Thats what we do here and you fit right in.
I'll take a small rally todayand we can consider ourselves even. :toung: This market is Bi-Polar and I'm
hating everything about it. It makes dealing with inmates look more stable.
Pooooh !
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Squalebear's Account Talk
- Thread starter Guest2
- Start date
Thats what we do here and you fit right in.
I'll take a small rally todayand we can consider ourselves even. :toung: This market is Bi-Polar and I'm
hating everything about it. It makes dealing with inmates look more stable.
Pooooh !
Steadygain
TSP Elite
Bless each and every one of you. I could write another novel about all of the emotions we experienced today. Just when I thought the tear ducts dried up, they started to flow again. This time, it was after reading all of the heart felt thoughts and well wishes that you've sent to me and my family. I've truly found a very special group of people here and I wish to thank you all for responding with such kindness. You make me feel special.
SB, I'm sorry I missed this beautiful testimony of God's Love and the miraculous ways that so many have been touched by you and in turn by which you have been touched. For me there is only one source behind such love and this is such a rich part of your nature and all you do. You are a wonderful man; a huge gift to the MB; and a very dear brother.
I'll sum up the day with just a few words (I know, you'll believe it when you see it.) At the end of our stay, my son's biological parents invited us to be a part of their family. Me and my wife told them that they had no choice, because we just adopted them. Perhaps you were brought together - and everyone accepted that as something that was meant to be. My son now has the conection he's always hoped for. My wife and I now have a extended family. With the extreme possibilities of many things not turning out right, It couldn't have been more perfect.
I'm sure my next thread will be seeking ideas on how the hell am I ever going to swing Christmas for the next 2 decades. :nuts:
Thank you - it took me awhile to find this - but I sincerely appreciate your willingness to be so open - and 'the Blessing' we receive.
I can't begin to tell you how important it was for me to hear from you.
I sent you the PM to lift your spirits and get you away from the highly
acidic topic of Politics for a while.
I wanted to tell another member that some Threads Can Be Toxic and
Antiproductive to our true goal here. But the choice is on us. We can just
as easily "Say No" to something that can frustrate and anger us, by simply
avoiding the topical areas. Hey, they're relavent to our TSP future. But at
what cost. I can choose to argue my point of view until the cows come
home, or until your eyes are bleeding from reading my caustic reactionary
views. I choose not too. How do I do that ? By refusing to participate. I
miss that member a great deal, but have recently been put at ease.
But that wasn't why I wrote you. I began to think that I said something
wrong or misleading. I've been known to say one thing, and totaly mean
something else. Call it paranoia (it was) but no longer. I'm certainly glad
your ok and I no longer have to worry. Brothers Forever ! I am now at
peace. Oh yes, thanks for the kind words concerning my family. Once in
a lifetime opportunities come once in a lifetime. (did I just say that?) :nuts:
I sent you the PM to lift your spirits and get you away from the highly
acidic topic of Politics for a while.
I wanted to tell another member that some Threads Can Be Toxic and
Antiproductive to our true goal here. But the choice is on us. We can just
as easily "Say No" to something that can frustrate and anger us, by simply
avoiding the topical areas. Hey, they're relavent to our TSP future. But at
what cost. I can choose to argue my point of view until the cows come
home, or until your eyes are bleeding from reading my caustic reactionary
views. I choose not too. How do I do that ? By refusing to participate. I
miss that member a great deal, but have recently been put at ease.
But that wasn't why I wrote you. I began to think that I said something
wrong or misleading. I've been known to say one thing, and totaly mean
something else. Call it paranoia (it was) but no longer. I'm certainly glad
your ok and I no longer have to worry. Brothers Forever ! I am now at
peace. Oh yes, thanks for the kind words concerning my family. Once in
a lifetime opportunities come once in a lifetime. (did I just say that?) :nuts:
Some have said; "There is no catalyst (Cattle-List) in sight.
Well, It appears that the Cows have come home and I'm taken names.
I'll have the Cattle-List before the end of the day. Mooooooooo !
Ok, Ok, Allow me to have one day of joy before 4 days of misery ! :nuts:
Well, It appears that the Cows have come home and I'm taken names.
I'll have the Cattle-List before the end of the day. Mooooooooo !
Ok, Ok, Allow me to have one day of joy before 4 days of misery ! :nuts:
Christopher
Member
SB, I know this is your thread (your'e the Guru on this stuff!), but I need answers: I need to know HOW the TSP system tracks our moves TECHNICALLY. Here's the reason why I'm asking:
(1) On 09/17, I made ONE transfer (both IFT and CA) out of G to C/S on two accounts (the wife's and mine), within 3 minutes of each other, before the 12:00 cutoff (confirmed by the four e-mails generated that night), using my work computer (i.e. only one I.P. address), using the same e-mail address (mine from work). On 09/19, I did the total opposite, with identically opposite results and confirmations.
(2) On 09/29, I attempted to make my SECOND transfer of the month in order to be "in" at the beginning of the month. The TSP system REJECTED my transfer attempt, stating I had already made two transfers for the month.
(3) On 10/03,I made ONE transfer (both IFT and CA) out of G to C/S on two accounts (the wife's and mine), within 3 minutes of each other, before the 12:00 cutoff (confirmed by the four e-mails generated that night), using my work computer (i.e. only one I.P. address), using DIFFERENT e-mail address (both hers and mine from work). On 10/14, I again reversed course (for a loss, ouch!).
(4) On 10/27, I attempted to make my SECOND transfer of the month in order to be "in" at the beginning of the November. The TSP system again REJECTED my transfer attempt, stating I had already made two transfers for the month.
HUH? WHAT GIVES? :blink: Is my work PC's I.P. address being use to track the transfers? Or is the TSP system using some other method?
O sages of the TSP Talk MB, today's market action added a mountain of INSULT to my INJURIES and I AM TICKED! PLEASE restore my peace of mind, by explaining what happened, so that I (we) can avoid this next month!?
Cheers and best regards to all...
Christopher
(1) On 09/17, I made ONE transfer (both IFT and CA) out of G to C/S on two accounts (the wife's and mine), within 3 minutes of each other, before the 12:00 cutoff (confirmed by the four e-mails generated that night), using my work computer (i.e. only one I.P. address), using the same e-mail address (mine from work). On 09/19, I did the total opposite, with identically opposite results and confirmations.
(2) On 09/29, I attempted to make my SECOND transfer of the month in order to be "in" at the beginning of the month. The TSP system REJECTED my transfer attempt, stating I had already made two transfers for the month.
(3) On 10/03,I made ONE transfer (both IFT and CA) out of G to C/S on two accounts (the wife's and mine), within 3 minutes of each other, before the 12:00 cutoff (confirmed by the four e-mails generated that night), using my work computer (i.e. only one I.P. address), using DIFFERENT e-mail address (both hers and mine from work). On 10/14, I again reversed course (for a loss, ouch!).
(4) On 10/27, I attempted to make my SECOND transfer of the month in order to be "in" at the beginning of the November. The TSP system again REJECTED my transfer attempt, stating I had already made two transfers for the month.
HUH? WHAT GIVES? :blink: Is my work PC's I.P. address being use to track the transfers? Or is the TSP system using some other method?
O sages of the TSP Talk MB, today's market action added a mountain of INSULT to my INJURIES and I AM TICKED!
PLEASE restore my peace of mind, by explaining what happened, so that I (we) can avoid this next month!?Cheers and best regards to all...
Christopher
Christopher, I promise an answer and a thorough reading of your post by tonight. (might be early morning) Hang in there, I'm squeezed for time.
Been there done that, got the T-Shirt
Another attempt to enter the Deficit sie of the O/D Tracker has been
accomplished. But whats 1.93% when it comes to a +11.85% gain. For
that, Congratulations are in order for now. We saw this on the 13th as
well, only to see a down day on the 14th and kill the party. We NEED a
definative FOLLOW THRU with another positive day to gain some much
needed confidence. However, this is the deepest we've entered on the
Deficit Side and its always possible to have a perminent reversal.
YTD O/D FOR ALL TSP FUNDS
(C) Fund vs. the SPX = -0.1860 TSP Cent Overpayment or +1.72%
(S) Fund vs. DWCPF. = -0.2194 TSP Cent Overpayment or +1.85%
(I). Fund vs. the EFA =+0.1181 TSP Cent Overpayment or -0.87%:blink:
DAILY (I) FUND VS. EFA O/D TRACKING RESULTS:
......DATE.....DLY % DIFF.....YTD TSP CENTS.....
(09/29/08)+2.3205% -0.6001 tsp cents
(09/30/08) -3.4591%+0.0025 tsp cents
(10/01/08) -0.7365% -0.1291 tsp cents
(10/02/08) -0.0580% -0.1135 tsp cents
(10/03/08)+0.6851% -0.2312 tsp cents
......DATE.....DLY % DIFF.....YTD TSP CENTS.....
(10/06/08) -0.1022% -0.2014 tsp cents
(10/07/08)+1.0228% -0.3531 tsp cents
(10/08/08) -1.3004% -0.1455 tsp cents
(10/09/08)+1.1848% -0.3078 tsp cents
(10/10/08) -0.6113% -0.2109 tsp cents
......DATE.....DLY % DIFF.....YTD TSP CENTS.....
(10/13/08) +0.6117% -0.3431 tsp cents
(10/14/08) -1.0454% -0.1711 tsp cents
(10/15/08) +0.9341% -0.2846 tsp cents
(10/16/08) -1.7110% -0.0482 tsp cents
(10/17/08) +0.3405% -0.0987 tsp cents
......DATE.....DLY % DIFF.....YTD TSP CENTS.....
(10/20/08) -0.7050%+0.0048 tsp cents
(10/21/08)+0.8721% -0.1205 tsp cents
(10/22/08)+0.5115% -0.1807 tsp cents
(10/23/08) -0.3743% -0.1331 tsp cents
(10/24/08) -0.4057% -0.0725 tsp cents
......DATE.....DLY % DIFF.....YTD TSP CENTS.....
(10/27/08) -0.4900% -0.1282 tsp cents
(10/28/08) -1.9368%+0.1181 tsp cents:blink:
THE KEY:
------------------------------------------------- WE OWE THEM ----
- .6000 thru -.4000 High Overpayment (Payback Past Due)
- .4000 thru -.3000 Elavated Overpayment, (Payback Immanent)
- .3000 thru -.2000 Medium Overpayment (Flip A Coin)
- .2000 thru -.1000 Low Overpayment, (Slightly Over Goal)
- .1000 thru -.0000 Minimum Overpayment (Goal is Met)
-------------------------------------------------- THEY OWE US ----
+.0000 thru+.1000 Low Deficit (Goal is Met)
+.1000 thru+.1500 Medium Deficit (Flip A Coin):blink:
+.1500 thru+.2500 High Deficit (Rarely Goes Lower)
+.2500 thru+.3000 Windfall Coming !
---------------------------------------------------------------------
Another attempt to enter the Deficit sie of the O/D Tracker has been
accomplished. But whats 1.93% when it comes to a +11.85% gain. For
that, Congratulations are in order for now. We saw this on the 13th as
well, only to see a down day on the 14th and kill the party. We NEED a
definative FOLLOW THRU with another positive day to gain some much
needed confidence. However, this is the deepest we've entered on the
Deficit Side and its always possible to have a perminent reversal.
YTD O/D FOR ALL TSP FUNDS
(C) Fund vs. the SPX = -0.1860 TSP Cent Overpayment or +1.72%
(S) Fund vs. DWCPF. = -0.2194 TSP Cent Overpayment or +1.85%
(I). Fund vs. the EFA =+0.1181 TSP Cent Overpayment or -0.87%:blink:
DAILY (I) FUND VS. EFA O/D TRACKING RESULTS:
......DATE.....DLY % DIFF.....YTD TSP CENTS.....
(09/29/08)+2.3205% -0.6001 tsp cents
(09/30/08) -3.4591%+0.0025 tsp cents
(10/01/08) -0.7365% -0.1291 tsp cents
(10/02/08) -0.0580% -0.1135 tsp cents
(10/03/08)+0.6851% -0.2312 tsp cents
......DATE.....DLY % DIFF.....YTD TSP CENTS.....
(10/06/08) -0.1022% -0.2014 tsp cents
(10/07/08)+1.0228% -0.3531 tsp cents
(10/08/08) -1.3004% -0.1455 tsp cents
(10/09/08)+1.1848% -0.3078 tsp cents
(10/10/08) -0.6113% -0.2109 tsp cents
......DATE.....DLY % DIFF.....YTD TSP CENTS.....
(10/13/08) +0.6117% -0.3431 tsp cents
(10/14/08) -1.0454% -0.1711 tsp cents
(10/15/08) +0.9341% -0.2846 tsp cents
(10/16/08) -1.7110% -0.0482 tsp cents
(10/17/08) +0.3405% -0.0987 tsp cents
......DATE.....DLY % DIFF.....YTD TSP CENTS.....
(10/20/08) -0.7050%+0.0048 tsp cents
(10/21/08)+0.8721% -0.1205 tsp cents
(10/22/08)+0.5115% -0.1807 tsp cents
(10/23/08) -0.3743% -0.1331 tsp cents
(10/24/08) -0.4057% -0.0725 tsp cents
......DATE.....DLY % DIFF.....YTD TSP CENTS.....
(10/27/08) -0.4900% -0.1282 tsp cents
(10/28/08) -1.9368%+0.1181 tsp cents:blink:
THE KEY:
------------------------------------------------- WE OWE THEM ----
- .6000 thru -.4000 High Overpayment (Payback Past Due)
- .4000 thru -.3000 Elavated Overpayment, (Payback Immanent)
- .3000 thru -.2000 Medium Overpayment (Flip A Coin)
- .2000 thru -.1000 Low Overpayment, (Slightly Over Goal)
- .1000 thru -.0000 Minimum Overpayment (Goal is Met)
-------------------------------------------------- THEY OWE US ----
+.0000 thru+.1000 Low Deficit (Goal is Met)
+.1000 thru+.1500 Medium Deficit (Flip A Coin):blink:
+.1500 thru+.2500 High Deficit (Rarely Goes Lower)
+.2500 thru+.3000 Windfall Coming !
---------------------------------------------------------------------
SB, Christopher has a great question. We should be tracked by our user name and password but there may be some tracking done by computer IP adresses. This might be something for L2 to answer.:notrust: I will do some investigation myself.:suspicious:Christopher, I promise an answer and a thorough reading of your post by tonight. (might be early morning) Hang in there, I'm squeezed for time.
As you can see from the above "Red" areas, you are making a common
mistake which is NOT all your fault. If the TSP Website and FRTIB made
an honest effort of thoroughly explaining various scenarios to its TSP
participants, you might not have made such an error. But thats in the
past and your more the wiser for it. ** When they say 2 unlimited
moves, that also includes bailing out of the risk funds back to safety.
So if you go in with one (1) move, then totaly bail your entire amount
back to the (G),,,,,,,Thats it until the next month. Your I.P. address and
has nothing to do with your transfers. Your email address is used as a
security measure and for notification purposes only. Hope this helped !
Sitting here swilling on a bud lite just getting home from my second job. DUH!!! I didn't read the question that Christopher had. GREAT ANSWER my jedi master.Not necessary Nasa, the IP Address has nothing to do with Christophers
problem. Please see the posted answer below.
KevinD
Well-known member
9/17 and 9/19 were your 2 for the month. 9/29 was your third...not your second.
Again, 10/3 and 10/14 were your 2 for the month. 10/27 was your third.
Your first 2 IFT's (even if one of them is back to G) are your 2 for the month. After that you can only move back to G.
Again, 10/3 and 10/14 were your 2 for the month. 10/27 was your third.
Your first 2 IFT's (even if one of them is back to G) are your 2 for the month. After that you can only move back to G.
The displacement of time can be answered through Alien Abduction :laugh:
Christopher
Member
Excellente', SB! (and everyone else)
I'm indeed wiser for the wear, and thank you for correcting my course. The TSP policy is indeed vague - AT BEST - but you know the golden rule! He who has the gold makes the rule...so I better just play along quietly. :suspicious: NOW BRING ON NOVEMBER! :nuts:
I'm indeed wiser for the wear, and thank you for correcting my course. The TSP policy is indeed vague - AT BEST - but you know the golden rule! He who has the gold makes the rule...so I better just play along quietly. :suspicious: NOW BRING ON NOVEMBER! :nuts:
As you can see from the above "Red" areas, you are making a common
mistake which is NOT all your fault. If the TSP Website and FRTIB made
an honest effort of thoroughly explaining various scenarios to its TSP
participants, you might not have made such an error. But thats in the
past and your more the wiser for it. ** When they say 2 unlimited
moves, that also includes bailing out of the risk funds back to safety.
So if you go in with one (1) move, then totaly bail your entire amount
back to the (G),,,,,,,Thats it until the next month. Your I.P. address and
has nothing to do with your transfers. Your email address is used as a
security measure and for notification purposes only. Hope this helped !
Excellant ! Now be care full ! You can almost taste November by now,
but some poisons have no flavor and give you no notice.
White House to banks: Start lending now
By JENNIFER LOVEN, AP White House Correspondent
4 HOURS AGO
WASHINGTON - An impatient White House prodded banks and other financial companies Tuesday to quit hoarding billions of dollars flowing into their vaults from Washington and start making more loans. Wall Street soared nearly 900 points on bargain-hunting and hopes of a hefty interest rate cut by the Federal Reserve. The stock market's amazing climb, with its second-largest point gain ever, was a welcome burst of good news for a nation suffering big job losses and seemingly tumbling into a painful recession. Consumer pessimism reached record levels in October amid rising unemployment, plunging home prices and shrinking retirement and investment accounts. The Conference Board, a private research group, said consumer confidence fell to its lowest point since it began tracking consumer sentiment in 1967. Hoping to thaw the credit freeze that has chilled the economy, the Bush administration sent banks an unmistakable message to put aside fears and open up loan windows for cash-starved businesses and consumers who have pulled back on spending.
"What we're trying to do is get banks to do what they are supposed to do, which is support the system that we have in America. And banks exist to lend money," White House press secretary Dana Perino said. While there are limits to Washington's power to affect banks' behavior, the White House decided it was time to use its bully pulpit. "They (regulators) will be watching very closely, and they're working with the banks," Perino said. Meanwhile, Treasury Department officials met with banking industry representatives to resolve a glitch in the rescue program that has temporarily prevented some 6,000 of the nation's 8,500 banks from applying for government support. Treasury is buying preferred shares in banks as a way of injecting cash into the institutions. But about 6,000 of the nation's banks don't have publicly traded shares of stock and therefore are not set up in a way to meet Treasury's current qualifications. Treasury officials at the meeting assured banking industry representatives that they are working to rework the application forms so that both banks with publicly traded stock and privately held institutions can qualify for the program. They said if the Nov. 14 deadline for applying for government support needs to be extended it will be.
Washington has pumped money and confidence-building measures into the system over recent weeks to get lending, the lifeblood of the credit-dependent American economy, flowing freely again and to combat the worst financial crisis since the 1930s. So far, though, it has not worked. While the crucial and much-watched short-term lending rate called the London Interbank Offered Rate, or Libor, has come down, it remains at elevated levels. On Wednesday, the Federal Reserve is expected to announce a cut in its fed funds rate _ and Wall Street is looking for a drop in the key interest rate by half a point to 1 percent. At the center of the administration's efforts to thaw credit is the $700 billion financial bailout plan approved by Congress and signed by President Bush earlier this month. Under that law's authority, the administration is doling out $250 billion to banks in return for partial ownership. The Treasury Department, which is overseeing the massive capital injection program along with the rest of the bailout, will pour $125 billion into nine of the country's largest banks, which account for 50 percent of all U.S. deposits. Anthony Ryan, Treasury's acting undersecretary for domestic finance, said the first payments went out Tuesday. An additional $125 billion will start flowing to other banks within days, he said. "As these banks and institutions are reinforced and supported with taxpayer funds, they must meet their responsibility to lend, and support the American people and the U.S. economy," Ryan told the annual meeting of the Securities Industry and Financial Markets Association. "It is in a strengthened institution's best financial interest to increase lending once it has received government funding." Rep. Henry Waxman, D-Calif., chairman of the House Oversight Committee, asked the banks getting the $125 billion to detail what they are paying their executives and employees, including bonuses.
"I question the appropriateness of depleting the capital that taxpayers just injected into the bank through the payment of billions of dollars in bonuses, especially after one of the financial industry's worst years on record," Waxman said. The infusion of federal money is to rebuild banks' battered capital reserves so the institutions would feel comfortable resuming more normal lending practices. But that confidence was undercut somewhat when reports surfaced that bankers might use the money to buy other banks. Indeed, the government approved PNC Financial Services Group Inc. to receive $7.7 billion in return for company stock on Friday and, at the same time, PNC said it was acquiring National City Corp. for $5.58 billion. There is little federal officials can do about it. There is no language in the bailout bill that specifically obligates banks receiving money to increase their loans. Officials had argued that attaching strings to the capital-infusion program would discourage financial institutions from participating. "The way that banks make money is by lending money," Perino said. "And so they have every incentive to move forward and start using this money."
Other credit-loosening efforts have included:
A Federal Reserve program, begun Monday, to purchase the short-term debt of businesses, known as commercial paper. Temporary guarantees by the Federal Deposit Insurance Corp. of new issues of bank debt _ fully protecting the money, for a fee, even if the institution fails. _Emergency loans from the Fed for financial institutions and even other types of companies. The Fed has been repeatedly tapping this Depression-era authority to be a lender of last resort. _New temporary federal guarantees to assets held in money market mutual funds as of Sept. 19 but not since then. _A temporary increase in the cap on deposit insurance from $100,000 to $250,000 on interest-bearing accounts, and unlimited deposit insurance for non-interest bearing accounts, which small businesses often use to cover payrolls and other expenses and which frequently exceed $250,000. _The Fed's half-point reduction in its target interest rate on Oct. 8, done in conjunction with rate cuts by other central banks around the world. Meanwhile, layoffs continue. Whirlpool Corp. said Tuesday it will cut 5,000 jobs. That's on top of other recent layoffs of thousands of workers by Xerox Corp., drugmaker Merck & Co. Inc. and financial services firm National City Corp.
By JENNIFER LOVEN, AP White House Correspondent
4 HOURS AGO
WASHINGTON - An impatient White House prodded banks and other financial companies Tuesday to quit hoarding billions of dollars flowing into their vaults from Washington and start making more loans. Wall Street soared nearly 900 points on bargain-hunting and hopes of a hefty interest rate cut by the Federal Reserve. The stock market's amazing climb, with its second-largest point gain ever, was a welcome burst of good news for a nation suffering big job losses and seemingly tumbling into a painful recession. Consumer pessimism reached record levels in October amid rising unemployment, plunging home prices and shrinking retirement and investment accounts. The Conference Board, a private research group, said consumer confidence fell to its lowest point since it began tracking consumer sentiment in 1967. Hoping to thaw the credit freeze that has chilled the economy, the Bush administration sent banks an unmistakable message to put aside fears and open up loan windows for cash-starved businesses and consumers who have pulled back on spending.
"What we're trying to do is get banks to do what they are supposed to do, which is support the system that we have in America. And banks exist to lend money," White House press secretary Dana Perino said. While there are limits to Washington's power to affect banks' behavior, the White House decided it was time to use its bully pulpit. "They (regulators) will be watching very closely, and they're working with the banks," Perino said. Meanwhile, Treasury Department officials met with banking industry representatives to resolve a glitch in the rescue program that has temporarily prevented some 6,000 of the nation's 8,500 banks from applying for government support. Treasury is buying preferred shares in banks as a way of injecting cash into the institutions. But about 6,000 of the nation's banks don't have publicly traded shares of stock and therefore are not set up in a way to meet Treasury's current qualifications. Treasury officials at the meeting assured banking industry representatives that they are working to rework the application forms so that both banks with publicly traded stock and privately held institutions can qualify for the program. They said if the Nov. 14 deadline for applying for government support needs to be extended it will be.
Washington has pumped money and confidence-building measures into the system over recent weeks to get lending, the lifeblood of the credit-dependent American economy, flowing freely again and to combat the worst financial crisis since the 1930s. So far, though, it has not worked. While the crucial and much-watched short-term lending rate called the London Interbank Offered Rate, or Libor, has come down, it remains at elevated levels. On Wednesday, the Federal Reserve is expected to announce a cut in its fed funds rate _ and Wall Street is looking for a drop in the key interest rate by half a point to 1 percent. At the center of the administration's efforts to thaw credit is the $700 billion financial bailout plan approved by Congress and signed by President Bush earlier this month. Under that law's authority, the administration is doling out $250 billion to banks in return for partial ownership. The Treasury Department, which is overseeing the massive capital injection program along with the rest of the bailout, will pour $125 billion into nine of the country's largest banks, which account for 50 percent of all U.S. deposits. Anthony Ryan, Treasury's acting undersecretary for domestic finance, said the first payments went out Tuesday. An additional $125 billion will start flowing to other banks within days, he said. "As these banks and institutions are reinforced and supported with taxpayer funds, they must meet their responsibility to lend, and support the American people and the U.S. economy," Ryan told the annual meeting of the Securities Industry and Financial Markets Association. "It is in a strengthened institution's best financial interest to increase lending once it has received government funding." Rep. Henry Waxman, D-Calif., chairman of the House Oversight Committee, asked the banks getting the $125 billion to detail what they are paying their executives and employees, including bonuses.
"I question the appropriateness of depleting the capital that taxpayers just injected into the bank through the payment of billions of dollars in bonuses, especially after one of the financial industry's worst years on record," Waxman said. The infusion of federal money is to rebuild banks' battered capital reserves so the institutions would feel comfortable resuming more normal lending practices. But that confidence was undercut somewhat when reports surfaced that bankers might use the money to buy other banks. Indeed, the government approved PNC Financial Services Group Inc. to receive $7.7 billion in return for company stock on Friday and, at the same time, PNC said it was acquiring National City Corp. for $5.58 billion. There is little federal officials can do about it. There is no language in the bailout bill that specifically obligates banks receiving money to increase their loans. Officials had argued that attaching strings to the capital-infusion program would discourage financial institutions from participating. "The way that banks make money is by lending money," Perino said. "And so they have every incentive to move forward and start using this money."
Other credit-loosening efforts have included:
A Federal Reserve program, begun Monday, to purchase the short-term debt of businesses, known as commercial paper. Temporary guarantees by the Federal Deposit Insurance Corp. of new issues of bank debt _ fully protecting the money, for a fee, even if the institution fails. _Emergency loans from the Fed for financial institutions and even other types of companies. The Fed has been repeatedly tapping this Depression-era authority to be a lender of last resort. _New temporary federal guarantees to assets held in money market mutual funds as of Sept. 19 but not since then. _A temporary increase in the cap on deposit insurance from $100,000 to $250,000 on interest-bearing accounts, and unlimited deposit insurance for non-interest bearing accounts, which small businesses often use to cover payrolls and other expenses and which frequently exceed $250,000. _The Fed's half-point reduction in its target interest rate on Oct. 8, done in conjunction with rate cuts by other central banks around the world. Meanwhile, layoffs continue. Whirlpool Corp. said Tuesday it will cut 5,000 jobs. That's on top of other recent layoffs of thousands of workers by Xerox Corp., drugmaker Merck & Co. Inc. and financial services firm National City Corp.
wv-girl
Member
So, the taxpayers just bought National City for PNC. That's great--where is my share of stocks? Oh yeah, forgot the people on the hill didn't put in any restrictions. Were they really that scared? Or just stupid?
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