Audio: Huffington Post interview with Thomas M. Hoenig, President of the Federal Reserve Bank of Kansas City, conducted April 2 by Shahien Nasiripour.
Transcript and links are inside.
Forty cents on the dollar, and that's stretching it.
For Fed clowns Bernanke and Geithner, transparency is not unlike sandpaper to their nut sack. When the crisis began with Bear Stearns in March of '08, Bernanke and Geithner likely never imagined they would be eventually forced to disclose the details of their dirty work. Yesterday was a victory for the good guys, but that doesn't mean you're going to like what you read.
PBS Video: Morgenson with Moyers -- March 26, 2010
Excellent discussion from last Friday's program. Includes a 2nd clip with Moyers' commentary on reform vs. reformation.
I took 2 weeks off last Spring for sanity and decided to do the same this year. Sorry for not alerting regulars (and email and rss subscribers) to my layoff, but once I step away the rule is 'no site visitation under any circumstances.' These 2 weeks along with a week at Christmas are the 2 times per year when I step away from the interweb. Played golf a bunch, went to the gym 5 or 6 days and dropped rainbow 3-pointers on America's youth, went fishing twice, found a friendly Chocolate Lab on the street at midnight in the rain (no collar), took him in and found his owners a few days later. His name was Buster. Worked in the yard and drank some beer.
Otherwise, my decompression failed.
I can't believe we gave insurance companies 32 million additional customers and allowed their state monopolies to remain intact.
The MSM needs to stop generalizing. I think we need a group called 'tea for non-racists opposed to deficits and growth in government.' We're not all the same. Stop treating us as such.
Republicans are now locked in a love embrace with Wall Street. The Luntz Doctrine and related talking points have become de facto strategy. The Senate bill, if there is one, will be weak. 'Too Big To Fail' is not being addressed. Limits on leverage are absent. And there is no meaningful regulation of credit-derivatives.
I haven't read emails or comments since March 16th and will slowly get through everything in the next few days. Hope everyone survived and none of you were arrested in DC or Michigan. Posting should return to normal over the next day or so.
(L to R) Federal Reserve Chairman Ben Bernanke testifies while SEC Chairman Christopher Cox Under Secretary of Treasury for Finance, Robert Steele and President of the Federal Reserve Bank of New York, Timothy Geithner listen during a Senate Banking, Housing and Urban Affairs Committee hearing on Capitol Hill April 3, 2008 in Washington DC. Bernanke defended the Feds moves to prevent the failure of Bear Stearns investment bank, saying that its failure could have dealt the U.S. and world economy serious damage.
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At most times there were at least a dozen regulators from the SEC and New York Federal Reserve stationed within Lehman Brothers, with unfettered access to Lehman's financials including the Repo 105 transactons. And they were tipped by a whistleblower. Yet they said nothing.
Hello, Mr. Geithner. Yes, I'm here to deliver another nail for your coffin.
Forget reconciliation. Pelosi doesn't have enough votes for that bit of malfeasance. The latest procedural scam to help pass a health bill that neither Conservatives nor Liberals support (nor the American people), is the self-executing rule. And get this: Nancy prefers this option because it will allow members to support the legislation without actually voting for it.
This is not a fu*king joke. It's an abomination. Nothing less than a direct assault on our Democratic process. Help us make her life miserable by calling her office and telling her legislative aides exactly how you feel. Share this story with friends and ask them to call. Give 5 minutes of your time and pass it on.
Pelosi's congressional office # 202-225-4965
Pelosi's San Fran district office # 415-556-4862
You can send your thoughts to Nancy by email HERE >>
Details, links, story, and video are inside.
UPDATE: New video and article added with Democratic response.
Former Lehman CFO Erin Callan knew all about Repo 105 transactions.
If you're one of our 15,000 email and RSS readers who never visit the site, don't forget we launched a 2nd page -- Headlines.
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See The People Who Are Going To Get Nailed In The Lehman Fallout
Lehman Whistle-Blower's Fate: Fired
Dodd Bill Empowers Regulators to Limit Size of Financial Firms (Bloomberg)
Dodd's Bureau of Consumer Financial Protection
China trims holdings of Treasury securities (AP)
Cancer Patient Used by Obama Will Not Lose Home, May Get Aid
PELOSI: House may try to pass Senate health-care bill without voting on it (WP)
As Health Vote Awaits, Future of a Presidency Waits, Too
Drug industry preparing pro health reform ads (politico)
PROMISES, PROMISES: Is gov't more open with Obama? (AP)
Kucinich in Obama's crosshairs (WP)
Banks Ignored $3 Of Commercial Real Estate Losses For Every $1 They Reported
Blumenthal: The running of the rich: Is wealth changing Connecticut politics?
Michael Lewis’s ‘The Big Short’? Read the Harvard Thesis Instead!
Saving U.S. Water and Sewer Systems Will Be Costly
Labour under pressure as Europe tells Britain: Cut deficit faster, deeper
Chile Braces for a Major Economic Slowdown (NYT)
It's obvious why credit card companies and banks don't want a new, powerful, centralized regulator: they have already captured the regulators at the seven (yes 7) existing bureaucracies who exert some control over their blatant bloodsucking of the American people. Elizabeth Warren scares the living shit out of all of them, and they are doing whatever they can to stop her and the CFPA.
Witness this new website I found last night:
The bastard banking lobby must die.
Boehner: If Pelosi had 216 votes to pass healthcare, 'this bill would be long gone'
Dem House vote-counter lacks health care votes now
Stupak: ‘They Just Want This Over’
British law firm 'conspired' to hide $50bn debts of Wall St giant
Court Upholds 'Under God' In Pledge Of Allegiance
Merrill Lynch: Confessed Child Molester Is No Longer At The Company
Lehman Brothers Dies While Getting Away With Murder (By Reggie Middleton)
White Schools Bernanke on Basic Economics
Faber and Mish Debate Deflation Vs. Inflation (VIDEO)
Marc Faber and Mish Shedlock: Gloom and Doom (VIDEO)
Why Are We Still in Afghanistan?
The NYT Pays Execs Extra To Hire Minorities And Women Instead Of White Males
Meet The New American Welfare Queens
Congress Calls for New Investigation Into Anthrax Attack
Apr 2, 2010 at 2:23 PM
