Become a Beta Tester of New Online Teaching Network

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Omniacademy is a fascinating and fictive educational startup that originates from a magnificent woman, Dr. Stacey Simmons, and from my autochthonous Louisiana:

"Omniacademy is an educational portal that allows universities to deal their course content. Students from any Lincoln haw verify courses for credit from approved academic partners finished Omnicademy.

Omnicademy is a free portal, with tools that work with existing LMSs and utilize innovative technology, like massively multiplayer classrooms, learning quests, and social networking.

We are asking for institutions, professors, proctors, and students to be beta participants. Course participants who wish to receive courses or substance courses can send an email to our developers to discuss how to participate. There is an possibleness for course proctors in the beta phase to earn some additional compensation. To see more most being a beta site, email: development@omnicademy.com." be Sure you bookmark this page. Thanks...
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Gold Daily Chart

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A evenhandedly fell correction from an overbought condition. Ben relieved the descending pressure today when he dispelled the myth that the US module be upbringing interest rates some instance soon.What seems a lowercase queer is that so many are commenting on the US frugalness and markets as though this has been an mediocre cyclical ceding and it is done. We think this is something obviously a lowercase more ' be Sure you bookmark this page. Thanks...
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Gold Daily Chart

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A evenhandedly fell rebuke from an overbought condition. Ben relieved the downward pressure today when he dispelled the myth that the US module be raising interest rates any instance soon.What seems a lowercase funny is that so many are commenting on the US economy and markets as though this has been an mediocre cyclical recession and it is done. We think this is something apparently a lowercase more ' be Sure you bookmark this page. Thanks...
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Become a Beta Tester of New Online Teaching Network

Thank you for visiting my Blog
Omniacademy is a fascinating and fictive educational start that originates from a magnificent woman, Dr. Stacey Simmons, and from my native Louisiana:

"Omniacademy is an educational portal that allows universities to share their instruction content. Students from whatever Lincoln haw take courses for credit from approved academic partners through Omnicademy.

Omnicademy is a free portal, with tools that impact with existing LMSs and apply innovative technology, like massively multiplayer classrooms, acquisition quests, and ethnic networking.

We are asking for institutions, professors, proctors, and students to be beta participants. Course participants who wish to obtain courses or substance courses can send an email to our developers to discuss how to participate. There is an opportunity for instruction proctors in the beta form to earn whatever additional compensation. To see more about existence a beta site, email: development@omnicademy.com." be Sure you bookmark this page. Thanks...
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Barney Frank's House bill H.R. 3996 - impact on secured lending

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Bloomberg: [FDIC lead Sheila] Bair, in a honor to lawmakers released today, endorsed a proposal that was additional terminal week to the regulatory upkeep governing making its way finished the House Financial Services Committee. It would order secured creditors, same repurchase commendation lenders and the agent Home Loan Bank system, to assume losses of as much as 20 percent to counterbalance the costs of a systemically momentous slope failure.

In constituent to uncovering a questionable way to counterbalance costs of rotation downbound a too-big-to-fail hospital (and possibly all banks), this assets of the business upkeep governing module hit whatever another consequences:

1. It module attain it significantly more pricey for these institutions to take funds modify if they locate treasuries as collateral.

2. Any perverse news about a limited hospital or the business grouping as a whole module intend lenders streaming for the fences forcing rapid unwinds. This module attain Lehman countenance same a gradual process.

3. It may defeat the repo market. Repo is utilised by money market funds, corporations, pensions, etc. to locate funds on a secured basis (taking in collateral). As an hospital if you hit short-term change and you don't poverty to deposit it with a slope (unsecured), your only choice is to add it to a slope on a secured basis via repo (taking in treasuries as confirmatory for example). If this choice is condemned away, institutions module requirement an alternative such as the ability to deposit change with the Fed.

4. This module provide foreign banks an unfair plus by funneling repo lending (secured deposits) to non-US banks, making it cheaper for those banks to money themselves.

5. US banks module essay to intend around these laws by creating off-shore finance vehicles that are not subject to US banking legislation, making banking supervision that much more difficult.

As we discussed before, knee-jerk reaction regulation is not ever the answer, but in this case could speech an unconditional hardship for the US business system. It behooves the US legislators to andante downbound their semipolitical posturing and essay to understand how the finacial grouping actually works in practice.


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No, It Is Not Entirely Different This Time - But It is More Insidious

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There are whatever differences and they are significant.The US is not on a gold standard, so the devaluation of the dollar does not have to become in a stepwise duty with an official restatement of value. This time the Fed crapper simply monetize debt and provide more dollars as it wills. That is fiat.The US is not a net exporter to the world, as it was then. This is ground Smoot-Hawley was harmful to be Sure you bookmark this page. Thanks...
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Barney Frank's House bill H.R. 3996 - impact on secured lending

Thank you for visiting my Blog
Bloomberg: [FDIC chair Sheila] Bair, in a letter to lawmakers free today, endorsed a offering that was added terminal hebdomad to the restrictive overhaul governing making its artefact finished the House Financial Services Committee. It would require secured creditors, like repurchase commendation lenders and the Federal Home Loan Bank system, to assume losses of as such as 20 percent to cover the costs of a systemically significant slope failure.

In addition to uncovering a questionable artefact to cover costs of winding downbound a too-big-to-fail hospital (and possibly every banks), this portion of the financial overhaul governing module hit some another consequences:

1. It module make it significantly more expensive for these institutions to borrow funds even if they post treasuries as collateral.

2. Any negative programme most a specific hospital or the financial grouping as a full module intend lenders running for the fences forcing fast unwinds. This module make Lehman countenance like a sloping process.

3. It may destroy the repo market. Repo is used by money mart funds, corporations, pensions, etc. to place funds on a secured basis (taking in collateral). As an hospital if you hit short-term change and you don't poverty to installation it with a slope (unsecured), your only choice is to lend it to a slope on a secured basis via repo (taking in treasuries as confirmatory for example). If this choice is condemned away, institutions module need an deciding such as the ability to installation change with the Fed.

4. This module provide external banks an unfair plus by funneling repo lending (secured deposits) to non-US banks, making it cheaper for those banks to fund themselves.

5. US banks module try to intend around these laws by creating off-shore financing vehicles that are not person to US banking legislation, making banking supervision that such more difficult.

As we discussed before, knee-jerk activity conception is not always the answer, but in this case could spell an absolute disaster for the US financial system. It behooves the US legislators to andante downbound their political posturing and try to see how the finacial grouping actually entireness in practice.


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No, It Is Not Entirely Different This Time - But It is More Insidious

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There are some differences and they are significant.The US is not on a metallic standard, so the devaluation of the dollar does not hit to become in a stepwise duty with an official restatement of value. This instance the Fed crapper only monetize debt and provide more dollars as it wills. That is fiat.The US is not a net exporter to the world, as it was then. This is why Smoot-Hawley was bruising to be Sure you bookmark this page. Thanks...
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The Hype Award goes to FT's Henny Sender

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Here is a good warning of the hype call business reporting, amazingly enough coming from the FT. In an article titled Reckless banks ease to pay Henny Sender writes:

Two recent judicial opinions rebuking the banks offer a window into the disposition practices that fuelled the boom and the tactics that banks resorted to in a tardy attempt to cut their losses. These cases highlight meet how careless the banks have been and how that recklessness haw come back to area them and their bottom lines.

She discusses digit cases, digit of which has to do with Tousa, a Florida homebuilder. Citi indeed was careless in its disposition practices with this firm. Tousas playing was on the brink when Citi long it a give that allowed it to refinance an earlier give utilised for whatever highly leveraged acquisitions.

But as business reporters often do, she starts with a valid point, but then moves on to a housing that is actually unconnected (bunching it every into digit anti-banking rant). Her ordinal warning deals with Charter Communications and JPMorgan. And thats where the system completely breaks down.

The ordinal housing involves Charter Communications, the fourth maximal cable consort in the US, and digit of the most hotly contested battles to confirm an operational plan in the consequence of a Chapter 11 filing. The judge rejected the banks verify that their loans were impaired, and said the banks were holding up the companys beginning from bankruptcy protection meet to change the cost of their loans and acquire more interest. The inauspicious ruling could deprive the banks of $1bn in set savings, a attorney for the banks said. The banks in this housing were led by JPMorgan whose spokesman declined to comment.

What Ms. Sender either doesnt want to handle or is only clueless most is that Charter give was always solid. There was absolutely null careless most disposition to Charter there has been and ease is plenty of quality coverage for the grownup loan. The Charter housing involves an intercreditor dispute. When a consort files for bankruptcy, grownup lenders generally have a feature in the restructuring of the firm. In Charters housing the management sought to file and structure without involving the grownup lenders. The concern then restructured the subordinated debt and only reinstated its existing grownup loans. These loans module remain in locate as they have been preceding to filing. There is going to be no capital expiration for lenders.

What the lenders desired was to structure the grownup loans in visit to improve the coupon. As generally happens with concordat violations or another credit commendation triggers, the lenders crapper push the consort to renegotiate the terms. For whatever reason the judge in the housing sided with the company, refusing to earmark the grownup lenders to the negotiating table. That means they are stuck with the original low coupon.

But the Charter housing has null to do with careless lending. Charter, in spite of being quite leveraged was (and ease remains) a discreet exposure for the lenders. Attempting to process the interest evaluate on this give in a bankruptcy scenario is just what banks are questionable to do. The fact that JPMorgan was unsuccessful in doing so speaks more to the changing nature of Chapter 11 than to some recklessness on behalf of lenders. Just to round things off, Ms. Sender ends the news by transfer up the Enron housing from artefact back without some clearness on how it relates to "reckless lending".

In the environment where it is fashionable to smash banks, kinda than pore on unbiased journalism and autarkical research, nobody seems to discourse or contradict Ms. Senders story. Misinformation that stokes emotion continues to delude writing after all. FTs Henny Sender module thence obtain the Sober Look hype award. Congratulations.





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Three Reasons Why Ben Bernanke Should Not Be Confirmed as Fed Reserve Chairman

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Chris Whalen does his customary good employ of selection finished the fog of crisis to intend to the lowermost line of how Ben, Larry and Timmy hit failed to discharge their responsibilities adequately.This does not intercommunicate to motives for their failure. Are they but the pampered products of the government and educational sectors, inadequately prepared for high positions, unannealed by the push and pull of be Sure you bookmark this page. Thanks...
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The Hype Award goes to FT's Henny Sender

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Here is a beatific warning of the hype style business reporting, astonishingly sufficiency reaching from the FT. In an article called Reckless banks ease to pay Henny Sender writes:

Two past righteousness opinions rebuking the banks offer a pane into the disposition practices that fuelled the boom and the tactics that banks resorted to in a tardy endeavor to revilement their losses. These cases highlight meet how reckless the banks hit been and how that recklessness haw become backwards to area them and their lowermost lines.

She discusses digit cases, digit of which has to do with Tousa, a Florida homebuilder. Citi indeed was reckless in its disposition practices with this firm. Tousas playing was on the brink when Citi long it a give that allowed it to refinance an earlier give utilised for some highly leveraged acquisitions.

But as business reporters often do, she starts with a valid point, but then moves on to a housing that is actually unrelated (bunching it every into digit anti-banking rant). Her ordinal warning deals with Charter Communications and JPMorgan. And thats where the system completely breaks down.

The ordinal housing involves Charter Communications, the fourth largest telegram company in the US, and digit of the most hotly oppose battles to confirm an effective organisation in the consequence of a Chapter 11 filing. The determine rejected the banks verify that their loans were impaired, and said the banks were retentive up the companys beginning from insolvency protection meet to modify the cost of their loans and earn more interest. The adverse ruling could take the banks of $1bn in set savings, a attorney for the banks said. The banks in this housing were led by JPMorgan whose spokesman declined to comment.

What Ms. Sender either doesnt want to discuss or is simply clueless most is that Charter give was always solid. There was absolutely null reckless most disposition to Charter there has been and ease is plentitude of quality news for the grownup loan. The Charter housing involves an intercreditor dispute. When a company files for bankruptcy, grownup lenders generally hit a say in the restructuring of the firm. In Charters housing the management sought to file and structure without involving the grownup lenders. The concern then restructured the subordinated debt and simply reinstated its existing grownup loans. These loans module rest in locate as they hit been preceding to filing. There is feat to be no principal loss for lenders.

What the lenders wanted was to structure the grownup loans in order to improve the coupon. As generally happens with covenant violations or other credit agreement triggers, the lenders can near the company to renegotiate the terms. For some think the determine in the housing sided with the company, refusing to allow the grownup lenders to the negotiating table. That effectuation they are stuck with the example baritone coupon.

But the Charter housing has null to do with reckless lending. Charter, in spite of being quite leveraged was (and ease remains) a prudent exposure for the lenders. Attempting to increase the welfare rate on this give in a insolvency scenario is exactly what banks are questionable to do. The fact that JPMorgan was unsuccessful in doing so speaks more to the changing nature of Chapter 11 than to some recklessness on behalf of lenders. Just to round things off, Ms. Sender ends the news by bringing up the Enron housing from artefact backwards without some clarity on how it relates to "reckless lending".

In the environment where it is fashionable to bash banks, rather than focus on nonpartizan journalism and independent research, nobody seems to question or vary Ms. Senders story. Misinformation that stokes anger continues to delude writing after all. FTs Henny Sender module therefore receive the Sober Look hype award. Congratulations.





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