Ron Paul vs. Ben Bernanke
• YoutubeRon Paul takes on evil fed chairman Ben Bernanke. Opening Statement and Q&A. 7-16-2008
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Federal Reserve
Bernanke vs. Ron Paul – Live - Wed July 16, 10AM EDT
Ernest HancockFederal 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
SEC Panic - Shorting Curbs Placed On GSE Stocks
• Michael Shedlock / MishShorting 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.
SEC Prepares for Perfect Storm: No Naked Short Selling of Freddie and Fannie
• Mortgageimplode.comThe 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.
Bernanke's Hogwash
• Michael Shedlock / MishHow can you have any reasonable economic policy when the chairman is scared half to death to discuss interest rates and money supply?
FDIC chair: deposits in nation's banks are safe
• APThe 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 ..
After IndyMac, Who's Next? Downey Financial?
• cnbc.comHe 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.
How Many Bullets Does The Fed Have Left?
• Michael Shedlock / MishIs 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...
Credit Fallout is Just Beginning - by Bill Fleckenstein
• articles.moneycentral.msn.comI 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
Avoid Financials as Bank 'Fires' Continue, Laszlo Birinyi Says
• BloombergInvestors 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,'**
WaMu Could See $26 billion in Losses
• CalculatedRisk.blogspot.comComments 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
Fannie Plan a 'Disaster' to Jim Rogers; Goldman Says Sell!!!!
• BloombergThe 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
Something Happening at WAMU This Minute!
• MrMortgage.ml-implode.comI 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
Jim Rogers: Freddie and Fannie Bailout "Unmitigated Disaster"
• Bloomberg.com``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 Crosses Rubicon and Lands In 5th Dimension
• Michael Shedlock / MishPaulson 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
Treasury Acts to Save Mortgage Giants
• NY TimesSome 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
US Treasury ready to put billions into bailout of America’s mortgage system
• London TimesThe 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
Government as the Big Lender
• NY TimesMuch 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
Analysts Say More Banks (150) Will Fail Next Year
• NY TimesBut 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.
US spells out Fannie-Freddie backstop plan
• APThe 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" Underway - Paulson a Blatant Liar
• Michael Shedlock / Mish"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.
U.S. Economy: Take Downs and Drawing the Wrong Straw
• WallStreetExaminer.comNever 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.
U.S. Taxpayer Bailout of China Over Fannie Mae
• Michael Shedlock / MishThere is $376 Billion in Chinese Agency Bond Holdings Subject to Taxpayer Bailout Proposals According to FreedomWorks Analysts.
Nature of the Fannie Mae Bailout
• Michael Shedlock / MishNow 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.
Bank Failure: IndyMac as financial troubles spread
• ReutersU.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
Bernanke, Paulson Urge More Regulatory Powers (Video)
• YouTubeBen 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.
Fannie and Freddie Waterfalls Are Too Big to Bail
• Michael Shedlock / MishPaulson'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
Fed chief: Gov't needs more power when firms fail
• APThe 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.
The Dollar is Doomed and the Fed's Days are Numbered
• YoutubeJim 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.
Fake Money - Gas prices & housing crash<br>by Marc Stevens
• YoutubeAre 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
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