Speaker Boehner Won't Play Ball

The Hoss has been in the stable since Sept. 2010 due to heart problems. This is why there have been no postings to Hoss Cents Free Financial Money Magazine. The good news is the two stents placed in the old ticker seem to have resolved the Issue
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Can anyone out there believe the nonsense going on in Washington D.C.? What is with these politicians? They seem more interested in running for re-election rather than running the country. The GOP lead by House Speaker Boehner decided to walk out on negotiations designed at cutting the US federal deficit. This reminds me of the little boy who comes to play a game, brings his own baseball and when things are not going the way he wants them to, he takes his ball and goes home. Childish is the word that best describes Speaker Boehner. Does he not realize the serious financial implications that could befall the American people if some sort of agreement is not reached?  At least President Obama is willing to negotiate and offer real comprises towards a solution to the US Financial problem.

Let’s hope that this financial mess is straightened out before America is trust into a default position. The ramifications of a US default will be felt world wide and could precipitate a world wide recession or even depression. Why? Because speaker Boehner took his ball and went home. Time for the GOP to grow up.


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Banks Forced to Double Reserves

New financial guidelines were set by global officials meeting in Switzerland on Sunday. The agreement referred to as the Basel III agreement, requires the Banks to increase their capital cushion to 4.5% of assets. The current requirement is 2%.Banks will also be required to hold an additional 2.5 % of assets to protect against periods of future stress.

The increase will be done gradually with implementation of the new standards to commence Jan. 1,2013 and spread out over the next two years.

Bank watchdogs such as the Fed and FDIC will monitor and enforce the regulations once they have been adopted by each country.

The purpose of these new regulations is to avoid another financial crisis similar to that of 2008, which nearly precipitated a world wide depression.

Members of the Basel Committee on Banking Supervision (which is made up of delegates from 27 countries) are convinced that the new guidelines will help to stabilize the banking industry.

It appears investors agree as banking shares have shown a rally as a result of this news. Whether or not that rally can be sustained is anyone's guess, only the future will tell the true story. However, The Hoss feels this move is a step in the right direction.

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Next Hoss Cents Free Financial Money Magazine Post: Sept. 19,2010

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Obama to Stimulate Economy

Image via WikipediaThe United States job data report showed that private sector employers increased new jobs by 67000 during the past month. In addition the figures for July and August were revised in an upwards direction, however the overall unemployment continues to rise and now sits at 9.6 percent.

Next week President Barack Obama will announce his administrations plans to stimulate the economy. He made the announcement in the White House Rose Garden and stated the report was “positive news, and it reflects the steps we've already taken to break the back of this recession. But it's not nearly good enough.”

“That's why we need to take further steps to create jobs and keep the economy growing including extending tax cuts for the middle class and investing in the areas of our economy where the potential for job growth is greatest,”

President Obama continues his quest to have the Senate support and pass his bill that contains tax breaks for small business in the amount of about twelve billion dollars and the creation of a thirty billion dollar fund to finance lending. The Republicans as is the nature (the party of no) is opposed to the bill on the grounds it is similar to the bailout of the financial industry.
Lawmakers are not scheduled to return to work until mid September therefore do not expect much to happen before the November elections.

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