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Go Back   Theoryland of the Wheel of Time Forums > THEORYLAND STEDDINGS > Forum Archives > Archived - Non Wot Discussion Boards > Archived: Non WoT Related Discussion 03/08 - 09/08
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  #101  
Old 09-21-2008, 11:16 PM
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The argument against the gold standard is that it deflates the ability of the economy to expand. The upside is that it provides a rock solid base upon which to support an economic system. Alan Greenspan was a big proponent of the gold standard and even wrote several papers arguing vociferously against the current fiat currency system we use. It IS a house of cards based purely on belief in the U.S. Fed Reserve...not smart...especially with our huge deficits devaluing the dollar.
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  #102  
Old 09-22-2008, 08:19 AM
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hmm... looking from this side of the pond, europe seems to be standing firm, for once. They are, of course, scrambling to minimize losses, the US crisis does have its effects here. Particularly in Great Britain, but then... you really could see this one coming. The dollar has been sliding ever downward and he pound with it (slower, but still) for about a year now. So. It's not as rosy as it was two months ago but it's not that bad either. Yet...

The really big shocker is the Russian market though, which had lost more than 60% of its value since August 8th. And then the government decided to buy... lots... thus getting the market up about 15% but that just means that state property is being even more enforced in Russia and small and medium businesses will be going down, fast. And it means that the Russian government is spending the oil-dollars now that oil prices are going down... smart move, smart move...

I do think that a little crisis can have a good effect in the long run - getting rid of dead weight and all that. And I also believe that the US (and the world) is much more stable now than it was a century ago so it probably won't turn into another Depression.
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  #103  
Old 09-22-2008, 09:25 AM
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Not after this.


New world on Wall Street

Goldman Sachs and Morgan Stanley to face more oversight from the Federal Reserve. Change provides more funding and opens door to more mergers.

Last Updated: September 22, 2008: 7:19 AM EDT



NEW YORK (CNNMoney.com) -- And then there were none.


Federal regulators converted Wall Street's remaining stand-alone investment banks - Goldman Sachs and Morgan Stanley - into bank holding companies Sunday night.

The move allows Goldman and Morgan to scoop up retail banks and to streamline their borrowing from the Federal Reserve. The shift also is aimed at removing them as targets of nervous investors and customers, who brought down their former rivals Bear Stearns, Lehman Brothers and Merrill Lynch this year.

But it also puts Goldman and Morgan under the Fed's supervision, increasing the agency's regulatory oversight and possibly forcing them to raise additional capital. As banks, Morgan and Goldman will be forced to take less risk, which will mean fewer profits.

And it brings to a close the era of the Wall Street investment bank, a storied institution that traded stocks and bonds, advised mergers and showered lavish bonuses on its executives.

"The separation of investment banking and commercial banking has come to an end," said Bert Ely, an independent banking consultant.

The conversion is but the latest in a series of unprecedented events on Wall Street as it convulses through the global credit crisis. In the past eight days, the federal government announced a $700 billion plan to rescue the financial sector by buying up troubled mortgage assets and an $85 billion emergency loan to insurance titan American International Group. Also, Lehman filed for bankruptcy and Bank of America took over Merrill Lynch.

Morgan (MS, Fortune 500) and Goldman (GS, Fortune 500), whose shares plummeted last week before the $700 billion bailout was unveiled, will likely avoid those fates with the conversion, experts said.

"They were afraid they'd get killed if they didn't [convert]," said Christopher Whalen, managing director of Institutional Risk Analytics. "The Fed is scrambling to take the remaining targets off the radar."

Beefing up the retail banks
The duo is expected to quickly add to their tiny existing retail banking divisions, which will give them access to a cheaper and more stable source of funding - customer deposits - rather than the volatile short-term funding they rely on. The companies, which both requested the conversion, signaled as much in separate press releases Sunday.

They have plenty to pick from now that the credit crisis has devastated the banking sector.

Morgan, which has $36 billion in deposits, may already have a partner in mind. Rumors have flown on Wall Street in the past week that it would hook up with Wachovia (WB, Fortune 500), a large but troubled bank. Sunday's shift would make such a merger easier.

With $20 billion in deposits, Goldman said it plans to grow its deposit base through acquisitions and internally. It is also shifting assets from other divisions into its Goldman Sachs Bank USA, which will become one of the 10 largest banks in the United States with $150 billion in assets.

Access to the Fed funding
The action also solidifies their standing with the Fed. While the investment banks received emergency access to the Fed funding in the wake of Bear Stearns' demise in March, Goldman and Morgan will now have all the same privileges at the Fed lending window as their banking peers.

As part of Sunday's move, the Fed extended additional credit to Goldman and Morgan, as well as Merrill, allowing them to pledge a wider array of collateral.

The companies also hope the shift will end investors' fears that the investment banks are not solid enough to survive.

"This new bank holding structure will ensure that Morgan Stanley is in the strongest possible position," said John Mack, Morgan's chief executive. "It also offers the marketplace certainty about the strength of our financial position and our access to funding."

"We believe that Goldman Sachs, under Federal Reserve supervision, will be regarded as an even more secure institution with an exceptionally clean balance sheet and a greater diversity of funding sources," said Lloyd C. Blankfein, Goldman's chief executive

Turmoil on Wall Street
The Fed's decision is just the latest in a dizzying series of events over the past week representing a dramatic reordering of the financial world.

All eyes now turn to the troubled traditional banks, such as Washington Mutual (WM, Fortune 500) and Wachovia, which are scrambling to shore up their books as lending has frozen up and investor confidence has sunk.

First Published: September 21, 2008: 10:51


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Though this probably means a return to the Robber Barons is more likely than a Great Depression.
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Last edited by Gilshalos Sedai; 09-22-2008 at 09:28 AM.
  #104  
Old 09-23-2008, 03:12 PM
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Pfft. Check this out, from the Whitehouse (link)

Quote:
With respect to executive pay, again, I'm not going to get into specific, point-by-point details on what our views are on that, other than the Secretary of Treasury said it would make more difficult to make this plan work and effective if you provide disincentives for companies and firms out there who are holding mortgage-backed securities and other securities from participating in the program. You have to remember, these are not all weak or troubled firms that own mortgage-backed securities. A lot of them are very successful banks and investment houses that have done very well, have been responsible, are holding performing assets that have value. They were not necessarily irresponsible players, and so you have to be careful about how you deal with them.
Puhleeze. This bailout purposed by the whitehouse is non-sense. Now we gotta care that these businesses that are not "weak or troubled" want to get a piece of the bailout too? Hot dog damn.

This feels like going into Iraq all over again. Lies on top of more lies. Heaped with non-reviewable or accountable action, and optimistic cost assessments.
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