Spain, and the Insane Banks

The banks are still going down despite the NY Times talk that Spain is all right.

FRANKFURT — With an agreement to bail out Spain’s struggling banks, Europe again avoided financial chaos in a debt crisis that is in its third year. But Europe still faces far bigger challenges that threaten the Continent and with it, the world economy.

The most urgent of those concerns is being driven by events in a country at the other edge of the euro zone: Greece.

While the Spanish banking rescue will be expensive — as much as $125 billion — it will be well within the means of a European emergency fund established for just such purposes. 

What BS!!!!  The Spanish debt hole is about $1 trillion.  Time for Glass-Steagall Act 1933 USA type legislation.  We need a bankruptcy reorganization.

To Obama with Hate

They used to sing, to Sir with Love, but now it is to Obama with Hate.  Get it Harlem Dudes?  Blame it on Obama's white devil mother.

eports from both the West Virginia and Texas Democratic Party conventions LaRouche activists attended this weekend had three things in common: widespread support for Glass-Steagall; no love for Obama; but very little courage to challenge the Obama diktats pushed by Party leaders. The one exception was West Virginia Senator Joe Manchin, who was being threatened with rebuke or censure for statements he has made against Obama. Though he made no overt criticism of Obama in his speech, he pointedly left Obama out when he read the roll of great Democratic Presidents, in which he included FDR, Truman (sic), JFK and Bill Clinton. It was lost on no one that he excluded mention of Obama. A resolution passed, with almost no debate, directed at Manchin and Gov. Tomlin, resolving that "all state and national candidates must publicly support and endorse all party office holders for state and national office, including the head of the Democratic Party, and our President, Barack Obama."

The LaRouche activists attending the West Virginia convention got 111 signatures on a Glass-Steagall resolution. At one point, a labor official was directing delegates over to us, telling them to sign the Glass-Steagall petition.

Delegates to the Texas Democratic convention in Houston were greeted with a page one op ed in the Houston Chronicle which said, "Why bother?" It characterized the party as irrelevant and defeated. The small number of delegates attending showed some life, as many greeted Kesha Rogers (the just-elected Democratic nominee for the 22nd district) by saying "We support you, I'm glad you won, keep fighting", as they scurried away, so no one would see them. On Obama, the attitude expressed was we agree with you, he's an SOB, but he's better than the other SOB! There was recognition of the European crisis, some were aware of the war danger, most supported Glass-Steagall, but no one challenged a State Democratic Executive Committee (SDEC) resolution which was rammed through, which said in effect that Kesha Rogers is not a Democrat, so no Democrat should support her. Supporters of Kesha Rogers were greeted with support however when they held a rally outside the convention center Saturday morning. Despite official orders to keep her out, Kesha did address both the Veterans Caucus and the Progressive Caucus.

Kesha is the greatest, LaRouche is right, and Obama sucks.

Urgent That You get Billions of Dollars

Sometime spam acts like you were a JP Morgan Chase banker that needed to get bailed out by the government. Don't you wish it Harlem. And then the Nigeria scam, the United Nations scam, so many scams, and the biggest one is..... Facebook. Here is an example:
After much attempts to reach you on phone, I deemed it necessary and urgent to contact you via your e-mail address and to remind you about your compensation payment.
Having received your Claim Application, I write to inform you that I am a delegate from the United Nations Compensation Commission and to notify you finally about your outstanding Compensation payment of $2,811,061.00 USD with identification number UNCC/280/012.
During our last annual calculation of your banking and Internet activities, we realized that you are eligible to receive a compensation payment of $2,811,061.00 USD. This compensation is being made to all of you who have suffered losses/damages as a result of unemployment, accident or illness.
For more information, contact United Parcel Service (UPS) agent with your Name, Resident Address and your direct Telephone Number for the delivery of your cashier check ($2,811,061.00 USD).
United Parcel Service (UPS)

My Bank Got the Runs

The banks in Harlem NY could be close behind, where the Spanish banks have the runs. And it isn't because of something in the water. The real estate bubble is over, the bailout is insane, and we need Glass Steagall now, only back real economy, deposit kind of stuff. Down with financial derivatives.

Harlem Bubble Blues

I got the Harlem NY, bubble blues; The Euro's crashing, two by two; JP Morgan chase, is losing the race; Got the New York bubble blues.

In 2008, governments had not yet deployed their ‘big gun’ cures for the debt crisis. So they still had the firing power to squelch the crisis with a series of unprecedented rescues. Today, we have seen the rapidly diminishing returns — or outright failure — of nearly every possible stimulus plan, bailout deal or austerity measures known to man.

Furthermore, it was also reported today from a source within the Bank of England that the BOE is prepared for the unraveling of the euro. The source noted that the Bank is prepared to “play their part in mitigating the impact” of Greece, or other countries, exiting the Eurozone.

Again, the panic is currently spreading throughout Europe, and the very nature of such a panic in today’s economy implies that the panic will spread across the Atlantic too. However, that “contagion” can either be allowed to sweep Europe and the United States bringing all the social chaos of a banking collapse, or it can be blocked by the implementation of Glass-Steagall, a firewall separating obligations to investment banks, hedge funds and the like from legitimate banking deposits and obligations.

In other words:
Bubble bubble toil and trouble.

Facebook, the Last Bubble

This is my last bubble, on Facebook, for cash; This is the last chance to pretend to get rich; The system is finished, it's time for Glass-Steagall or die; So hold me, then scold me, cause when I'm bad, I'm oh so bad; The last bubble, the last dance. (Donna Summer spoof, the last Dance on Facebook) Recent figures suggest that Greek foreign deposits have decreased by 52% from their peaks. The same goes for Ireland and Portugal. These figures come from Citi analyst Matt King who answered the question: What if the rate of withdrawals (aka bank runs) we saw in Greece are repeated in Spain and Italy? King said: In Greece, Ireland, and Portugal, foreign deposits have fallen by an average of 52 percent, and foreign government bond holdings by an average of 33 percent, from their peaks. The same move in Spain and Italy, taking into account the fall that has taken place already, would imply a further $272.17 billion and $270.9 billion in capital flight respectively, skewed towards deposits in the case of Spain and towards government bonds in the case of Italy. Of course, the trick with bank runs is that even the utterance of the word can cause a panic--and the word it out.The recognition of the sound of the starting gun for serious bank runs in Europe is widespread. (So, crash baby crash, and then Harlem dudes, get that Glass Steagall now)

Glass Steagall is the word, like Greece's revolt is the word in Europe. The system is bankrupt again, Harlem dudes, so get down.

Typical of local media coverage is this week's article in Minnesota, in the St. Cloud Times: "Our View: JP Morgan Loss Fuels Reform Calls." It states, "Another suggestion involves reinstating the Glass-Steagall Act, which came about in the Great Depression to stabilize banking but was repealed in the late 1990s to allow banks to expand and enter the securities industry. In other words, deregulation..."