The Federal Reserve, under orders from Congress, plans today to identify recipients of $3.3 trillion in emergency aid the central bank provided as it fought the worst financial crisis since the Great Depression.
Tomorrow, the Fed will begrudgingly release documents that may reveal which banks would have failed without a bailout.
- The phenomenon of “monetizing the debt” is nicely captured by the combined and long-term picture of the dollar and the 10-year Treasury yield. Specifically, it looks unsustainable.
Now, despite mounting evidence of borrower mistreatment, the Federal Reserve has proposed a rule that would disable the most effective legal tool that borrowers have to fight foreclosures.
In short, what this means is that if the bank violated black-letter law in making a loan to you the change would require you to pay off the entire principal before you could assert your rights and remedies.
Bernanke's QE II policy did nothing for jobs, nothing for bank lending, nothing for the real economy and had negative benefits for small businesses. However, the Fed did ignite a rally in the stock market and corporate bonds.
An entertaining, and no holds barred fictional look at what America's post QE4 future may look like.
The remarkable confluence of recent events has brought unprecedented but very welcome attention to both U.S. monetary policy and the global political economy in general. First, Federal Reserve Board Chairman Ben Bernanke recently announced