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Homeownership has long been a vibrant part of achieving the American Dream. But these days owning a home is more like starring in a horror flick, perhaps called Nightmare on Main Street. The numbers are frightening. Home prices are falling nationwide
My problem with the [bail out] is that the Fed saved this patient because it's a wealthy one. Saving the biggest investment banks in America is welfare for the rich. Would the Fed do that for you or me if we screwed up our investment portfolio?
Further Federal Reserve interest rate cuts appeared more likely after government reports showed a modest rise in inflation and that the housing market remained mired in a deep slump.
With momentum building for some form of taxpayer-funded housing rescue, what better time to check in with one of the most ardent bailout opponents, Republican Rep. Ron Paul of Texas? Excerpts from an interview:
``The markets actually have control over those relationships. When people say strong dollar, if they don't mean that `we believe intervention can work and we're prepared to intervene,' then `strong dollar' is ridiculous.''
They may as well have reaffirmed their belief in the tooth fairy. Paulson reaffirms a commitment to a strong dollar every week without once ever affirming what it would take to change the long term trend.
Dare I ask again "what exactly is the plan?" Certainly we have not seen openness or transparency. Instead we have seen lies, deceit, and an alphabet soup of facilities that encourage lies and deceit.
They ride on Gulfstreams, set the global agenda, and manage the credit crunch in their spare time. They have more in common with each other than their countrymen. Meet the Superclass. To get a sense of how the world's elite acts in a moment of
Logically speaking, this proposal would have the Fed guarantee all bank and broker dealer debt simply by touching it. And this is not a "cool idea", it's insanity. The Fed is not King Midas.
``In the U.S. or the eurozone, people couldn't tell you what the exchange rate is,'' Frosti Olafsson, an economist at the Iceland Chamber of Commerce, said over Viking beer. ``Here, it's a hot topic, something people talk about over c
The government/quasi-government body most responsible for creating this mess (the Fed), will attempt a big power grab, purportedly to fix whatever problems it creates.
The Federal Reserve, still working to combat the effects of a severe credit squeeze, said it had auctioned another $50 billion to cash-strapped banks. The Fed auction marked the ninth in a series that began in December that pumped $310 billion in sho
The government and the FED have worked together to create this crisis. They will work together to cover up the effects of prior policies. This will lead to even greater crises.
Former Federal Reserve Chairman Paul Volcker questioned the central bank's decision to rescue Bear Stearns Cos. with a $29 billion loan, saying it was at "the very edge'' of its legal authority. [wow]
Former Federal Reserve Chairman Alan Greenspan said the U.S. economy was in recession, and said it would be appropriate to tap public funds to resolve the mortgage-related crisis that has helped pull the economy under.
Members of the U.S. Federal Reserve's policy-setting committee worried at their most recent meeting that housing and financial market stress could trigger a nasty slide in the economy, even as inflation pushed higher.
Below are excerpts from a court case proving the Federal Reserve system's status. As you will see, the court ruled that the Federal Reserve Banks are "independent, privately owned and locally controlled corporations", and there is not
Entered By: Powell Gammill
Beck sets the scene for where he wants his show to go, but then starts out with a live interview of Ron Paul on the Capital Hill steps. (I am guessing right before or after he will be grilling Fed Chair Bernanke.)
Republican presidential candidate Rep. Ron Paul questions Federal Reserve Chairman Ben Bernanke at Joint Economic Committee on April 2nd, 2008. (video)
A medium-run risk – the most important – is of a disorderly flight from dollar assets that makes Federal Reserve monetary policy ineffective, blunting its sword.
We have been in the midst of an end run by the Federal Reserve (FED) around Congress. The FED is about to be given authority to regulate the nation's largest non-commercial financial institutions, including stocks and commodities. (must read)
Scandinavian central banks told The Daily Telegraph that Fed strategists had stepped up contacts to learn how Norway, Sweden and Finland managed their traumatic crisis from 1991 to 1993, which brought the region's economy to its knees.
"It would be Congress and the president essentially giving a blank check to a regulator over which they have very little power,'' said a professor at the Univ. of Maryland. His proposal will "allow Wall Street to do whatever they wa
Be it ever so devalued, $1 trillion is a lot of dough. That's roughly on a par with the Russian economy. More than double the market value of Exxon Mobil Corp. About nine times the combined wealth of Warren Buffett and Bill Gates.
Fascist Nation
One of the things Ron Paul and Aaron Russo have done is expose the Federal Reserve for what it is: A rip-off conducted with the approval and conniving of the federal government. More young people are aware of who and what the Fed
Fascist Nation
One of the things Ron Paul and Aaron Russo have done is expose the Federal Reserve for what it is: A rip-off conducted with the approval and conniving of the federal government. More young people are aware of who and what the Fed
“The Fed oversaw this meltdown,” said Michael Greenberger, a law professor at the University of Maryland. “This is the equivalent of the builders of the Maginot line giving lessons on defense.”
In proposing the broadest overhaul of financial oversight since the Great Depression, the Bush administration has kicked off a fierce debate. It pits those eager to revamp an antiquated system against an industry opposed to excessive regulation.
Hillary Rodham Clinton, Barack Obama and John McCain have diagnosed the swooning economy and come up with rival plans to revive it. One will get a chance to try to sell their proposal to Congress as president. [3 plans, no difference, print money]
This is how the US went bankrupt in 1971, and has been covering it up through an accelerating whack-a-mole borrowing frenzy that is bursting right now. It has been paying rapidly growing VISA bills using MasterCard and vice versa for 37 years.
