Posted: October 17th, 2011 | Author: M.Aaron Silverman | Filed under: Blip, Favorite New Thought . . ., Get Out of the House, Kiss My . . ., M.Aaron.Silverman, News, News Update, Revolute, Social Media, Socially Engineered, Standout, That Human Condition, They Said What | Tags: Bailout!, Bank Customers Arrested, Blip, Blipvert, Celebrity News, Citibank, Favorite New Thought . . ., Get Out of the House, Global Financial Crisis, Highpants News, ikram Pandit, Kiss My . . ., New York, New York City, News, News Update, Occupy Wall Street, Occupy Wall Street Protest, Out and About, OWS, Protest, Revolute, Social Media, socially engineered, Standout, That Human Condition, They Said What, Wall Street, WFG, World Financial Crisis, Zuccotti Par | Comments Off on Revolute! OWS Citibank Protesters Arrested
Police arrested 24 protesters for trespassing at a Citibank branch, a New York Police Department spokesman said.
Citibank has always been a bit of a fumbling behemoth, barely – with bailout assistance from U.S. tax payers – scraping through the global financial crisis in tact, it now face an entirely new wave of trouble. Days after Citibank CEO Vikram Pandit talked about his sympathies with Occupy Wall Street and his willingness to engage with protesters. A Citibank branch in New York has locked the doors of their branch and arrested a group of Citibank account holders who wished to to close their accounts. It’s clear that Citibank are terrified that a few accounts closing will escalate to a run on the bank. “It would only take a small percentage of account holders to prove that Citibank is an economic hologram and like much of the financial sector, is desperately hiding how weak it is. The 99% are waking up and realise they’ve been duped, fleeced,conned and bullied for far too long” said Jeremy Bloom. “NOT even in the dark dark days of the 1930s great depression – when there was actual panic – did we see anything this stupid” Here’s how it went down at the Citibank branch at 555 La Guardia Place in New York. The demonstrators – all Citibank customers – were asked to leave, and when they tried to comply Citibank’s security locked them in and wouldn’t let them leave! 24 were arrested. Clearly nothing is ever this simple!? Read the full article »»»»
Posted: July 9th, 2009 | Author: M.Aaron Silverman | Filed under: Bailout, Business News | Tags: Banking Crisis, Business, Finance, gfc, Global Financial Crisis | Comments Off on Global Financial Crisis, What Crisis?
An Entrepreneur once shared some solid financial advice with me ” Bean counters should not be allowed to decide how you make or spend your money, they should be restricted to counting it” This in mind, perhaps if bean counters focused a little harder on their task, the media would be less filled with words like recession or global downturn.Specifics are what is required in times of financial woe, presently we seem to be far off the mark on all predictions of where economies are headed. In Australia, China and even the USA, all numbers are pointing up. Does all this imply that Governments getting us into debt was mislead, or did it stop the ship from sinking? The world Financial Crisis retitled might have had a more positive flavour for punters.
Global Banking Crisis has a less bitter sound to most consumers. Housing, Employment and Retail – including consumer confidence – have been less than slightly effected by the crisis. Banks on the other hand are now suffering a lack of capital, though ask ANZ and they’d stoutly disagree, as well as extremely low interest rates. Not that we’ve had profit downgrades from any of the big four? The share market, though down is still making buckets of money for those intent on looking at the specifics of why one investment is superior to another?
The down side of all this is the tight times for business, commercial loans & commercial property values have taken a proper battering. This may add about to inflict a financial crisis after all. Without sufficient operating capital, manufacturing will need to start rationalising. The price of finished goods will rise, unemployment will start to lift etc…
I guess the point is that whacking a dog with a big stick does not have the same effect as spending time working out why it won’t listen to you?
Posted: April 8th, 2009 | Author: M.Aaron Silverman | Filed under: Bailout, Blip, M.Aaron.Silverman, Socially Engineered | Tags: bailout, gfc, Global Financial Crisis, m.aaron.silverman, socially engineered | Comments Off on Global Financial Crisis, Marching Orders
Australia: With the First Homer Buyers Grant stimulating the biggeebers out of the bottom end of the real estate market, the stock market sputtering out noticeable gains and less notable declines; have we seen a slowing of the recession we almost had?
Far from it, while First Home Buyers have given some real bounce to the real estate sector, they are simply driving up home prices in regions that in 2007-08 witnessed drops of 40% in values. Robert Henry of Statewide Realty, St Marys, in Sydney’s outer west (43% price drop) has noted that ” taking into account the drop we’ve seen over the past 3 years, clawing back 30% in value through First Home Buyers is hardly a resurgence”
The concern is that the consumers that can least afford debt at the moment and the initial cause of this current downturn are once again stimulating the economy. We note that Westpac has a Fixed Term Home Loan (10 years) at 4.8%, responsible banking?
It would be easy to flipantly smile this away as more doomsaying, we are Still in the midst of volatile financial times and while it is expected the share market will fluctuate, easing on and of the go button, the housing market is not built for short term gain. Mortgagees commit for an average of 25 years.
Posted: March 3rd, 2009 | Author: M.Aaron Silverman | Filed under: Bailout | Tags: gfc, Global Financial Crisis, Minsky’s Hypothesis, The Lowy Institute | Comments Off on Australia Follows US Property Market
With house prices and incomes falling, 164,500 Australian households are at risk of having to sell or lose their homes, according to Fujitsu Australia’s February Mortgage Stress-o-meter.
“We are mirroring the US situation before the financial crisis three years ago,” report author Martin North, Fujitsu Consulting managing director, says.
“We expect unemployment to rise to 6% by September 2009, and to 7% by 2010. As a result, we are predicting that mortgage stress will lift again with a rise to 1.2 million households by September 2009, of which 419,000 will be in severe stress.”
There are a few must reads on the GFC and it’s consequences, The Lowy Institutes: GFC Causes and Consequence, Steve Keen also has an interesting take with Debtwatch, www.debtdeflation.com, specificaly article No41 www.debtdeflation.com/no-41/ Where Minsky’s hypothesis is discussed at some length.
Minsky’s hypothesis argued that a capitalist economy with sophisticated financial institutions could fall into a Depression as an excessive buildup of private debt occurred over a number of financially-driven business cycles.