. .Today thousands of signatures were delivered to the offices of Tennessee Congressman John Tanner and United States Senators for Tennessee Bob Corker and Lamar Alexander by non-partisan constituents in a grass roots effort to encourage an audit of
The outcome of the Net Present Value test run on the Illinois homeowner “NPV Test: Failed.” That was the red-lettered verdict on the computer screen of a CitiMortgage negotiator in June. The result: An 83-year-old widow in Illinois was denied a l
who screwed America...Bush was clueless and intimidated by Treasury Secretary Hank Paulson, according to a GW speechwriter. Here they come, the Bush year tell alls. A GW speechwriter, Matt Latimer, is the first one out of the gate spilling the dir
The Federal Reserve Bank of New York bought $2.049 billion in Treasurys on Tuesday, in the first of two buybacks this week. Dealers submitted $7.004 billion in debt maturing between 2021 and 2026 to the Fed. Analysts expected the central bank to buy
When Warren Buffett wanted to better understand derivatives, he invited Janet Tavakoli to Omaha. He knows Janet gets the game. She is currently warning about AIG and notes that any future profits at AIG will be phony. She says the government may use
I read the Jim Rogers article and remembered this clip from June. In fact, as Judge Napolitano notes in the video , if the proposals Obama is calling reform regulations are pushed onto the American people today are implemented it will amount to a fin
A recent poll conducted by highly respected Rasmussen Reports found that 75 percent of Americans support an audit of the Federal Reserve, our Nation’s secretive, quasi-governmental central bank.
Judge throws out $33M SEC-BofA settlement, orders trial; Cuomo preparing to file charges
I guess they think no one will ever read the Federal Reserve's Report. “The Next Phase of Government Financial Stabilization and Rehabilitation Policies” If you do you will see things do not appear so rosy.
This is a movie by the BBC they say is based on actual events. It is quite entertaining though I would question the choice of the actor playing Tax Cheat Tim. Here is a teaser the full video can be seen on Wise Vid Courtesy of EPJ
The US economy has not really recovered from last year’s financial crisis, and the policies of the Federal Reserve, the US’s central bank, are ensuring that the suffering will continue much longer than necessary, US House Rep. Ron Paul told CNN.
(I would REMIND you when reading these the proposed obama regulations have no teeth no enforcement!) A year after the financial system nearly collapsed, the nation's biggest banks are bigger and regaining their appetite for risk. Goldman Sachs [GS
In a world of systemic instability, reserves mean power. Reserves mean you can defend your currency, stabilise your banking system and boost your economy without resorting to yet more borrowing – or, worse still, the printing press. More than half o
Joseph Stiglitz, the Nobel Prize- winning economist, said the U.S. has failed to fix the underlying problems of its banking system after the credit crunch and the collapse of Lehman Brothers Holdings Inc. “In the U.S. and many other countries, the
Or so we were told... Remember, the values at which subprime mortgage bonds were trading at reflected "irrational fear" and "unreasonable expectations of default." Really? As of last week, the ABX index of sub-prime mortgage debt showed th
Wessel begins with the collapse of Lehman Brothers, as the crisis climaxed. We see the government acting as the ultimate investment banker, an ur-manager for the too-big-to-fail. Bernanke, Geithner, and Paulson shuttle between New York and Washington
The Federal Reserve said Friday that second-quarter banking conditions in the 10th Federal Reserve District, which includes Kansas City, exhibited similar deteriorating conditions as those found nationwide, though not as severe. The Fed said in a
Since its birth, the United States has grappled with the problem of an over-mighty financial sector. With the exception of Alexander Hamilton, the Founders' vision was of a republic of self-reliant farmers and small-town tradesmen. The last thing they wanted was for New York to become the London of the New World—a mammon-worshiping metropolis in which financial capital and political capital were rolled into one. That was why there was such resistance to creating a central bank, and why—despite two attempts—we have no Bank of the United States to match the Bank of England. That was why populists railed against the adoption of the gold standard after the crash of 1873. That was why there was so much suspicion when the Federal Reserve System was created in 1913. That was why government regulation of Wall Street was so strict from the Depression until the 1970s.But now, barely a year after one of the worst crises in all financial history, we seem to have returned to the Gilded Age of t
The last domino of the big three has fallen: Corus Bank has been seized by the OCC. The bank, with $7 billion in assets and deposits, will transfer $3 billion of its assets to MB Financial Bank and all of its deposits. How nice of the FDIC to stick taxpayers with $4 billion in "assets" and no deposits against them. "The FDIC will retain the remaining assets for later disposition. The FDIC plans to sell substantially all of the remaining assets of Corus Bank in the next 30 days in a private placement transaction." The cost to the FDIC, pulled straight out of the rose-colored kaleidoscope, will be $1.7 billion.
Warning: Watch the below video without prior ingestion of Xanax, lithium and/or horse tranquilizers at your own risk. Grandma Janet sounds like an insane and/or senile bureaucrat who does not want to admit that she was one of the select cabal of monetary druids whose mistakes essentially destroyed the financial world a year ago... and their reaction to this destruction has made sure that the US economic system is now promptly heading either toward hyperdeflation or hyperinflation (likely both). Nonetheless, some interesting quotes: And, For The Win: "The Fed's analytical prowess is top notch, and our forecasting record is second to none. The FOMC is committed to price stability and has a solid track record in achieving it."
Reports of Corus Bank's failure had surfaced earlier Friday. The Corus failure will cost the federal deposit-insurance fund $1.7 billion.Brickwell Community Bank is the third bank to fail in Minnesota this year, and will cost the deposit-insurance fund $22 million
Now that the Fed has declared that the recession has ended and green shoots are everywhere, the next obvious part of this journey will have to be the unwinding of the massive amounts of stimulus and thin-air money that has been injected into the system. Certainly after watching the risk-money out-chasing junker stocks well up off their lows, we can surmise that the speculative animal juices are flowing again and that the Fed might want to consider taking away the punchbowl. Instead, today the Fed bought another $18.8 billion net ($32.4 billion gross) in agency mortgage-backed securities, which represents the exchange of thin-air money for GSE MBS paper. So far, all that we know about is that the Fed is talking about how to take the punchbowl away but that bankers are warning the Fed to "go slow."
* Fed had said disclosure could hurt banks, economy * Different judge ruled for Bloomberg News in similar case NEW YORK, Sept 9 (Reuters) - Fox News Network LLC on Wednesday appealed a U.S. judge's decision not to force the U.S. Federal Reserve to reveal the names of participants in its emergency lending programs. The news network, part of Rupert Murdoch's News Corp. (NWSA.O) filed with the 2nd U.S. Circuit Court of Appeals seeking to over turn a July 30 ruling by U.S. District Judge Hellerstein that denied the network's Freedom of Information Act (FOIA) request of the U.S. central bank.
The Federal Reserve was to play a major role in the Obama Administration’s proposed regulatory overhaul of the financial system, but Congress may stand in the way. Many Senators have lost confidence in the Federal Reserve and are now moving a different route for financial regulatory reform. A new piece of legislation taking shape in the Senate’s Banking Committee would give the Federal Reserve far less authority than the Obama administration had originally thought when it proposed the reforms that it had unveiled in June. Why the change? Senators from both sides of the aisle have lost confidence in the Fed in the wake of the worst financial crisis since the Great Depression, challenging every from the central bank’s lack of transparency to its ability to protect consumers.
Fox News Network appealed a U.S. judge's decision not to force the
U.S. Federal Reserve to reveal the names of participants in its
emergency lending programs.
It was commercial paper and the $3.6 trillion money market industry that traded the notes that came close to sinking the global economy -- not a breakdown in credit-default swaps or bank-to-bank lending. The bankers were focused on saving themselves, and commercial paper, as invisible as the air they breathed, never came up at the meetings, according to one of the two dozen executives invited to the New York Fed by its president, Timothy F. Geithner, 48, and Paulson. ‘Erosion of Trust’
Whether we’re talking about fiscal or monetary fine-tuning, all the technocrats efforts at taming the business cycle in the past 40 years appear no more successful than the pre-Fed policies of doing without a central bank and doing without deferred tax increases (debt-financed “fiscal stimulus” plans).
(Irony?) This blog is all about empowering consumers (whether you have been mugged or not) to protect their money and sensitive personal information. Last week, the Federal Reserve Board (FRB) issued a warning to consumers to be aware of: "... fraudulent solicitations that appear to be made with the approval or involvement of the Federal Reserve, Federal Reserve officials, or other U.S. government officials. These solicitations promise bogus financial services or large sums of money in exchange for either payment or personal information that can then be used to access a consumer's bank account."
The Federal Reserve, through its extensive network of consultants, visiting scholars, alumni and staff economists, so thoroughly dominates the field of economics that real criticism of the central bank has become a career liability for members of the profession, an investigation by the Huffington Post has found. This dominance helps explain how, even after the Fed failed to foresee the greatest economic collapse since the Great Depression, the central bank has largely escaped criticism from academic economists. In the Fed's thrall, the economists missed it, too. "The Fed has a lock on the economics world," says Joshua Rosner, a Wall Street analyst who correctly called the meltdown. "There is no room for other views, which I guess is why economists got it so wrong."...
Although a number of countries, including China and Russia, have suggested replacing the dollar as the world's reserve currency, the UNCTAD report is the first time a major multinational institution has posited such a suggestion.
In essence, the report calls for a new Bretton Woods-style system of managed international exchange rates, meaning central banks would be forced to intervene and either support or push down their currencies depending on how the rest of the world economy is behaving.
The proposals would also imply that surplus nations such as China and Germany should stimulate their economies further in order to cut their own imbalances, rather than, as in the present system, deficit nations such as the UK and US having to take the main burden of readjustment.