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"Once stock prices reach the point at which it is hard to value them by logical methodology, stocks will be bought as they were in the late 1920s not for investment but to be unloaded at a still higher price. The ensuing break could be disastrous because panic psychology cannot be summarily altered or reversed by easing money policies."
Alan Greenspan, 1959
The Fed and its acolytes in the banking system sometimes foster an environment where equity prices rise in a steady manner, with little solid underpinning. The higher they go, the further they slide away from rational valuations, the less is required for them to take a tumble.
At the extreme, it can be a bit of a mystery and rather difficult to determine what exactly caused the market collapse. This is how it was with the Great Crash of 1929. Most often it can be something mundane and seen before, but at that stage of the bubble's ascent can cause a fatal break in confidence. And then comes the deluge. And confidence is not so easily restored.
Bear raid. Boring really.
Groupon missed earnings but Cisco beat after the bell.
Light volumes.
It's not really about the money, its the hypocrisy.
$9,000 is not a lot of money to many people in America these days. And certainly such an amount could be raised fairly quickly with an online drive for funds. Over 40,000 people have signed the online petition protesting this.
What has people upset is the blatant hypocrisy of JPMorgan, in this and so many other things. It is what drives the Occupy people. It is the entirety of the bank bailout with public money, despite the propaganda campaign and deceit of the Fed to the contrary, and the subsequent massive manipulation of the political and legal process especially in regard to the foreclosure frauds, not to mention the theft of customer funds.
The Banks even cheated returning war veterans. So why should an elderly black woman be treated any better?
Back in the 1950's and 1960's people could have raised bus fare to take Helen Bailey to a less hostile envinronment in which to live. But she chose to stand her ground and fight. It was a matter of principle to her. And such principled stands mystify those without any moral principles, such as the TBTF banks and the pampered princes of Wall Street, whose only principles are self-delusional superiority, self-centered excess, deceit, fraud, and greed.
Helen Bailey does not stand alone, then and now. That is the message that the Banks just don't get. But they will.
MFI-Miami
Chase Refuses To Give 78 Year Old Hero A $9000 Principal Write Down
By Steve Dibert
February 7, 2012
JPMorgan Chase, like their competitors, has been attempting to improve their public image with an American public who blames them for the recession. In order to show their commitment to some of the hardest hit segments of economy, JPMorgan Chase has reached out to African-American communities across the U.S. by starting a public relations campaign to help “fulfill” the “vision” of Martin Luther King Jr. to coincides with Black History Month.
Now that campaign is turning into a public relations nightmare for the banking behemoth. Chase is now threatening to foreclose on 78-year old, Helen Bailey, a former Nashville area Civil Rights activist who stood up to police attack dogs, tear gas and fire hoses for her God given rights.
Ms. Bailey couldn’t keep up with her mortgage payments and attempted to refinance with another mortgage company and would work with her to let her stay in her home until she died. The only thing she asked from Chase was a $9000 principal write down.
Chase refused and now are threatening to foreclose and evict this hero of one of the darkest times of American history.
