Posts Tagged ‘special interests’

Bernie Sanders Says It Is Time To Break Up The Big Banks As They Are Nothing But Monopolies

Bernie Sanders Says It Is Time To Break Up The Big Banks As They Are Nothing But Monopolies

Courtesy of Tyler Durden

Dream Toys Announce The Official Christmas Top Toy Predictions

Paging Christine Varney. Finally, what Zero Hedge has been pounding the table on for months is starting to make it through to (some of) the ruling elite. In an interview with Dylan Ratigan, Bernie Sanders, who unfortunately is not quite representative of the prevailing DC groupthink yet, says: "it is not just a too big to fail problem, it is monopolistic control of the economy and the incredible concentration of ownership. If Teddy Roosevelt were here right now, the guy who broke up all the big special interests in his day: if he believed that two-thirds of the credit cards were being issued by four banks, does anyone think we should not be breaking these guys up."

He points out the following simple arguments for breaking up the big banks: 1) four largest banks issue two thirds of the credit cards, 2) they hold 50% of mortgages and 3) $7 trillion in assets (50% of GDP). One can extend these observations from the simple consumer facing side of the banking model, to the intrabanking world, where Goldman has a monopoly in virtually all fixed income and equity (including derivative) trading axes and has infinite visibility into market flow.

The argument for breaking them up is blatantly simple: to protect taxpayers against another TBTF episode, as well as to preempt  their concentration of ownership which means "unbelievable power and monopolistic influence over the whole economy."

Sanders, following in William Black’s footsteps, is also painfully blunt: "the issue is not whether Congress regulates Wall Street, it’s the degree to which Wall Street regulates Congress."

No matter what kind of reform you bring forth, if a BofA is about to teeter, and take with it a significant part of the economy and millions of jobs they are going to be bailed out. What you have to do is break them up today."

In conclusion Bernie sumarizes our current predicament perfectly: "Take a breath for a moment and think about where we’re at. You have a middle class collapsing, you have small and medium sized businesses desperately in need of affordable credit so they can expand and create jobs, they’re not getting that help. What you have is a Wall Street living in a parallel universe playing…
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DEEP THOUGHTS FROM BILL GROSS

DEEP THOUGHTS FROM BILL GROSS

Courtesy of The Pragmatic Capitalist

Deep thoughts on 2010 from PIMCO’s bond guru:

Quixotic journeys often make for great literature, but by definition are rarely productive. I am, after all, referring to windmills here – not their 21st century creation, but their 17th century chasing. Futility, not productivity, was the ultimate fate of Cervantes’ man from La Mancha. So it is with hesitation, although quixotic obsession, that I plunge headlong into a discussion of American politics, healthcare legislation, resultant budget deficits and – finally – their potential effect on financial markets. There will be windmills aplenty in the next few pages and not much good can come of these opinions or my tilting in their direction. Still, I mount my steed, lance in hand, and ride forward.

Question: What has become of the American nation? Conceived with the vision of liberty and justice for all, we have descended in the clutches of corporate and other special interests to a second world state defined by K Street instead of Independence Square. Our government doesn’t work anymore, or perhaps more accurately, when it does, it works for special interests and not the American people. Washington consistently stoops to legislate 10,000-page perversions of healthcare, regulatory reform, defense, and budgetary mandates overflowing with earmarks that serve a monied minority as opposed to an all-too-silent majority. You don’t have to be Don Quixote to believe that legislators – and Presidents – often do not work for the benefit of their constituents: A recent NBC News/Wall Street Journal poll reported that over 65% of Americans trust their government to do the right thing “only some of the time” and a stunning 19% said “never.” What most politicians apparently are working for is to perpetuate their power – first via district gerrymandering, and then second by around-the-clock campaigning financed by special interest groups. If, by chance, they’re ever voted out of office, they have a home just down the street – at K Street – with six-figure incomes as a starting wage.

What amazes me most of all is that politicians can be bought so cheaply. Public records show that combined labor, insurance, big pharma and related corporate interests spent just under $500 million last year on healthcare lobbying (not much of which went to politicians) for what is likely to be


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The Allure of Outsourcing Financial Regulation

The Allure of Outsourcing Financial Regulation

Courtesy of Jesse’s Café Américain

Obama AdministrationOne has to be fascinated with the proposal by the Obama Administration to effectively outsource the regulation of US markets and the protection of consumers to the Federal Reserve, an agency that is owned by the industry which it would be asked to regulate.

It is especially interesting given the recent history of the failure of that organization to do its job properly, failure to engage in open and transparent dialogue about its non-core (non-monetary) operations, and continuing resistance to taking direction from the government in matters related to fiscal and legislative policy that would fall under its regulatory purview while asserting its independence.

Its almost surreal. I cannot believe anyone is taking this proposal seriously.

There are three reasons why the Obama Administration is proposing it and the Congress is giving it serious consideration.

1. The special interests, the banks, who are significant donors to the Democratic and Republican parties would like to have it since they effectively own the Fed, and Wall Street likes no regulation better than self-regulation.

2. Government enjoys outsourcing its responsibilities to outside agencies like the Fed, because when the lapses and failures come, it gives them a great opportunity for finger pointing and hearings to chastise the party that failed, and shift the blame for the responsibility for the failure from themselves to someone outside their organization.

3. Larry Summers wants to be both the chairman of the Federal Reserve and of the SEC and a proposed Financial Consumer Protection Agency to attempt to maximize his ability to manipulate and control the financial system. And Larry does not work for you or your interests.

Would you like to have seen Alan Greenspan as not only the chairman of the Federal Reserve, but also the head of the SEC and the Consumer Protection Agency for financial products?

What is being proposed amounts to a financial Star Chamber. It makes the machinations behind the founding of the Federal Reserve in 1913 look tame by comparison.

Has the US a shred of common sense and regard for democratic principles left?

Photo: U.S. President Barack Obama (right) "meets" with speechwriter Cody Keenan, who dressed as a pirate for an Oval Office photo taken for use in the President’s humorous speech to the White House Correspondents Association dinner May 9, 2009. "But as
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Phil's Favorites

Momentum Monday - Earnings Season Looks Good So Far

 

Momentum Monday – Earnings Season Looks Good So Far

Courtesy of Howard Lindzon

(originally published yesterday)

Happy Monday.

I will get right to it this week with our Momentum Monday video session. A bunch of new ideas were discussed and we kept it short. You can watch/listen right here on YouTube and I have embedded it on the blog below:

Here are Ivanhoff’s notes…

The latest earnings season has just begun. So far, it is passing with flying colors. Most financials rallied in the two weeks preceding their ea...



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Zero Hedge

Notorious Haitian Gang Demands $17 Million Ransom For Kidnapped Missionaries

Courtesy of ZeroHedge View original post here.

A local gang that days ago kidnapped a group of 17 American and Canadian missionaries in Haiti, among them children, is demanding a $17 million ransom to obtain their release, or $1 million for each person.

Since the Saturday kidnapping which drove world headlines, the group has been identified as the powerful and noto...



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Digital Currencies

Facebook Chooses Coinbase As "Custody Partner" For Digital Wallet Ahead Of Stablecoin Launch


Image by Gerd Altmann from Pixabay

Courtesy of ZeroHedge

With crypto markets in the green and equities still riding high on their latest comeback rally, Coinbase has just dropped a bombshell update about Facebook's great attempt to seize control of the global monetary supply (or at least a slice of it) thanks to its nearly 3 billion monthly users who would have immediate access to whatever monetization options they...



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Chart School

Price and Volume Swing Analysis on Bitcoin and Silver

Courtesy of Read the Ticker

Many take guidance from news, pundits or advisors. Well sometimes the swings of price and volume are a better measure of what happens next.

The big boys do not accumulate or distribute in single 1 second trade, they build positions over weeks, months and years. They use price swings in the market to build or reduce positions, and you can see their intent by studying swings of price and volume and applying Tim Ord logic as written in his book called 'The Secret Science of Price and Volume: Techniques for Spotting Market Trends, Hot Sectors, and the Best Stocks'.

Tim Ord is a follower of Richard Wyckoff logic, his book has added to the studies of Richard Wyckoff, Richard Ney and Bob Evans.

Richard Wyckoff after years of...

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Politics

Steve Bannon faces criminal charges over Jan. 6 panel snub, setting up a showdown over executive privilege

 

Steve Bannon faces criminal charges over Jan. 6 panel snub, setting up a showdown over executive privilege

Defiant or following Trump’s direction? John Lamparski/NurPhoto via Getty Images

Courtesy of Kirsten Carlson, Wayne State University

The House committee investigating the Jan. 6 attack on the U.S. Capitol is tasked with providing as full an account as possible of the attempted insurrection. But there is a problem: Not everyone is cooperating.

As of Oct. 14, 2021, Steve Bannon, a one-tim...



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Biotech/COVID-19

Ivermectin is a Nobel Prize-winning wonder drug - but not for COVID-19

 

Ivermectin is a Nobel Prize-winning wonder drug – but not for COVID-19

While ivermectin was originally used to treat river blindness, it has also been repurposed to treat other human parasitic infections. ISSOUF SANOGO/AFP via Getty Images

Courtesy of Jeffrey R. Aeschlimann, University of Connecticut

Ivermectin is an over 30-year-old wonder drug that treats life- and sight-threatening parasitic infections. Its lasting influence on global health has been so profound...



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Promotions

Phil's Interview on Options Trading with TD Bank

TD Bank's host Bryan Rogers interviewed Phil on June 10 as part of TD's Options Education Month. If you missed the program, be sure to watch the video below. It should be required viewing for anyone trading or thinking about trading using options. 

Watch here:

TD's webinar with Phil (link) or right here at PSW

Screenshots of TD's slides illustrating Phil's examples:

 

 

&n...



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Kimble Charting Solutions

Crude Oil Cleared For Blast Off On This Dual Breakout?

Courtesy of Chris Kimble

Is Crude Oil about to blast off and hit much higher prices? It might be worth being aware of what could be taking place this month in this important commodity!

Crude Oil has created lower highs over the past 13-years, since peaking back in 2008, along line (1).

It created a “Double Top at (2), then it proceeded to decline more than 60% in four months.

The countertrend rally in Crude Oil has it attempting to break above its 13-year falling resistance as well as its double top at (3).

A successful breakout at (3) would suggest Crude Oil is about to mo...



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ValueWalk

Managing Investments As A Charity Or Nonprofit

By Anna Peel. Originally published at ValueWalk.

Maintaining financial viability is a constant challenge for charities and nonprofit organizations.

Q4 2020 hedge fund letters, conferences and more

The past year has underscored that challenge. The pandemic has not just affected investment returns – it’s also had serious implications for charitable activities and the ability to fundraise. For some organizations, it’s even raised doubts about whether they can continue to operate.

Finding ways to generate long-term, sustainable returns for ...



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Mapping The Market

Suez Canal: Critical Waterway Comes to a Halt

 

Suez Canal: Critical Waterway Comes to a Halt

Courtesy of Marcus Lu, Visual Capitalist

The Suez Canal: A Critical Waterway Comes to a Halt

On March 23, 2021, a massive ship named Ever Given became lodged in the Suez Canal, completely blocking traffic in both directions. According to the Suez Canal Authority, the 1,312 foot long (400 m) container ship ran aground during a sandstorm that caused low visibility, impacting the ship’s navigation. The vessel is owned by Taiwanese shipping firm, Evergreen Marine.

With over 2...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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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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