While we are constantly getting told by our resident collectivists how well their particular socialist paradises are doing, I must admit I was suprised that one of those paradises is looking to follow in Cyprus’ confiscatory practice to fix their financial woes footsteps:
The National Government are pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts, the Green
As you may have heard, Cyprus is being bailed out by the EU and the terms are rather striking:
The euro zone agreed on Saturday to hand Cyprus a bailout worth 10 billion euros ($13 billion), but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risk of a wider run on savings.
The eastern Mediterranean island becomes the fifth country after Greece, Ireland, Portugal and Spain to turn
Yes, that title is me making fun of the stupid leftists that think these collectivist scumbags and crooks running our government that bought their support and votes with false promises of free shit they would pay for by slamming the evil rich & productive with higher taxes, and these politicians portend to do so to help the little guy, because they where had again. News is that those big corporations team blue paraded to tell … Read more
It’s Bank Bash time again here at RTFLC. Presented for your consideration: the Atlantic’s expose on how tenuous the banks hold on sanity really is:
The financial crisis had many causes—too much borrowing, foolish investments, misguided regulation—but at its core, the panic resulted from a lack of transparency. The reason no one wanted to lend to or trade with the banks during the fall of 2008, when Lehman Brothers collapsed, was that no one could
Beware what you put out there. This bank advertisement should hit home. There is a reason I avoid most of that social media crap.
Democrats just elected Maxine Waters to the top Democratic spot on the House Financial Services committee.
This is really an extraordinary development. “Flabbergasting” might be a more apt word. Leave aside the recent ethics investigation over whether she used her position on the committee to help a bank her husband was involved with (which ended with her chief of staff getting reprimanded). Maxine Waters reliably delivers the craziest questions and the most
Thrill had a post up discussing the upcoming tax battle as the Bush tax cuts are scheduled to expire at the end of this year. The donkeys are clamoring for that to happen, because they want stupid people to believe that tax hikes on the rich will somehow cover the $1.3 trillion – estimated since we conveniently have had no budget in the last 3 years to verify it is only this much that they … Read more
(I’m on vacation. I spent today in a pool throwing Sal 11000 Beta up in the air. So, this week, I will just have an occasional post when the family’s asleep and I haven’t had too much to drink yet.)
I’ll give Team Romney credit for this: his VP pick sure has the Left shitting their pants. Today, some protesters tried to rush the stage. And the Democratic leadership, with Ms. Verbal … Read more
Big corporations are hoarding cash. Corporate cash on hand is higher than ever! This just proves that we need to tax … oh.
in its quarterly “flow of funds” report on Thursday, the Federal Reserve sharply revised its estimates of how much cash companies are holding on their balance sheets. The bottom line: Corporations have nearly $500 billion less cash on hand than previously believed.
…
Perhaps more significant than the number itself, however,
Looks like we’re in for another Recovery Summer:
The latest jobs report is a total disaster. We got 69,000 new jobs in May which is well below already tepid expectations and is below the labor force trend growth rate. Terrible.
But it gets worse!
“The change in total nonfarm payroll employment for March was revised from +154,000 to +143,000, and the change for April was revised from +115,000 to +77,000.” In other words, we
