Just Released Bernanke Letter Downplays U.S. Banks CDS Exposure To Euro Sovereign Debt

No copy of the letter is currently available - story just hit the wires about 10 minutes ago. Bernanke claims to have access to confidential information to back up his story.  We wonder if the Chairman has given any thought to the possibility that regulators are not aware of off-balance sheet exposures.  It wouldn't be the first time that the Federal Reserve would be in the dark about banks under their purview.  Repo 105s and Lehman comes quickly to mind.

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FHFA Bank Lawsuit Conference Call @ 2 PM

MEDIA ADVISORY: U.S. Rep. Brad Miller to hold conference call briefing for reporters on lawsuits filed by the U.S. Federal Housing Finance Agency against 17 of the largest banks over faulty mortgage loans which helped lead the nation into the housing crisis.

September 6, 2011

Miller has repeatedly called on Edward DeMarco, Acting Director of FHFA, to do everything in his power to recover these funds. The Congressman is available for a media briefing at 2 p.m. today to discuss what happened to prompt the lawsuits; what needs to happen next to fix the problem; and what it all means for the taxpayer.

When: Tuesday, September 6, 2011
Start time: 2:00pm (EST)
Dial-in number: 1-308-344-6400
Access Code: 150881#

The conference call, led by Congressman Brad Miller, is happening NOW.  I'm listening in and I can tell you that the US government won't be collecting anywhere near the $196 billion headline number named in the lawsuit.

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A Raging Case Of Bailout Fatigue

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Cenk On Bernanke's Secret Loan Program - "I Thought Jamie Dimon Was A Genius And Didn't Need A Bailout..."

Video - Cenk on the Federal Reserve's Secret Loans - Aug. 26, 2011

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Comedian Bill Hicks - It's Just A Ride

Happy holiday weekend.

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How Darrell Issa Got Richer While In Congress, Helping his District And Helping Himself

A NYT profile of Issa's shady dealings.  Issa is the 2nd richest member of Congress, with a net worth of $220 million.

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Senator's Husband’s Firm Cashes In On Crisis

Just another day among the entrails in the bowel of the American dream.  This one pushes the limits.

Feinstein is the 9th richest member of Congress, with a net worth of $45 million.

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TARP On Steroids - Sherman Vs. Geithner

Man vs. Pussy.  One wants capitalism; the other prefers bailouts.

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CHART SHOCK: The REAL Unemployment Rate Is 22%

Updated on Sep 2, 2011 at 12:35 PM by DailyBail

It's now above 23% with the August update.

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Jobs Report - Subtracting Bogus Birth Death Adjustment, Economy Loses 87,000 Jobs In August

Full story inside with charts and reaction from Wall St. economists.

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Federal Reserve Asks Bank Of America For Contingency Plans In Case Of Continued Failure

U.S. regulators have pushed Bank of America Corp. to show what measures it could take if conditions worsen for the Charlotte, N.C., lender, according to people familiar with the situation.

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Ron Paul's First Official Campaign Video For 2012

Video - Ron Paul's Balanced Budget Conviction

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BREAKING NYT REPORT - U.S. Government Is Set To Sue A Dozen Big Banks Over Fraudulent Mortgages - Including BofA, JP Morgan, Goldman Sachs & Citigroup

And the hammer comes down...

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Ireland's Growth Making Fools Of Krugman & Keynes, Euro Banks In Denial, Greece ALREADY Missing New Debt Targets, Fukushima Radiation Blankets Western U.S. (Links)

Take That Paul Krugman! - Ireland's Growth Is Defying Keynesian Wisdom - WSJ

IN DENIAL - Europe rejects Christine Lagarde's IMF call for more bank capital

Economic Report - August Manufacturing Index at 25-Month LOW

What A Surprise! - Greece ALREADY Missing Debt Targets Set Earlier In Summer

Is There A Stigma to Banks' Discount Window Borrowing? - FED Paper Says YES

Choice for Europe - Bailout Greece or Bailout Banks - WSJ

Economic Report - July Construction Spending Showed Biggest Fall Since January

Reuters Analysis - US Treasury's Debt Maturity Problem

DREAM Act - College Scholarships For Illegal Immigrants Passes California Senate

How Global Speculators Make Money From Hunger - Der Spiegel

Fukushima - Map of Cesium-137 Deposition Shows Massive Contamination in US

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