Professor James Barth was an appointee of Presidents Ronald Reagan and George HW Bush as chief economist of the Office of Thrift Supervision and previously the Federal Home Loan Bank Board. He is now the Lowder Eminent Scholar in Finance at Auburn University and a Senior Fellow at the Milken Institute. In this interview, Cenk and Dr. Barth discuss how shortcomings of financial regulators contributed to the 2008 financial crisis, and what to expect in the future given the current state of affairs. Dr. Barth also offers a unique prescription rooted in the ideas of James Madison. Find out more about James Barth here: www.business.auburn.edu and about the Milken Institute at their home page: www.milkeninstitute.org
This morning, all of the major stock indexes around the world are trading lower. The catalyst for the decline comes as JP Morgan Chase & Co (NYSE:JPM) reports a $ 2 billion trading loss caused by the a trader known as the “London Whale.” Traders are now wondering if other firms have similar trading losses out there. Just last week, Prudential Financial Inc (NYSE:PRU) plummeted after reporting earnings. The company sited a large derivative trading loss as the reason for the poor earnings results. This news from JPM is now the second report by a major firm that has admittedly taken a large loss from derivative trading. JPM has been one of the most outspoken firms against the controversial Volker Rule which would eliminate banks from proprietary trading. Other leading financial equities such as Goldman Sachs Group Inc (NYSE:GS), Morgan Stanley (NYSE:MS), ProShares UltraShort Financials (ETF) (NYSEARCA:SKF) and BlackRock, Inc (NYSE:BLK) are all likely to be very volatile today.
piratemyfilm.com http wearechange.org Luke Rudkowski interviews Max Keiser at Bryant Park after Max was done taping his TV show, The Keiser Report. http twitter.com
www.StockMarketFunding.com Financial Crisis 2012 Worse than 2008, European Banking System on the Verge of Collapse. The scenario will likely fully play out in 2013 and we will see what central banks world wide to do postpone the selling and get the cash off the side lines to pump markets….
Follow us @ twitter.com twitter.com Welcome to Capital Account. Bernanke speaks and everyone seems to listen. In a speech today, he warned about the job market and said continued accommodative easy-money policies will be needed to make further progress. This has the financial press reading the tea leaves and saying more QE. Is it really because, as our guest says — TBTF really means “trust Bernanke to fund?” She’s Janet Tavakoli, author of “The New Robber Barons: How Bankers created an International Oligarchy,” and she’s here to talk about the too big to fail banks, the financial oligarchy, and how MF Global fits into this web of derivative inspired meth lab of shadow liquidity and off-balance sheet risk. And since we are on the issue of MF Global, what’s the latest on its former CEO, Jon Corzine? Did he or didn’t he knowingly transfer close to 200 million dollars in customer money from MF Global to JP Morgan on one occasion before the firm imploded? Internal emails that have come out reportedly point different ways. Regardless, has he gotten away with other types of fraud already? And do credit derivatives, like those used to bet the firm on Europe’s debt crisis, continue to pose a major risk to markets? And does regulation do anything to stop this? To top this off, a recent report by the OECD predicts that by 2020, 75% of the US population will be obese. We’ll ask if this is deflationary for the global economy and a drag on economic growth. Jim Cramer, of CNBC seems to …
Deal Killers For Small Companies And Financial Firms Stephens Inc. CEO Warren Stephens on the unintended consequences of regulation. (Part 2 of 2 of interview with Steve Forbes) Part One: bit.ly Warren Stephens On Forbes: onforb.es
Follow us @ twitter.com twitter.com A US lawmaker is reportedly planning to introduce the “Sound Dollar Act” early next month. This is legislation that would move the federal reserve from its dual mandate of maintaining price stability (which is anathema to the dollar debasement that it creates through its massive money printing operations) and keeping unemployment low (which it has failed to do…curious…) to just promoting price stability. Hmmm…what would that mean for the Fed’s unofficial mandate of trashing the dollar? And Turkey, the fastest growing economy after China, is being penalized in the credit markets for failing to promote consumer savings, according to bloomberg. What? You mean savings matter!! That’s amazing…ummm not to us it isn’t. You can’t have economic growth without savings, because you can’t have investment without capital. Capital comes form savings, and growth comes from investment, but its shocking how many people think money “grows on tress.” Can you blame them, when we have a serial money printer at the Federal Reserve, pushing us all into serfdom and neo-feudalism with a policy of perpetual bailouts and zero percent interest rates? Oligarchy here we come! Finally, with central bank policies of the fed and ECB amounting to –trash for cash — as economist David McWilliams puts it with his “Punk Economics: Lesson 2,” turning “water into wine.” These perpetual bailouts are nothing other than an institutional form of wealth transfer. They …
In a speech at Columbia University, “Attorney General Eric H. Holder Jr. defended the Justice Department’s record on financial fraud Thursday evening, asserting that the administration’s “record of success has been nothing less than historic”…”.* Did the Obama Administration go after any banks? Did they have any prosecutions? Cenk Uygur, Michael Shure and political comedian Jimmy Dore break it down on The Young Turks. dealbook.nytimes.com More Jimmy Dore: www.jimmydorecomedy.com More Michael Shure: www.youtube.com
US public anger toward bankers is high since the 2008 financial crisis but the industry is still playing a big role in the presidential race. Is it always Wall Street that wins? Guests: Ford O’Connell, Bob Biersack, Richard Wolff.
