jerwin

Taxpayer bailouts set to break $1,000,000,000,000

By Jim Erwin | 09/21/08

As of press time, the Unites States Treasury is asking Congress to increase the national debt ceiling to an amazing $11.3 trillion in order to facilitate approval of the fifth financial bailout plan this year, The move comes as the meltdown in financial markets escalated in the past week. The drop in stock markets is likely to resume as soon as buying from a legal practice "short-covering" subsides this week. Short covering is related... read more »

How Much is Enough?

By Jim Erwin | 09/18/08

The United States Treasury has been selling hundreds of billions of dollars in Treasury Bills the past 48 hours in order to give the Federal Reserve System additional funds to pass on to banks, in exchange for worthless securities. This is another lame attempt to once again try and stop the financial market meltdown, which is slowly crippling the world economy into a deep recession.   LEVERAGE The main problem driving this... read more »

How Much is Enough?

By Jim Erwin | 09/18/08

The United States Treasury has been selling hundreds of billions of dollars in Treasury Bills the past 48 hours in order to give the Federal Reserve System additional funds to pass on to banks, in exchange for worthless securities. This is another lame attempt to once again try and stop the financial market meltdown, which is slowly crippling the world economy into a deep recession.   LEVERAGE The main problem driving this... read more »

Money Market Mutual Fund Falls Below $1 Share Value; Suspends Withdrawals

By Jim Erwin | 09/16/08

The $64.8 billion Reserve Primary Fund, the oldest U.S. Money Market Fund has the distinct honor of being the first money market fund to fall below the benchmark $1 net asset value per share in fourteen years. The fund has also suspended redemptions for at least seven days. So far investors have withdrawn some sixty-percent of fund assets.It is also believed the $260 million Colorado Diversified Trust has also fallen below the $1 net asset... read more »

Governor Taking a Stand?

By Jim Erwin | 09/16/08

Is Governor Arnold Swarzenegger really making a stand against both Democrat and Republican legislators who failed to truely fix a $15 billion hole in the California budget. The answer, "Hopefully so!!!!".   The Governoor is correct. Increasing state income tax withholding on Californai workers by 10% in order to bring in more money this year to "cover the bills" is flat wrong and irresponsible. This "slight of hand" manuever will generate... read more »

Shame! Another Fed Bailout, Just $85 Billion Taxpayer Dollars

By Jim Erwin | 09/16/08

More disgrace tonight as the U.S. Federal Reserve steps in to prop up the worlds largest insurer AIG and save the company from a bankruptcy filing that was likely to occur Wednesday.   This time the bailout is just a paltry $85 billion (U.S), which is being portrayed by our government bag men as a loan that must be repaid as AIG sells assets to cover the loan. The only problem is that if AIG's finances continue to deteriorate, the $85... read more »

Shame! Another Fed Bailout, Just $85 Billion Taxpayer Dollars

By Jim Erwin | 09/16/08

More disgrace tonight as the U.S. Federal Reserve steps in to prop up the worlds largest insurer AIG and save the company from a bankruptcy filing that was likely to occur Wednesday.This time the bailout is just a paltry $85 billion (U.S), which is being portrayed by our government bag men as a loan that must be repaid as AIG sells assets to cover the loan. The only problem is that if AIG's finances continue to deteriorate,... read more »

Financial Woes Continue: More Failures and Defaults On Tap

By Jim Erwin | 09/16/08

Wall Street is set to continue its fall following sharp sell-offs in world markets overnight.   Shares of AIG, the worlds largest insurer, is set sell-off once again as the company's search for new capital (like $70 billion!) following a ratings downgrade. Wachovia, a major marketer of name your own payment mortgages until last year is now on the high-risk list.   Here's a snapshot of how bad it... read more »

Financial Woes Continue: More Failures and Defaults On Tap

By Jim Erwin | 09/16/08

Wall Street is set to continue its fall following sharp sell-offs in world markets overnight.Shares of AIG, the worlds largest insurer, is set sell-off once again as the company's search for new capital (like $70 billion!) following a ratings downgrade. Wachovia, a major marketer of name your own payment mortgages until last year is now on the high-risk list.Here's a snapshot of how bad it... read more »

Financial Turmoil Escalates

By Jim Erwin | 09/14/08

Lehman in Bankruptcy, AIG Struggling, BofA Buys Merrill Lynch, Fed to Lend Against Weak Collateral...Major Wall Street investment firms continue to collapse tonight as Lehman Brothers, the 125 year old investment firm filed for Bankruptcy within the last half-hour. Also, Bank of America has announced it is buying investment firm Merrill Lynch for the over-priced amount of $50 billion in an all stock transaction. The BofA purchase... read more »