Monetary System

FT Alphaville is reporting that the credit rating agency Fitch puts credit card losses at 10.4% of outstanding loans.  This is a record.  Bad news if you are a credit card company.  So, what does one do in that…

Of late, there have been a lot of worries about he potential for inflation in the U.S.  Marc Faber is the most noted pundit in this regard. Over-the-top comments he made back in May about hyperinflation in the U.S. may have been a catalyst…

This past weekend I saw the film Food Inc, which I recommend highly to anyone looking to see how deregulation has affected industries other than finance.  While the subject of Food Inc was how the industrialization of food policy in…

Here’s another $25 billion giveaway to AIG.  Notice that AIG gets the upside over $25 billion. Does this ever stop?  Bloomberg reports. American International Group Inc., the insurer bailed out by the U.S. government, agreed…

Congressman Darrell Issa (R-CA) claims to have evidence supporting Ken Lewis’ original contention that he as threatened by government officials for contemplating pulling out of the BofA-Merrill deal.  Let’s review.  Two weeks ago,…

Just last week, we saw a parade of banks exiting the dreaded TARP program set up last year by the U.S. government and used to temporarily recapitalize the U.S. banking system.  The banks were able to do so in no small measure because…

This is number 40 (earlier the headline read First National Bank of Kansas, but has since been corrected). First National Bank of Anthony, Anthony, Kansas was closed today by the Office of the Comptroller of the Currency, which appointed…

Here are the press releases (emphasis added). This makes 39 institutions this year. First, Cooperative: Cooperative Bank, Wilmington, North Carolina was closed today by the North Carolina Office of Commissioner of Banks, which appointed…

Note from 15 Sep 2010: On the second anniversary of the Lehman bankruptcy, it bears noting that the sway government has over the banking sector has diminished. The Big Bank CEO Phil has done the prudent thing regarding lending standards.…

This video of US Bancorp CEO Richard Davis on CNBC is good in getting to the motivations and thinking of bank CEOs now repaying TARP monies.  Davis sounds articulate, well-prepped and diplomatic and makes a lot of sense.  You couldn’t ask…