Wednesday, January 28, 2009

Let The Stimulus Scam Begin!

Despite the waste packed in the stimulus package Barack Obama and the house democrats pushed the $819 billion waste filled stimulus package through.

"We don't have a moment to spare," The waste must
begin now Obama declared.

Only eight days after Inauguration Day, Speaker Nancy Pelosi heralded a new era of waste, fraud, and abuse. "The ship of state is difficult to turn?" stated the California Democrat, many wondered if she was intoxicated. "But that is what we must do. That is what President Obama called us to do in his inaugural address."

A new era of waste fraud and abuse had been initiated by the unbalanced, unchecked democratic party. I hope only that something good can come from this, however it is highly unlikely. The bill is stuffed with pork programs for the rich and famous contributors of the democratic party. It should only take a few weeks for the fraud and scams to begin. In record time nearly a trillion dollars of tax payer money will be lost, and no accountability will be had. It is truly a dark sad day in America.

No Stimulus, No Bailout Please

Please consider allowing the markets to clear themselves (Adam Smith). Allowing this to occur would give America a great new start, just as the great depression did. By pumping money into the market today, you are only prolonging an eminent DISASTER. Please stop the hysteria in D.C. created by lobbyists on Wall Street.
I am an American living the American dream. I make less than fifty thousand dollars per year. I am currently a college student. I am saving my money to purchase a home, and falling home prices have made owning a home more possible. Please do not pass this RIDICULOUS stimulus package, it will only make living the American dream more difficult for everyone.

Financial Crisis Forum

Wednesday, January 21, 2009

Citigroup On The Brink Issues Dividend?

Call me old fashioned, but why the heck is Citigroup issuing a dividend? They just scooped American tax payers for billions of dollars. Their business model stinks, and they are failing. What is their major malfunction, as my father would put it? I guess the major shareholders need one last payment before Citi is split up.

– 6.5% Non-Cumulative Convertible Preferred Stock, Series T, payable February 17, 2009, to holders of record on February 5, 2009. Holders of depositary receipts, each representing one-thousandth of a full convertible preferred share, will be paid $.8125 for each receipt held.

– 8.125% Non-Cumulative Preferred Stock, Series AA, payable February 17, 2009, to holders of record on February 5, 2009. Holders of depositary receipts, each representing one-thousandth of a full preferred share, will be paid $.5078125 for each receipt held.

– 8.50% Non-Cumulative Preferred Stock, Series F, payable March 16, 2009, to holders of record on March 5, 2009. Holders of depositary receipts, each representing one-thousandth of a full preferred share, will be paid $.53125 for each receipt held.

Friday, January 16, 2009

TARP Fails to Save Citigroup and Citi Joins Penny Stocks

When large cap stocks fall below $5 they become considered a penny stock. Many stocks this year have fallen below the $5 mark, and several have fallen below $1. As penny stocks these comapnies become less likely to be held in large portfolios. Citigroup is almost certainly a corner stone in many large portfolios. So, not only has Citigroups failure produced tremendous losses for these portfolios, they also have to sell their positions if they fall below$5. As such, I would expect to see continued pressure on Citigroups stock. Not to mention the company has been nothing but trouble since the financial crisis set in.

"Most institutional investors—pension funds, endowments and the like—are prohibited from owning stock worth less than $5."

Citigroup joins the ranks of several other failed stocks.

AIG, GNW, S, FRE, FNM, Ford, and GM

Thursday, January 15, 2009

Americans Say No To TARP (Wall Street Bailout)

TARP (Troubled Asset Relief Program) has been a hot button for me since it's inception. I, and all Americans knew the fraud TAPR would, and has become. We warned our representatives in congress, and in the senate. Our representatives chose to ignore our concerns. Why did they ignore us, because they had something to gain. These large institutions which gained at our expense contribute regularly to both republicans and democrats.
We must display our disapproval of elected representatives actions. We must replace them with individuals who truly seek to bring benefit to society as a whole. I am certain the motives of the majority of our representatives are misguided or self serving. I can not conclude that they have acted in Americans best interest. I let their record speak for it's self.
Why are our representatives going forward with the second disbursement of TARP? They failed Americans so horribly with their first attempt. Literally billions of dollars have been committed, recklessly, to waste fraud and abuses by the Wall Street bailout.

Is it the responsibility of savers to save those who refuse to save?
Is it the responsibility of those who work to save those who refuse to work?
Is it the responsibility of those who contribute to society to save those who refuse?
Is it the responsibility of those who do not commit fraud to bailout those who do?

Ask yourself these questions, are these your responsibilities? If we ignore these responsibilities will they correct themselves? I think the majority of these problems would correct, however we have to give them a chance.

Wednesday, January 14, 2009

TARP The Great Fraud (Financial Crisis)

Jim McGovern and Barney Fraud Frank are convinced they need the second issuance of TARP funds. Politicians are failing to recognize their utter failure to protect the trusting American tax payer. They fail to recognize their personal failure to impose responsible limits on the initial disbursement of TARP (Wall Street Bailout).
The continued finger pointing between the parties does not serve the tax payer, it serves nothing. I am more than disgusted with self serving democrats and republicans who approved the TARP fraud.
Why is it that every American, every American, except those in Washington DC recognized the folly TARP would become!
I personally took the time to contact all the representatives in my district and in several other districts about the fraud that would occur. Politicians do not care, they simply want to waste your money. They will say anything it takes to get it. Once they have the second round of TARP funds in hand, they will waste it as needed.
My friends, it is to late for garbage changes, tell them to keep their changes. Politicians had their chance to do it right and they failed, they failed horribly!

Financial Crisis Bailout Discussion

Friday, January 02, 2009

CitiGroup Bailout (Confusion)

Am I the only one confused about the details of the Citigroup bailout?

Citigroup washed 300 billion in terrible investments early in the TARP program. Recently we are hearing reports about an additional 20 billion dollars. It remains unclear how the funds will be used by Citigroup. Citigroup claims they are building some sort of self regulating body to manage the funds (are you kidding me, a self governing body LOL).
Either way, I would love to hear about the details regarding the initial 300 billion wash of loss leading assets. Any comments pertaining to the money thrown down the trap hole known as Citigroup are welcome!

Financial Crisis Bailout Discussion