Tag Archive: Financial Services


Mass Layoffs in August

Manufacturing employment in Cleveland, OH MSA.
Image via Wikipedia

In August, 403 mass layoff events were reported in the
manufacturing sector, resulting in 46,540 initial claims.
Employers took 1,546 mass layoff actions involving 150,192
workers. Events decreased by 63 over the month, while associated
initial claims increased by 6,489.

http://www.bls.gov/news.release/pdf/mmls.pdf

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The same exact thinking and laws that caused the sub-prime meltdown

Buried deep inside the new “financial reform” law is a scheme to force affirmative action on small-business lending — a “reform” with ominous implications for the US economy.

Aimed at curtailing supposed discrimination, the race-based lending mandate is guaranteed to have perverse effects — just like the drive for “racial fairness” in mortgage lending paved the way for the subprime crisis and the 2008 financial meltdown.

The new Dodd-Frank banking law sets up a data-collection system to monitor small-business loans for racial bias. Lenders must report if a business that applied for a loan is minority-owned, and whether the application was rejected.

Bank examiners will use that data to enforce provisions of the Community Reinvestment Act — the federal law that (after a Clinton-era rewrite) encouraged “flexible underwriting” and unsafe loans that fed the subprime bubble and bust. If a bank doesn’t meet CRA standards, regulators make it impossible for the institution to expand or merge — and in a competitive industry, that’s a slow death sentence.

Financial reform law has racial quota for business loans–Paul Sperry – NYPOST.com.

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Obama gives them a blank check and bonuses in the millions!

Apparently, the fact that Fannie Mae lost $56.9 billion and Freddie Mac has lost $14.1 billion in the first 9 months of 2009 did not stop the Obama Administration from approving these payments.

The decorated tree adorns the living room, the stockings are stuffed with care, the milk and cookies are set out for Santa and the newly-cleaned chimney awaits his arrival. If Santa Claus did not make an appearance at your house, he certainly did at the home of Fannie Mae and Freddie Mac, the two quasi-governmental entities responsible for most of the home loans in America.

via Bruce Bialosky : A Very Green Christmas for Fannie and Freddie – Townhall.com – Mozilla Firefox.

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The Senate health care bill no longer contains an explicit “public option,” but it does include heavy regulation of private health plans, including minimum amount they must spend on medical claims, and taxes that will not count toward those limits, limits on deductibles and co-payments, and authority for federal regulators to define what services plans must cover. It’s entirely possible – in fact, even likely – that a combination of three particular regulations could combine to make it impossible for private health plans to legally operate, by making it impossible to meet all the requirements at the same time. By forcing private health insurers out of business, it would appear to “prove” that the public option is “necessary.”

via Could the Senate Bill Eliminate Private Insurance? » The Foundry – Mozilla Firefox.

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