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curiouscapitalist.blogs.time.com - 3/16/2009

On the job front, this is no Great Depression. Not even close :: The Curious Capitalist

— curiouscapitalist.blogs.time.com — Writing (and charting) about the latest employment numbers a couple of weeks ago, I concluded that: It's... probably still nowhere near as dramatic a chart as the monthly numbers from 1931 and 1932 would make. But the BLS wasn't on the case back then. ... (more) On the job front, this is no Great Depression. Not even ...

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online.wsj.com - 3/6/2009

Bill Seeks $500 Billion for FDIC Fund

— online.wsj.com — Senate Banking Committee Chairman Dodd is moving to allow the FDIC to temporarily borrow as much as... $500 billion from the Treasury Department. (more) Bill Seeks $500 Billion for FDIC Fund

Comments vote downundo vote up Daily Pundit found this 3/6/2009found this

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curiouscapitalist.blogs.time.com - 3/3/2009

Why the AIG bailout just keeps getting bigger :: The Curious Capitalist

— curiouscapitalist.blogs.time.com — Proponents of the nationalization of troubled big banking companies like Citigroup generally make the case that the... work should be done with dispatch and the banks returned promptly to private hands. But the test case for nationalization, AIG, is ... (more) Why the AIG bailout just keeps getting bigger :: The ...

Comments vote downundo vote up The Daily Dish | By Andrew Sullivan found this 3/3/2009found this

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The WonkLine: March 9, 2009
Wonk Room — ... Justin Fox looks to find out “how much of Citigroup was a domestic commercial bank that the FDIC could take over, and how much was multinational financial stuff outside the FDIC’s jurisdiction.” ...

Can Obama Legally Take Over Citi?
The Daily Dish | By Andrew Sullivan — ... FDIC chairman Sheila Bair doesn't think so. Justin Fox looks at how much of Citigroup was a "domestic commercial bank that the FDIC could take over, and how much was multinational financial stuff outside the FDIC's jurisdiction." Read it all. It's a very important aspect of the debate that needs further exploration. Fox concludes: ...

Stunning Doses Of Reality
JustOneMinute — The them of nationalizing Citi is exposed to two reality tests. First, Justin Fox at TIME stares at the Citi balance sheet and tries to figure out how much of this global whale is actually beached in the US: This made me curious as to how much of Citigroup was a domestic commercial bank that the FDIC could take over, and how much was multinational financial stuff outside the FDIC's jurisdiction. So I took a look at the balance sheet from Citi's ...

How Does One Say "No Mas" in Swedish?
JustOneMinute — ... an alternative view of the same reality - after studying Citigroup's $2 trillion of US and overseas assets, he concluded that FDIC has authority over roughly 25% of the group: But this would leave an entity (or entities) with about $1.5 trillion in assets and $1.4 trillion in liabilities to be taken over by foreign governments or fail in pretty much the same unruly manner that Lehman Brothers did. Have fun storming the bank, boys. I will admit - I am experiencing shock and awe at the level of leverage in the latest proposal (and ...

The Devil Is In The Details
JustOneMinute — ... preferred solution is to rely on the wisdom and forbearance of the  Congress we saw in action last week and nationalize some troubled banks.  Why does he think this will work?  Well, in the early 90's Sweden nationalized two banks on the periphery of global finance that no one has ever heard of; therefore, the US ought to be able to run Citigroup, Bank of America, and a few regional stragglers without a hiccup.  No, I'm serious: Groan - how do you say "No Mas" in Swedish?  As Justin Fox of TIME explained to the reality-based community, Citigroup has roughly $2 trillion in ...

Saving The "Non-Banks?"
TalkLeft — ... cites Justin Fox on why CitiGROUP can't be taken over. I think Geek misunderstands that I do not want CitiGroup taken over, I want CitiBANK taken over. However, he believes CitiBANK is not insolvent. The question is why isn't CitiBANK lending? Do they need more liquidity? That seems implausible in light of the fact that the ...