Ron Paul takes on evil fed chairman Ben Bernanke. Opening Statement and Q&A. 7-16-2008
Federal Reserve Chairman Ben Bernanke continues with his semi-annual testimony before Congress Wednesday morning. Bernanke will face Dr. Paul and the Congressional Committee on Financial Services on Wednesday July 16 at 10:00 a.m. EDT
Shorting curbs cannot possibly help when the problem is solvency not liquidity. In spite of the announcement, shares of Fannie and Freddie are down another 19% each as of 1:40 PM Central.
The Securities and Exchange Commission said Tuesday that it will try to limit so-called "naked" short selling of shares in Fannie Mae, Freddie Mac and big brokerage firms.
How can you have any reasonable economic policy when the chairman is scared half to death to discuss interest rates and money supply?
The head of the Federal Deposit Insurance Corporation says the nation's banking system is sound and Americans' deposits in banks are "overwhelmingly" safe. [and we can seize them at any time...oh, you mean monetary deposits, well ..
He says as the Feds are busy worrying about “the big boys”—Fannie and Freddie—hundreds, maybe thousands, of smaller, regional banks will now realize they have no savior.
Is the Fed going to investigate Lehman? Paulson? Bernanke? Seriously, this is ridiculous. The financial institutions are getting hammered because they are undercapitalized by any rational measure. Earnings suck and are going to...
I think we're in about the second inning." (That guess is not so dissimilar to that of a friend I call the "Lord of the Dark Matter," who says he doesn't know what inning it is but is sure it's going to be a double-header
Investors should avoid most financial companies because their shares will probably keep declining. "Stay away from these stocks....There's an awful lot of fires that need to be put out. I'm concerned about how we get them all out,'**
Comments from Lehman Brothers that beleaguered thrift Washington Mutual Inc. could see $26 billion in total losses from items on its balance sheet and struggling National City Corp. being forced to assert it is still creditworthy only added to the an
The Treasury Dep't.'s plan to shore up Fannie Mae and Freddie Mac is an "unmitigated disaster'' and the largest US mortgage lenders are "basically insolvent,'' according to investor Jim Rogers. Taxpayers will be sadd
I noticed a line out of my local WAMU branch this morning. I then drove a few miles away and saw another branch with many people in line. I talked to someone there and they said the lines started before the bank opened and many people are sweeping th
``They're ruining what has been one of the greatest economies in the world,'' Rogers said. Bernanke and Paulson ``are bailing out their friends on Wall Street but there are 300 million Americans that are going to have to pay for this.
Paulson now seems to be acting on the principle that as long as one is telling lies there is no additional harm in doing it with gusto. Otherwise it is very hard to explain how an "unlimited lending line"can possibly have "terms and co
Some officials briefed on the plan said Congress could be asked to extend the total line of credit to the institutions to $300 billion. The actions, which could provide an overwhelming surge of capital to the companies, were the second time in four m
The two groups together account for more than half of America’s $12,000 billion of outstanding mortgages. A failure of Freddie and Fannie would drive up mortgage payments significantly as a crucial source of financing dried up and would have a domino
Much of the private money that once surged into the mortgage industry has fled in a panicked horde, leaving most of the responsibility for financing American homes to the government-sponsored Fannie and Freddie. By the first three months of this year
But the troubles are growing so rapidly at some small and midsize banks that as many as 150 out of the 7,500 banks nationwide could fail over the next 12 to 18 months, analysts say. Other lenders are likely to shut branches or seek mergers.
The Federal Reserve and the Treasury announced steps Sunday to shore up mortgage giants Fannie Mae and Freddie Mac, whose shares have plunged as losses from their mortgage holdings threatened their financial survival.
"Operation Rescue Fannie" has now morphed into a taxpayer bailout of Bill Gross, China, and anyone else that levered into buying Fannie Mae garbage. It is a moral hazard to the highest degree, for bondholders to be made whole in this mess.
Never again will so many assets be handed off to regulators and corrupt apparatcheks for “distribution” to the privileged. This may make the “privatization” of the Soviet Union to Russian oligarchs look like a cake walk.
There is $376 Billion in Chinese Agency Bond Holdings Subject to Taxpayer Bailout Proposals According to FreedomWorks Analysts.
Now this “the emperor has no clothes” farce has been revealed to be what it always was: a high-flatulin “moral hazard” farcical rhetoric with zero substance and credibility.
U.S. banking regulators swooped in to seize mortgage lender IndyMac Bancorp Inc on Friday after withdrawals by panicked depositors led to the third-largest banking failure in U.S. history. California-based IndyMac, which specialized in a type
Ben Bernanke and Treasury Secretary Henry Paulson told Congress Thursday that new regulatory powers are needed to insulate the national economy from damage if a big Wall Street firm were to fail.
Paulson's statement "Institutions Must Be Allowed To Fail" is in reality an implicit admission the Fed is powerless to stop a credit implosion. We have finally reached the point at which the mess is too big to bail
The nation's top economic officials urged Congress on Thursday to give them new regulatory tools to better protect the country from economic and financial havoc if a major Wall Street firm were to fail.
Jim Rogers says Asia is the wave of the future, the dollar is a terribly flawed currency and he doesn't want to own any, oil will certainly pass $200/barrel soon, and the (privately owned) Federal Reserve will disappear within the next decade.
Are Federal Reserves Notes fake money? They are neither money nor real notes and are the main cause of the current economic disaster. When gangs of psychopaths impose the medium of exchange by way of "legal tender laws" and "prosecutio