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POPSChavez To Discuss Joint Banking Venture During Moscow Visit The socialist leader, an outspoken critic of Washington and opponent of neoliberalism, has focused his foreign policy on bolstering ties with countries outside the U.S. sphere of influence since coming to power nine years ago. Chavez said last week he expected to meet Russian President Dmitry Medvedev and discuss a number of industrial and technological projects as part of a visit aimed at boosting bilateral relations. PetroCaribe is a regional energy security alliance between Caribbean countries and Venezuela established in 2005. The alliance enables its 17 member countries to purchase Venezuelan oil under a flexible credit payment system.
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POPSMore Banks will Fail And the response: Bailout by the taxpayer. Privatizing Profits and the taxpayer pays for the bailout. Socialism for the Corporate World.
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POPSAmerica's Economic Free Fall The bailouts are rewarding the very people and institutions whose reckless behavior caused this financial mess. Yet government demands nothing from them in return -- like new rules for prudent behavior and explicit obligations to serve the national interest. Washington ought to compel the financial players to rein in their appetite for profit in order to help save the country from a far worse fate: a depressed economy that cannot regain its normal energies. Instead, the Federal Reserve, the Treasury, the Democratic Congress and of course the Republicans meekly defer to the wise men of high finance, who no longer seem so all-knowing.
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POPS10 things all economists believe "If economics is finally a science, what, exactly, does it teach? With the help of Columbia University economist Pierre-André Chiappori, I have synthesized its findings into ten propositions. Almost all top economists—those who are recognized as such by their peers and who publish in the leading scientific journals—would endorse them (the exceptions are those like Joseph Stiglitz and Jeffrey Sachs, whose public pronouncements are more political than scientific). The more the public understands and embraces these propositions, the more prosperous the world will become."
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POPSBeating a Dead Horse I've commented on this topic many times over the past months, so why not give it one more go. There are two groups responsible for the mortgage mess - the individuals who took out exotic mortgages on houses they couldn't afford, and the financial institutions who sold them those mortgages. I understand we can't let the system fail, but I see no reason why my tax dollars have to go towards helping bail these two groups out. They made terrible decisions. All a bill like this does is reinforce stupid behavior, because if we fail, the government will bail us out. If you had your home re-possessed, it's because you couldn't afford it in the first place. If a financial institution is going down because of all the write-downs they've had to take on bad mortgages, it's because their leadership authorized bad decisions. Are there some exceptions to the above - sure there are. But those aren't the situations that this bill is addressing.
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POPSWhy Am I Being Punished for Being Responsible
I understand there's a crisis in the financial sector, and we can't let financial institutions go under due to poor decisions around mortgages. But when I read about legislation that will put borrowers who took out exotic mortgages on houses they couldn't afford, into more affordable loans with a reduced principle, it makes me mad. I was responsible when I got my mortgage. I did my homework, got into a fixed loan on a house I knew I could afford. Could I have done an ARM and gotten a bigger house - sure, but I was responsible and only got into what I could afford. Now, people who weren't responsible are having their mortgages reduced and their rates permanently lowered. Why isn't this available to me? If this is the plan, I say require people to pay back the reduction in principal and interest from any money they make when they sell their house. Otherwise you're just reinforcing bad behavior knowing the gov will save you if you make a stupid decision.
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POPSMore Banks Expected to Close Yet another free market free fall. The last one was only 20 years ago: "The nation’s banks are in far less danger than they were in the late 1980s and early 1990s, when more than 1,000 federally insured institutions went under during the savings-and-loan crisis. The debacle, the greatest collapse of American financial institutions since the Depression, prompted a government bailout that cost taxpayers about $125 billion."
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POPSThe Fed And Investment Banks
That is why large commercial banks, which have open account obligations to thousands of other banks, creditors and counterparties, can be said to be too big to fail. Applying the too-big-to-fail label to investment banks reflects a serious misunderstanding of how their business model differs from that of a commercial bank. In order to sign their agreement, the Fed and the SEC had to ignore a request by two powerful senators – Christopher Dodd and Richard Shelby, the chairman and ranking member of the Senate banking committee – who asked the two agencies in a letter last week to respect the prerogative of Congress to assign responsibilities to regulatory agencies. Instead, the two agencies have created a fait accompli that takes the question out of the hands of Congress. If Congress wants to have anything important to say about the regulation of the financial markets and the liabilities to be borne by the taxpayers, it should step in now to nullify this agreement or limit it
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POPSLet's REWARD The Fed For Their Planned Crises First, create the problem. (Economy teetering on crasing.) Then get a reaction...("S.O.S.") Lastly, provide the solution: More of what gave us the problem. Read Ron Paul's, "Revolution" before it's too late.
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POPSCongress And The Countrywide Scandal As for Republicans, most members of the Senate Banking Committee voted for the Dodd-Frank bill in exchange for reforms of Fannie Mae and Freddie Mac. The reforms, part of a deal brokered by Sen. Richard Shelby (R., Ala.), create a new regulator to establish tougher standards for the portfolio holdings of Freddie and Fannie. While both of these agencies are in dire need of reform, this deal is still a mistake. By foisting this compromise on their Republican colleagues, Democrats are holding the reform of Fannie and Freddie hostage in order to increase bipartisan support for a bailout of reckless mortgage lenders. In a free market, businesses take risks and reap either profits or losses. But markets only work when businesses are held accountable for their bad decisions. The message this proposed legislation sends to the market is clear: Big lenders like Countrywide who make bad bets can count on generous bailouts
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