U.S. Treasury Dept. considers converting loans to equity ownership in major U.S. banks…is this a backdoor to nationalization? Congressional push-back to Obama’s revenue raising plans is leaving $1 trillion gap in budget, Obama set to take on credit card companies for charging interest rates that he considers too high, the U.S. Energy Secretary warns that some Caribbean islands will disappear because of Global Warming, and China issues another condemnation of U.S. economic policies…threatens to diversify currency reserves out of USD…
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U.S. Taking Equity Stake In Banks, Converting Loans. The Treasury Department is considering converting bank loans into equity ownership for some of the nation’s largest financial institutions. Critics consider this a back door to nationalization, since it would give government an increased say in how banks are run.
Congressional Pushback On Obama’s Revenue Plans Leave Big Gaps In Budget. Congress is putting up stiff resistance to President Obama’s revenue raising plans, resulting in a growing hole in the federal budget. Obama’s main proposal to limit income tax deduction for the affluent, particularly for charitable giving, fell flat in Congress leaving a $318 billion gap. At the same time, members of both parties have voiced resistance to carbon cap-and-trade proposals which were expected to raise $600 billion. This leaves nearly $1 trillion in budget proposals unfunded.
Government policy drives markets. With trillions of dollars being spent by Congress and doled out by the Federal Reserve in one bailout plan after another, we all need to think about how these programs will affect our financial positions. Will will experience hyperinflation, the kind that can wipe out our life savings? Or will these targeted bailouts stimulate tremendous growth in certain industries? Read my book, Obamanomics: How To Invest Over the Next Administration to learn how to make government policy work for you!
Obama Looking To Fight Credit Card Companies On Interest Rates. White House economic adviser Larry Summers is scheduled to meet with the heads of several of the major credit card companies on Thursday. President Obama is expected to launch into a head on battle with credit companies on interest rates the White House claims are “too high.”
Energy Secretary Issues Scary Global Warming Predictions. The Obama administration’s Energy Secretary Steven Chu predicts that some Caribbean islands will disappear if water levels rise as a result of greenhouse-gas induced climate change.
China Criticizes U.S. Economic Policies, Changing Currency Reserves. Chinese Premier Wen Jiabao said that the economic policies of countries which issue global reserve currencies require closer supervision as part of building a diversified international monetary system. This is clear indication that the Chinese are looking to diversify out of the majority U.S. dollar holdings.
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