Federal Reserve Chairman Benjamin B-52 Bernanke testifies tomorrow before the House Financial Services Committee. Larry Kudlow had a decent primer tonight. It's short and helpful. The eventual use of bank reserves on deposit at the Fed to soak up excess liquidity (inflation), and the money supply are discussed (3:12 CNBC Clip). Watch.
Here's one part of the Fed's balance sheet that's likely not doing so hot.
Rogoff wrote a stellar op-ed a few weeks ago and it's been on my list for weekend posts. It will be one of the very few times we discuss healthcare reform on these pages, but given the debt context of his editorial, it fits our theme.
(Photo is a teenage Rogoff in a National Chess Event)
Kilmeade says the problem with Americans is that we keep marrying other species, other ethnicities, and thus we aren't pure like the Swedish (0:52). Random, bizarre clip of the month.
Ohio Democrat Marcy Kaptur, rails gainst Washington capture and demands transparency with her call for an audit of the Federal Reserve.
"Hank Paulson never should have had that job in the first place. He had a $700 million conflict of interest, and everything that he did while he was Treasury Secretary, every single thing that he did, has one explanation - what's good for Hank Paulson."
If I'm not mistaken, Grayson just bit off Paulson's head and sent it rolling down the sidewalk.
The vampire squid is Government Goldman. You are a fish. "Annie, go get your nuke."
Dylan Ratigan teams up with Barry Ritholtz and in 7 minutes they cover everything from AIG to Goldman to bailouts and back-door bailouts to bank bondholders to 10-year old girls who are paralyzed (no kidding) to "What the frack is Tim Geithner thinking?"
The female reporter is clueless. Why even bother showing up.
This is a squid-throttling, Sachs-busting, taxpayer-soothing clip . Watch it, save it, send it.
Senior editor Paddy Hirsch from Marketplace explains toxic assets and the original purpose of TARP. Food analogies predominate. Helpful lesson you can email to the uninitiated. Nice cartoon of toxic assets inside.
The hearings will resume at 1:30 pm EST. Paulson is being questioned about his role in the Bank of America-Merrill Lynch merger and threats made to Ken Lewis. Watch it LIVE.
Never been more impressed by Gasparino. The Campaign For Liberty and FreedomFest folks in Vegas last week must have gotten to him about the new powerhouse Washington Investment Bank: Bernanke, Geithner, Obama and Sachs.
Charlie gets slightly righteous about Goldman in both CNBC clips. Stellar performance. Maybe I've been wrong all along about CG. Watch.
Judge Napolitano makes the comments about Kohn's threat last week that interest rates will rise if the Federal Reserve's monetary independence is in any way threatened. He calls it extortion. He makes some solid points. His comments are in the first 3 minutes. Paul gives status update on HR 1207. (Broadcast July 15th.) Watch.
Ron Paul says the pressure has to come from the people. May I present exhibits A and B. People, please do your thing.
Jul 21, 2009 at 12:43 AM
