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Monthly Archives: May 2010

In response to Ben Bernanke’s claim of Fed independence

Federal Reserve Chairman Ben Bernanke gave a speech at the Bank of Japan on the importance of central bank independence and transparency… Chairman Bernanke espoused a lot of platitudes… but the reality of the Fed’s actions is their deep entanglement with the administration, Congress and Wall Street… I think we will be hearing more speeches […]

The American people would like an explanation

Have a look at this video to get an idea of the true fire of democracy… Senator Jeff Merkley, of Oregon, uses his heart and soul to push back against the power of Wall Street… Kudos to Senators Merkley, Harkin, Levin, Dorgan, Cantwell, Lincoln, Kaufman, Whitehouse and all others who have taken to the floor […]

Kite flying

From FT Alphaville some comments from Tullett Prebon economist Lena Komileva on the similarities and differences between the growing Euro sovereign contengion and Lehman’s collapse… Basically she’s saying it’s an order of magnitude bigger this time… or maybe two orders of magnitude… ~~~ “…The current episode of the global crisis is similar to the crisis mechanism […]

Let the sunlight in…

Conservatives and progressives worked together to support Senator Sanders in his quest to have the Federal Reserve audited. Kudos to Senator Sanders. We took a big step forward  in reclaiming our nation today. Bloomberg reporting… ~~~ “The Senate approved an amendment to the regulatory-overhaul bill authorizing a one-time audit of the Federal Reserve’s emergency-lending programs, […]

The continuing expansion of the Federal Reserve’s scope

From Washington’s Blog: ~~~ “On Tuesday, I wrote: The Fed argues that an audit would interfere with its monetary policy decisions. [But] decisions about what toxic assets should be accepted by the Fed as collateral, how such assets should be valued, and who bailout funds should be given to are wholly separate from the Fed’s core monetary […]

AUDIT THE FED

President Obama should do Americans a favor and get behind the AUDIT THE FED amendment rather than fighting it. His actions in this matter subvert every campaign promise he made about accountability and transparency. When Congress passes the Sanders “AUDIT THE FED” amendment today important information will be audited by the Government Accountability Office such […]

Euro crush

From the brilliant graphics team at the New York Times… ~~~ “Banks and governments in these five shaky economies owe each other many billions of euros — converted here to dollars — and have even larger debts to Britain, France and Germany. Arrow widths are proportional to debt amounts.” ~~~ What is the solution? Haircuts… […]