Jim,
It is no longer ‘toxic’, but ‘legacy’ assets
CIGA Shelly W
Assessing Treasury’s Strategy After Six Months of TARP
by Survivor University
Published April 14, 2009
April 13: Neil Barofsky, the special investigator general for the TARP, is looking whether banks cooked their books by overvaluing assets to qualify for TARP funding. Barofsky: "One of our strongest recommendations of the last report was: do not expand the Talf to buying legacy assets. If its structure is not changed considerably, it’s very, very dangerous" (Financial Times, Naked Capitalism)
Jim,
Good for Montana !
CIGA Shelly W
Additional Bill Links PDF (with line numbers)
HOUSE RESOLUTION NO. 3
INTRODUCED BY M. MORE
A RESOLUTION OF THE HOUSE OF REPRESENTATIVES OF THE STATE OF MONTANA ARTICULATING THE RIGHTS OF THE STATE OF MONTANA AND OF THE SEVERAL STATES OF THE UNITED STATES.
WHEREAS, the Constitution of the State of Montana declares and secures that the people of this state have the sole and exclusive right to govern themselves as a free, sovereign, and independent state; and
WHEREAS, that right may never be delegated to the United States; and
WHEREAS, the Montana Constitution documents that in 1889 the people of Montana agreed to form a free, sovereign, and independent body politic, or state, by the name of "The State of Montana"; and
WHEREAS, the people of the State of Montana agree that all powers not expressly delegated to the federal government in the United States Constitution must be reserved to and exercised by individual states; and
WHEREAS, when Montana entered into statehood in 1889, that entrance was accomplished by a contract between Montana and the several states, with Congress and the President concurring and acting as the agent for the several states. That contract is known as the "Compact with the United States", archived as Article I of the Montana Constitution; and
North Dakota House Passes HR59 for State Sovereignty
Posted on 08 April 2009
On April 7, 2009, the North Dakota House of Representatives passed House Concurrent Resolution 59 (HR59) “affirming North Dakota’s sovereignty under the 10th Amendment to the Constitution of the United States and to demand the federal government halt its practice of assuming powers and imposing mandates on the states for purposes not enumerated in the Constitution of the United States.”
The final vote tally was 52-40. See the votes here. (.pdf)
Here’s the full text of the resolution:
A concurrent resolution affirming North Dakota’s sovereignty under the 10th Amendment to the Constitution of the United States and to demand the federal government halt its practice of assuming powers and imposing mandates on the states for purposes not enumerated in the Constitution of the United States.
WHEREAS, the 10th Amendment to the Constitution of the United States reads as follows: “The powers not delegated to the United States by the Constitution, nor prohibited by it to the states, are reserved to the states respectively, or to the people”; and
WHEREAS, the 10th Amendment defines the total scope of federal power as being that specifically granted by the Constitution of the United States and no more; and
WHEREAS, the scope of power defined by the 10th Amendment means that the federal government was created by the states specifically to be an agent of the states; and
Hey Guys,
Retail sales fall unexpectedly in March – Yahoo! Finance
http://www.facebook.com/ext/share.php?sid=73171028549&h=XZZEF&u=TH90Y
Comments:
Unexpected for whom?
Gold-Adjusted Retail Sales (RSGLDR) and YOY Change:
When retail sales are priced in a constant currency such as gold, the illusion of nominal sale price growth provided by currency devaluation is revealed. Gold-adjusted or constant currency sales prices reflect the true strength of domestic consumption.
http://www.facebook.com/photo.php?pid=1514506&l=bf02d20415&id=557304509
Have a good one,
CIGA Eric
Dear Jim,
The beat goes on. TheG-20 PR show, IMF action to help emerging markets, the interviews with Mr. Buffet saying that he thinks there are many opportunities now, then PR from Wells Fargo and Goldman, and now the US government buying bonds and continuing their QE. The obvious goal is to continue the stock and bond market rallies so that financial institutions can raise capital from the public, and somewhat staunch the bleeding on their balance sheets. It is fascinating to watch the orchestrated announcements.
Respectfully yours,
Monty Guild
www.GuildInvestment.com
Treasuries Gain After Federal Reserve Buys Government Debt
By Dakin Campbell
April 13 (Bloomberg) — Treasuries rose after the Federal Reserve completed the first of three buybacks of government debt slated for this week in an effort to lower borrowing costs and revive the world’s largest economy.
Yields on 10-year notes fell the most since March 18, when policy makers announced the $300 billion program, as the central bank bought $7.37 billion in two- and three-year securities. The Fed has acquired $43.9 billion of Treasuries since beginning the purchases on March 25.
“The U.S. government is the 800-pound gorilla in the bond market,” Andrew Brenner, co-head of structured products and emerging markets in New York at MF Global Inc., the world’s largest broker of exchange-traded futures and options contracts, wrote in a note to clients. “Bond markets acted in accordance with the liquidity provided and traded up.”
The yield on the 10-year note fell seven basis points, or 0.07 percentage point, to 2.86 percent at 4:47 p.m. in New York, according to BGCantor Market Data. The price of the 2.75 percent security due February 2019 rose 18/32, or $5.63 per $1,000 face amount, to 99 2/32.
Ten-year yields have traded in a range between 2.45 percent and 3.05 percent since late January as concerns about record Treasury supply were offset by the Fed’s purchase program.
