Dean Baker Kicks Ass While Calling For Bernanke's Head (Bravo!!!)

I have no time now but wanted to post this immediately.  Here's the link.

Comments

[James H]

Nice work, Dean "Waterboard the Fed" Baker. http://www.counterpunch.org/baker05262009.html

By the way, whatever happened to Andrew Cuomo's investigation of Bernanke and Paulson and the Merrill/BoA deal? I hope his office hasn't "forgotten" about that one.

[James H]

What the heck is this? The Senate version of HR 1207 to audit the Fed has been modified at the behest of Richard Shelby (R-AL).

'The bill would allow Congress to audit "any action taken by the Board under...the third undesignated paragraph of section 13 of the Federal Reserve Act" -- which would be almost everything that it has done on an emergency basis to address the financial crisis, encompassing its massive expansion of opaque buying and lending.

Handwritten into the margins, however, is the amendment that watered it down: "with respect to a single and specific partnership or corporation."'

I'm not sure if this is a BIG DEAL or not, because ostensibly it would still allow audit of all the good stuff: Bear/JPM and Maiden Lane, AIG, TALF, etc. What's Shelby concerned about? Publicly, he's been critical of the Fed and has voted against the bailouts. (from Huffpo; hat tip Lew Rockwell)

http://www.huffingtonpost.com/2009/05/08/handwritten-notes-show-fe_n_200515.html
http://www.lewrockwell.com/blog/lewrw/archives/027052.html

[James H]

Check out this weasel-worded load of crap. William Dudley, head of the FRBNY, says TALF will be a boon to taxpayers. (WARNING: Hardcore TALF aficionados are guaranteed to blow a gasket. Read AT YOUR OWN RISK.)

'"We think it is unlikely that the Treasury will lose money on this program, and it sits ahead of the Fed in terms of its loss exposure. The risk posed to the Federal Reserve therefore seems quite remote," he said, adding that the Fed expects the program to be profitable for taxpayers and succeed in pushing down borrowing costs for households and businesses.'

No worries, folks, it's just Treasury's money that will take the first hit. The Fed will be just fine. Nothing to see here. Move along...

http://www.cnbc.com/id/31102630

[Ain't Bullshittin']

I could be very off base..... but doesn't the money gathered by the Treasury come from the TAXPAYERS?