Wednesday
Dec162009
Fight Bernanke's Nomination (Senate Call List Included)
Bernanke's Senate committee vote is tomorrow morning. Inside we've compiled a list of Senators who could be persuaded to vote 'nay'. (List doesn't include 'decided' Senators).
Tell them about Bernanke's massive failures and ask that they vote 'no.' According to Jane Hamsher, there aren’t that many calls on this guy outstanding, so you could make the difference.
Please use the share function below to email this list to friends.
Christopher J. Dodd Chairman (D-CT), (202) 224-2823
Richard C. Shelby Ranking Member (R-AL), (202) 224-5744
Robert F. Bennett (R-UT), (202) 224-5444
Jack Reed (D-RI), (202) 224-4642
Mike Crapo (R-ID), (202) 224-6142
Bob Corker (R-TN), (202)-224-3344
Robert Menendez (D-NJ), (202)-224-4744
Daniel K. Akaka (D-HI), (202) 224-6361
Sherrod Brown (D-OH), (202) 224-2315
Mike Johanns (R-NE), (202) 224-4224
Jon Tester (D-MT), (202) 224-2644
Kay Bailey Hutchison (R-TX), (202)-224-5922
Herb Kohl (D-WI), (202) 224-5653
Jeff Merkley (D-OR), (202) 224-3753
Michael Bennet (D-CO), (303) 455-7600
---------------------------
PLEASE email, facebook, re-tweet, share and take our stories with you when you leave. Our only weapon against the madness is GREATER AWARENESS. Just by sending this story to a few friends, you'll be contributing to the formation of an aggressive, educated voter base that understands the economic peril of our failed debt, deficit and spending policies. Thank you.
----------------
Dec 16, 2009 at 2:51 PM
Reader Comments (23)
Here is where the insolvency risk screams out in obvious manner. Its listed mortgage bonds are 19 times greater than its capital, equal to 5.3% in inverse. So therefore, if the true value of these toxic assets is actually 6% lower than their recorded book value, the US Federal Reserve capital is depleted, effectively rendering it insolvent. It stands to reason that if Fannie Mae is insolvent, if Freddie Mac is insolvent, and if monetization supports their bonds, while the market shuns them, then the true value of the mortgage backed securities with their brand is less than 94.7% of their book value. Therefore one might safely conclude that on a strict accounting basis, the USFed is effectively insolvent. My simple guess is that the USAgency Mortgage Bonds on the official USFed balance sheet are worth perhap 30% to 50% less than cited on their books. That would leave the USFed insolvent by 15% to 25%.
http://www.youtube.com/watch?v=NB-cHA825Rw&feature=player_embedded#
Rand Paul at the University of Kentucky Senate Forum, Pt. 1
http://www.youtube.com/watch?v=k9XuumpHOQI&feature=related
Rep. Michele Bachmann on a constitutional conservative umbrella strategy
http://www.youtube.com/watch?v=DGanl7zJdjs&feature=related
http://www.youtube.com/watch?v=8_adrf-qKwQ&feature=player_embedded
http://www.ritholtz.com/blog/2009/10/frontline-the-warning/
In The Warning, veteran FRONTLINE producer Michael Kirk unearths the hidden history of the nation’s worst financial crisis since the Great Depression.
http://www.pbs.org/wgbh/pages/frontline/warning/view/
President Obama, “What are you going to do about the Geithner/Summers/Bernanke cabal who play the same old tired song”? The way we are going, it will be ten ...
www.nakedcapitalism.com/.../geithner-plan-smackdown-wrap.html
http://www.nakedcapitalism.com/2009/02/geithner-plan-smackdown-wrap.html
Historic decision
Supreme Court declares NRO unconstitutional
Updated at: 2206 PST, Wednesday, December 16, 2009
Supreme Court declares NRO unconstitutional ISLAMABAD: The Supreme Court of Pakistan has struck down the National Reconciliation Ordinance (NRO), saying it is unconstitutional.
A 17-member bench, headed by Chief Justice Iftikhar Muhammad Chaudhry, in his short order, declared the ordinance as null and void.
According to the judgment, the NRO is contrary to the equality guaranteed by the 1973 Constitution of Pakistan. Similarly, all the cases, disposed off because of the controversial ordinance, now stand revived as of Oct 5, 2007 position, said the judgment.
http://geo.tv/12-16-2009/54900.htm
http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=200912161404dowjonesdjonline000665&title=sen-merkleydemocrat-on-banking-panelwill-oppose-bernanke
I for example have -at my own expense- hired a Haitian Voodoo doctor who promises to incapacitate Bernanke by sticking needles into various parts of his reproduced-in-wax anatomy. We've currently got about 345 steel pins jammed-up his waxy anus as we speak.
So if you guys see him painfully fidgeting & wiggling in his chair very uncomfortably during the next hearing, THAT'S US!
Wow
Rants called cowards with no balls, only on the web rant cowards
lol
http://www.youtube.com/watch?v=rka9VbPPMys&feature=player_embedded
Alan Grayson: "Which Foreigners Got the Fed's $500,000,000,000?" Bernanke: "I Don't Know."
http://www.youtube.com/watch?v=n0NYBTkE1yQ&feature=player_embedded
WHY USA BAMBOOZLED GENERATION RANTING ON THE WEB WILL NOT GET ON THE STREETS TO PROTESTS?LOL
SCREAM ON @DB ........LOL
Man of the Year -Ben Bernanke
1st Runner Up – Gen Stanley McChrystal
2nd Runner Up – “The Chinese Worker”
3rd Runner Up – Nancy Pelosi
THE REPUBLIC IS DEAD !!!
Obama should be impeached right now for a lot more than “if he tries to enforce Copenhagen agreement”! He should be impeached for continuing the Bush war crimes, “extraordinary renditions”, “disappearances”, kidnappings, imprisonment without true due process of law trials, refusing to release people who they cannot convict, indefinite detention, torture, completely outlawed wars of aggression and/or preemptive wars, making war out to be “peace”, eradicating civil liberties and freedoms to dissent and seek redress of grievances from the government without retribution and/or retaliations from the government, carrying out those retaliations and/or retribution, and thus violating the Constitution, and thus the international laws as well that are “adjoined” to the Constitution through the “Supremacy Clause”, etc. And the list goes on and on and on. He should have been impeached immediately upon discovering that he went back on his campaign promise(s) not to issue “signing statements”, and it was found that within the first few days of his “Presidency” he issued at least seven (7) signing statements that, like the Bush regime, put his regime allegedly “above the law” and the U.S. Constitution, and continued the claim “that it ‘is’ (supposedly) his ‘Constitutional’ imperative to interpret the Constitution as he sees fit”. My God, may He help us to ALL do NOTHING BUT the Constitutional things, and to ONLY say and stand for the Constitutional things and DUTIES, that it is TRULY IMPERATIVE that we do, for His sake and the sake of all of the U.S. and worldwide humanity, even if our careers and standing among the public is imperiled and/or we lose our very lives doing so! Otherwise, we’re traitors, plain and “simple”!
http://www.prisonplanet.com/congratulations-ben-bernanke-robber-baron-of-the-year.html
http://www.ronpaulwarroom.com/
The Democratic Republic of America is dead. It was taken over last night in a private coup by the former Wall Street money man, Paulson and the lunatic economics professor, Herr Bernanke. Between themselves, they have seized the reins of power and are now the unelected rulers of the USA. The Supreme Court ruled in 2000 that we don't get to vote for President. Now this! Both Congress and the barely-elected President who should be impeached and arrested for both war crimes and refusing to protect America on 9/11, both of these entities are TRAITORS. They should either arrest the financial conspirators or resign from office. Next: a military coup.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x386272
The Apple Gestapo
-------
This is pretty bizarre shit even for steve jobs...
The guiding myth underpinning the reconstruction of our dangerous banking system is: Financial innovation as-we-know-it is valuable and must be preserved. Anyone opposed to this approach is a populist, with or without a pitchfork.
Single-handedly, Paul Volcker has exploded this myth. Responding to a Wall Street insiders‘ Future of Finance “report“, he was quoted in the WSJ yesterday as saying: “Wake up gentlemen. I can only say that your response is inadequate.”
European Banks Are Hoarding Cash Too
Citigroup Shareholders Still Have $617 Billion Reasons To Worry
China central banker says harder to buy U.S. Treasuries
reuters
Reuters - An employee counts U.S. dollar banknotes at a Bank of China branch in Hefei, Anhui province October 16, ...
Reuters - An employee counts U.S. dollar banknotes at a Bank of China branch in Hefei, Anhui province October 16, ...
On Thursday December 17, 2009, 7:15 am EST
BEIJING (Reuters) - It is getting harder for governments to buy U.S. Treasuries because the United States' shrinking current-account gap is reducing supply of dollars overseas, a Chinese central bank official said on Thursday.
The comments by Zhu Min, deputy governor of the People's Bank of China, referred to the overall situation globally, not specifically to China, the biggest foreign holder of U.S. government bonds.
Chinese officials generally are very careful about commenting on the dollar and Treasuries, given that so much of its $2.3 trillion reserves are tied to their value, and markets always watch any such comments closely for signs of any shift in how it manages its assets.
China's State Administration of Foreign Exchange (SAFE) reaffirmed this month that the dollar stands secure as the anchor of the currency reserves it manages, even as Beijing seeks to diversify its investments.
In a discussion on the global role of the dollar, Zhu told an academic audience that it was inevitable that the dollar would continue to fall in value because Washington continued to issue more Treasuries to finance its deficit spending.
He then addressed where demand for that debt would come from.
"The United States cannot force foreign governments to increase their holdings of Treasuries," Zhu said, according to an audio recording of his remarks. "Double the holdings? It is definitely impossible."
"The U.S. current account deficit is falling as residents' savings increase, so its trade turnover is falling, which means the U.S. is supplying fewer dollars to the rest of the world," he added.
"The world does not have so much money to buy more U.S. Treasuries."
China continues to see its foreign exchange reserves grow, albeit at a slower pace than in past years, as it still enjoys a large trade surplus and significant inflows of foreign investment. They stood at $2.27 trillion at the end of September.