Durbin: Banks And GOP Made A Pact To Kill Regulatory Reform

Oligarchy Robber Ruling War Republican Establishment, out of control corporations - Sen. Durbin: Banks And GOP Made A Pact To Kill Regulatory Reform.

GOP conspires with banks to

1. defeat measure that would make it easier for homeowners to restructure failing mortgages

2. help banks defeat any additional efforts at regulatory reform .....

and yes, Republicans are denying healthcare to out of work and to poor people, in an attempt to physically eliminate them. that is medical fascism.

Durbin: Banks And GOP Made A Pact To Kill Regulatory Reform:

"little-noticed but potentially explosive remark"

US credit shrinks at Great Depression rate prompting fears of double-dip recession

"There has been nothing like this in the USA since the 1930s. The rapid destruction of money balances is madness." US bank loans have fallen at an annual pace of almost 14% in the 3 months to August 09 (from $7,147bn to $6,886bn).. For the first time in the post- World War II era, we have deflation in credit, wages and rents and this is a toxic brew.It is unclear why the US Federal Reserve has allowed this to occur.

US credit shrinks at Great Depression rate prompting fears of double-dip recession - Telegraph

between 1998 and 2004, senior executives at Fannie manipulated its results to hit earnings targets and generate $115 million in bonus compensation.

Fannie had to restate its financial results by $6.3 billion.

In the rescue operation, the Treasury agreed to pony up as much as $200 billion to keep Fannie in the black, coughing up cash whenever its liabilities exceed its assets.

Treasury will, by Sept. 30, have handed over $45 billion to shore up the company’s net worth

Almost two years later, in 2006, Fannie’s regulator concluded an investigation of the accounting with a scathing report. “The conduct of Mr. Raines, chief financial officer J. Timothy Howard, and other members of the inner circle of senior executives at Fannie Mae was inconsistent with the values of responsibility, accountability, and integrity,” it said.

Fair Game - They Left Fannie Mae, but We Got the Legal Bills - NYTimes.com

Dollar to Weaken as Reserve Status Erodes, says Pimco, world’s biggest bond fund at $169 bill, unit of German insurer Allianz.

Dollar is down 12% from high in March 09. Will drop most against emerging market currencies. Investors might want to diversify

While we have not yet reached the point where a new global reserve currency will arise, we are clearly seeing a loss of status for the U.S. dollar as a store of value even in the absence of a single viable alternative,. .....

China, the world’s largest holder of foreign- currency reserves, and Russia have both called for a new global currency to replace the dollar as the dominant place to store reserves. ....

The greenback is falling this year 09 as U.S. authorities pledged $12.8 trillion to combat a recession that has cost financial companies $1.6 trillion in writedowns and losses, raising concern there is an oversupply of the currency

Pimco Says Dollar to Weaken as Reserve Status Erodes (Update2) - Bloomberg.com

G20 London: World trade is in "free fall" and will slump this year 09 at the fastest rate since records began

OECD forecast the biggest slide in global economic output since the Second World War and double-digit unemployment across the Western world, urged the world leaders congregating in London on Wednesday 2-4-09 towards urgent action.

French President Nicolas Sarkozy threatened to walk out unless his proposals for a reconsideration of global capitalism

The OECD predicted that world trade will shrink by 13.2% in 2009

http://www.telegraph.co.uk/finance/financetopics/g20-summit/5085294/G20-leaders-facing-world-trade-emergency.html

Freddie, Fannie seeking $35 billion more of government bailout money.

Freddie Mac, the mortgage-finance company under federal control, needs as much as $35 billion more in federal aid, and Fannie Mae may soon ask the U.S. Treasury Department for rescue funds as well.

Treasury officials pledged in Sept 08 as much as $100 billion to Fannie and Freddie each to ensure their solvency.

These two are the largest sources of mortgage money in the U.S., owning or guaranteeing a combined $5.2 trillion of the $12 trillion home-loan market.

They have $4.5 trillion of risk loans, so $100 billion seems a dro in a bucket.

The companies have posted five consecutive quarters of losses totaling $68.4 billion combined.

The Federal Housing Finance Administration seized their operations in September 08 amid concern from regulators that the government-sponsored enterprises may fail in the worst housing slump since the Great Depression.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a5EoM9fFZ0_E&refer=home