Word: interests
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...just China. It's our own people who are starting to say, "Why would I buy something that's being printed as fast as you possibly can print it, why would I buy something where debts are getting higher and higher by the hour, and interest rates are at historic lows?" Let's not pick on the Chinese here...
...Wall Street Journal has reported that Citigroup (C) and Bank of America (BAC) have done poorly on their "stress tests". Each bank may be encouraged to raise more capital. As a number of analysts have pointed out, private equity has no interest in stakes in troubled banks even at a steep discount to their current market values. To help improve banks' capital bases, the Administration will almost certainly have to take the money it has given and is about to give to banks, and convert it into common stock. That will crush current shareholders and it will create the problem...
...Obama laid down his marker for reform last week, outlining general principles like simpler forms and more flexible rules for borrowers. And he pressured industry bigwigs at a White House meeting to agree to limit sudden interest rate hikes. But the real fight begins this week, and it's about to get ugly, as Democrats enter negotiations with banks and both sides test the resilience of each other's initial, aggressive postures. (Read a brief history of credit cards...
...balances in most cases. The bill does incorporate into law many regulatory changes the Administration has already pushed through, like partially applying payments to highest interest rate balances...
...what if the banks ultimately deliver on their threats, simply jacking up initial interest rates on everyone thereafter and constraining credit? "Then you'll continue to see us changing the law and the regulations so that eventually they're out of options," says the Democratic leadership aide...