http://www.telegraph.co.uk/finance/comment/jeremy-warner/8090590/The-Fed-is-fuelling-the-catastrophe-of-fast-rising-raw-material-prices.html
It's called inflation and the Federal Reserve and Central banks (help) are the reason it's rising.
Their economic fix is making your meager life unaffordable.
The answer to this question, according to a recent OECD and UN Food and Agriculture Organisation report is a definitive no; global agricultural production is on track to satisfy the expected long-term increase in demand, the OECD reckons.
Yet it's little thanks to public policy, which in combination with the current craze among financial speculators for commodities, seems hell bent on driving up prices to what for millions of the world's poor may be starvation levels.
Showing posts with label Congressional hearings of the FED. Show all posts
Showing posts with label Congressional hearings of the FED. Show all posts
Thursday, October 28, 2010
Friday, October 22, 2010
Lawrence Kotlikoff - The Fed And Treasury's Actions Are Equivalent To Child Abuse
http://www.zerohedge.com/article/lawrence-kotlikoff-fed-and-treasurys-actions-are-equivalent-child-abuse
A few months ago we linked up to a Bloomberg interview with Boston professor Lawrence Kotlikoff who provided his justification for why the US is currently bankrupt (something about a few hundred trillion in off-balance sheet liabilities). Back then Koltikoff, aiming squarely at a specific NYT Op-Ed columnist, said "some doctrinaire Keynesian economists would say any stimulus over the next few years won’t affect our ability to deal with deficits in the long run. This is wrong as a simple matter of arithmetic. The fiscal gap is the government’s credit-card bill and each year’s 14 percent of GDP is the interest on that bill. If it doesn’t pay this year’s interest, it will be added to the balance. Demand-siders say forgoing this year’s 14 percent fiscal tightening, and spending even more, will pay for itself, in present value, by expanding the economy and tax revenue. My reaction? Get real, or go hang out with equally deluded supply-siders. Our country is broke and can no longer afford no- pain, all-gain 'solutions'." And just because nothing has changed, the professor is back to the crime scene this time making an even stronger case of bashing America's oligarchy for not daring to set off on the much needed path of austerity, something even the stereotypically more "fear-prone" French are willing to do (and strike every day along the way). Kotlikoff says: "This massive Ponzi scheme is turning the American Dream into the American Nightmare" adding that what the Fed is doing now is equivalent to "child abuse" and adding "If things continue as we adults have planned, our nation’s debt, measured as a share of gross domestic product, will reach Greek levels just when the grandkids start heading to work. At that point, simply stabilizing the debt-to-GDP ratio will require raising taxes by 50 percent, thereby lowering the grandkids’ living standard from 74 to 61." And it gets much worse. Read on for Kotlikoff's view on why the Fed should be banned by the Geneva Convention
A few months ago we linked up to a Bloomberg interview with Boston professor Lawrence Kotlikoff who provided his justification for why the US is currently bankrupt (something about a few hundred trillion in off-balance sheet liabilities). Back then Koltikoff, aiming squarely at a specific NYT Op-Ed columnist, said "some doctrinaire Keynesian economists would say any stimulus over the next few years won’t affect our ability to deal with deficits in the long run. This is wrong as a simple matter of arithmetic. The fiscal gap is the government’s credit-card bill and each year’s 14 percent of GDP is the interest on that bill. If it doesn’t pay this year’s interest, it will be added to the balance. Demand-siders say forgoing this year’s 14 percent fiscal tightening, and spending even more, will pay for itself, in present value, by expanding the economy and tax revenue. My reaction? Get real, or go hang out with equally deluded supply-siders. Our country is broke and can no longer afford no- pain, all-gain 'solutions'." And just because nothing has changed, the professor is back to the crime scene this time making an even stronger case of bashing America's oligarchy for not daring to set off on the much needed path of austerity, something even the stereotypically more "fear-prone" French are willing to do (and strike every day along the way). Kotlikoff says: "This massive Ponzi scheme is turning the American Dream into the American Nightmare" adding that what the Fed is doing now is equivalent to "child abuse" and adding "If things continue as we adults have planned, our nation’s debt, measured as a share of gross domestic product, will reach Greek levels just when the grandkids start heading to work. At that point, simply stabilizing the debt-to-GDP ratio will require raising taxes by 50 percent, thereby lowering the grandkids’ living standard from 74 to 61." And it gets much worse. Read on for Kotlikoff's view on why the Fed should be banned by the Geneva Convention
Tuesday, October 19, 2010
Whistleblower Speaks On Fraudclosure
http://www.zerohedge.com/article/whistleblower-speaks-fraudclosure
The Federal Reserve wants to initiate GE2 because all the crap that this person speaks about here has hit the fan, and the only way for the banks to clean it up is for the FED (who's your Daddy) to buy it up for them and stick the taxpayer with the tab.
How convenient.
The FED is a private banking institution America, it's made up of share holders like JP Morgan, Goldman..ect..
Their loyalty is not to the American economy, it's to their own.
This is a National Security problem.
It's called "High Treason".
It's one of those specifics written about in the Constitution of the United States.
The willful purpose of the devaluation of the Dollar.
The penalty is execution.
Zero Hedge has been approached by an individual who participated directly in the various aspects of what is now broadly known as Fraudclosure. The below narrative recounts his experience in the due diligence process of selecting loans for the MBS pipeline. And far more than just legalese "technicalities" or a broad abrogation of property rights, as he points out there is a far more palpable issue for all those who hold Mortgage Backed Securities or other pool aggregations of mortgage loans: "we have no idea what is in those packages." This coming from the person who helped pick, diligence and sort through the various loans...
Full exposition:
The truth behind the foreclosure crisis.
Yes, I am choosing to remain an anonymous coward. I just have been waiting this shoe to drop for a long time. The last thing I want to do is have to explain myself and get my ass sued for defamation. Not worth it.
This much I can tell you. We have no idea what is in those packages. I personally packaged billions in MBS which have been placed on public shelves. Those assets were underwritten by Goldman, Morgan or name your investment bank.
I started packaging loans as early as 2003, at the beginning of the crisis
The Federal Reserve wants to initiate GE2 because all the crap that this person speaks about here has hit the fan, and the only way for the banks to clean it up is for the FED (who's your Daddy) to buy it up for them and stick the taxpayer with the tab.
How convenient.
The FED is a private banking institution America, it's made up of share holders like JP Morgan, Goldman..ect..
Their loyalty is not to the American economy, it's to their own.
This is a National Security problem.
It's called "High Treason".
It's one of those specifics written about in the Constitution of the United States.
The willful purpose of the devaluation of the Dollar.
The penalty is execution.
Zero Hedge has been approached by an individual who participated directly in the various aspects of what is now broadly known as Fraudclosure. The below narrative recounts his experience in the due diligence process of selecting loans for the MBS pipeline. And far more than just legalese "technicalities" or a broad abrogation of property rights, as he points out there is a far more palpable issue for all those who hold Mortgage Backed Securities or other pool aggregations of mortgage loans: "we have no idea what is in those packages." This coming from the person who helped pick, diligence and sort through the various loans...
Full exposition:
The truth behind the foreclosure crisis.
Yes, I am choosing to remain an anonymous coward. I just have been waiting this shoe to drop for a long time. The last thing I want to do is have to explain myself and get my ass sued for defamation. Not worth it.
This much I can tell you. We have no idea what is in those packages. I personally packaged billions in MBS which have been placed on public shelves. Those assets were underwritten by Goldman, Morgan or name your investment bank.
I started packaging loans as early as 2003, at the beginning of the crisis
Thursday, September 30, 2010
Special Report: The ties that bind at the Federal Reserve
http://finance.yahoo.com/news/Special-Report-The-ties-that-rb-4283089889.html?x=0&sec=topStories&pos=4&asset=&ccode=
The friends of the FED just took on a whole new meaning, TARP does to for that matter.
Does Wall Street realise this occurs? They make such a big deal about the FMOC lol and now it comes out that many others have already have already had a sizable head start on that information in which to work with.
Talk about a corrupt setup. Any other company that pulled this would be busted for insider trading.
Doesn't knowing this just make those congressional hearings a big fat joke paid for off the expense of the taxpayer.
Isn't it funny how Hank Paulson never mentioned this bazooka hidden in his pants?
Now it's time to definitely end the FED.
To the outside world, the Federal Reserve is an impenetrable fortress. But former employees and big investors are privy to some of its secrets -- and that access can be lucrative.
On August 19, just nine days after the U.S. central bank surprised financial markets by deciding to buy more bonds to support a flagging economy, former Fed governor Larry Meyer sent a note to clients of his consulting firm with a breakdown of the policy-setting meeting.
The minutes from that same gathering of the powerful Federal Open Market Committee, or FOMC, are made available to the public -- but only after a three-week lag. So Meyer's clients were provided with a glimpse into what the Fed was thinking well ahead of other investors.
The friends of the FED just took on a whole new meaning, TARP does to for that matter.
Does Wall Street realise this occurs? They make such a big deal about the FMOC lol and now it comes out that many others have already have already had a sizable head start on that information in which to work with.
Talk about a corrupt setup. Any other company that pulled this would be busted for insider trading.
Doesn't knowing this just make those congressional hearings a big fat joke paid for off the expense of the taxpayer.
Isn't it funny how Hank Paulson never mentioned this bazooka hidden in his pants?
Now it's time to definitely end the FED.
To the outside world, the Federal Reserve is an impenetrable fortress. But former employees and big investors are privy to some of its secrets -- and that access can be lucrative.
On August 19, just nine days after the U.S. central bank surprised financial markets by deciding to buy more bonds to support a flagging economy, former Fed governor Larry Meyer sent a note to clients of his consulting firm with a breakdown of the policy-setting meeting.
The minutes from that same gathering of the powerful Federal Open Market Committee, or FOMC, are made available to the public -- but only after a three-week lag. So Meyer's clients were provided with a glimpse into what the Fed was thinking well ahead of other investors.
Wednesday, August 4, 2010
Secret Banking Cabal Emerges From AIG Shadows: David Reilly
http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aaIuE.W8RAuU
I'd say more like Timmy played the "system" rather than saved the system.
Congress never agreed to the bailout money being spent for the purpose of buying
credit default swaps, the "People" would have strung them up if they had.
This should be seen for exactly what it was: The junkies were caught without a fix and Timmy copped them a score on money they fronted from us the taxpayer, even after we told congress in an exceptionally loud voice.....NO BAILOUT
The House heard "Us" but the Senate chose to just ignore "The People", so that Timmy could do his dealing, and now because of Timmy's dealings the FED is the proud owners of all the garbage that Timmy arranged to buy for them, and the 30 million dollar a month payment for it, has only just begun and the FED is now foreclosing on people to ensure that, that payment is met.
Saving the System
Treasury Secretary Timothy Geithner was head of the New York Fed at the time of the AIG moves. He maintained during Wednesday’s hearing that the New York bank had to buy the insurance contracts, known as credit default swaps, to keep AIG from failing, which would have threatened the financial system.
The hearing before the House Committee on Oversight and Government Reform also focused on what many in Congress believe was the New York Fed’s subsequent attempt to cover up buyout details and who benefited.
By pursuing this line of inquiry, the hearing revealed some of the inner workings of the New York Fed and the outsized role it plays in banking. This insight is especially valuable given that the New York Fed is a quasi-governmental institution that isn’t subject to citizen intrusions such as freedom of information requests, unlike the Federal Reserve.
This impenetrability comes in handy since the bank is the preferred vehicle for many of the Fed’s bailout programs. It’s as though the New York Fed was a black-ops outfit for the nation’s central bank.
Geithner’s Bosses
The New York Fed is one of 12 Federal Reserve Banks that operate under the supervision of the Federal Reserve’s board of governors, chaired by Ben Bernanke. Member-bank presidents are appointed by nine-member boards, who themselves are appointed largely by other bankers.
As Representative Marcy Kaptur told Geithner at the hearing: “A lot of people think that the president of the New York Fed works for the U.S. government. But in fact you work for the private banks that elected you.”
And yet the New York Fed played an integral role in the government’s bailout of banks, often receiving surprisingly free rein to act as it saw fit.
I'd say more like Timmy played the "system" rather than saved the system.
Congress never agreed to the bailout money being spent for the purpose of buying
credit default swaps, the "People" would have strung them up if they had.
This should be seen for exactly what it was: The junkies were caught without a fix and Timmy copped them a score on money they fronted from us the taxpayer, even after we told congress in an exceptionally loud voice.....NO BAILOUT
The House heard "Us" but the Senate chose to just ignore "The People", so that Timmy could do his dealing, and now because of Timmy's dealings the FED is the proud owners of all the garbage that Timmy arranged to buy for them, and the 30 million dollar a month payment for it, has only just begun and the FED is now foreclosing on people to ensure that, that payment is met.
Saving the System
Treasury Secretary Timothy Geithner was head of the New York Fed at the time of the AIG moves. He maintained during Wednesday’s hearing that the New York bank had to buy the insurance contracts, known as credit default swaps, to keep AIG from failing, which would have threatened the financial system.
The hearing before the House Committee on Oversight and Government Reform also focused on what many in Congress believe was the New York Fed’s subsequent attempt to cover up buyout details and who benefited.
By pursuing this line of inquiry, the hearing revealed some of the inner workings of the New York Fed and the outsized role it plays in banking. This insight is especially valuable given that the New York Fed is a quasi-governmental institution that isn’t subject to citizen intrusions such as freedom of information requests, unlike the Federal Reserve.
This impenetrability comes in handy since the bank is the preferred vehicle for many of the Fed’s bailout programs. It’s as though the New York Fed was a black-ops outfit for the nation’s central bank.
Geithner’s Bosses
The New York Fed is one of 12 Federal Reserve Banks that operate under the supervision of the Federal Reserve’s board of governors, chaired by Ben Bernanke. Member-bank presidents are appointed by nine-member boards, who themselves are appointed largely by other bankers.
As Representative Marcy Kaptur told Geithner at the hearing: “A lot of people think that the president of the New York Fed works for the U.S. government. But in fact you work for the private banks that elected you.”
And yet the New York Fed played an integral role in the government’s bailout of banks, often receiving surprisingly free rein to act as it saw fit.
Thursday, May 6, 2010
European debt woes could hurt U.S., Fed says
http://finance.yahoo.com/news/European-debt-woes-could-hurt-rb-618440531.html?x=0&sec=topStories&pos=2&asset=&ccode=
Read that last highlighted paragraph and then remember Freddie Mac, which as a taxpaying citizen of the United States you are responsible for. Where do you think the FED is going to dump that 1.4 trillion worth of crap at?
The Federal Reserve is closely monitoring financial turbulence in Europe as it could have repercussions for the United States and its markets, policymakers at the central bank said on Thursday.
Thomas Hoenig, president of the Kansas City Fed, said the U.S. government should not neglect to address its own indebtedness, which he said could increase pressure on the central bank to keep rates low to "monetize" deficits.
Hoenig and Lacker, considered among the more hawkish members of the Fed, argued that the central bank should strive to "normalize" its balance sheet by selling some of the mortgage-backed debt acquired during the financial crisis.
In response to the most severe financial crisis since the Great Depression, the Fed not only cut interest rates effectively to zero but also purchased over $1.4 trillion in mortgage-backed securities.
"It makes sense...to begin normalizing our balance sheet in advance of raising rates," Lacker told the Virginia International Investors Forum. "Normalizing our balance sheet means reducing its size, (and) also returning to our traditional Treasury-only asset holdings."
Read that last highlighted paragraph and then remember Freddie Mac, which as a taxpaying citizen of the United States you are responsible for. Where do you think the FED is going to dump that 1.4 trillion worth of crap at?
The Federal Reserve is closely monitoring financial turbulence in Europe as it could have repercussions for the United States and its markets, policymakers at the central bank said on Thursday.
Thomas Hoenig, president of the Kansas City Fed, said the U.S. government should not neglect to address its own indebtedness, which he said could increase pressure on the central bank to keep rates low to "monetize" deficits.
Hoenig and Lacker, considered among the more hawkish members of the Fed, argued that the central bank should strive to "normalize" its balance sheet by selling some of the mortgage-backed debt acquired during the financial crisis.
In response to the most severe financial crisis since the Great Depression, the Fed not only cut interest rates effectively to zero but also purchased over $1.4 trillion in mortgage-backed securities.
"It makes sense...to begin normalizing our balance sheet in advance of raising rates," Lacker told the Virginia International Investors Forum. "Normalizing our balance sheet means reducing its size, (and) also returning to our traditional Treasury-only asset holdings."
Tuesday, January 12, 2010
New York Fed to be subpoenaed for AIG bailout docs
http://finance.yahoo.com/news/New-York-Fed-to-be-subpoenaed-apf-3658793558.html?x=0&sec=topStories&pos=1&asset=&ccode=
It never ceases to amaze me regarding the given powers to the FED considering that they are really only a private corporation.
Issa asked Towns to subpoena the New York Fed after the Federal Reserve blocked a separate request for documents.
The Fed told the special inspector general for the financial bailout not to provide documents Issa had requested as part of his investigation.
It never ceases to amaze me regarding the given powers to the FED considering that they are really only a private corporation.
Issa asked Towns to subpoena the New York Fed after the Federal Reserve blocked a separate request for documents.
The Fed told the special inspector general for the financial bailout not to provide documents Issa had requested as part of his investigation.
Monday, January 11, 2010
Federal Reserve Seeks to Protect U.S. Bailout Secrets
http://www.bloomberg.com/apps/news?pid=20601087&sid=aEfuO342uoj8
This is an attempt at a future CYA. Sub prime is over, alt A's and option arms resets have only just begun.
There will be a need for future banking bailouts. If the banks that are named, handed out enormous bonuses this year and then hit up the treasury for further help, all hell would break loose. The FED is trying to ensure that doesn't happen, by making sure the American public is kept in the dark.
The Federal Reserve asked a U.S. appeals court to block a ruling that for the first time would force the central bank to reveal secret identities of financial firms that might have collapsed without the largest government bailout in U.S. history.
The U.S. Court of Appeals in Manhattan will decide whether the Fed must release records of the unprecedented $2 trillion U.S. loan program launched after the 2008 collapse of Lehman Brothers Holdings Inc. In August, a federal judge ordered that the information be released, responding to a request by Bloomberg LP, the parent of Bloomberg News.
“This case is about the identity of the borrower,” said Matthew Collette, a lawyer for the government, in oral arguments today. “This is the equivalent of saying ‘I want all the loan applications that were submitted.’”
Bloomberg argues that the public has the right to know basic information about the “unprecedented and highly controversial use” of public money
This is an attempt at a future CYA. Sub prime is over, alt A's and option arms resets have only just begun.
There will be a need for future banking bailouts. If the banks that are named, handed out enormous bonuses this year and then hit up the treasury for further help, all hell would break loose. The FED is trying to ensure that doesn't happen, by making sure the American public is kept in the dark.
The Federal Reserve asked a U.S. appeals court to block a ruling that for the first time would force the central bank to reveal secret identities of financial firms that might have collapsed without the largest government bailout in U.S. history.
The U.S. Court of Appeals in Manhattan will decide whether the Fed must release records of the unprecedented $2 trillion U.S. loan program launched after the 2008 collapse of Lehman Brothers Holdings Inc. In August, a federal judge ordered that the information be released, responding to a request by Bloomberg LP, the parent of Bloomberg News.
“This case is about the identity of the borrower,” said Matthew Collette, a lawyer for the government, in oral arguments today. “This is the equivalent of saying ‘I want all the loan applications that were submitted.’”
Bloomberg argues that the public has the right to know basic information about the “unprecedented and highly controversial use” of public money
Tuesday, August 4, 2009
Timmy throws a tantrum
http://dealbook.blogs.nytimes.com/2009/08/04/geithner-said-to-lose-his-cool-at-regulators-meeting/
Just how bad does the FED want it's new powers? Badly enough I'd say to push the issue of the concerns about the consequences of the largest financial overhaul since the 30's into the closet.
The question is what's the rush Timmy and why?
Treasury Secretary Timothy Geithner blasted top regulators in an expletive-laden tirade amid frustration over President Barack Obama’s faltering plan to overhaul financial regulation, Reuters reported, citing a Monday story in The Wall Street Journal.
A person familiar with the meeting said that Mr. Geithner told regulators “enough is enough,” the newspaper said. The meeting took place last Friday with Federal Reserve Chairman Ben Bernanke, Securities and Exchange Commission Chairwoman Mary Schapiro and Federal Deposit Insurance Corporation Chairwoman Sheila Bair.
The Treasury secretary said regulators had been given a chance to air their concerns, but that it was time to stop, the newspaper said, citing the person.
A Treasury Department representative had no immediate comment. The Fed, the S.E.C. and the F.D.I.C. did not immediately return calls seeking comment.
Mr. Obama in June unveiled a financial regulatory overhaul, sometimes called the biggest since the 1930s. Among other things, the plan would give the Fed added powers
Just how bad does the FED want it's new powers? Badly enough I'd say to push the issue of the concerns about the consequences of the largest financial overhaul since the 30's into the closet.
The question is what's the rush Timmy and why?
Treasury Secretary Timothy Geithner blasted top regulators in an expletive-laden tirade amid frustration over President Barack Obama’s faltering plan to overhaul financial regulation, Reuters reported, citing a Monday story in The Wall Street Journal.
A person familiar with the meeting said that Mr. Geithner told regulators “enough is enough,” the newspaper said. The meeting took place last Friday with Federal Reserve Chairman Ben Bernanke, Securities and Exchange Commission Chairwoman Mary Schapiro and Federal Deposit Insurance Corporation Chairwoman Sheila Bair.
The Treasury secretary said regulators had been given a chance to air their concerns, but that it was time to stop, the newspaper said, citing the person.
A Treasury Department representative had no immediate comment. The Fed, the S.E.C. and the F.D.I.C. did not immediately return calls seeking comment.
Mr. Obama in June unveiled a financial regulatory overhaul, sometimes called the biggest since the 1930s. Among other things, the plan would give the Fed added powers
Friday, July 24, 2009
Congresswoman Kaptur: The Greatest Hail Mary Pass Of ALL TIME!
http://www.youtube.com/watch?v=ro_Pj...layer_embedded
Marcy Kaptur questioning Hank at the Congressional hearings last week.
The questions are hardball and Hank tries his best to field them
Marcy Kaptur questioning Hank at the Congressional hearings last week.
The questions are hardball and Hank tries his best to field them
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