Reuters reports that JPMorgan Chase & Co said yesterday that
it suffered a $2 billion trading loss from a failed hedging strategy, a
disclosure that slammed financial stocks and the reputation of the bank. Since
the end of March, the company's Chief Investment Office "has had
significant mark-to-market losses in its synthetic credit portfolio," the
company said.
COMMENTS:
Remember what started the financial crisis of 2008? It was originally Freddie Mac and Fannie Mae,
followed almost immediately by huge losses of major financial institutions. Remember that I have been warning of a second
and far more serious meltdown for months now?
I’m not going to stand up on my soap box and claim that I was 100% right
yet, but all of the ominous signs are there and this is a totally bad indicator
to add to the pile. Thinking about
buying a new barbeque this year? My
advice is, clean the old one up real good, maybe with a steam cleaner, then paint
it and hope it will last until at least 2014.
TODAY’S QUERIES & ANSWERS:
Q. I hear that thousands of illegal aliens voted in 2008 and
are registered and set to vote again in 2012 in Florida and elsewhere. Is that true and how do we stop it? (Bernadette ~ Oswego, OR)
A. You ask Eric Holder to prosecute them and that, of
course, will not happen; Florida is a crucial swing state for Obama. New York is another one and massive illegal
voting is suspected there as well. Obama
and his goons are hoping that “the fix is in,” and we need to stand united by
the millions and overwhelm them with the inescapable truth that we want our government back.
Q. I understand that, under Obama, it has become the
necessity for people in more and more occupations to have some type of
government license in order to work. Is
that true? (Hickey ~ Las Vegas, NV)
A. Yes. Almost one in
three jobs now requires some type of government license. These regulations obviously have a
detrimental impact on those seeking work or looking to open their own business. Our Marxist government continues to evolve.
Q. Franklin Graham, Billy Graham’s evangelist son, has come
out and said that Obama has “shaken his fist at God” by voicing support for gay
marriage. You are a Christian; what do you say? (Prentice ~ Garden Grove, CA)
A. Obama is an opportunist and a narcissist; in his eyes, he
is doing right and if you do not agree with him, you will pay the penalty after
he gets reelected. He has also, in so many ways, set out to destroy the fundamental values of this country. Personally, I think
his opportunistic stance is going to get stuck firmly up his rear end, where it
belongs. However, there are so many
other things he has done wrong which belong in the same place that I’m not sure
there will be room enough for this one.
TODAY’S QUOTE:
“For the gay establishment, the death of
right and wrong began when gaining civil rights ceased to be enough.” ~ Tammy Bruce
TODAY’S VIDEO:
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