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Zero Hedge

Traders Scramble To "Explain" Sudden Nasdaq Swoon

Courtesy of ZeroHedge. View original post here.

After surging in early trading, the Nasdasq - together with various cryptocurrencies - suddenly slumped and dropped as much as 1% from its intraday highs two hours into trading. That's what traders could agree with; where they clearly disagreed, was on the reason for the swoon with everything from the velocity of last week’s rally, this morning’s economic data and the Supreme Court’s decision to hear arguments on the Trump administration’s travel ban and being cited according to Bloomberg....



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Phil's Favorites

The Dynamics of Depletion

Courtesy of The Automatic Earth.


Paul Klee Ghost of a Genius 1922

The Automatic Earth has written many articles on the topic of EROEI (Energy Return on Energy Invested) through the years, there’s a whole chapter on it in the Automatic Earth Primer Guide 2017 that Nicole assembled recently, which contains 17 different articles.

Still, since EROEI is the most important energy issue there is at present, and not the price of oil or some new gas find or a set of windmills or solar panels or thorium, it can’t hurt to repeat it once again, in someone else’s words and from someone else ...



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Insider Scoop

The Market In 5 Minutes

Courtesy of Benzinga.

Related SPY Baltic Intimidation Tactics: US Jet Buzzes Plane Carrying Russian Defense Minister; Russian Jet Intercepts US Spy Plane Insurance Providers Cozy Up To ETFs ...

http://www.insidercow.com/ more from Insider

Biotech

We have a vaccine for six cancers; why are less than half of kids getting it?

Reminder: Pharmboy and Ilene are available to chat with Members, comments are found below each post.

 

We have a vaccine for six cancers; why are less than half of kids getting it?

Courtesy of Electra D. Paskett, The Ohio State University

Early in our careers, few of us imagined a vaccine could one day prevent cancer. Now there is a vaccine that keeps the risk of developing six Human Papillomavirus (HPV)-related cancers at bay, but adoption of it has been slow and surprising low.

Although it’s been available for more than a decade, as of 2014 only 40 percent of girls had received the full three doses of the vaccine, while only ...



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Digital Currencies

Bitcoin Buyer Beware

Courtesy of Zero Hedge

Entrepreneurs have a new trick to raise money quickly, and it all takes place online, free from the constraints of banks and regulators. As Axios reports, since the beginning of 2017, 65 startups have raised $522 million using initial coin offerings — trading a digital coin (essentially an investment in their company) for a digital currency, like Bitcoin or Ether.

One recent example, as NYT reports, saw Bay Area coders earn $35 million in less than 30 seconds during an online fund-raising event...



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Chart School

Russell 2000 at Rising Support

Courtesy of Declan.

There wasn't much to say about today, but the one index which caught my attention was the Russell 2000. The index caught a bounce in demand at the rising trendline and also did enough to recover the 20-day MA. Traders looking for pullback opportunity could take a look at the Russell 2000. Stops on a loss of 1,397.


The Nasdaq is primed for a move to challenge 6,350. Today's doji marks indecision just below 6,250 but if it can push above this price level it would likely trigger a spate of short covering. Technicals hav...

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OpTrader

Swing trading portfolio - week of June 19th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Mapping The Market

Frontier laid off state Senate president after broadband vote it didn't like

Courtesy of Jean-Luc

Speaking of FTR – not nice people…

Frontier laid off state Senate president after broadband vote it didn’t like

By Arstechnica.com

Broadband provider Frontier Communications recently laid off the West Virginia state Senate president after a vote the company didn't like—and yes, you read that correctly.

West Virginia does not have a full-time legislature, and state lawmakers can supplement their part-time government salaries ($20,000 a year,&...



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Promotions

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Members' Corner

Robert Sapolsky: The biology of our best and worst selves

Interesting discussion of what affects our behavior. 

Description: "How can humans be so compassionate and altruistic — and also so brutal and violent? To understand why we do what we do, neuroscientist Robert Sapolsky looks at extreme context, examining actions on timescales from seconds to millions of years before they occurred. In this fascinating talk, he shares his cutting edge research into the biology that drives our worst and best behaviors."

Robert Sapolsky: The biology of our best and worst selves

Filmed April 2017 at TED 2017

 

p.s. Roger (on Facebook) saw this talk and recommends the book ...



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Kimble Charting Solutions

Brazil; Waterfall in prices starting? Impact U.S.?

Courtesy of Chris Kimble.

Below looks at the Brazil ETF (EWZ) over the last decade. The rally over the past year has it facing a critical level, from a Power of the Pattern perspective.

CLICK ON CHART TO ENLARGE

EWZ is facing dual resistance at (1), while in a 9-year down trend of lower highs and lower lows. The counter trend rally over the past 17-months has it testing key falling resistance. Did the counter trend reflation rally just end at dual resistance???

If EWZ b...



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All About Trends

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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