Morgan Chase, $6 to 8 Billion
May 22nd 2012 12:35
Losses at JP Morgan Chase are mounting, with the latest figures reported by CNN Money of financial derivative losses of $6 to 8 billion, on total derivative investments of $100 billion. Obviously, this is heavily on betting that the European banks would survive, and would be bailed out. As the case of the partially-nationalized Bankia in Spain shows, this is weak, this is going down. Time for the Glass-Steagall bankruptcy reorganization and creating 6 million new jobs with the NAWAPA water from Alaska and Canada project. That could help the Southwest USA, which is in drought and burning up from Texas to Colorado.
So, You Think You Still Have "Your Money":
This week opened with reports from CNN and others, that, lo and behold, losses at JP Morgan, once king of the derivatives casino, are not the $2 billion admitted on May 10, but are now running in the $6-8 billion range, and going up daily. Given JP Morgan's reported $100 billion holdings in casino paper, are you dumb enough to believe those figures? Obama's favorite banker, JP Morgan chief Jamie Dimon refused to say how big the loss may get, when asked at a Deutsche Bank conference this Monday. And other participants in that conference admitted to Bloomberg TV that "if we end up with a catastrophe in Europe in the short turn," Morgan's losses are going to soar.
If? With European leaders and President Obama still grimly determined to escalate the monetarism which blew up the system in the first place, there is no "if." Money continues to flee from the European banks, and cannot be expected to long remain in what the Financial Times dubbed Monday "a slow motion bank run" (or "bank jog," in the words of another financial idiot). President Obama and France's President Hollande joined the chorus demanding European banks be "recapitalized;" that is, printing "unimaginable amounts of money" London is demanding to bail them out.
Yet another European summit has been called for this Wednesday to deal with the crisis, with no prospective that anymore will come out of this than the G-8 meeting. Hollande says he's going to propose eurobonds be issued to finance the needed bailouts; Germany's Deputy Finance Minister Steffen Kampeter reiterated the Germans have no intention of going along.
So, preparations are underway, no longer quite so behind the scenes, for Greece's exit from the Euro, in short order. German media (e.g. Focus magazine, primetime television programs) began preparing the German population for this inevitability as the week opened; El-Erian, head of the PIMCO bondholding behemoth, told Bloomberg TV on Monday "its probably inevitable and therefore we should plan for it;" London's Royal United Services figure, Dr. Jonathan Eyal, added his bit to the obituaries being written for the Euro.
But Morgan's Dimon said Monday that "a Greece default is not the problem, Greece leaving the euro is the problem".
Isn't it time to listen to LaRouche?
So, You Think You Still Have "Your Money":
This week opened with reports from CNN and others, that, lo and behold, losses at JP Morgan, once king of the derivatives casino, are not the $2 billion admitted on May 10, but are now running in the $6-8 billion range, and going up daily. Given JP Morgan's reported $100 billion holdings in casino paper, are you dumb enough to believe those figures? Obama's favorite banker, JP Morgan chief Jamie Dimon refused to say how big the loss may get, when asked at a Deutsche Bank conference this Monday. And other participants in that conference admitted to Bloomberg TV that "if we end up with a catastrophe in Europe in the short turn," Morgan's losses are going to soar.
If? With European leaders and President Obama still grimly determined to escalate the monetarism which blew up the system in the first place, there is no "if." Money continues to flee from the European banks, and cannot be expected to long remain in what the Financial Times dubbed Monday "a slow motion bank run" (or "bank jog," in the words of another financial idiot). President Obama and France's President Hollande joined the chorus demanding European banks be "recapitalized;" that is, printing "unimaginable amounts of money" London is demanding to bail them out.
Yet another European summit has been called for this Wednesday to deal with the crisis, with no prospective that anymore will come out of this than the G-8 meeting. Hollande says he's going to propose eurobonds be issued to finance the needed bailouts; Germany's Deputy Finance Minister Steffen Kampeter reiterated the Germans have no intention of going along.
So, preparations are underway, no longer quite so behind the scenes, for Greece's exit from the Euro, in short order. German media (e.g. Focus magazine, primetime television programs) began preparing the German population for this inevitability as the week opened; El-Erian, head of the PIMCO bondholding behemoth, told Bloomberg TV on Monday "its probably inevitable and therefore we should plan for it;" London's Royal United Services figure, Dr. Jonathan Eyal, added his bit to the obituaries being written for the Euro.
But Morgan's Dimon said Monday that "a Greece default is not the problem, Greece leaving the euro is the problem".
Isn't it time to listen to LaRouche?
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Comment by Howard
on Minority Births vs. White Births
Real Crash
Nixon Administration
Connecting with President-elect Richard Nixon in 1968, Moynihan joined Nixon's White House Staff as Counselor to the President for Urban Affairs. He was very influential at that time, and was one of the few people in Nixon's inner circle who had done academic research related to social policies.
In 1969, on the initiative of Nixon, NATO tried to establish a third civil column, establishing a hub of research and initiatives in the civil area, dealing as well with environmental topics.[9] Moynihan[9] named Acid Rain and the Greenhouse effect as suitable international challenges to be dealt by NATO. NATO was chosen, since the organization had suitable expertise in the field, as well as experience with international research coordination. The German government was skeptical and saw the initiative as an attempt by the US to regain international terrain after the lost Vietnam War. The topics gained momentum in civil conferences and institutions.[9]
In 1970, Moynihan wrote a memo to President Nixon saying: "[T]he issue of race could benefit from a period of 'benign neglect.' The subject has been too much talked about... We need a period in which Negro progress continues and racial rhetoric fades." He argued that Nixon's conservative tactics (meaning particularly the speeches of Vice-President Spiro Agnew) were playing into the hands of radicals. Moynihan regretted that critics misinterpreted his memo as advocating that the government should neglect minorities.