Banks

Anti-Americanism - Banks - Barack Obama - Business - Capitalism - Congress - Democrats/Leftists - Economy/Finances - Elections - Ethics - Financial Reform - Fox Business Network - Free Trade - GOP - Government - House of Representatives - Journalism - Liberals - Media - Media Bias - Money - President - Regulation - Republicans - The Law - Transparency - Warner Todd Huston

J.P. Morgan Chase $2 Billion Loss Raises Fears of Government Actions

May 14, 2012 by

-By Warner Todd Huston

Last week the news of the $2 billion trading loss suffered by J.P.Morgan Chase hit the country like another nasty slap in the face to a nation already facing an economic downturn that is the worst one in a lifetime.

The $2 billion bandied about by the media is not likely the end of that loss, either. This was only the first round of losses due to these bad derivatives trades and more losses are likely yet to come.

For some insight on this mess I exchanged some emails with Sandra Smith of Fox Business Network.

Smith said that the bank “characterized the trades as legitimate hedges of risks elsewhere in the banking group that went awry,” but this understated explanation won’t likely suffice for those out for the heads of those working in our financial sector.
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J.P. Morgan Chase $2 Billion Loss Raises Fears of Government Actions”

Banks - Budget - Capitalism - Chicago - Cook County - Democrats/Leftists - Economy/Finances - Government - President - Taxes - Warner Todd Huston

Upper Middle Class Now Seeing Higher Foreclosures in Cook County

August 15, 2010 by

-By Warner Todd Huston

As the housing bubble began to burst the lower middle class and poor areas of Cook County were immediately hit with mounting foreclosures. But now the upper middle class is seeing a higher rate. This only stands to logic.

As the Obama depression widens, as home prices stay in a slump, and as more and more people lose their jobs it makes sense that the upper middle classes are beginning only now to lose their homes at a higher rate than before. After all, these people have been likely living off savings they had that the lower classes and poor didn’t have to tide them over. But now those savings are being depleted. That and the job losses are reaching up into their income brackets and status.

What all this shows is that the Obama economy is still in horrid shape and getting worse.

The Daily Herald has all the stats in its recent, disheartening article from August 15.

And if you are one of those home owners facing foreclosure or financial troubles, there is a Cook County program that might help.

The program, which got $3.5 million from the county board, is open to county residents who have received a foreclosure summons from the Cook County Court and live in a single-family home, single-family condo or apartment building with four or fewer units. There are no income restrictions.

Those who are eligible can call (877) 895-2444 or use the new web features on cookcountyforeclosurehelp.org to set up an appointment with a housing counselor.

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Upper Middle Class Now Seeing Higher Foreclosures in Cook County”

Banks - Barack Obama - Budget - Business - Capitalism - Congress - Democrats/Leftists - Economy/Finances - Elections - Government - Liberals - President - Regulation - Taxes - Warner Todd Huston

Financial Reform? More Like Union Giveaways!

July 16, 2010 by

-By Warner Todd Huston

On Thursday the Senate passed the Democrat’s financial reform bill. But even as Obama claims that this bill will “solve” the financial crisis, a look at the thing seems to prove that things financial took a back seat to giveaways to Obama’s union pals and sops to many of the Democrat’s other special interest friends.

The main union payback is the provision to allow unions and environut groups the ability to take control of the boardrooms of corporations in which they own stock through the so-called “proxy access” provision. This provision has been widely panned by the U.S. Chamber of Commerce and other business groups.

The Washington Times reports that there are other sops to Democrat special interests in this “financial reform” bill, too.
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Financial Reform? More Like Union Giveaways!”