News of the finance

From the VOMITORIUM

It is all so much BS!

We have hear all the attacks on the Prez and his jobs agenda….all the crap about it is small business that creates all the jobs and that small business should be a priority for the Obama admin……you have heard it all…….the Dems are failing the American people by NOT emphasizing small business and the creation of jobs…..

But wait!  The Repubs have a better idea right?

From the AP:

Senate Republicans in the United States blocked a bill to increase small business lending Thursday, dealing a setback to the jobs agenda of President Barack Obama.

The bill would create a $30 billion (U.S.) government fund to help community banks increase lending to small businesses, combining it with about $12 billion in tax breaks. Democrats say banks should be able to use the lending fund to leverage up to $300 billion in loans to small businesses, helping loosen tight credit markets.

Then if small business is the engine of our economy, why would they block a bill to help loosen up credit for the small businesses in this country?  Good question…..

Much of the bill had bipartisan support, but Senate Republican leader Mitch McConnell of Kentucky said Democrats were blocking GOP amendments.

What would those amendments be?  Glad you asked……

GOP amendments included measures to beef up border security, impose a government spending cap and lower the estate tax, which is scheduled to return next year with a top rate of 55 per cent on estates larger than $1 million.

One Republican amendment would repeal a new tax reporting requirement for businesses that was included in the massive health care overhaul enacted last spring.

The amendments have NOTHING to do with small business….if the GOP is so hot for the small businessman then why would they scuttle a bill that would help the businesses and jobs?  It is an easy one to answer……politics…..nothing short of politics…it is NEVER about loosening credit for small business…it is about seeing that the Dems have nothing when it comes election time…..this screwing of small business helps Repubs and does NOTHING to help the American people…..Can you see the game for what it is now?

You want an idea of how the deficit expands so rapidly?  Earmarks!  You know those add-ons to bills…..the pork……what does border security have to do with small business?  What does a spending cap mean when you add on so much new spending?

Special interests and pure gamesmanship and small business is just a pawn in this elaborate game of politics…..

The 25-basis point’s hike in the repo rate and the 50-basis points increase in the reverse repo rate announced by the Reserve Bank of India may lead to an upward bias in interest rates in the short-term, according to senior bank officials.

“Every bank will have to take a look at their assets and liabilities. There is certainly an upward bias in interest rates. Though lending rates might not inch up immediately, deposit rates are likely to move up,” said Mr J. P. Dua, Chairman and Managing Director, Allahabad Bank.

The bank will take a call on interest rates at the Asset-Liability Committee (Alco) meeting that is scheduled to take place in the next two to three days, he said.

Base rates

While the short-term deposit rates are likely to inch up immediately, that on the one-to-two year deposits is also likely to move up in due course, according to Mr S. L. Bansal, Executive Director, United Bank of India.

“The short-term deposit rates will go up within the next one week and correspondingly, lending rates will also increase. Since banks have fixed the base rate recently, any change in the base rate is ruled out immediately. However, banks will try to pass on the rise in cost of funds to their customers,” Mr Bansal told Business Line.

The RBI’s move to hike the short-term lending and borrowing rates was primarily to rein in inflation, according to Mr Hemant Kanoria, Chairman and Managing Director, Srei Infrastructure Finance Ltd.

Mr Shailendra Bhandari, Managing Director, ING Vysya Bank, said that he did not think that banks will rush out to increase long-term deposit rates. “However, I expect short-term rates, especially CDs, to jump up,” he said.

According to him, most banks will also look at revising their lending rates before the end of the second quarter. Banks that offer teaser home loan rates might increase their rates now, he pointed out.

Mr H.S Upendra Kamath, Executive Director, Canara Bank, said that the bank will not look at an immediate revision of deposit rates because “there will be need for liquidity only if credit growth happens.”

He pointed out that credit growth for the first quarter of this fiscal was largely driven by 3G disbursements, and “subsequently credit growth has not been that brisk,” he said.

Besides, Government bonds to the tune of Rs 25,000-30,000 crore are “being readied” for the immediate future, and Government spending is also expected to happen. “So there will no pressure on liquidity,” said Mr Kamath.

Explaining that the prime target for the RBI seems to be controlling inflation, Ms Shubhalakshmi Panse, Executive Director, Vijaya Bank, said that with this move, the interest rate corridor has been reduced too.

“Last year, the difference between repo rate and reverse repo rate was 3 per cent, and it has now been brought down to 1.2 per cent. The RBI seems to be moving in a calibrated manner,” she added.

On hiking deposit rates, she said, “There will have to be a relook on deposit rates, which in turn will have an impact on interest rates. Probably, shorter-term deposit rates (up to 270 days to a year) may be reviewed. Based on liquidity, we will review deposit rates.”

On lending rates going up, she said the bank will take a call based on the cost of deposits.

“However, we will take a view only after seeing how other players are responding and also based on a good monsoon and agriculture,” she added.

Punjabi Movie: The Lion of Punjab

Job Title: Assistant of Education Marketing at Kalengo, LLC

Location: United States 94114

Type: Part-time

Experience: Associate

Industries: Financial service

Functions: Public Relations

Job Description:

The role of the Assistant of Education Marketing Director is to assist director to lead a team responsible for revolutionizing the way the education community engages with financial analytics and financial intelligence. The expectation is to formulate and direct the strategy for supporting and promoting the use of Kalengo’s technology and financial social network with higher education financial-experts-to-be users while delivering strong results (awareness, demand and sales) of marketing and sales programs. This includes (but is not limited to) the market research, strategic planning, implementation and reporting of effective marketing distribution campaigns devoted to financial school in United States. The ideal candidate for this position is a recent college graduate with a finance or economics, or related degree.

Skills

Company Overview:

Kalengo is an innovative financial social network that brings the best of investment analysis together with collective market intelligence. Built on an open and extensible social network platform, Kalengo delivers to investors highly-personalized, interactive, and institutional-quality portfolio analysis tools, curated financial information from millions of news articles and blog posts, and intuitive and dynamic financial data visualization.

If interested, Send your resume to selinaxue8@gmail.com

Hello. This blog was started in conjunction with a line of products that is being developed under the name Get Bank Smart. It’s designed to help people know how to manage their bank, and avoid the pitfalls that too many of us accidentally fall into.

This blog is intended to regularly publish news about consumer banking, bank horror stories from readers, and important articles about some of the tactics banks are using to work against your best interests.

We’re hoping this blog becomes a useful source for anyone currently having a problem with their bank. We’ll try to keep updating as much as possible, however our company right now is definitely in the beginning stages and we have a lot of other priorities.

We hope to see you around and thanks for reading!

Dani Z.

By Austin2Harlem
Coming out of the B/C subway line at 110th Street heading north, I quickly noticed there was construction happening at 2052 Frederick Douglass Blvd., which use to be Grand Liquors Inc. in Harlem. I quickly asked what was going into this space. The first response I received “it’s going to be a bank branch.” Then someone else on site said “it’s going to be a check cashing place.” Darn to both responses. I was hoping for something else, say a diner or Thai food. Wouldn’t that be good to have another food joint on Frederick Douglass Blvd?

Goldman Sachs will soon be screening their employees emails, texts and instant messages for curse words. What the f***?

The newfound sensitivity towards the colorful words of expression stem from Senator Carl Levin reciting a Goldman Sachs memo that contained the word “sh*tty” 12 times. 

Unacceptable Email

“This product is shitty as fuck but i’m sure we can sell it in the secondary market anyways. We are Goldman Sachs got damnit. “

Acceptable Email

“This product is substandard from a traditional investment standpoint but I think our creativity will enable us to move it in the secondary market. (wink wink)”

 Ahhh, this makes me feel so much better.

Small business: Many businesses want to expand but lack resources, survey finds – latimes.com

via Small business: Many businesses want to expand but lack resources, survey finds – latimes.com.

Rivers burst their banks during monsoon rains in Pakistan this week, washing away streets.
Floods Pakistan

Read related content at Floods Sweep Across Pakistan.