Since I’ve been critical of the unstable monetary policy of Greenspan, Bernanke and the Fed for many years, I can’t help myself but to respond to Greenspan’s editorial today in the Wall St Journal, where he pleads ‘not guilty’ for causing the housing
“We must have a strategy that regulates the financial system as a whole, in a holistic way, not just its individual components,” Bernanke said in a speech to the Council on Foreign Relations.
Investor Jim Rogers said the Federal Reserve will probably start buying Treasuries to keep borrowing costs down, postponing a rout in U.S. government debt.
Senator Bernie Sanders seems to be the only member of the Washington party with the guts to ask Ben Bernanke who received $2.2 Trillion from the Federal Reserve.
The Fed refused yesterday to disclose the names of the borrowers and the loans, alleging that it would cast “a stigma” on recipients of more than $1.9 trillion of emergency credit from U.S. taxpayers...
The U.S. recession is dragging down almost every industry in almost every part of the country and businesses do not expect conditions to improve until late this year at the earliest, according to a Federal Reserve report released yesterday.
Even with that $163 billion going Goldman, Citigroup, JPMorgan or whoever, and even with a further $300 billion in guarantees to Citigroup and another $100 billion in guarantees to Bank of America, the banking system is still insolvent.
“Concerns about supply and the credit worthiness of the U.S. are driving the market,” said Peter Mueller, a Frankfurt- based fixed-income strategist at Commerzbank AG. “The economic situation means the budget deficit will explode further.”
A U.S. senator berated Federal Reserve Chairman Ben Bernanke on Tuesday for refusing to name banks that borrow from the central bank, and said he would introduce legislation requiring public disclosure.
"Right now, small businesses across the country, who played by the rules, paid their bills on time, can't get a line of credit, while AIG seems to have an open spigot for taxpayer money," said Senator Ron Wyden, a Democrat.
The Federal Reserve rolled out a much-awaited program aimed at boosting the availability of credit to consumers and small businesses. The Fed will lend up to $200 billion to spur consumer lending — for autos, education, credit cards and other consume
Federal Reserve Chairman Ben S. Bernanke said policy makers may need to expand aid to the banking system beyond the $700 billion already approved and take other aggressive measures even at the cost of soaring fiscal deficits.
To put the $18.9 billion figure in perspective, consider FDIC’s estimate for insured deposits at the two major banks closest to collapse—Citi and BofA: $103 billion and $449 billion respectively. And those figures understate the total...
That they would take an equity stake in a firm based in Hong Kong is beyond outrageous.
CNBC anchors were left dumbfounded and acted overtly cantankerous yesterday after Congressman Ron Paul’s opening statement at the House Financial Services Committee was broadcast live to an audience of millions.
The federal insurance fund that protects most bank deposits is being drained by a sharp rise in bank failures and has dwindled to its lowest level since 1993, the Federal Deposit Insurance Corp. reported yesterday.
Ron Paul denounces the Federal Reserve System on the House floor, 2-25-2009.
The total debt burden on the economy as a whole could reach $70 trillion by 2010, with annual interest payments for individuals, households, businesses, and all levels of government likely to reach $3 trillion out of a $14 trillion GDP...
The only reason banks are not on an "out-of-control course to nationalization" is Bernanke is on an "out-of-control" mission to rescue banks regardless of what it costs taxpayers.
One of the lunch regulars, Dave the BondMan, notes for to our suprise that the Rate for a Credit Default Swap, the cost of insuring against default, on a 5 Year US Treasury Note is now a full 100 basis points.
The game Bernanke is playing will allow the Fed to slowly bleed taxpayers to death by 100 tiny cuts. Each cut will allow the Fed to inject taxpayer blood (capital) in drips to the banks while pretending the cancerous patient is in good health.
In just recent weeks, the federal government has designated billions of tax dollars for bank bailouts, including vast quantities to quasi-government agencies that helped create the economic crisis; billions more for automakers, and billions more for
This week the Federal Reserve responded to the American people’s increased concerns over our monetary policy by presenting new initiatives aimed at enhancing the Fed’s transparency and accountability. I was pleased to see the Fed acknowledge the legi
The Fed would prop up the CMBS market by lending against the securities for a five-year term rather than three years, and taking as collateral existing debt...
“Overseas investors are looking for the full-faith-and- credit clarification,” Goodman said. Such a pledge would essentially about double the U.S.’s debt, potentially boosting the country’s own borrowing costs.
You will notice a dramatic change in this chart starting 18 months ago. The information I have tells me that this chart will look much worse by the time we have Jack-O-Lanterns in American's front yards.
“The process of socializing the private losses from this crisis has already moved many of the liabilities of the private sector onto the books of the sovereign,” said Roubini. “At some point a sovereign bank may crack.”
The credit bubble that just popped exceeded that preceding the great depression, not just in the US but worldwide. Thus, it is unrealistic to expect the deflationary bust to be anything other than the biggest bust in history
The whorehouse was framed and shingled in 1913. Lace curtains and mood lighting soon followed, along with soft music and wafting perfumes redolent of raw power and insatiable hunger. Now it's Open House, Open Bar, and All You Can Eat. The fren
It could take years for the nation to fully bounce back from the recession, according to new projections by the Federal Reserve, who indicated even once the economy starts expanding again, it will be an "unusually gradual and prolonged" rec