Goldman, Bank Of America Made Hundreds Of Millions From Texas Blackouts

Who needs Enron when you have taxpayer-backed “banks.” Whereas 20 years ago, it was Enron that made billions from the California electricity crisis (which it caused), a scandal which culminated with Enron’s scandalous and convoluted bankruptcy, this time it is … Continue reading Goldman, Bank Of America Made Hundreds Of Millions From Texas Blackouts

This Is For The ‘Nothing Is Happening’ Crowd…

A lot of people out there expected something to happen in September that did not ultimately happen.  There were all kinds of wild theories floating around, and many of them had no basis in reality whatsoever.  But without a doubt, some very important things did happen in September.  As I warned about ahead of time, we are witnessing the most significant global financial meltdown since the end of 2008.  All of the largest stock markets in the world are crashing simultaneously, and so far the amount of wealth that has been wiped out worldwide is in excess of 5 trillion … Continue reading This Is For The ‘Nothing Is Happening’ Crowd…

It’s Official: China Confirms It Has Begun Liquidating Treasuries, Warns Washington

On Tuesday evening, we asked what would happen if emerging markets joined China in dumping US Treasurys. For months we’ve documented the PBoC’s liquidation of its vast stack of US paper. Back in July for instance, we noted that China … Continue reading It’s Official: China Confirms It Has Begun Liquidating Treasuries, Warns Washington

The Confessions Begin: Goldman, BofA Warn Crude Crash Will Have Negative Impact On GDP, Earnings

 “The plunge in oil prices is unambiguously good for the US economy”  – Virtually every “pundit” with a business suit, who collected a $200 CNBC appearance in the past 3 months A week ago we showed that, using Gallup polling data, the crude crush has clearly led to a “spending surge” among US consumers: whereas a year ago all US consumers spent $96 per day, this December, with crude and gasoline prices roughly half off, Americans spent a self-reported whopping, drumroll, $98 per day. Worse, as is well-known the biggest marginal beneficiary of low gas prices are not wealthy US consumers, … Continue reading The Confessions Begin: Goldman, BofA Warn Crude Crash Will Have Negative Impact On GDP, Earnings

New Law Would Make Taxpayers Potentially Liable For TRILLIONS In Derivatives Losses

Image Credits: tracy_olson, Flickr Just imagine the following scenario.  I go to Las Vegas and I place a million dollar bet on who will win the Super Bowl this year.  If I am correct, I keep all of the winnings.  If I lose, federal law requires you to bail me out and give me the million dollars that I just lost. Does that sound fair? Of course not!  In fact, it is utter insanity.  But through their influence in Congress, this is exactly what the big Wall Street banks are attempting to pull off.  And according to the Huffington Post, there is a very … Continue reading New Law Would Make Taxpayers Potentially Liable For TRILLIONS In Derivatives Losses