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Posts tagged ‘North Korea’

Lenihans Credit Institutions Stabilisation Act

By Dearbhail McDonald Legal Editor

Friday December 24 2010

ANYONE leaking details of the Finance Minister‘s plans to deal with the banks under new legislation faces fines of up to €100,000 and a possible three-year jail term.

The secrecy surrounding the minister’s dealings with the banks under the new Credit Institutions (Stabilisation) Act was underlined yesterday when court proceedings were held in private.

Journalists were asked to leave the High Court as the Government sought an early morning hearing, held ‘in camera’, to deal with Allied Irish Bank (AIB).

There the Government secured an order allowing it to inject a further €3.7bn of state funds in to AIB — a move that has led to its effective nationalisation.

Sensitive

The plan to inject further capital in to AIB had been widely publicised in the media. But a news blackout was imposed on the facts and contents of the court application.

A legal provision allows all or part of a court application under the new banking law to be held ‘in camera’ to protect the publication “of any material that might be commercially sensitive”.

Restrictions can also be imposed on the publication or reporting of any commercially sensitive material disclosed in open court. The law also bans publication of the fact that the minister proposes to make or has made a proposed direction order.

– Dearbhail McDonald Legal Editor

 

Comment:

Are we now experiencing the first steps by the government to take away  the  freedom of the press.

 Court hearings in private and threats been made to patriots trying to get the truth out to the rightful masters of this country “The People” .Now where are you most likely to experience such state intervention  “Why North Korea would be a good place to start” !

Not only are the government forcing us to take on the debts of their pals the equally corrupt bankers we’re now experiencing the first steps of freedoms we have guaranteed by the Irish constitution been taken away from us  and again this is been done step by step drip by drip

This is the classic way all dictatorship start.

Cowen, Lenihan and their cronies are becoming more brazen as time goes by! 

Lying has become the norm for this government  

Random Market Observations

Submitted by
Sy Harding

Financial pundits are explaining the market’s recent gyrations as reactions to daily news and economic reports. Tuesday’s big decline was supposedly due to uncertainties created by the Irish debt crisis, North Korea’s shelling of a South Korean island, and the 2.2% decline in existing home sales, while the market ignored the positive upward revision of third quarter GDP.

Wednesday’s big rally was then supposedly due to the decline in unemployment claims, and that incomes rose 0.5% last month, slightly better than the 0.4% economists expected. In responding positively to those relatively minor reports, the market rally supposedly ignored the big plunge in Durable Goods Orders in October (the largest monthly decline since January, 2009), that new home sales fell 8.1% in October, worse than forecasts, while home prices declined further, and the inventory of unsold homes rose more than expected.

It’s much more likely that the market’s gyrations are technical in nature, caused by traders watching and reacting to the market’s struggle with short-term support and resistance levels.

After initially spiking up in reaction to the Fed’s QE2 decision, the market topped out at least temporarily two weeks ago. The Dow subsequently broke below the previous support at its 21-day moving average for the first time since the big rally began in early September. That no doubt got the attention of traders.

The Dow then rallied back up to its 21-day m.a. last week, where the question was whether it would break back above the m.a., and re-establish the m.a. as support for a resumption of the rally, or would find the m.a. to now be overhead resistance with the correction likely to continue.

The question remains unanswered. In Tuesday’s triple-digit decline the Dow clearly found the m.a. to be overhead resistance.

112410a

However, the Dow’s plunge Tuesday halted at the potential support at 11,000, as did its triple-digit decline a few days ago. So a lower high was created by the resistance at the moving average, but not a lower low on the pullback.

And on Wednesday it rallied off that potential support back up almost to its 21-day m.a. again. So the jury is still out on the market’s short-term prospects.

Meanwhile, global markets are just as interesting. I don’t have space to show individual markets, some of which are looking positive, some negative. But the next chart shows that global markets as a whole topped out with the U.S. market a couple of weeks ago (leaving a potential double-top in place). And after finding their 21-day moving averages to be overhead resistance, declined to a lower low last night and yesterday. That has the chart in a potential negative pattern of lower highs on rally attempts, and lower lows on the pullbacks from those rallies.

112410c

Of course it’s the longer-term outlook that is of more importance. But the current short-term situation is certainly interesting, and its outcome may be important to that longer-term outlook.

source https://machholz.wordpress.com/wp-admin/post-new.php

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