When I had minimum wage jobs, my goal was to better myself, not to better the minimum wage.
— Pat Sajak (@patsajak) April 10, 2015
When I had minimum wage jobs, my goal was to better myself, not to better the minimum wage.
— Pat Sajak (@patsajak) April 10, 2015
since pat is a economic expert why doesn't he use his twitter account to expound on this?
ReplyDeleteFormer Fed Governor Thomas Hoenig Says US Banks Undercapitalized; Unsafe, and Unsound Banks
In another round of "stress" tests last month, the Fed said Big Banks Pass Muster.
Anyone who has been following stress tests in US or Europe knows full well, the tests were in reality "stress free".
Confirmation of the undercapitalized state of US banks comes from former Fed Governor Thomas Hoenig. He served as chief executive of the Tenth District Federal Reserve Bank, in Kansas City, for 20 years. Rules limit terms to 20 years. Hoenig is now vice chairman of the Federal Deposit Insurance Corporation.
Undercapitalized, Unsafe, and Unsound Banks Not Well Capitalized
Banks are "well capitalized" in the US only by ignoring derivatives. European banks are "well capitalized" by treating all sovereign debt, including Greece, Spain, Portugal, as if it was risk-free.
The reality is banks are undercapitalized globally.
And although taxpayers were forced to cover losses, they shouldn't have been. The notion that bondholders should never take losses is absurd.
The Fed assumes "derivatives are risk free because they net out". Hoenig doesn't buy that argument and neither do I.
A currency crisis awaits.
Read more at http://globaleconomicanalysis.blogspot.com/2015/04/former-fed-governor-thomas-hoenig-says.html#miVMok72OVsJIpoX.99
Pat Sajak, a pretty decent guy, I must say!
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