Ron Paul’s Audit the Fed Bill Passes House Easily

By: Thursday July 26, 2012 6:10 am

In addition to the strangely filibuster-free passage of the Democratic tax cut plan in the Senate, the House did some legislating yesterday as well, which reminded us just how far we’ve come in a few short years. Before the bailouts, Ron Paul put up his bill to audit the Federal Reserve almost every year. And [...]

Federal Reserve Returns to Same Old Failed Solutions to Economic Problems

By: Wednesday July 25, 2012 8:15 am

After watching as they missed both their employment and inflation targets, the Federal Reserve pronounced themselves ready to act, but in the same sluggish, ineffective ways they have over the past couple years: Fed officials could take some actions in combination or one after another. Fed Chairman Ben Bernanke, in testimony to Congress last week, [...]

House Republicans Plan Bush Tax Cut Vote This Summer

By: Friday May 25, 2012 10:59 am

The renewed battle over the expiring Bush tax cuts, which has begun with Republicans clear on their goals and Democrats mired in confusion, will begin over the summer with the House of Representatives set to vote on a full extension in July. House Republican leaders on Friday unveiled a legislative calendar for the summer, revealing [...]

Bill to End Conflict of Interest at Federal Reserve Is First Step to Operationalizing Fed Audit

By: Wednesday May 23, 2012 8:17 am

Elizabeth Warren has been talking about the conflict of interest inherent in having Jamie Dimon sit on the board of directors of the Federal Reserve Bank of New York. Timothy Geithner even recognizes a problem, though he limits it to the appearance of impropriety rather than the impropriety itself. Now there’s actual legislation to go [...]

Initial Fed Audit Shows Web of Conflict of Interest

By: Friday July 22, 2011 10:34 am

Matt Stoller, who worked on Capitol Hill from 2009-10, writes that the Dodd-Frank Act made no structural changes to the banking system, and that his main focus, the audit the Fed amendment, merely allowed “for the beginning of a real debate over our monetary system.” We don’t really have real debates on much of anything [...]

Bailouts Inflated Biggest US and Foreign Banks, Let Community Banks Rot

By: Tuesday December 28, 2010 7:02 am

I have so many problems with the narrative that TARP and the bank bailouts in general were an unqualified success that I don’t know where to begin sometimes, but a few articles out today should provide a good place. First, it’s clear that the Federal Reserve nursed banks back to health far more effectively and [...]

Bernanke Interview Needed an Actual Interviewer

By: Monday December 6, 2010 7:09 am

I alluded to the Ben Bernank earlier, and he did sit down with 60 Minutes last night for a wide-ranging interview. Scott Pelley and Bernanke talked about quantitative easing (Bernanke promised more if necessary), unemployment (it could take four or five more years before a more normal rate, said Bernanke), inflation (we’re close to deflation), [...]

Fed Denies Release of Underlying Collateral Data on Emergency Lending

By: Friday December 3, 2010 8:05 am

I think I’ve mentioned Zach Carter’s piece, “The Fed Lied About Wall Street,” at least a couple times here, but it’s important. Carter explains that what we learned from the disclosure of $3.3 trillion in emergency lending is that the Fed created a liquidity event for an insolvency crisis, and is now pretending like they [...]

The Fed Audit: What We Know

By: Thursday December 2, 2010 8:45 am

(I’ll be on The Majority Report at this hour talking about the Fed release) The Federal Reserve’s release of who received $3.3 trillion in emergency lending from a variety of different special programs during the financial crisis yielded some surprising results. Here’s a sampling of what we’ve learned so far: • Bad collateral: The Fed [...]

Harmonic Covergence on Bank of America

By: Wednesday December 1, 2010 11:29 am

Three events managed to converge today that spell increasing trouble for Bank of America. They appeared on Capitol Hill at a second Senate Banking Committee hearing on foreclosure servicing problems, and got predictably ripped to shreds. The best way to cover this hearing is to go back and read the #ffraud tag on Twitter. While [...]

Fed Audit of Emergency Lending During Financial Crisis Released Today

By: Wednesday December 1, 2010 10:53 am

We got the preliminary results of one of the better provisions of the Dodd-Frank bill today. The Federal Reserve has released the results of its first “audit” – information on all its emergency lending during the financial crisis. This contains over 21,000 individual transactions of over $2 trillion dollars outside of the so-called “successful” TARP [...]

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