The Author critically evaluates latest myth surrounding the US government’s guarantee of $306 billions issued to Citigroup and cash funding of $ 45 billions under TARP. The Citigroup CEO Mr. Pandit’s statement that the Citigroup was having the best quarter since 2007 was an act of deceiving the Senators, President Obama and American Tax Payers. According to Author, a clever game of creative accounting was played out at the highest level. Instead of making Citigroup absorb the losses in its own book, the creative genius were at work to ensure that the Citi was spared and the nation (USA) was obviously destroyed. How as it achieved – Read the full article.
The present credit crisis is getting out of hand. President Obama has to do something very fast. His good oratory will certainly help people gain confidence but it can easily evaporate. Target specific actions are required. Merely trying to help the defunct banks is like throwing good money after bad money. It is time to preserve what is already in good condition and discard what is bad or worst. The author describes a game plan and step by step strategy to de freeze the credit and get the economy rolling again. It will work. The author who has written a book called “Sub Prime Resolved” is nearly ready and will be published soon. It contains complete step by step solution to entire range of crisis. It is in fact a “Bible of Economic Recovery of United states.
The Author reproduces the letter addressed to the President Bush proposing resolution of credit crisis with complete action plan. The letter was received by White House on 25 August, 2008, almost 2 months and 1 week before the present impasse. It was not attended to with the result the crisis developed at unprecedented pace from 2nd week of September, throwing entire Nation and the World into most horrific financial crisis. While the President had time to go to G7 meeting, he did not have time to at least look at the solution recommended at his doorstep by this author. And the result is known now – $40 trillions lost world over in last 2 months (including $15 to $20 trillions in US alone) and the crisis is not even showing sign of abating – in fact it is worsening. 2 months of golden opportunity was thrown away by the President of United States who never had any idea what to do, when, how and resolve it as fast as he could. He believed merely on rhetoric and trusted his advisers who let him down everywhere.
This is investigative article searching for basic cause for rise in $ vs fall in Oil Prices, euro, yen, GBP and other currencies in utter disbelief. Who is buying $ under such precarious conditions? Something is really wrong. The author describes how the oil and dollar prices are possibly rigged in futures market, in similar fashion in the days of Enron. The author believes that this time, the scandal will be nearly 20 times larger. Read this interesting article and post your views if you can.
The article deals with the second round of efforts of the US administration, Mr. Paulson and Mr. Bernanke to get the bill passed authorizing unquestionable authority to spend $700 Bln. This time the Senate has been approached. Should it be passed or rejected again. read further…
The article analyzes the reasons for rejection of Paulson Plan and fall of Dow by 778 points. It discrinminates what is right and wrong and how the rejection will go a long way to cure the ills.