Wall Street Journal:
Federal Reserve Chairman Ben Bernanke helped steer the economy away from what he calls "Depression 2.0." Now he's trying to defend the Fed itself.
FRB: Speech--Bernanke, Financial Reform to Address Systemic Risk ...
Matthew Yglesias ยป Ben Bernanke Calls for Compensation Reform
RAW DATA: Remarks of Fed Char Bernanke Before the Committee on ...
Want to reply to a comment? Hint: Click "Reply" at the bottom of the comment; after being approved your comment will appear directly underneath the comment you replied to
The FED Reserve as a "REGULATOR" is a Leader in the allowing the FAKERY on WALL STREET they allow the following kind of OFF-BALANCE-SHEET Accounting that was legalized during the ENR0N SCHEME that California still has NOT fully recovered from.
Each of these five Banks has over $30 Trillion in TOXIC Derivatives and some claim quarterly profits of a few $Billion or at most 0.0007% of the Toxic Derivatives and that would take 3,000 years to offset these Derivatives though such earnings:
The 0ffice of Comptroller of the Currency, 0CC, issues a quarterly Report that has the following info about OFF-Balance-Sheet TOXIC DERIVATIVES (TRULY MIND B10WING NUMBERS):
1 JPM0RGAN $81TRILLION in Toxic Derivatives
2 BofA $78TRILLION
3 G0LDMAN $48TRILLION
4 M0RGAN $39TRILLION
5 C1T1GROUP $32TRILLION
http://www
The FED is Regulating and allowing this once illegal Accounting. Perhaps the FED should BE REGULATING CAR POOLS instead!
Yet Geithner is increasing the FED"s REGULATORY DUTIES! What does that say about his judgement?
We have a small Rebellion on Wall Street among small investors seeking an END to the FED!
"Bonkers Ben is just a BOUGHT-AND-PAID-FOR TOOL of the bankster and corporatist interests and he has done his job of ENRICHING THEM at the expense of America and all Americans and in the process has nearly destroyed the American financial system. Commercial and residential real estate defaults are at record highs because of the CREDIT BUBBLE which he reinstituted by cutting interest rates to near zero. What Bonkers has done cannot be accounted for by mere incompetence - it is DESTRUCTION BY DESIGN and all Americans are now suffering as a direct consequence - except the buddies that control him.
We absolutely must get back to COMMON SENSE in America.
"The FED, in collaboration with the giant banks, has created the greatest financial crisis the world has ever seen," said Rep. Paul. "The problem with debt must be addressed.
Paul, sponsored the GAO audit bill that has now garnered support of over half the House, went on to accuse the Fed of monetizing the US deficit, and added that such action "is destined to do great harm."
The Federal Reserve Act's final provision provides for the repeal of the act. Congress can get rid of the FED anytime it wishes - and the American people are now demanding that they do exactly that after they audit it and find out where the money is:"
http://www
We need to reimplement the GlassSteagallAct and abolish the GrammLeachBlileyAct and break up the banks into 1) retail banks, 2) investment banks, and 3) insurance companies and other financial institutions and then start running these separate and distinct entitites with principles and integrity just like we did very successfully for over half a century. It's really pretty easy and simple to fix the system if we do it this way, and it would work for the benefit of all Americans just like it did from 1933 up to 1999. Regulation Q of the Glass Steagall Act set the rate of interest that banks were required to pay savers at 5.25% and this needs to be reimplemented. What the Federal Reserve has done with interest rates is NOTHING SHORT OF OUTRIGHT ROBBERY OF SAVERS.
Everything that Bonkers Ben and the Boys have done has only made things much worse in the real economy. Sure, they've recovered all of the profits for Goldman Sachs and the other big investment banks, but that comes at the expense of plundering averaging Americans and directly stealing literally trillions from taxpayers. We have never seen a bigger economic disaster in the US financially than what we have right now and hundreds of millions of people are affected all over America. The Main Street economy continues to sink at an accelerating pace, and will continue to do so until and unless these out-of-control people at the Fed and on Wall Street are stopped.
The MASSIVE ELEPHANT UNDER THE TABLE:
Can anyone show a Mammoth Profit if you FAKE IT Using Legalized Illegal Accounting!
Even ENRON did it!
So is $2.72 Billion larger than $81 Trillion? NO! Well Then they are Bankrupt!
Without "MARK-TO-MARKET" they exaggerate the Value of the Derivatives "On the Balance-Sheet" while JPM/CHASE has Toxic Derivative Debts of $81 Trillion all conveniently hidden!
Accounting is totally FAKE and how can analysts ignore the MAMMOTH IN THE ROOM - unless they are paid to!
Why save these 5 WS MAMMOTHS who have OUT-LIVED their TIME with their $30+ Trillion Each in Toxic Derivatives!
When did it sound like a good idea to have "OFF-BALANCE-SHEET" accounting? Wasn't it ENR0N?
Glass-Steigel them!
Divide them up and get rid of the JUNK at the expense of the Stakeholders!
Bye Bye TOO-BIG-TO-FAIL!
America has shipped its wealth building capabilities to Asia and South America.
Our only means of support was the FAKE Wall Street Derivatives Economy built on PURE SPECULATION on everything that moved and does not move!
At the same time the FED Reserve System was flooding the Economy with MORE and MORE Debt (Printed Debt) and the Wall Street Banks were pumping out real debt to the consumer so more and more derivatives could be manufactured and sold.
Also, at the same time Wall Street banks were placing massive and repeated bets that the Derivatives would soon FAIL, which of course, they knew would happen since they were made by the banks to FAIL. A special kind of "Insider Trading" because the Banks "Manufactured" the "Sure-Fail Derivatives to Fail" and also "Bet they would FAIL."
Obama has taken to approach of supporting this corrupt cycle to the tune of $23.7 Trillion and has allocated basically ZERO to WEALTH BUILDING Manufacturing or High Tech for export wealth building. So we see the Investment bankers used to investing with NO Risk using A1G Credit Default Swaps and other forms of hedging! These so called Investment Bankers refuse to invest in Main Street Manufacturing because it requires risk taking and they have become GUTLESS and becuase they know they have $Hundreds of Trillions in TOXIC Derivatives hidden "Off-Balan
So Obama says NO to Main Street Manufacturing and
Wall Street says NO to Main Street Manufacturing! NO Solutions!
wow,the "bankers" are involved in this too?
http://www
Tom, do you not realise yet that the banks run us and always have?
One might want to tighten up the rules governing the Fed but I sure wouldn't want the government running the nation's central bank. Can you imaging what it would be like with the political animals of Congress and the Senate trying to whipsaw the policies of a National Bank to meet their political needs?
Why have a central bank at all? What do you think would happen without a central bank? Central economic planning appears to have failed. All we are left with is an ever weakening dollar.
The real central bank is the IMF. Gordon, pm of England, took 100's of pounds of gold & sold them at 200 and change. Then the market went up over $1000/oz. for gold. Parliament was furious. Gordie was laughing like GWBush does when the people's party were chastising him.
He's still PM, why? Because he did it on purpose to manipulate the world market. Why? To make all money become equal all over the world. Why? So the Banks can toss out the not gold backed money & create a new kind of money, like the Euro. Like the Amero which is already ready to be brought out. We're in a game that's been being played on us since we "won" our freedom from England.
Except England funded both side of the war like they do with most of the wars. Wars are a game to make the elite money. We are really still a colony of England.
Have you seen the pictures of the Amero currency? They are ready to go.
http://www
Exactly! Are you aware that the Bank of England created the FIRST depression by gold manipulation?
BRITISH FINANCIAL WARFARE: 1929; 1931- 33 HOW THE CITY OF LONDON CREATED THE GREAT DEPRESSION
http://www
THE CONSTITUTION NEVER PROVIDED FOR A CENTRAL BANK AND FOR GOOD REASON.
Dennis Kucinich recently said "the Federal Reserve is no more Federal than Federal Express." Kucinich wants to take control of the Federal Reserve away from PRIVATE BANKS and give it to the Treasury.
Ralph Nader says the Federal Reserve is a "government within a government and completely out of control. Either we have a constitutional government or we don't"
Audit the Fed. We the people have a right to know. We should not be afraid of the truth.
We are NOT the ones afraid. But there are many in DC (and on Wall Street) who are.
Kucinich & Paul have seen this as many of us who have followed this for decades. This crash is done by design. You are either not informed or brain washed.
Good Grief Tom, go on you tube 7 search the depressions ,wars & crashes. See the pattern & the same families behind them. They are being manipulated like the media and the people are. Did you know most people get their "news" from radio?
Read a little: Here, start with "The House of Bush: Born in a Bank " by Tarpley & Chaitkin You too will be able to read the future & understand the past & present. It's a basic pattern & equation.
Yeah, right. Give it to the Treasury and let each new SecTreas "adjust" the policies of the Fed to meet the political needs of the guy who sets in the White House.
Kucinich has some good ideas once occasion but this one is KOOKY!
Not any more "KOOKY" than the wholesale bailout of failed banks leaving the taxpayer on the hook for trillions.
The Bilderberg Group and others like Goldman Sachs the corrupt major bankers pick who's on the Federal Reserve and dictate it's policies we voted for change but instead we are getting a further clamp down from the top...
It's the most massive transfer of wealth from the common man to the elite ever foisted in human history...
We needed to Nationalize all these corrupted Financial Institutio
We needed to keep the greedy Bush criminals out of office.
Not to rain on the parade, but--this theft crosses party lines in a huge way. Though real deregulation got going under Reagan, the two things that most impacted our economy today were passed under Clinton: The repeal of Glass Steagal and the Commodities Modernization Act that removed the last controls from the derivatives that Summers, Rubin, Geithner, and Greenspan wanted the banks to continue selling. How did that work out for us?
The French nobility was nothing compared to Wallstreet and our corrupt leaders. Too bad Americans don't have the balls of the French revolutionaries.
Thanks to the revised FISA bill (which Obama supported), the NSA is monitoring everything we write or post online. I bet any reference to the French Revolution puts your name on an "enemy of the state" list.
As Bernanke has been testifying the stock market has been drifting lower.
It's all being manipulated. Paul & Kucinich know it. They've seen it before. I want those two to do the auditing & regulating.
Good luck on that audit.
Testi-lying I call it..!
The independence of the central bank is unconstitutional. The Constitution clearly states that the power to create money belongs to the government.
The Fed does not fight inflation, it creates it and controls it. Their mission statement is a lie. The bigger the lie, the more likely it is to be believed by the ignorant masses.
FDA, FED. FEMA none belong to the government.
The FDA and FEMA belong to the government, but the Federal Reserve does not.
Just remember that Larry Kudlow supports Ben Bernanke and what Paulson and he did in respect to the Bank of America deal and the TARP program. It is Kudlow's belief that Bernanke , Paulson and Bush saved the economy and financial system last fall. Anyone else want to give these three guys medals and a ticker tape parade?
They're criminals & have manipulated everything. Put them all in jail, liquidate their holdings, & give the money back to the people.
So no medals , pats on the back or thank you cards for the BIG THREE?
Don't forget Mr. Hanky (Paulson)
The Federal Reserve Bank was shoved down America's throat in the middle of the night in a suspicious way, and the main selling point was it would prevent the "boom and bust" cycles, which occurred frequently in the 1880s - early 1900s (the robber baron era - hmmm). It was bankers of the robber barons who promoted it and actually ended up owning it (Morgan, Warburg, Rockefeller, etc.).
It has never lived up to its promise and it's time to audit it (so we know what's been going on), examine it, then come up with a different way of creating the money supply & banking, without control by the above said banker-types.
In my 47 years, we've had 4 recessions and one depression (this one). Also, don't forget the "Roaring 20's" and the "Great Depression" occurred after the Fed was created. Also there was a depression just after WWI, also.
It was and always has been, a swindle of the American people. Look how well they've governed us into this current depression, and notice how hard they're fighting any audit of their inner-workings.
Samuel Bush & GHW Bush was also around for that.
Morgan & Warburg were Rothschild bankers. So they're in on it, too.
The Harrimans and the Rockefellers open the worlds largest, private investment bank then: Brown Brother Harriman
Audit the FED! Bernacke is on, is anyone else watching?
WSJ has degraded into a Murdock rag. Pitiful.
What are they hiding? Remember this Administration slogan "No Transparency"? It's funny we know more about the secret workings of the CIA than the Fed.
Audit the Fed. Let Dennis & Ron edit it. They already know what's going on. We've been off the gold standard since the 70's.
Ron Paul = 1st class crackpot
The guy should live on Uranus or Texas.
For questioning all that the DOE has done to improve educational standards in our country, or was that for questioning the efficacity of the FDA or the DOA regarding their safegaurding of the nation's food supply? Or for his opposition to the income tax, the bailouts, TARP, the war in Iraq, the PATRIOT act, the ongoing, interminable conflict in Afghanistan, or his denouncement of the War on Drugs?
What do you h8te so much about this guys policy proposals.
When you go in the Health business , you quickly find if it says FDA approved means avoid it like the plague. Go see Codex Alimentarius on you tube. Most senators don't even know about it.
It's interesting that liberals are taught to believe Ron Paul is a crackpot, and conservatives are taught to believe Dennis Kucinich is a crackpot.
However, BOTH SEEM TO BE RIGHT THE MAJORITY OF THE TIME, and both fight for issues of the common man.
You deserve communism.
And they're friends. They're the only two I see on target at all times.
You and Alan Greenspan are in agreement.
mcmutter he's a Texas Republican, and he's right on. I'm reading how the 1st crash & depression started as I watch this hearing. I've also watched him predict exactly what was going to happen for over a decade.
Ron and Lloyd Doggett are the only Texas congressmen worth re-electing.
Going back on the gold standard is absurd. The new gold are commodities. Why do you think that the Chinese have bought up copper, nickel, and other mines. They have been stockpiling iron ore, rice, grains, soybeans. They are waiting for inflation to really kick in.
They also own a huge amount of gold, too.
But, a functioning economy with less dependence on foreign oil would be a "gold" standard in itself.
To audit the Fed is so needed but the cowardly congress, which allowed for the Fed to exist, should be able to examine all their books. How can we as a people allow the most powerful financial institution to go Postal on the US economy and citizens by being in bed with the very institutions they are to monitor, as well as freely print money with no accountability?
http://eye
As I watch Bernanke, I am reading how the "crash' was created in the early 1900's. No surprise Samuel Bush, Prescott,Bush, GHW Bush, GWBush were always somewhere behind them from Wall Street to the Bamks. I'm reading "The House of Bush: Born in a Bank" by Webster Tarpley Anton Chaitan.
Hope this get's past those sensitive censors--
Google Smedley Butler, the coo (sp) against FDR and the role that Prescott Bush played--the Bush grandaddy who began his banking career as the US representative of a German Bank. He and a number of America's largest corporations were huge admirers of the fash ist policies in Germany and wanted that form of govt here. In fact, a number of those Patriotic American Companies continued to do business with Herr Schicklegruber many years into WW2. The family has always had totalitarian leanings, and that is now well apparent given Bush's expansion of the Unitary Presidency and usurption of our Constitutional rights. Where Grandpa failed, Dubya succeeded.
Loading comments…
First Posted: 07-21-09 01:04 AM | Updated: 08-20-09 05:12 AM