Posts Tagged ‘emergency loans’

SUPREME COURT RULES FED MUST RELEASE ALL BAILOUT DATA

Courtesy of The Daily Bail

Video – The Fed has 5 days to release all data.

March 21 (Bloomberg) — The Federal Reserve must disclose details of emergency loans it made to banks in 2008, after the U.S. Supreme Court rejected an industry appeal that aimed to shield the records from public view.  The justices today left intact a court order that gives the Fed five days to release the records, sought by Bloomberg.

A huge win for transparency.

Statement from Matthew Winkler, editor in chief of Bloomberg News:

As a financial crisis developed in 2007, "The Federal Reserve forgot that it is the central bank for the people of the United States and not a private academy where decisions of great importance may be withheld from public scrutiny.  The Fed must be accountable to Congress, especially in disclosing what it does with the people’s money."

“The board will fully comply with the court’s decision and is preparing to make the information available,” said David Skidmore, a spokesman for the Fed.

The order marks the first time a court has forced the Fed to reveal the names of banks that borrowed from its oldest lending program, the 98-year-old discount window. The disclosures, together with details of six bailout programs released by the central bank in December under a congressional mandate, would give taxpayers insight into the Fed’s unprecedented $3.5 trillion effort to stem the 2008 financial panic.

“I can’t recall that the Fed was ever sued and forced to release information” in its 98-year history, said Allan H. Meltzer, the author of three books on the U.S central bank and a professor at Carnegie Mellon University in Pittsburgh.

Continue reading at Bloomberg… 


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Ah, The Game Is Afoot!

Ah, The Game Is Afoot! 

shell gameCourtesy of Karl Denninger at The Market Ticker

You knew it wouldn’t be that easy…..

Aug. 27 (Bloomberg) — The Federal Reserve argued yesterday that identifying the financial institutions that benefited from its emergency loans would harm the companies and render the central bank’s planned appeal of a court ruling moot.

"Harm the companies" eh?  You mean reveal that they are and have been insolvent, and The Fed has been engaged in covering them up?

“What has the Fed got to hide?” said Senator Bernie Sanders, a Vermont independent who sponsored a bill to require the Fed to submit to an audit by the Government Accountability Office. “The time has come for the Fed to stop stonewalling and hand this information over to the public,” he said in an e-mail.

The Fed is hiding the insolvency of banks.  They, along with their handmaidens in Congress (which is where you work Mr. Sanders) even went further and twisted the arm of FASB to legalize intentional accounting distortions that I argue amount to fraud.

The truth of what has been done keeps peeking around the corner in the form of bank failures and FDIC deposit insurance fund losses, with the latest charade being Colonial Bank that was carrying assets thirty seven percent above where its acquiring bank believes is a reasonable mark on the day prior to being taken over, and which in the FDIC’s last published release was considered "well-capitalized!"

These losses and the costs of this cover-up are being forcibly extracted from The American People literally at gunpoint through the issuance of hundreds of billions of Treasury Debt which we, our children and grandchildren will have to repay – a staggering total that the CBO and Obama Administration now admit will total nine trillion dollars over the next ten years.

“Experience in the banking industry has shown that when customers and market participants hear negative rumors about a bank, negative consequences inevitably flow,” Norman Nelson, vice president and general counsel for the group, said in the document.

Experience in the banking industry has shown that when you countenance false and inflated marks on assets losses inevitably flow (to the taxpayer) and the longer and more-involved the conspiracy to cover…
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The US is a whole lot richer because of trade with Europe, regardless of whether EU is friend or 'foe'

 

The US is a whole lot richer because of trade with Europe, regardless of whether EU is friend or 'foe'

Trump and Merkel: Friends, foes or frenemies? AP Photo/Pablo Martinez Monsivais

Courtesy of Greg Wright, University of California, Merced

President Donald Trump recently questioned the value of the long-standing United States-Europe alliance. When asked to identify his “biggest foe globally,” ...



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Zero Hedge

China's Yuan Is Now Plunging Faster Than During 2015's Devaluation

Courtesy of ZeroHedge. View original post here.

Another China open, another lower renminbi fix, and another 2 handle plunge in offshore Yuan...

The People’s Bank of China set its daily reference rate for the yuan (dark red line in the chart above) weaker than the psychological level of 6.7 per dollar for the first time since August 2017, ...



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Insider Scoop

10 Biggest Price Target Changes For Wednesday

Courtesy of Benzinga.

  • RBC Capital raised the price target on CF Industries Holdings, Inc. (NYSE: CF) from $38 to $42. CF Industries shares closed at $42.73 on Tuesday.
  • Wedbush raised Tractor Supply Company (NASDAQ: TSCO) price target from $65 to $77. Tractor Supply shares closed at $78.92 on Tuesday.
  • Wells Fargo lowered the price target for Visteon Corporation (NASDAQ: VC) from $146 to $137. Visteon shares closed at $131.71 on Tuesday.
  • Oppenheimer raised S...


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Chart School

S&P Firms Breakout As Tech Keep The Pressure On

Courtesy of Declan.

Given overnight news and Netflix disappointment I was surprised to see markets finish as strong as they did given comments on the economy by the Fed Chairman.

The S&P opened at support and 'engulfed' the prior day's trading; it's not a true bullish engulfing pattern as this is a reversal pattern and what we have is a breakout but it does contribute to a confirmation of the breakout.


The Dow Jones is inching towards channel resistance. In the context of other indices, it was a low key day...

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Digital Currencies

Bitcoin Explodes Through Key Technical Resistance, Hits 7-Week High

Courtesy of ZeroHedge. View original post here.

Bitcoin has suddenly exploded over 10% higher, smashing through its 50-day moving average, above $7000 for the first time since early June...

BTC is now testing up towards its 100DMA, ramping over $600 in 30 minutes...

And breaking its longer-term downtrend too...

The rest of the crypto space has gone along for the ride... ...



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Biotech

How summer and diet damage your DNA, and what you can do

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

 

How summer and diet damage your DNA, and what you can do

Bright sun and fatty foods are a bad recipe for your DNA. By Tish1/shutterstock.com

Courtesy of Adam Barsouk, University of Pittsburgh

Today, your body will accumulate quadrillions of new injuries in your DNA. The constant onslaught of many forms of damage, some of which permanently...



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Mapping The Market

Mistakes were Made. (And, Yes, by Me.)

Via Jean-Luc:

Famed investor reflecting on his mistakes:

Mistakes were Made. (And, Yes, by Me.)

One that stands out for me:

Instead of focusing on how value factors in general did in identifying attractive stocks, I rushed to proclaim price-to-sales the winner. That was, until it wasn’t. I guess there’s a reason for the proclamation “The king is dead, long live the king” when a monarchy changes hands. As we continued to update the book, price-to-sales was no longer the “best” single value factor, replaced by others, depending upon the time frames examined. I had also become a lot more sophisticated in my analysis—thanks to criticism of my earlier work—and realized that everything, including factors, moves in and out of favor, depending upon the market environment. I also realized...



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ValueWalk

Buffett At His Best

By csinvesting. Originally published at ValueWalk.

Bear with me as I share a bit of my history that helped me create SkyVu and the Battle Bears games. The University of Nebraska gave me my first job after college. I mostly pushed TV carts around, edited videos for professors or the occasional speaker event. One day, Warren Buffet came to campus to speak to the College of Business. I didn’t think much of this speech at the time but I saved it for some reason. 15 years later, as a founder of my own company, I watch and listen to this particular speech every year to remind myself of the fundamentals and values Mr. Buffett looks for. He’s addressing business students at his alma mater, so I think his style here is a bit more ‘close to home’ than in his other speeches. Hopefully many of you find great value in this video like I have. Sorry for the VHS...



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Kimble Charting Solutions

The Stock Bull Market Stops Here!

 

The Stock Bull Market Stops Here!

Courtesy of Kimble Charting

 

The definition of a bull market or bull trends widely vary. One of the more common criteria for bull markets is determined by the asset being above or below its 200 day moving average.

In my humble opinion, each index above remains in a bull trend, as triple support (200-day moving averages, 2-year rising support lines, and February lows) are still in play ...



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Members' Corner

Cambridge Analytica and the 2016 Election: What you need to know (updated)

 

"If you want to fundamentally reshape society, you first have to break it." ~ Christopher Wylie

[Interview: Cambridge Analytica whistleblower: 'We spent $1m harvesting millions of Facebook profiles' – video]

"You’ve probably heard by now that Cambridge Analytica, which is backed by the borderline-psychotic Mercer family and was formerly chaired by Steve Bannon, had a decisive role in manipulating voters on a one-by-one basis – using their own personal data to push them toward voting ...



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OpTrader

Swing trading portfolio - week of September 11th, 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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Promotions

NewsWare: Watch Today's Webinar!

 

We have a great guest at today's webinar!

Bill Olsen from NewsWare will be giving us a fun and lively demonstration of the advantages that real-time news provides. NewsWare is a market intelligence tool for news. In today's data driven markets, it is truly beneficial to have a tool that delivers access to the professional sources where you can obtain the facts in real time.

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[For more information on NewsWare, click here. For a list of prices: NewsWar...



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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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About Phil:

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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