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The $2 Trillion Secret

Pat Choate | Posted 05.25.2011 | Business
Pat Choate

As the sheer volume of the Fed financing makes clear, the bailout of the financial sector involves more than the $700 billion approved by Congress in late 2008.

Jeff Muskus

Fed Audit Bill Reaches 290 Cosponsors | Jeff Muskus | Posted 05.25.2011 | Business

The House bill that would shine a light on the Federal Reserve reached 290 cosponsors on Wednesday. Authored by longtime crusader for Fed transparenc...

Crash Of A Titan: The Inside Story Of Lehman Brothers' Fall

The Independent | Stephen Foley | Posted 05.25.2011 | Home

One year ago, the assembled brains of the Fed and Wall Street sealed the fate of one of its oldest banks. In this gripping account of that weekend las...

Taking on Jim Cramer

Jim Randel | Posted 05.25.2011 | Business
Jim Randel

Jim Cramer may like housing stocks, but if he is betting his ranch on the fact that housing prices will spike again like they did in the early part of this century, he'd better hedge his bets.

In a Town Hall Meeting, Healthcare Swing-Vote Representative Baron Hill [D-IN] Takes a Clear Stand on Reform

Gail McGowan Mellor | Posted 05.25.2011 | Politics
Gail McGowan Mellor

Hill could not represent a southern Indiana consensus view, because there was none; whatever he chose to do, it would cost him votes.

Why the Senate Should Confirm Bernanke But Make the Fed More Accountable, Too

Robert Reich | Posted 05.25.2011 | Business
Robert Reich

If you'd have asked me three months ago whether Bernanke would be confirmed, I'd have said no. Congress (and much of the public) is still furious about the bank bailouts, as well they should be.

New York Fed Goes Through Hiring Spree | Aline van Duyn | Posted 05.25.2011 | Business

The Federal Reserve Bank of New York is aggressively hiring traders as it seeks to manage its burgeoning securities holdings, making the central bank ...

Wall Street Reaps 'Outsized Profits' From Deals With Fed

Financial Times | Henny Sender | Posted 05.25.2011 | Business

Wall Street banks are reaping outsized profits by trading with the Federal Reserve, raising questions about whether the central bank is driving hard e...

Ah, Wall Street. Seeing The Real You at Last.

Rob Johnson | Posted 05.25.2011 | Business
Rob Johnson

Innovation simply implies the use of a new method or technique. It can be harmful or it can be helpful. Let's keep score.

Why Goldman Still Owes Us

Marshall Auerback | Posted 05.25.2011 | Business
Marshall Auerback

They know exactly how to find leverage (no pun intended) and exploit it, and are frighteningly adept in negotiating strategy (as to what issues to run through what channels).

Bernanke Undertakes Sweeping Publicity Campaign To Bolster Fed's Image

New York Times | Edmund Andrews | Posted 05.25.2011 | Business

Ben S. Bernanke, the chairman of the Federal Reserve, is on a publicity campaign with a message: the central bank is here to help, and it is not as my...

Fed Transparency Bill Progresses In House, Struggles In Senate

Sunlight Foundation. | Sunlight Foundation | Posted 05.25.2011 | Home

Ron Paul's [R, TX-14] bill to audit the Federal Reserve (H.R. 1207) has reached another landmark. Every single House Republican has now co-sponsored i...

Jeff Muskus

Economists Tell Congress, Obama To Leave The Fed Alone | Jeff Muskus | Posted 05.25.2011 | Politics

Efforts to shine daylight on the Federal Reserve have failed so far in the Senate. But with Ron Paul's Fed audit bill already well over the number of ...

The Fed Under Fire (VIDEO)

Harry Hanbury | Posted 05.25.2011 | Business
Harry Hanbury

As details emerge of how the Fed secretly doled out more than a trillion dollars during the financial crisis, a rare bipartisan movement in Congress demands that the Fed be held accountable.

Bernanke Works Under the Radar To Secure More Power For Fed

New York Times | STEPHEN LABATON | Posted 05.25.2011 | Business

WASHINGTON During the debate over financial regulation, the Federal Reserve chairman, Ben S. Bernanke, has been surprisingly quiet....

Bernanke In The Hot Seat: Fed Chairman's Entering Crucial Period

The Huffington Post | Ryan McCarthy | Posted 05.25.2011 | Business

How long will Ben Bernanke last as the Chairman of the Federal Reserve? Well, it depends on who you ask. Bernanke is scheduled to defend his record in...

Ryan Grim

Pelosi On Fed: People Want To Know The "Secrets Of The Temple" | Ryan Grim | Posted 05.25.2011 | Politics

As President Obama proposes expanding the power of the Federal Reserve, the movement against its closed process continues to grow stronger in the Hous...

Jeff Muskus

Kucinich Rips Lewis For Duping Shareholders (VIDEO) | Jeff Muskus | Posted 05.25.2011 | Politics

Bank of America CEO Ken Lewis took a pounding Thursday from the House Committee on Oversight and Government Reform. One of the most damning exchanges ...

Tyler Durden: Did The Fed Secretly Open Trading Accounts To Boost The Markets? | Posted 05.25.2011 | Business

It is no surprise that in order to incite a return to pre-Lehman economic levels (the administration's #1 goal bar none), not only the stock market wo...

Merkel Blasts "Powers" Of Central Banks

Wall Street Journal | JOELLEN PERRY | Posted 05.25.2011 | Business

German Chancellor Angela Merkel, in a rare public rebuke of central banks, suggested the European Central Bank and its counterparts in the U.S. and Br...

How The Fed Gained Its Bailout Authority

Washington Post | Binyamin Appelbaum and Neil Irwin | Posted 05.25.2011 | Business

On the day before Thanksgiving in 1991, the U.S. Senate voted to vastly expand the emergency powers of the Federal Reserve. Almost no one noticed....

Greenspan: Fed Didn't Feed Housing Bubble

Wall Street Journal | BRIAN BLACKSTONE | Posted 05.25.2011 | Business

Former Federal Reserve Chairman Alan Greenspan Tuesday brushed back critics who contend that easy monetary policy fueled the housing bubble and ensuin...

Ryan Grim

Handwritten Notes Show Fed Oversight Bill Neutered On Senate Floor | Ryan Grim | Posted 05.25.2011 | Politics

Legislation to give Congress greater oversight of the Federal Reserve was severely watered down on the Senate floor Wednesday in private negotiations ...

Ryan Grim

Senate-Passed Bill Would Bring Sunlight To Fed | Ryan Grim | Posted 05.25.2011 | Politics

A last-minute amendment to the bankruptcy reform bill passed in the Senate Wednesday opens the Federal Reserve to congressional scrutiny. The amendm...

Why Central Bank Inflation Targeting Didn't Work

Ian Welsh | Posted 05.25.2011 | Business
Ian Welsh

It's not clear to me that inflation targeting is necessarily a bad policy. It seems more likely that it might have been a good policy, implemented in a very bad way.