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Fed ends ‘too big to fail’ lending to collapsing banks, with caveats

Fed ends ‘too big to fail’ lending to collapsing banks, with caveats

“The Fed’s new restrictions come from the Dodd-Frank Act of 2010, which brought in a wave of reforms after the financial crisis. Under the new rule, banks that are going bankrupt — or appear to be going bankrupt — can no longer receive emergency funds from the Fed under any circumstances. However, it’s important to note that the new rule allows the Fed to judge by its own measures whether a firm qualifies for its emergency aid. The idea is the Fed can still lend to banks during times of emergency, but the bank must be able to pay it back. Yet the true health of a bank in turmoil can be very difficult to assess.” Continue reading

Pressure on China central bank for 15% yuan depreciation: sources

Pressure on China central bank for 15% yuan depreciation: sources

“China’s central bank is under increasing pressure from policy advisers to let the yuan currency fall quickly and sharply, by as much as 10-15 percent, as its recent gradual softening is thought to be doing more harm than good. The PBOC has spent billions of dollars buying yuan over recent months to defend the exchange rate, but has failed to stabilize market sentiment. The currency has steadily lost another 2.6 percent against the U.S. dollar even after the bank sprung a surprise devaluation of nearly 2 percent in August. China’s foreign exchange reserves fell by more than half a trillion dollars last year as the central bank bought yuan to support the exchange rate.” Continue reading

Shanghai Fund Manager Dumps All Holdings in ‘Insane’ Market

Shanghai Fund Manager Dumps All Holdings in ‘Insane’ Market

“‘This is insane,’ Chen Gang, chief investment officer at Shanghai Heqi Tongyi Asset Management Co., said in an interview on Thursday. ‘We were forced to liquidate all our holdings this morning,’ said Chen, whose firm manages about 300 million yuan ($45.5 million). Many private funds and hedge funds in China have agreements with investors spelling out mandatory liquidation levels if their holdings drop below a certain value. The CSRC capped the size of stakes that major investors are allowed to sell at 1 percent of a company’s shares for three months effective Jan. 9, the regulator said in a statement on Thursday. The restriction replaces an existing six-month ban that is due to expire Friday.” Continue reading

Arizona Bill Would Set the Stage to Nullify Some Executive Orders and Supreme Court Opinions

Arizona Bill Would Set the Stage to Nullify Some Executive Orders and Supreme Court Opinions

PHOENIX, Ariz. (Jan. 7, 2016) – A bill prefiled in the Arizona House would set the stage for the state to refuse cooperation with any executive orders or Supreme Court opinions “not in pursuance of the Constitution,” nullifying such actions in effect. Rep. Mark Finchem (R-Tucson), along with seven other sponsors and cosponsors, introduced House…

Virginia Bill Would Block Obamacare Enforcement

Virginia Bill Would Block Obamacare Enforcement

RICHMOND, Va. (Jan. 7, 2016) – A bill prefiled in the Virginia House would prohibit state cooperation or implementation for most of Obamacare, taking a huge step toward nullifying the federal health care program in practice within the state. Del. Brenda Pogge (R-Norge) prefiled House Bill 338 (HB338) on Jan. 5. The legislation would prohibit the state…

Norman Pastor, Dr. James Taylor, Will Run Against Cole

Norman Pastor, Dr. James Taylor, Will Run Against Cole

Dr. James Taylor, of Norman, OK is running
for congress in the district that  JC Watts
once represented.
“It’s just frustrating. They tell us one thing and then do another.”

KFAQ’s David Prock is reporting:

  NORMAN, Okla. (KFAQ staff) – It was the final straw for Dr. James Taylor, the pastor of Christ Church of Norman, after he heard Congressman Tom Cole of District 4 voted for the OMNIBUS spending bill that allows for such things as fully funding Planned Parenthood, and he has decided to do something about it.
  He announced on KFAQ’s Pat Campbell Show on Thursday morning that he will indeed run against Cole in the next election.

Book Review: It’s Biblical, Not Political!

Book Review: It’s Biblical, Not Political!

A review of the new book by Dr. James Taylor, Pastor of Christ’s Church, in Norman, Oklahoma.

  The Oklahoma minister strongly contends that God has called Christians to be active in the political arena. “It’s Biblical Not Political! How to Line Up Candidates Biblically” takes you on a journey through the Bible of how Christians should vote on economic social and foreign affairs issues.

Wyoming Bills would Ease State Marijuana Laws, Help Nullify Federal Prohibition

Wyoming Bills would Ease State Marijuana Laws, Help Nullify Federal Prohibition

CHEYENNE, Wyo. (Jan. 7, 2016) – Two bills filed in the Wyoming House would significantly ease the state’s marijuana laws, taking a big step toward nullifying federal cannabis prohibition in practice in the state. Rep. James Byrd (D-Laramie) prefiled House Bill 3 (HB0003) on Dec. 17. The legislation would decriminalize possession of small amounts of…