I'm going to Chicago next week for the American Bankers Association meeting. Oddly, I haven't been invited to the Roaring '20's dance party I hear they're having.
Why wouldn't they celebrate the era of wild money and hot times (which slid into the Great Depression)? After all, the bankers are doing well these days. more »
Normally, working-class people don't think much about the Federal Reserve and, as a recent article in The New York Times suggests, the Federal Reserve doesn't spend much time thinking about working-class people. more »
The Federal Reserve is already one of the most powerful and secretive institutions in Washington, long considered beyond the reach of lawmakers. more »
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Facing congressional criticism for secreting the names of the banks that have benefited from the trillions in Fed guarantees, swaps, loans, and what have you, the Federal Reserve has decided to hire a public relations pro to scrub its image and soothe the legislators. more »
alternet.org — The Federal Reserve's recent decision to grant Wall Street access to special borrowing facilities smells of special dealing for special interests. The decision subsidizes the biggest most powerful investment banks, thereby distorting financial markets in their favor. Behind the decision lies the problem of excessive representation of Wall Street interests within the Fed.
One in ten homes is “under water” – worth less than their mortgages. 2 million homeowners are headed to foreclosure. The shadow banking system verges on collapse. Banks across world are shaken. The world fears global recession. Fearful of a catastrophic unraveling, the Federal Reserve has slashed interest rates. more »
Is there any doubt, that the hierarchy of Bear Sterns will still receive huge bailout payments? Why is it that JP Morgan is will retain the rights to purchase the building even if their purchase FAILS within the 60 day time frame? Who else but our present administration could would and did concoct such a sweetheart deal to "rescue" their friends in time of need? more »
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