Doobie Brothers drummer Michael Hossack, 65.
Fortunately for me, I’ve never been able to wear cheap jewelry because it has lead, nickel and all kinds of unpleasant stuff in it. I have some old silver I’ve collected over the years (at least, since my house was robbed some years back) and if I find some cute cheap earrings, I swap out the hooks with the sterling version.
But really, I’d rather poke needles in my eyes than wear the cheap stuff. I break out, itch and ooze for days.
Of course, the tricky part is that we’re all pretending that the underwater houses in their foreclosure inventory are actually worth something. But other than that, everything’s fine!
The Federal Reserve said 15 of the 19 largest U.S. banks could maintain adequate capital levels even in a recession scenario in which they continue paying dividends and buy back stock.
Today’s results show that nearly three years of economic expansion have helped U.S. banks raise profits, rebuild capital, and increase liquidity after the collapse of Lehman Brothers Holdings Inc. in 2008 nearly toppled the financial system.
These executives head some of the nation’s largest and most closely watched financial institutions.
“It is night and day,” Jason Goldberg, senior analyst at Barclays Capital Inc. in New York, said before the announcement. “In 2009, about half the banks failed the stress test. The industry’s capital position is higher today, and better quality. There is a lot less leverage.”
JPMorgan Chase & Co. (JPM), in an announcement before the Fed’s release, said it would raise its dividend 20 percent and authorized a $15 billion share repurchase plan after the central bank tested its capital.
The Fed said an unemployment rate of 13 percent, a 50 percent drop in stock prices and a 21 percent decline in house prices under the stress scenario would produce aggregate losses of $534 billion over nine quarters.
Oh, and this from Yves Smith.
The headline alone was enough to make me laugh: “Santorum accuses Fox News of shilling for Romney.” This is like Madonna accusing a rival diva of lip-synching. More here.
To all this nonsense is for women to stop having sex… with men:
The Republican-controlled US House of Represenatatives is considering legislation that would enact stringent new limitations on minors who seek an abortion outside of their home state. The “Child Interstate Abortion Notification Act” effectively federalizes state laws aimed at preventing women under the age of 18 from obtaining an abortion, and would impose harsh penalties on doctors or anyone else who assists the minor without first informering her parent or guardian.
Rep. Ileana Ros-Lehtinen (R-Fla.) introduced the bill in June 2011. The House Judiciary Committee held a hearing on the measure on Thursday, a signal that it may advance in the near future. The bill requires a minor’s parent or guardian to be notified in writing and a 24-hour waiting period after that notification before the young woman can obtain the abortion.
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David Dayen on the foreclosure fraud settlement filed yesterday:
Now we know why federal officials hedged and wrote that “at least $10 billion” of the settlement would be devoted to principal reduction. By my calculation, the banks can satisfy over 1/4 of their settlement obligations through things like donating and bulldozing homes, waiving deficiency judgments and paying transition assistance for borrowers, things they would already do in the normal course of affairs.