tag:blogger.com,1999:blog-74436070793908311732024-02-22T01:14:14.377-05:00The Financial PhysicianFinancial News and CommentaryLou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.comBlogger1023125tag:blogger.com,1999:blog-7443607079390831173.post-46183676612505234762010-01-14T08:10:00.003-05:002010-01-14T08:12:55.281-05:00The Financial Physician's 2010 Financial Resolutions<div style="text-align: center;"><span class="Apple-style-span" style="font-weight: bold;"><span class="Apple-style-span" style="color: rgb(0, 0, 153);">CLICK ON VIDEO TO ENLAR</span></span><span class="Apple-style-span" style="font-weight: bold;"><span class="Apple-style-span" style="color: rgb(0, 0, 153);">GE</span></span></div><div><br /></div><div><br /></div><object width="560" height="340"><param name="movie" value="http://www.youtube.com/v/_x8L8P4uFIs&hl=en_US&fs=1&"><param name="allowFullScreen" value="true"><param name="allowscriptaccess" value="always"><embed src="http://www.youtube.com/v/_x8L8P4uFIs&hl=en_US&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="560" height="340"></embed></object>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-32534052458511196902010-01-12T12:00:00.003-05:002010-01-12T12:12:22.989-05:00UK Telegraph: U.S. Sliding Deeper Into Depression<span class="Apple-style-span" style="font-family: arial; font-size: 10px; "><h1 style="padding-top: 0px; padding-right: 0px; padding-bottom: 10px; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-weight: bold; line-height: 1.18em; color: rgb(102, 102, 102); "><br /></h1><h1 style="padding-top: 0px; padding-right: 0px; padding-bottom: 10px; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-weight: bold; line-height: 1.18em; color: rgb(102, 102, 102); "><span class="Apple-style-span" style="font-size: 16px;"><span class="Apple-style-span" style="font-style: italic;"><span class="Apple-style-span" style="color: rgb(0, 0, 153);">You will not read this stuff in U.S. newspapers. To keep fully informed on the financial state of the U.S. you must read international news as well as domestic. No worries, I do it for you and bring it to you on my blog.<span class="Apple-style-span" style="font-style: normal;">-</span></span></span><span class="Apple-style-span" style="color: rgb(0, 0, 153);">Lou</span></span></h1><h1 style="padding-top: 0px; padding-right: 0px; padding-bottom: 10px; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-weight: bold; line-height: 1.18em; color: rgb(102, 102, 102); "><span class="Apple-style-span" style="color: rgb(0, 0, 153); font-size: 16px;"><br /></span></h1><h1 style="padding-top: 0px; padding-right: 0px; padding-bottom: 10px; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 2.8em; font-weight: bold; line-height: 1.18em; color: rgb(102, 102, 102); ">America slides deeper into depression as Wall Street revels</h1><h2 style="padding-top: 0px; padding-right: 0px; padding-bottom: 10px; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 1.6em; font-weight: normal; line-height: 1.18em; color: rgb(68, 68, 68); ">December was the worst month for US unemployment since the Great Recession began.</h2><h2 style="padding-top: 0px; padding-right: 0px; padding-bottom: 10px; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 1.6em; font-weight: normal; line-height: 1.18em; color: rgb(68, 68, 68); "><br /></h2><h2 style="padding-top: 0px; padding-right: 0px; padding-bottom: 10px; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 1.6em; font-weight: normal; line-height: 1.18em; color: rgb(68, 68, 68); "><span class="Apple-style-span" style="color: rgb(0, 0, 0); font-size: 10px; line-height: normal; "><h1 style="padding-top: 0px; padding-right: 0px; padding-bottom: 10px; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 2.8em; font-weight: bold; line-height: 1.18em; color: rgb(102, 102, 102); "><span class="Apple-style-span" style="color: rgb(0, 0, 0); font-size: 10px; font-weight: normal; line-height: normal; "><p style="font-size: 1.3em; line-height: 1.38em; color: rgb(64, 64, 64); padding-top: 0px; padding-right: 0px; padding-bottom: 1em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; ">The labour force contracted by 661,000. This did not show up in the headline jobless rate because so many Americans dropped out of the system. The broad U6 category of unemployment rose to 17.3pc. That is the one that matters.</p><p style="font-size: 1.3em; line-height: 1.38em; color: rgb(64, 64, 64); padding-top: 0px; padding-right: 0px; padding-bottom: 1em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; ">Wall Street rallied. Bulls hope that weak jobs data will postpone monetary tightening: a silver lining in every catastrophe, or perhaps a further exhibit of market infantilism.</p><p style="font-size: 1.3em; line-height: 1.38em; color: rgb(64, 64, 64); padding-top: 0px; padding-right: 0px; padding-bottom: 1em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; "><span class="Apple-style-span" style="color: rgb(0, 0, 0); font-size: 10px; line-height: normal; "></span></p><p style="font-size: 1.3em; line-height: 1.38em; color: rgb(64, 64, 64); padding-top: 0px; padding-right: 0px; padding-bottom: 1em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; ">The home foreclosure guillotine usually drops a year or so after people lose their job, and exhaust their savings. The local sheriff will escort them out of the door, often with some sympathy –– just like the police in 1932, mostly Irish Catholics who tithed 1pc of their pay for soup kitchens.</p><p style="font-size: 1.3em; line-height: 1.38em; color: rgb(64, 64, 64); padding-top: 0px; padding-right: 0px; padding-bottom: 1em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; ">Realtytrac says defaults and repossessions have been running at over 300,000 a month since February. One million American families lost their homes in the fourth quarter. Moody's Economy.com expects another 2.4m homes to go this year. Taken together, this looks awfully like Steinbeck's <i>Grapes of Wrath</i>.</p><p style="font-size: 1.3em; line-height: 1.38em; color: rgb(64, 64, 64); padding-top: 0px; padding-right: 0px; padding-bottom: 1em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; ">Judges are finding ways to block evictions. One magistrate in Minnesota halted a case calling the creditor "harsh, repugnant, shocking and repulsive". We are not far from a de facto moratorium in some areas.</p><p style="font-size: 1.3em; line-height: 1.38em; color: rgb(64, 64, 64); padding-top: 0px; padding-right: 0px; padding-bottom: 1em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; ">This is how it ended between 1932 and 1934, when half the US states declared moratoria or "Farm Holidays". Such flexibility innoculated America's democracy against the appeal of Red Unions and Coughlin Fascists. The home siezures are occurring despite frantic efforts by the Obama administration to delay the process.</p><p style="font-size: 1.3em; line-height: 1.38em; color: rgb(64, 64, 64); padding-top: 0px; padding-right: 0px; padding-bottom: 1em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; ">This policy is entirely justified given the scale of the social crisis. But it also masks the continued rot in the housing market, allows lenders to hide losses, and stores up an ever larger overhang of unsold properties. It takes heroic naivety to think the US housing market has turned the corner (apologies to Goldman Sachs, as always). The fuse has yet to detonate on the next mortgage bomb, $134bn (£83bn) of "option ARM" contracts due to reset violently upwards this year and next.</p><p style="font-size: 1.3em; line-height: 1.38em; color: rgb(64, 64, 64); padding-top: 0px; padding-right: 0px; padding-bottom: 1em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; ">US house prices have eked out five months of gains on the Case-Shiller index, but momentum stalled in October in half the cities even before the latest surge of 40 basis points in mortgage rates. Karl Case (of the index) says prices may sink another 15pc. "If the 2008 and 2009 loans go bad, then we're back where we were before – in a nightmare."</p><p style="font-size: 1.3em; line-height: 1.38em; color: rgb(64, 64, 64); padding-top: 0px; padding-right: 0px; padding-bottom: 1em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; ">David Rosenberg from Gluskin Sheff said it is remarkable how little traction has been achieved by zero rates and the greatest fiscal blitz of all time. The US economy grew at a 2.2pc rate in the third quarter (entirely due to Obama stimulus). This compares to an average of 7.3pc in the first quarter of every recovery since the Second World War.</p><p style="font-size: 1.3em; line-height: 1.38em; color: rgb(64, 64, 64); padding-top: 0px; padding-right: 0px; padding-bottom: 1em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; "><br /></p><p style="font-size: 1.3em; line-height: 1.38em; padding-top: 0px; padding-right: 0px; padding-bottom: 1em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; "><span class="Apple-style-span" style="font-weight: bold;"><span class="Apple-style-span" style="font-style: italic;"><span class="Apple-style-span" style="color: rgb(0, 0, 153);"><a href="http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/6962632/America-slides-deeper-into-depression-as-Wall-Street-revels.html">More...</a></span></span></span></p></span><p></p></h1></span></h2></span>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-60298689595881922762010-01-12T11:53:00.002-05:002010-01-12T11:59:12.002-05:00Listen to This Week's Radio Show<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEin4e_Yhfaff7HURyTRhzlVqJRKDpMJZPXHb1om3HmeyuX_pSBnSy-sS9wdiL9EMw3R-O8UitmIY73neAgNVpZwWJ8ECMdCRY00neF6gOIWRjbnh83Gvlf-hzh2PnHPNhyphenhyphen1CSk73dbEmz1d/s1600-h/News_KRCU_mic_2006_250.jpg"><img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;width: 250px; height: 320px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEin4e_Yhfaff7HURyTRhzlVqJRKDpMJZPXHb1om3HmeyuX_pSBnSy-sS9wdiL9EMw3R-O8UitmIY73neAgNVpZwWJ8ECMdCRY00neF6gOIWRjbnh83Gvlf-hzh2PnHPNhyphenhyphen1CSk73dbEmz1d/s400/News_KRCU_mic_2006_250.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5425898774008203842" /></a><div><br /></div><div><br /></div><span class="Apple-style-span" style="font-weight: bold;"><span class="Apple-style-span" style="font-style: italic;"><span class="Apple-style-span" style="color: rgb(0, 0, 153);">Listen to this past Sunday's "The Financial Physician" radio sh</span><span class="Apple-style-span" style="color: rgb(0, 0, 153);">o</span></span></span><span class="Apple-style-span" style="color: rgb(0, 0, 153);"><span class="Apple-style-span" style="font-weight: bold;">ws</span></span><div><br /></div><div><div><a href="http://www.thefinancialphysician.com/scatigna-xmarchives.htm">Listen Here</a></div></div>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-30496483094151118822009-09-23T06:05:00.007-04:002009-09-23T10:04:15.861-04:00Follow Me To The New Website<span style="font-size:130%;">I have updated my website and will no longer be using this blogger format. This will be the last post on this site.</span><br /><span style="font-size:130%;"></span><br /><span style="font-size:130%;">Here is the address of the new blog: </span><br /><a href="http://www.thefinancialphysician.com/blog/"><span style="font-size:130%;color:#000099;"><strong>http://www.thefinancialphysician.com/blog/</strong></span></a><br /><span style="font-size:130%;"></span><br /><span style="font-size:130%;">Also we are now archiving both the National XM Radio show and the WOBM AM 1160 show in the Radio section of the website.</span><br /><span style="font-size:130%;"></span><br /><span style="font-size:130%;">Here is the link:</span><br /><a href="http://thefinancialphysician.com/scatigna-radioshow.htm"><strong><span style="font-size:130%;color:#000099;">http://thefinancialphysician.com/scatigna-radioshow.htm</span></strong></a><br /><span style="font-size:130%;"></span><br /><span style="font-size:130%;">So come on over to the new site and make sure you bookmark the new blog and radio archive page.</span><br /><span style="font-size:130%;"></span><br /><span style="font-size:130%;">Also make sure you register in the </span><a href="http://thefinancialphysician.com/scatigna-members.htm"><span style="font-size:130%;color:#000099;"><strong>members section</strong></span></a><span style="font-size:130%;"> it's free and gives you access to excerpts from my book as well as other stuff (to be determined)</span>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-89553359165779829662009-09-22T15:03:00.003-04:002009-09-22T15:10:45.093-04:00Banks To Insure The FDIC?<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5lwEFtmM47rRxrbZGT_G4NxR5utCe2KikIJEk9XGDF54NIDxjhWPDGHMkzlUFFOnsbY9prY_g0YFmVMBMHUr-S6K8Sa5n272lMqaCEAvkPDNvx_WcX8QKfpueAxG5S6CaseabHKVjZ89o/s1600-h/FDIC_003.jpg"><img id="BLOGGER_PHOTO_ID_5384371259017121362" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 400px; CURSOR: hand; HEIGHT: 195px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5lwEFtmM47rRxrbZGT_G4NxR5utCe2KikIJEk9XGDF54NIDxjhWPDGHMkzlUFFOnsbY9prY_g0YFmVMBMHUr-S6K8Sa5n272lMqaCEAvkPDNvx_WcX8QKfpueAxG5S6CaseabHKVjZ89o/s400/FDIC_003.jpg" border="0" /></a><br /><div><strong><span style="font-size:130%;color:#000099;"><em>The FDIC is supposed to insure the banks, not the banks insuring FDIC. This is a very strange turn of events.-Lou</em></span></strong><br /><strong><span style="font-size:130%;"></span></strong><br /><strong><span style="font-size:130%;">Broke FDIC May Borrow Money From BANKS</span></strong><br /><br /><iframe border="0" src="http://www.businessinsider.com/embed?id=4ab8a1754724d5120f9e8d89&width=400&height=430" frameborder="0" width="400" height="430"></iframe></div>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-7436746742204519952009-09-21T08:13:00.002-04:002009-09-21T08:18:34.562-04:00Bill Seeks 3% Social Security COLA for 2010<strong><span style="font-size:130%;color:#000099;"><em>Good news for our seniors who are struggling to make ends meet with CDs paying 1% (if they are lucky to have money to put in CDs). I hope the bill passes.-Lou</em></span></strong><br /><strong><span style="font-size:130%;"></span></strong><br /><strong><span style="font-size:130%;">New Bill Introduced in Congress Would Give 37 Million Seniors an Estimated $415 More in Social Security Payments Next Year</span></strong><br /><strong><span style="font-size:130%;"></span></strong><br /><em>Emergency COLA Bill Would Boost 2010 COLA from Zero to Three Percent</em><br /><br />WASHINGTON--(Business Wire)--A new bill introduced in the U.S. House of Representatives would give the average beneficiary an additional $415.20 in Social Security payments in 2010, a boost of $34.60 per month. Without such intervention, the Congressional Budget Office (CBO) forecasts that seniors will see no increase in next year`s checks.<br /><br />The Emergency COLA Bill (H.R. 3557), encouraged and promoted by TSCL from the beginning, was introduced earlier this week by Rep. Walter Jones (R-NC). The bill would provide a COLA for 2010 equal to the average of the COLA over thepast ten years. That average is roughly three percent. In June, The Senior Citizens League (TSCL) became the first national group tocall for an Emergency COLA for 2010. In addition to Rep. Jones` bill, VermontSen. Bernie Sanders announced plans to introduce an Emergency COLA bill,possibly later this month.<br /><br />"Our nation`s seniors will no doubt be grateful to Rep. Jones for introducing legislation that will help them keep up with inflation," said Daniel O`Connell,TSCL chairman. "But the work has just begun - we need every senior citizen to immediately contact their entire Congressional delegation and encourage them to pass the Emergency COLA Bill."<br /><br />Almost 70 percent of beneficiaries depend on Social Security for 50 percent or more of their income. Social Security is the sole source of income for 15 percent of beneficiaries. "I am extremely disappointed that our nation's seniors are being refused a modest Social Security COLA in 2010," said Rep. Jones.<br /><br />"As seniors struggle topay their mounting bills, Congress needs to reign in unnecessary spending and instead focus on actual needs, like ensuring that our seniors are granted the COLA they need to help make ends meet." Since automatic Cost of Living Adjustments went into effect in 1975, seniors have never before failed to get an increase. Without an Emergency COLA, millions of seniors will receive cuts due to the soaring costs of prescription drug plans, which many beneficiaries have automatically deducted from Social Security checks. <br /><br />Visit www.SeniorsLeague.org for more information.Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com1tag:blogger.com,1999:blog-7443607079390831173.post-62469887384522633972009-09-21T08:05:00.003-04:002009-09-21T08:11:38.964-04:00Treasury Bond sales A Ponzi Scheme?<p><object height="344" width="425"><param name="movie" value="http://www.youtube.com/v/Yx76RmNpAVM&color1=0xb1b1b1&color2=0xcfcfcf&hl=en&feature=player_embedded&fs=1"><param name="allowFullScreen" value="true"><param name="allowScriptAccess" value="always"><embed src="http://www.youtube.com/v/Yx76RmNpAVM&color1=0xb1b1b1&color2=0xcfcfcf&hl=en&feature=player_embedded&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" allowscriptaccess="always" width="425" height="344"></embed></object><br /><br /><a name="2098735424300068483"></a>From <a href="http://www.washingtonsblog.com/2009/09/are-us-treasury-bond-sales-ponzi-scheme.html">Washingtonsblog.com</a></p><p><br /> </p><blockquote><p>Are U.S. Treasury Bond Sales a Ponzi Scheme? </p><blockquote></blockquote><p>I have heard at least 5 different theories by very smart people about how<br />U.S. treasury bond sales are being faked.</p><p><br />I do not have either the background or the inside knowledge to be able to<br />comment on whether any of them are true.</p><p><br />(1) PhD professor of economics Michel Chossudovsky - who is a very savvy<br />observer of international dynamics - claims in an interesting 8-minute<br />video:</p><p><br />In a bitter irony, the recipients of the bailout under TARP and Obama's<br />proposed $750 billion aid to financial institutions are the creditors of the<br />federal government. The Wall Street banks are the brokers and underwriters of<br />the US public debt, although they hold only a portion of the debt, they transact<br />and trade in US dollar denominated public debt instruments Worldwide. </p><p><br />They act as creditors of the US State. They evaluate the creditworthiness<br />of the US government, they rank the public debt through Moody's and Standard and<br />Poor. They control the US Treasury, the Federal Reserve Board and the US<br />Congress. They oversee and dictate fiscal and monetary policy, ensuring that the<br />State acts in their interest...</p><p><br />While the Federal Reserve can create money "out of thin air", the<br />multibillion outlays of the Treasury (including the Bush and Obama bank<br />bailouts) will require the emission of public debt in the form of Treasury Bills<br />and government bonds. Part of these T-Bills will of course also be held by the<br />Fed. </p><p><br />US financial institutions oversee the US public debt. They are involved<br />in the sale of treasury bills and government bonds on financial markets in the<br />US and around the World. But they also hold part of the public debt. In this<br />regard, they are the creditors of the US government. Part of this increased<br />public debt required to rescue the banks will be financed or brokered by the<br />same financial institutions which are the object of the bank rescue plan. </p><p><br />We are dealing with a pernicious circular relationship. When the banks<br />pressured the Treasury to assist them in the form of a major bank rescue<br />operation, it was understood from the outset that the banks would in turn assist<br />the Treasury in financing the handouts of which they are the recipients. </p><p><br />To finance the bank bailout, the Treasury needs to run a massive budget<br />deficit, which in turn requires a staggering increase of the US public debt.<br /><br /><br /></p></blockquote>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-7103429370457986012009-09-21T07:36:00.003-04:002009-09-21T07:41:41.832-04:00Congress To Stop Bank Robbery? (of us)<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgp6LeM5wfKgAiqXWW35RW7JloZsKn-6fkMcqO0XxnXhYw_TVEz4iEUEd3luy_VzJzVVKgvoLfZUX_trJUdIqjOqRhzOerNHWDqjat8LdzQmoRPGrmTpvgEiY4H8v-p7BXmorY2bBfh426u/s1600-h/GR2009092100207.gif"><img id="BLOGGER_PHOTO_ID_5383884010740184690" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 133px; CURSOR: hand; HEIGHT: 357px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgp6LeM5wfKgAiqXWW35RW7JloZsKn-6fkMcqO0XxnXhYw_TVEz4iEUEd3luy_VzJzVVKgvoLfZUX_trJUdIqjOqRhzOerNHWDqjat8LdzQmoRPGrmTpvgEiY4H8v-p7BXmorY2bBfh426u/s400/GR2009092100207.gif" border="0" /></a><span style="font-size:130%;color:#000099;"><strong><em>Congress doing something positive for a change? It's about time, these banks have been getting away with robbery.-Lou</em></strong></span><br /><br /><div><strong><span style="font-size:130%;">Democrats Target Bank Overdraft Charges</span></strong></div><br /><div><em><span style="font-size:100%;">Bailed-</span>Out Firms Lean More Heavily on Fees</em></div><br /><div><em></em></div><br /><div>Washington Post Monday, September 21, 2009 </div><div><br />A backlash is brewing on Capitol Hill against banks that charge large fees for overdrafts without asking or telling customers, the latest sign that the financial crisis is shifting the balance of power from banks toward borrowers. </div><div><br />Banks struggling to survive have become increasingly reliant on the fees, which could total $38.5 billion this year. </div><div><br />But congressional Democrats, who pushed through new restrictions on credit cards this spring, now are promising a crackdown on overdraft fees, using words like "criminal" and "rip-off" to describe the practice of letting people overspend and then charging them fees without warning. Most overdrafts are now incurred on debit card transactions. </div><div><br />Sen. Christopher J. Dodd (D-Conn.) plans to introduce legislation requiring banks to get permission from customers, rather than allowing overdrafts automatically. If customers decline and then try to overspend, the transaction would be rejected. A similar bill is pending in the House.<br />Dodd dismissed concerns about the impact on ailing banks.<br />"People out there are getting whacked," he said. "They should have the right to say, 'Deny me the transaction.' " </div><div><br />The attack on overdraft fees comes as Congress is considering a fundamental overhaul of financial regulation. The Obama administration has proposed the creation of a new agency empowered to write and enforce rules protecting consumers in financial transactions, removing that power from banking regulators. Dodd also favors the creation of a single agency to oversee the health of banks, consolidating a responsibility held by four agencies. </div><br /><div><strong><span style="font-size:130%;"><a href="http://www.washingtonpost.com/wp-dyn/content/article/2009/09/20/AR2009092002879.html?hpid=topnews">More...</a></span></strong></div><br /><div></div>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-12003762386413684082009-09-20T08:49:00.005-04:002009-09-21T08:25:22.170-04:00Listen To This Week's Radio Shows<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoTvw-YBuoxsRw0itdf1sx5-Wy6M7jh77u-TrJ9wgY42n2iIlJQaU-YqJThSDLKgWsdLylXYDm1ZFS006nmM5tHO-ubaEy2UxORRv0jj5fJzl_sdb4H0g0tfzLEltDZEwqJaL577FFlf_P/s1600-h/iphone+092.JPG"><img id="BLOGGER_PHOTO_ID_5383531872123061090" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 400px; CURSOR: hand; HEIGHT: 300px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoTvw-YBuoxsRw0itdf1sx5-Wy6M7jh77u-TrJ9wgY42n2iIlJQaU-YqJThSDLKgWsdLylXYDm1ZFS006nmM5tHO-ubaEy2UxORRv0jj5fJzl_sdb4H0g0tfzLEltDZEwqJaL577FFlf_P/s400/iphone+092.JPG" border="0" /></a><br /><div><strong>Listen to this past Sunday's <em><span style="color:#990000;">"The Financial Physician"</span></em> national radio program on XM Satellite radio. This link allows</strong> <strong>you to listen to the last 4 week's shows. I also have a link to Sunday's morning show on WOBM-AM 1160 in New Jersey</strong> <div></div><br /></div><div><strong><span style="font-size:130%;"><a href="ftp://ftp.srnprograms.com/shows/FinancialPhysician/">XM National Show Here</a></span></strong></div><div> </div><div><strong><span style="font-size:130%;"></span></strong></div><div><strong><span style="font-size:130%;"><a href="http://wobmam.com/personalities_lou_scatigna.html">WOBM AM 1160 Show Here</a></span></strong></div>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-3679967223527939672009-09-20T07:10:00.004-04:002009-09-20T07:20:25.738-04:00Have a Garage Sale, Lose Your House<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaST6geHytWg5u-4QPdYiFhxdPm4DQduCSOuqGWTtEh2xzqpdSgGwQgoWGatNwHb-h12hokq1rkp7VT49-Qedn1VTESvGfb81QQIwFjeciHfEPivYEzMEWj44xZrQJrFQOjB7PUxDE13e0/s1600-h/garage-sale-sign-main_Full.jpg"><img id="BLOGGER_PHOTO_ID_5383506949858071410" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 252px; CURSOR: hand; HEIGHT: 255px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaST6geHytWg5u-4QPdYiFhxdPm4DQduCSOuqGWTtEh2xzqpdSgGwQgoWGatNwHb-h12hokq1rkp7VT49-Qedn1VTESvGfb81QQIwFjeciHfEPivYEzMEWj44xZrQJrFQOjB7PUxDE13e0/s400/garage-sale-sign-main_Full.jpg" border="0" /></a><br /><div><strong><em><span style="font-size:130%;color:#000099;">In effort to protect your financial health I give you the following warning. The government can now fine you as much as $15 million if you sell certain items at your garage sale. More government bullcrap-Lou</span></em></strong><br /><strong><em><span style="color:#000099;"></span></em></strong><br /><strong><span style="font-size:130%;">New Government Policy Imposes Strict Standards on Garage Sales Nationwide</span></strong></div><div><strong><span style="font-size:130%;"></span></strong> </div><div><strong><span style="font-size:130%;"></span></strong></div><div><span style="font-size:100%;">FoxNews</span></div><div> </div><div><span style="font-size:100%;"></span></div><div><span style="font-size:100%;">Americans who slap $1 pricetags on their used possessions at garage sales or bazaar events risk being slapped with fines of up to $15 million, thanks to a new government campaign.</span></div><span style="font-size:100%;"><div><br />The "Resale Round-up," launched by the Consumer Product Safety Commission, enforces new limits on lead in children's products and makes it illegal to sell any items that don't meet those limits or have been recalled for any other reason.</div><div><br />The strict standards were set in the 2008 Consumer Product Safety Improvement Act after a series of high-profile recalls of Chinese-made toys.</div><div><br />The standards were originally interpreted to apply only to new products, but now the CPSC says they apply to used items as well.</div><div><br />"Those who resell recalled children's products are not only breaking the law, they are putting children's lives at risk,” said CPSC Chairman Inez Tenenbaum. "Resale stores should make safety their business and check for recalled products and hazards to children."</div><div><br />In order to comply, stores, flea markets, charities and individuals selling used goods — in person or online — are expected to consult the commission's </span></div><a href="http://www.cpsc.gov/cpscpub/pubs/thrift/thrguid.pdf" target="_blank"><span style="font-size:100%;">24-page Handbook for Resale Stores and Product Resellers (pdf)</span></a><span style="font-size:100%;"> and its </span><a href="http://www.cpsc.gov/" target="_blank"><span style="font-size:100%;">Web site</span></a><span style="font-size:100%;"> for a breakdown of what they can't sell.<br />Violators caught selling anything on the enormous list face fines of up to $100,000 per infraction and up to $15 million for a related series of infractions.</span><span style="font-size:100%;"> <div><br />CPSC spokesman Scott Wolfson says the fines are intended for large companies with serious infractions.</div><div><br />"CPSC is an agency that has used its penalty powers over its 30-year history against companies," Wolfson told FOXNews.com. "CPSC is not seeking to pursue penalties against individuals hosting a garage sale or yard sale, we are encouraging them to take the right steps to not resell recalled products."</div><div><br />But FOX News Legal Analyst Bob Massi says the law makes no distinction for families and small resellers.</div><div><br />"Most people having garage sales at this point don't have much anyway, so to have a fine levied against them is tantamount to harassment," Massi told FOXNews.com. "And if you or I asked 100 people about this, they would never even know the law exists."</div><div><br /><strong><span style="font-size:130%;"><a href="http://www.foxnews.com/printer_friendly_story/0,3566,552021,00.html">More...</a></span></strong></div><div><br /></div><div></span></div><div><strong><span style="font-size:130%;"></span></strong></div>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-90445177721506080202009-09-20T06:59:00.001-04:002009-09-20T07:01:22.154-04:00A Little Sunday Humor<p><object height="344" width="425"><param name="movie" value="http://www.youtube.com/v/LO2eh6f5Go0&rel=0&color1=0xb1b1b1&color2=0xcfcfcf&hl=en&feature=player_embedded&fs=1"><param name="allowFullScreen" value="true"><param name="allowScriptAccess" value="always"><embed src="http://www.youtube.com/v/LO2eh6f5Go0&rel=0&color1=0xb1b1b1&color2=0xcfcfcf&hl=en&feature=player_embedded&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" allowscriptaccess="always" width="425" height="344"></embed></object></p><p><strong><span style="font-size:130%;color:#000099;"><em>A funny and entertaining video. Also sad but true.-Lou</em></span></strong></p>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-64630404910619257272009-09-19T07:37:00.003-04:002009-09-19T07:41:21.227-04:0045% Of Doctors To Quit If Healthcare Passes?<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicE0al_kxafUwVP_b5aP18Rh_JHNsoxFOJpdXng27F-7snYl-BzgSe5Lw-4W1tJvAVYc3bNTdJCM8oNwIdBog8N_SoP3Cnq2p2qE9ksMo0h7t3FsiorMYZA_UmxiMbdu7wncPFR0JWlUIJ/s1600-h/medical"><img id="BLOGGER_PHOTO_ID_5383141568287683010" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 310px; CURSOR: hand; HEIGHT: 296px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicE0al_kxafUwVP_b5aP18Rh_JHNsoxFOJpdXng27F-7snYl-BzgSe5Lw-4W1tJvAVYc3bNTdJCM8oNwIdBog8N_SoP3Cnq2p2qE9ksMo0h7t3FsiorMYZA_UmxiMbdu7wncPFR0JWlUIJ/s400/medical" border="0" /></a><br /><strong><span style="font-size:130%;"><em><span style="color:#000099;">If true this would totally destroy the healthcare system. We would have to wait months for a doctor appointment. This is nuts.-Lou</span></em></span></strong><br /><strong><span style="font-size:130%;"><em><span style="color:#000099;"></span></em><br /><br /></span></strong><strong><span style="font-size:130%;"></span></strong><strong><span style="font-size:130%;">45% Of Doctors Would Consider Quitting If Congress Passes Health Care Overhaul</span></strong><br /><br />Two of every three practicing physicians oppose the medical overhaul plan under consideration in Washington, and hundreds of thousands would think about shutting down their practices or retiring early if it were adopted, a new IBD/TIPP Poll has found.<br /><br />The poll contradicts the claims of not only the White House, but also doctors' own lobby — the powerful American Medical Association — both of which suggest the medical profession is behind the proposed overhaul.<br />It also calls into question whether an overhaul is even doable; 72% of the doctors polled disagree with the administration's claim that the government can cover 47 million more people with better-quality care at lower cost.<br /><br />The IBD/TIPP Poll was conducted by mail the past two weeks, with 1,376 practicing physicians chosen randomly throughout the country taking part. Responses are still coming in, and doctors' positions on related topics — including the impact of an overhaul on senior care, medical school applications and drug development — will be covered later in this series.<br /><br />Major findings included:<br /><br />• Two-thirds, or 65%, of doctors say they oppose the proposed government expansion plan. This contradicts the administration's claims that doctors are part of an "unprecedented coalition" supporting a medical overhaul.<br /><br />It also differs with findings of a poll released Monday by National Public Radio that suggests a "majority of physicians want public and private insurance options," and clashes with media reports such as Tuesday's front-page story in the Los Angeles Times with the headline "Doctors Go For Obama's Reform."<br /><br />Nowhere in the Times story does it say doctors as a whole back the overhaul. It says only that the AMA — the "association representing the nation's physicians" and what "many still regard as the country's premier lobbying force" — is "lobbying and advertising to win public support for President Obama's sweeping plan."<br /><br />The AMA, in fact, represents approximately 18% of physicians and has been hit with a number of defections by members opposed to the AMA's support of Democrats' proposed health care overhaul.<br /><br /><strong><span style="font-size:130%;"><a href="http://www.investors.com/NewsAndAnalysis/Article.aspx?id=506199">More...</a></span></strong>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-85078351452209621602009-09-19T07:17:00.001-04:002009-09-19T07:19:04.467-04:00Hyper-Inflation Nation?<p><object height="344" width="425"><param name="movie" value="http://www.youtube.com/v/SzmYI_4XCbM&hl=en&fs=1&"><param name="allowFullScreen" value="true"><param name="allowscriptaccess" value="always"><embed src="http://www.youtube.com/v/SzmYI_4XCbM&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object></p><p><strong><span style="font-size:130%;color:#000099;"><em>This is an interesting video series on inflation and hyper-inflation. How it happens and the likely chance it's coming here and soon.-Lou</em></span></strong></p>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-37901833862635733812009-09-19T07:08:00.003-04:002009-09-19T07:14:30.583-04:00Chart Of The Day<div align="center"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFKW68wBFPWEykSJbeogHPYjvRv9sRVWIjv9ZEUT4sz8Yq6Sit2XGWFWqucJMVyfCo8-S27KKMapCUQOT5qm_KbHwGXg8kDWbIfhXnTR4pIBjfqeeB6-IdqiHoXJTic05VWvV99NSm78kz/s1600-h/sc.png"><img id="BLOGGER_PHOTO_ID_5383133814357430162" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 382px; CURSOR: hand; HEIGHT: 400px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFKW68wBFPWEykSJbeogHPYjvRv9sRVWIjv9ZEUT4sz8Yq6Sit2XGWFWqucJMVyfCo8-S27KKMapCUQOT5qm_KbHwGXg8kDWbIfhXnTR4pIBjfqeeB6-IdqiHoXJTic05VWvV99NSm78kz/s400/sc.png" border="0" /></a><strong><span style="font-size:130%;"> click on chart to enlarge</span></strong></div><strong><span style="font-size:130%;"></span></strong><br /><strong><span style="font-size:130%;"><em><span style="color:#000099;">Why is the 30 day U.S. Treasury Bill yield plunging to 0%? Is there some economic or financial calamity around the corner? Why is smart money buying the safest securities when they yield nothing? Why are corporate insiders selling their stock like mad? Why is the U.S. dollar declining on almost a daily basis? Why is gold stubbornly holding above $1,000 ounce? But the stock market keeps going up, you say. Things must be fine you say. Something just isn't right. Stay tuned.-Lou</span></em></span></strong><br /><br /><div><em><span style="color:#000099;"></span></em></div>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-18292958878358781742009-09-19T06:42:00.004-04:002009-09-19T07:15:00.769-04:00The Next Housing Wave<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXNaOWI_S3sU_8gIEAnttFKepKm3wwswhyphenhyphen5DYaicC7MAnq0WCUXvBf9yPcr5ME2l9p4-y6XOwZoqiu2o2wgqxTHD2zS7B04yQon9tjxKDLFUAZptsU6kwowdaQOrZlUtsFwyhBlUkLG09Q/s1600-h/house.jpg"><img id="BLOGGER_PHOTO_ID_5383127356631100498" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 400px; CURSOR: hand; HEIGHT: 268px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXNaOWI_S3sU_8gIEAnttFKepKm3wwswhyphenhyphen5DYaicC7MAnq0WCUXvBf9yPcr5ME2l9p4-y6XOwZoqiu2o2wgqxTHD2zS7B04yQon9tjxKDLFUAZptsU6kwowdaQOrZlUtsFwyhBlUkLG09Q/s400/house.jpg" border="0" /></a><span style="font-size:130%;color:#000099;"><strong><em> This next wave of the housing crisis will be much worse than the sub-prime problem. These mortgages were taken out on expensive homes so a default is more costly to bank or entity holding the mortgage. Also the dollar resets on the monthly payment will be much higher because the interest increase is against a large balance. The next leg down in the economy, financial institutions and financial markets is just around the corner. Disregard all the happy talk on financial TV.-Lou</em></strong></span><br /><span style="font-size:130%;color:#000099;"><strong><em><br /></em></strong></span><div><strong><span style="font-size:130%;">"Option" mortgages to explode, officials warn</span></strong></div><div> </div><div><strong><span style="font-size:130%;"></span></strong></div><div>WASHINGTON (Reuters) - The federal government and states are girding themselves for the next foreclosure crisis in the country's housing downturn: payment option adjustable rate mortgages that are beginning to reset.</div><div><br />"Payment option ARMs are about to explode," Iowa Attorney General <span style="color:#000000;">Tom Miller said after a Thursday meeting with members of President </span><a title="Full coverage of President Barack Obama" href="http://www.reuters.com/news/globalcoverage/barackobama"><span style="color:#000000;">Barack Obama</span></a><span style="color:#000000;">'s</span> administration to discuss ways to combat mortgage scams.</div><div><br />"That's the next round of potential foreclosures in our country," he said.<br />Option-ARMs are now considered among the riskiest offered during the recent housing boom and have left many borrowers owing more than their homes are worth. These "underwater" mortgages have been a driving force behind rising defaults and mounting foreclosures.</div><div><br />In Arizona, 128,000 of those mortgages will reset over the the next year and many have started to adjust this month, the state's attorney general, Terry Goddard, told Reuters after the meeting.</div><div><br />"It's the other shoe," he said. "I can't say it's waiting to drop. It's dropping now."</div><div><br />The mortgages differ from other ARMs by offering an option to pay only the interest each month or a low minimum payment that leads to a rising balance in the loan's principal.</div><div><br />When the balance of the loan reaches a certain level or the mortgage hits a specific date, the borrower must begin making full payments to cover the new amount. The loan's interest rate also may have been fixed at a low level for the first few years with a so-called teaser rate, but then reset to a higher level.</div><div><br />Because the new monthly payments can be five or 10 times what borrowers are accustomed to paying, they "threaten a much greater hit to the consumer than the subprimes," Goddard said, referring to the mortgages often extended to less credit-worthy borrowers that fed the first wave of the financial crisis.</div><div></div><div><strong><span style="font-size:130%;"><a href="http://www.reuters.com/article/wtUSInvestingNews/idUSTRE58G5U320090917">More...</a></span></strong></div>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-86444556896719675892009-09-19T06:32:00.002-04:002009-09-19T06:40:11.106-04:00FDIC Running On Empty<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnmwzQM2gA51uGjLgL_unPMTfniyoNbEGIec1t7NzURYu1NoBSQhWjsph5kQGTWdqIxE7cUb2c7aMrlADmBT8FV9xu4Ze4ProS3i8NdO87vat8EpxwJpq-Q0WjpUWycAljw4Sf7Ccdg2jG/s1600-h/bair.jpg"><img id="BLOGGER_PHOTO_ID_5383125170165334770" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 359px; CURSOR: hand; HEIGHT: 239px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnmwzQM2gA51uGjLgL_unPMTfniyoNbEGIec1t7NzURYu1NoBSQhWjsph5kQGTWdqIxE7cUb2c7aMrlADmBT8FV9xu4Ze4ProS3i8NdO87vat8EpxwJpq-Q0WjpUWycAljw4Sf7Ccdg2jG/s400/bair.jpg" border="0" /></a><strong><span style="font-size:130%;"></span></strong><br /><strong><span style="font-size:130%;"></span></strong><br /><strong><span style="font-size:130%;color:#000099;"><em>The FDIC better decide what they are going to do soon, the insurance fund is running on fumes. The $100 billion credit line with Treasury will need to be tapped. The real question: Is $100 billion enough?-Lou</em></span></strong><br /><strong><span style="font-size:130%;"></span></strong><br /><strong><span style="font-size:130%;">FDIC to consider ways to replenish deposit fund</span></strong><br /><p><span style="font-size:100%;">WASHINGTON (Reuters) - U.S. bank regulators are considering tapping a line of credit with the U.S. Treasury Department and may explore other lesser-known options to replenish the dwindling fund that safeguards bank deposits.</span></p><span style="font-size:100%;"><p>Federal Deposit Insurance Corp Chairman Sheila Bair said on Friday that the agency would meet at the end of the month to discuss options to rebuild the fund, which has been significantly drained by a sharp increase in bank failures.</p><p>"We are carefully considering all our options, including borrowing from Treasury," Bair said, referring to the agency's $500-billion line of credit with the Treasury Department. She was speaking at a global finance conference in Washington.</p><p>But regulators are still reluctant to tap the line of credit because they want to avoid temporarily using taxpayer money to clean up the banking mess, she said.</p><p>Bair said the FDIC also had lesser-known alternatives for replenishing the fund, such as prepayments of assessments on banks and issuing a note. She did not give further details on those options.</p><p>Other options include more special assessments on banks. The FDIC has already charged the industry one emergency fee of $5.6 billion this year, and is authorized to levy two more.</p><p>Bair said the FDIC would seek comment on these options before making a final decision.</p><p>So far this year, 92 U.S. banks have failed, compared with 25 during all of last year and only three in 2007. Those failures have whittled the balance of the insurance fund down to $10.4 billion from $45 billion a year ago. The FDIC is careful to note that it has $42 billion in reserves to handle failures over the next year.</p><p>"There are a few options available to the fund - none of them very palatable," said Brian Olasov, a managing director with McKenna, Long & Aldridge in Atlanta. He said the long-term solution to replenish the fund will be higher quarterly assessments.</p><p>MARK-TO-MARKET</p><p>Bair's comments touched on a range of topics, from her view that regulators should not have the option of extending "open-bank assistance" to troubled financial firms, to her concerns about accounting proposals that could imperil banks in times of stress.</p><p>She said she generally agrees with actions by the Financial Accounting Standards Board but is worried about a proposal to further extend "mark-to-market" accounting to bank loans.</p><p>"During periods of market stress, losses could be exacerbated," Bair said. "We don't need to deepen the crises."</p><p>FASB met last month to discuss whether to force companies to value nearly all financial instruments on their balance sheets, including loans, at market value, and to reflect them in earnings. Banks oppose such a change. FASB is expected to release a proposal in the first half of 2010</p><p></span><span style="font-size:130%;"><strong><a href="http://www.reuters.com/article/ousivMolt/idUSTRE58H34F20090918">More...</a></strong></span></p><p><span style="font-size:130%;"></span> </p>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-37833895981066856162009-09-19T06:18:00.004-04:002009-09-19T06:23:13.440-04:00A Watch that Watches Your Kid<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipGx7ButKgv7CYrc_eBKe6INuIsRgi25fgLZcIJtfJUB1AQ_vhy2tSn8WUlVnts1tVQnNQ3Njp1WHDlW8rG-D7iKelz7RwI4rI3jgIzE2Ezsav36T_gJlw7aGAtSE54P4uOc4fspREz3U7/s1600-h/watch.jpg"><img id="BLOGGER_PHOTO_ID_5383121327453627634" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 400px; CURSOR: hand; HEIGHT: 274px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipGx7ButKgv7CYrc_eBKe6INuIsRgi25fgLZcIJtfJUB1AQ_vhy2tSn8WUlVnts1tVQnNQ3Njp1WHDlW8rG-D7iKelz7RwI4rI3jgIzE2Ezsav36T_gJlw7aGAtSE54P4uOc4fspREz3U7/s400/watch.jpg" border="0" /></a><br /><div><strong><span style="font-size:130%;color:#000099;"><em>Sounds like a great product to me, although I don't think I would have felt that way when I was 8. I wonder if this is a public company.-Lou</em></span></strong></div><div> </div><div><strong><span style="font-size:130%;"></span></strong></div><div><strong><span style="font-size:130%;">The satellite link that keeps watch on your children</span></strong></div><br /><div>Its vivid colour is clearly designed to appeal to youngsters. But this watch is really aimed at their parents. </div><div><br />For its key selling point is a satellite positioning system that locates the wearer to within ten feet. </div><div><br />The makers claim the GPS tracking device will offer anxious parents peace of mind.</div><br /><div>But critics have said the 'tagging' is a step too far in the climate of paranoia over child safety. </div><div><br />The num8 watch, pictured above, costs £149.99 and can be securely fastened to a child's wrist, triggering an alert if forcibly removed. </div><div><br />Parents will be able to see their child's location on Google maps by texting 'wru' to a special number, or clicking 'where r you' on the secure website linked to the device. The street address and postcode will be displayed.<br />Safe zones can also be set up in which children can play. An alert will be sent to the parents if the child strays out of that area. </div><div><br />Steve Salmon, of makers Lok8u, said: 'Losing your child, if only for a brief moment, leads to a state of panic and makes parents feel powerless. The overriding aim of num8 is to give children their freedom and parents peace of mind.' </div><div><br />But Dr Michele Elliott, director of children's charity Kidscape, said: 'Is the world really that unsafe that parents need to track their children electronically? </div><div></div><div><span style="font-size:130%;"><strong><a href="http://www.dailymail.co.uk/sciencetech/article-1214320/The-satellite-link-keeps-watch-children.html">Link</a></strong></span></div>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-19965327321132883752009-09-19T06:13:00.003-04:002009-09-19T06:16:16.077-04:00Bank Failure Friday Claims 2 More Banks<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiswJLduGVUJE2GwoxfWwjKkImtlXCjl7wloMyrIfCDa0f1uB3FhSNGG4sXXFuHZITBWwjxkSq5QhnWqGcg99aht5ilVSrf0FhXtz9qqOkPvhe9MmJIm_bdPyo6A5bENpgUvERIvTJU9yk2/s1600-h/fdic1.gif"><img id="BLOGGER_PHOTO_ID_5383120107796954242" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 400px; CURSOR: hand; HEIGHT: 185px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiswJLduGVUJE2GwoxfWwjKkImtlXCjl7wloMyrIfCDa0f1uB3FhSNGG4sXXFuHZITBWwjxkSq5QhnWqGcg99aht5ilVSrf0FhXtz9qqOkPvhe9MmJIm_bdPyo6A5bENpgUvERIvTJU9yk2/s400/fdic1.gif" border="0" /></a><br /><div><strong><em><span style="font-size:130%;color:#000099;">Only two banks were closed Friday by the FDIC bringing the year total to 94 banks.-Lou</span></em></strong></div><br /><div></div><div><strong><span style="font-size:130%;">Two Irwin Union Bank failures bring 2009 total to 94</span></strong></div><br /><div><strong><span style="font-size:130%;"></span></strong></div><div>SAN FRANCISCO (MarketWatch) -- Two Irwin Union Bank subsidiaries in Kentucky and Indiana were closed by regulators Friday, bringing the total number of U.S. bank failures this year to 94 and punching an $850 million hole in the federal deposit insurance fund. </div><div><br />The Federal Deposit Insurance Corp. said that Irwin Union Bank and Trust Co. in Columbus, Ind., and Irwin Union Bank F.S.B. in Louisville, Ky., were each closed. </div><div><br />Irwin Union Bank and Trust Co. had $2.7 billion in assets and $2.1 billion in deposits as of Aug. 31, the FDIC said. Irwin Union Bank F.S.B. had $493 million in assets and $441 million in deposits as of Aug. 31.<br />Hamilton, Ohio-based First Financial Bank has agreed to assume the failed banks' deposits. First Financial Bank said in a statement that assumption of the Irwin Union Bank subsidiaries brings with it 27 banking centers in nine states. </div><div><br />The effect on the subsidiaries' parent, bank holding company Irwin Financial Corp , was not immediately clear. An external spokeswoman for the company was unable to comment. Shares of Irwin Financial tumbled more than 50% to 22 cents a share in late trading. </div><div><br />Irwin Financial had disclosed in a regulatory filing on Wednesday that it was told by the Federal Reserve Bank of Chicago and the Indiana Department of Financial Institutions that they disagreed with its view of the timing and recognition of certain loan losses at Irwin Union Bank and Trust Co., requiring it to submit amended reports to the FDIC. </div><div><br />The failures marked the first this year both in Indiana and Kentucky. However, bank failures have become a regular occurrence since the economic calamity late last year the ensuing credit crunch.<br />The FDIC said the last bank closed in Indiana was seized in 1992, while last closure in Kentucky occurred in 1991. </div>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-28437727349940004572009-09-18T15:18:00.003-04:002009-09-18T15:25:07.729-04:00I'm BAAACK!!<strong><span style="font-size:130%;">We are back in business at thefinancialphysician.com</span></strong><br /><strong><span style="font-size:130%;"></span></strong><br /><strong><span style="font-size:130%;">The website is finally up and running again. I was forced to take it down for update and then encountered technical problems. Sorry for the delay.<br /><br />Thanks to everyone who emailed and called wondering if I was ok.<br /><br />Go to the main website and </span></strong><a href="http://www.thefinancialphysician.com/"><strong><span style="font-size:130%;">http://www.thefinancialphysician.com/</span></strong></a><strong><span style="font-size:130%;"> and click on the <span style="color:#006600;">MEMBERS</span> tab. Register (it's free) and you will become part of my email list. Those registered were kept informed of the status of the website via email. If not I had no way of communicating with you.<br /><br />Anyway back to business</span></strong>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-76244911414100520002009-09-16T07:23:00.002-04:002009-09-16T07:26:41.857-04:00Credit Card Defaults Spike<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBcdGaw3LyUJ2iRFKuplWDJeGQzrlZb1Ee9ydLPYoLtM30kOm-S6l69ym6d7LmIGUW-0Fz9sM7FmTrxxbcio1dFd_4VZTY97e3Y72OclXun2eJJCvWK2fOry4NyQPyI4_j-EsoKoMFY2Zo/s1600-h/Credit+cards.jpg"><img id="BLOGGER_PHOTO_ID_5382025131122450242" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 300px; CURSOR: hand; HEIGHT: 300px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBcdGaw3LyUJ2iRFKuplWDJeGQzrlZb1Ee9ydLPYoLtM30kOm-S6l69ym6d7LmIGUW-0Fz9sM7FmTrxxbcio1dFd_4VZTY97e3Y72OclXun2eJJCvWK2fOry4NyQPyI4_j-EsoKoMFY2Zo/s400/Credit+cards.jpg" border="0" /></a><br /><div><strong><span style="font-size:130%;color:#000099;"><em></em></span></strong></div><div><strong><em><span style="font-size:130%;color:#000099;">Didn't Bernanke say the recession was over?-Lou</span></em></strong></div><div></div><br /><div><strong><span style="font-size:130%;">U.S. credit card defaults up, signal consumer stress</span></strong></div><div><strong><span style="font-size:130%;"></span></strong></div><br /><div>Bank of America Corp and Citigroup Inc customers defaulted on their credit card debts in August at the highest rates since the onset of the recession, a sign that the banks' consumer lending woes are far from over.</div><div></div><br /><div>"The defaults are a wake-up call for those expecting a V-shaped recovery," said Elliot Spar, options market strategist at Stifel Nicolaus & Co.Bank of America said its charge off-rate -- loans the company does not expect to be repaid -- rose to 14.54 percent in August from 13.81 percent in July.</div><div></div><br /><div>Citigroup, the largest issuer of MasterCard-branded credit cards, said its charge-off rate rose to 12.14 percent in August from 10.03 percent in July.The charge-off rates for both Citi and Bank of America, two of the biggest recipients of U.S. government bailouts, were the highest yet during the financial crisis.</div><br /><div></div><div>JPMorgan Chase & Co, the largest issuer of Visa-branded credit cards, said its charge-off rate rose to 8.73 percent from 7.92 percent, while smaller Discover Financial Services said its rate rose to 9.16 percent from 8.43 percent.</div><br /><div></div><div>American Express Co's default rate fell to 8.5 percent from 8.9 percent as the company increased its lending portfolio.</div><div></div><br /><div>JPMorgan, Discover and Capital One Financial Corp reported late payments on credit cards -- an indicator of future defaults -- rose in August after several monthly declines.As credit card losses rose to record highs in recent months, credit card companies closed millions of accounts, trimmed lending limits and slashed rewards.</div><div></div><br /><div>Lenders are also raising fees and interest rates ahead of a new law that increases protection for consumers. The law is expected to shrink the industry and limit subprime borrowers' access to plastic money.</div><br /><div></div><div><strong><span style="font-size:130%;"><a href="http://www.blogger.com/U.S.%20credit%20card%20defaults%20up,%20signal%20consumer%20stress">More...</a></span></strong></div>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-22317922390387210692009-09-16T07:10:00.002-04:002009-09-16T07:15:48.531-04:00Gold and Silver Blast Off<div align="center"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhG5kaZYrJ14ujsiCbCb5YBp9eOREMKB54UsCj2ONxFO3n9J2K-nAtUNLJ0KkV0Pet-hT0Vz40-YSC1R1HRZLzqrcY__7Kynsnk-lBGfpuvHTY5r_0JofcHG5CoCGQ6wW6y3i183eMPDpcW/s1600-h/gold5.gif"><img id="BLOGGER_PHOTO_ID_5382021038686306850" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 400px; CURSOR: hand; HEIGHT: 254px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhG5kaZYrJ14ujsiCbCb5YBp9eOREMKB54UsCj2ONxFO3n9J2K-nAtUNLJ0KkV0Pet-hT0Vz40-YSC1R1HRZLzqrcY__7Kynsnk-lBGfpuvHTY5r_0JofcHG5CoCGQ6wW6y3i183eMPDpcW/s400/gold5.gif" border="0" /></a> click on chart to enlarge</div><div align="center"> </div><div align="left"><strong><span style="font-size:130%;color:#000099;"><em>Got Gold?</em></span></strong></div><div align="left"><strong><span style="font-size:130%;color:#000099;"><em></em></span></strong> </div><div align="left"><strong><span style="font-size:130%;color:#000099;"><em>Gold and Silver remain on a tear as the U.S. dollar continues to fall against the world's major currencies this week. There is a different feel to this gold rally. The Gold Cartel is trying hard to get gold significantly below $1,000 ounce but they are failing big-time (for now). What is gold telling us? Perhaps everything is not as good as the fianancial media and politicians are telling us. Keep an eye on gold, silver and the dollar.-Lou<br /></div></em></span></strong><div align="center"></div>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com1tag:blogger.com,1999:blog-7443607079390831173.post-23764432157679047592009-09-16T07:03:00.002-04:002009-09-16T07:07:28.665-04:001930 The Greatest Sucker's Rally In History<strong><span style="font-size:130%;color:#000099;"><em>Seems familiar does it not?-Lou</em></span></strong><br /><strong><em><span style="font-size:130%;color:#000099;"></span></em></strong><br /><strong><span style="font-size:130%;color:#000000;">Headlines 1930</span></strong><br /><br />1. February 2, 1930: Market Recovering Faster Than Expected<br /><br />2. February 2, 1930: Banks Have Started Hiring Again<br /><br />3. February 5, 1930: The Cash On The Sidelines Is Coming Back!<br /><br />4. February 7, 1930: Easy Money Driving Recovery<br /><br />5. February 9, 1930: "New Era" Not Over Yet!<br /><br />6. February 14, 1930: More Green Shoots!<br /><br />7. February 16, 1930: Speculators And IPOs Come Back<br /><br />8. February 28, 1930: Uh Oh, The Market's Getting Overbought<br /><br />9. March 2, 1930: Loving The Volatility<br /><br />10. March 4, 1930: That Wasn't A Crash--It Was Just A Dip!<br /><br />11. March 6-7, 1930: More Easy Money<br /><br />12. March 7, 1930: The Crash Wasn't So Bad After All<br /><br />13. March 9, 1930: Unemployment Is Finally Under Control<br /><br />14. March 12, 1930: But What Happens If Foreigners Stop Financing Us?<br /><br />15. March 14, 1930: Even More Easy Money<br /><br />16. March 22, 1930: Is It A New Bull Market Or A Sucker's Rally?<br /><br />17. March 25, 1930: More Green Shoots!<br /><br />18. March 26, 1930: The New Bull Market Is Great For Business<br /><br />19. April 16, 1930: But Wait, Are The Fundamentals Really That Good?<br /><br />20. April 17, 1930: The End. The sucker's rally peaks. The DOW hits a level it will not see again until July, 1954<br /><br /><span style="font-size:130%;"><strong><a href="http://www.businessinsider.com/henry-blodget-the-greatest-suckers-rally-in-history-play-by-play-2009-9#february-5-1930-the-cash-on-the-sidelines-is-coming-back-3">LINK</a></strong></span>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-58679731205043891632009-09-16T06:57:00.003-04:002009-09-16T07:02:36.693-04:00Trade War On<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8V0lWmjMJngjDYVECNPKK3zo_xKBV6gxGA2zRwwGhHKkkzRN6zOHjDpgvNLfl-UJw3we61RHaTiNYps43xNtu3Vv4u8Qohr0ZP6JnUuN6qDk7-uOTF8N28azy1dVI677AMLKMZkMurW3e/s1600-h/china-flag-wave.jpg"><img id="BLOGGER_PHOTO_ID_5382017915578134818" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 400px; CURSOR: hand; HEIGHT: 320px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8V0lWmjMJngjDYVECNPKK3zo_xKBV6gxGA2zRwwGhHKkkzRN6zOHjDpgvNLfl-UJw3we61RHaTiNYps43xNtu3Vv4u8Qohr0ZP6JnUuN6qDk7-uOTF8N28azy1dVI677AMLKMZkMurW3e/s400/china-flag-wave.jpg" border="0" /></a><span style="font-size:130%;color:#000099;"><strong><em>The President has made a HUGE mistake picking a fight with our banker. Economic warefare with China would not be a fair fight. We have a pea shooter they have a machine gun-Lou</em></strong></span><a style="TEXT-DECORATION: none"><br /><div><br /><strong><span style="font-size:130%;">China and the U.S. - A Good Old-Fashion Trade War</span></strong></a></div><br /><em>China has the upper hand in a trade war with the U.S. and is about to use that hand to proves its supremacy.</em><br /><br /><div><em></em></div><div><span style="font-size:100%;">China has voiced unusually strong objections to tariffs put on its tire exports to the U.S. The American government believes that the Chinese are targeting the industry, which is costing U.S. jobs. Labor unions will like the decision, as will a number of members of Congress who think </span></div><div><span style="font-size:100%;">China does not work on a level playing field when it comes to trade. </span></div><div><span style="font-size:100%;"></span> </div><div><span style="font-size:100%;"></span></div><div><span style="font-size:100%;">China has already begun the process of retaliation. It has the upper hand in a trade war with the U.S., and it is about to use that hand to proves its supremacy. </span></div><span style="font-size:100%;"><div><br />The mainland government has said it will scrutinize U.S. imports of chicken and auto products and may put limits on them. The Chinese Ministry of Commerce said "China has consistently opposed trade protectionism, and the country's actions since the financial crisis have reflected this stance." </div><div><br />The fear of China using its financial and manufacturing muscle to compete effectively in the U.S. and elsewhere abroad has grown as the global recession has taken a toll on jobs. There is also increasing resentment over China using capital from its $2 trillion in foreign currency reserves to buy up cheap assets, particularly commodities and real estate, which have been pushed down by the economic crisis.<br />China has a large advantage over the U.S. on the trade issue. </div><div> </div><div></div><div>Large American companies like Wal-Mart (WMT) source so many goods from China that the supply chain could not be replaced by getting manufactured goods elsewhere. China does not rely as much on American imports as the balance of trade shows every month. </div><div><br />The temptation to take actions against China for instances where it ships goods to America at what appear to be below-market prices will increase as unemployment moves to 10% and beyond. But it is a sucker's game for the U.S. China has the factories and America has the consumers. All that locking out China's products does is drive up consumer prices and drive down consumer spending, which is still the engine of U.S. GDP.</div><div></span></div> <div></div><strong><span style="font-size:130%;"><a href="http://news.morningstar.com/articlenet/article.aspx?postId=2703316">Link</a><br /></span></strong><div></div>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-72875662140345887552009-09-16T06:04:00.001-04:002009-09-16T06:04:57.626-04:00<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm-hsHyAcZ15A20OB28e-aHRdYkyZ27I1_QUk09sSq5fb73eyuldzvaQz6iFEYSueTaJd6J3MuqKnkk08kebMocVIFTGfzPNTrQZ6XhwKXafJHRNSEyDqoGRoJ2E9WwE2uAASb-rRQ3htd/s1600-h/image001.jpg"><img id="BLOGGER_PHOTO_ID_5382004074614736994" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 400px; CURSOR: hand; HEIGHT: 342px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm-hsHyAcZ15A20OB28e-aHRdYkyZ27I1_QUk09sSq5fb73eyuldzvaQz6iFEYSueTaJd6J3MuqKnkk08kebMocVIFTGfzPNTrQZ6XhwKXafJHRNSEyDqoGRoJ2E9WwE2uAASb-rRQ3htd/s400/image001.jpg" border="0" /></a>Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0tag:blogger.com,1999:blog-7443607079390831173.post-33603625075446427702009-09-15T07:21:00.002-04:002009-09-15T07:25:11.149-04:00<strong><span style="font-size:130%;color:#000099;"><em>Great article by Dylan Ratigan. He's right, we are hostage to a corrupt system that is going to make us all broke.-Lou</em></span></strong>
<br />
<br /><a id="title_permalink" title="Permalink" href="http://www.huffingtonpost.com/dylan-ratigan/americans-have-been-taken_b_285225.html" peppycount="60"><strong><span style="color:#000000;">Americans Have Been Taken Hostage</span></strong></a>
<br />
<br /><a href="http://www.huffingtonpost.com/dylan-ratigan" peppycount="55">Dylan Ratigan</a>
<br />
<br /><span style="font-size:100%;">The American people have been taken hostage to a broken system.
<br />It is a system that remains in place <span style="color:#000000;">to this day. </span></span>
<br /><span style="font-size:100%;"><span style="color:#000000;">
<br />A system where bank lobbyists have been </span></span><a href="http://www.opensecrets.org/lobby/top.php?indexType=c" peppycount="80"><span style="font-size:100%;color:#000000;">spending</span></a><span style="font-size:100%;color:#000000;"> in record numbers to make sure it stays that way. </span>
<br /></span></span><span style="font-size:100%;color:#000000;">
<br />A system that corrupts the most basic principles of competition and fair play, principles upon which this country was built.
<br />
<br />It is a system that so far has </span><a href="http://www.huffingtonpost.com/2009/07/20/bailout-may-cost-237-tril_n_241512.html" peppycount="81"><span style="font-size:100%;color:#000000;">forced</span></a><span style="font-size:100%;"><span style="color:#000000;"> the taxpayer to provide the banks with the use of $14 trillion from the Federal Reserve, much of the $7 trillion outstanding at the US Treasury and $2.3 trillion at the FDIC.</span></span>
<br /></span><span style="font-size:100%;"><span style="color:#000000;">
<br />A system partially built by the very people who currently advise our President, run our Treasury Department and are charged with its reform.
<br />And most stunningly -- it is a system that no one in our government has yet made any effort to fundamentally change.
<br />
<br />Like health care, this is a referendum on our government's ability to function on behalf of the American people. Ask yourself how long you are willing to be held hostage? How long will you let our elected officials be the agents of those whose business it is to exploit our government and the American people at any cost?
<br />
<br />As hostages -- was there any sum of money we wouldn't have given AIG?
<br />Why did we pay Goldman Sachs and all the other banks 100 cents on the dollar for their contracts with AIG, using taxpayer money, while we forced GM and others to take massive payment cuts?
<br />
<br />Why hasn't any of the bonus money paid to the CEOs that built this financial nuclear bomb been clawed back?
<br />
<br />And more than anything else -- why does the US Congress refuse to outlaw the most anti-competitive structure known to our economy, one summed up as TOO BIG TOO FAIL?
<br />
<br />It has become startlingly clear that we as a country, and I as a journalist, had made a grave error in affording those who built and ran those banks and insurance companies the honorable treatment of being called capitalists. When in fact the exact opposite was true, these people were more like vampires using the threat of Too Big Too Fail to hold us hostage and collect ongoing ransom from the US Government and the American taxpayer.
<br />
<br />This was no unlucky accident. The massive spike in unemployment, the utter destruction of retirement wealth, the collapse in the value of our homes, the worst recession since the</span> Great Depression all resulted directly from these actions.</span>
<br /></span></span>
<br /><strong><span style="font-size:130%;"><a href="http://www.huffingtonpost.com/dylan-ratigan/americans-have-been-taken_b_285225.html">More...</a></span></strong>
<br />Lou Scatignahttp://www.blogger.com/profile/13424860548837200148noreply@blogger.com0