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Ben Bernanke Back Into The Populist Spotlight
It seems just yesterday that Ben Bernanke was rehearsing for the role of the Alzheimer's patient antagonist in Joel Schumacher's latest mad scientist-becomes-insane global dictator B-grade movie, before the House Committee on Oversight and Government Reform, after firing back with a catatonic "I don't recall" after catatonic "I don't recall" when asked to remember even one of the events in what historians will likely one day consider among the most critical 24 hours for modern capitalism. Many thought that this spectacle was merely a way for politicians to score populist points in a McCarthesque witch hunt sequel of the villain de jour play. It seems they were wrong.
A letter submitted yesterday by members of Congress is now demanding an in-depth investigation into whether the "Federal Reserve has overstepped its authority and abused its power under current law (where it already wields considerable regulatory strength and broad authority)" especially now that the President, under the guidance of certain individuals of his financial advisory committee is hell bent on "concentrating extensive new power in the hands of one regulatory entity with little to no direct accountability to the public."
In a fashion comparable to the fate of HR1207, which started off as a small snowball (in hell, of all places) and has the potential to become an avalanche, so does this petition deserve the support of all the same cosponsors of the Audit The Fed bill. Zero Hedge applauds the initial efforts by the following members of Congress: Garrett, Carney, Grayson, Kaptur, Price, W. Jones, Duncan, Paul, McCotter, Blackburn, Burgess, Adrian, Smith, Bachmann, Gohmert, Burton, McHenry, and Posey; we are certain that hundreds more will eventually stand behind this petition. The Fed's time as an unaudited and unaccountable institution is at an end - it is now just a matter of time.
The President now faces a major choice: do the right thing, avoid the several conniving voices that whisper sweet manipulative nothings in his ear, and expose the Fed for the nebulous and crony mechanism it has become in the hands of a select few, or do nothing and let his successor be forever remembered in history for doing this one critical and righteous act.
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Zero Hedge,
Tyler,
Marla,
PLEASE DO A STORY ON RECOVERY.ORG.
Where do they get their data?
It doesn't match the latest numbers from the agency's they cover.
Are you waiting for the 18 million dollar site makeover?
That is a private company, you should check the site and read up. I heard on an interview they read lots of local newspapers. The interviewee also said they get more hits from government agencies than the official government site.
Indeed a laudable effort. The following phrase bugs me though: "Momentum is now beginning to form to enact legislation to implement reforms." Sweet fecking cheeerist, where in hell was it before? Far be it from me to claim that Congress has a clue what the people, who elected their sorry asses, want. However, this is either horrible wording or shows just how behind the power curve Congress is vis a vis the American people. I'm hoping it was just piss poor wording. . .
There is growing fear and discontent, but no real outrage - yet.
The status quo still reigns in Washington, and until the economy really tanks, the masses will mutter amongst themselves, but little else. Disent these days means logging into your favorite blog, and ranting away in the comments section. Keyboards have replaced bull horns in our sorry ass generation.
RELAX Nobody could have said it better.
The President must "avoid the several conniving voices that whisper sweet manipulative nothings in his ear." Tyler, don't you think the president is Conniver-in-Chief?
It was obvious in what little he said about the Economy during the election, Obama learned most of what he knows about our financial system from T3 and neckfat Summers.
I believe Congress is a good representation of how braindead our entire government is on financial matters. Of 535 members, maybe 20 give a shit, 10 know what they're talking about, and 2 or 3 are taken seriously.
Neckfat Summers. Priceless. Didn't Emerson say that the bulge at the back of the neck was the mark of the beast?
Goldman Sachs profit bonanza could stoke anger
http://tinyurl.com/num3u5
Uh-Huh
These bastards need to be cremated.
Don't count on Obama-he's now part of the problem. The whole US economy will come down before he will do anything-and that is exactly where we are headed-and in a hurry.
unfortunately BB can move mountains of money much faster than congress can move period. I would expect Obama to look the other way on this, cessation of that much power isn't on the table until it's the only thing on the table. I would surmise even in the face of video footage showing abuses of power they'd still find a way around prosecution.
<one critical and righteous act>
Right on!
If the Fed accepts one piece of that newfangled Morgan AAA paper, or any of Goldman's "insurance" or whateverthefudge Barclays is pedling...well I guess their intentions will be laid bare. But we were already undone at wall st = main st.
It cheeses my biscuit that if this is indeed a liquidity crisis as the Fed would have us believe, then the liquidity they are talking about is the securitization market. We are throwing away 200 years of glorious empire in the name of finding ways to game blance sheets. Six US companies are rated AAA but every crapass deteriorating asset in this country is tied to some AAA rated piece of fiction. And the Fed is taking them in by the azzload.
I'm sad now, Marla's server needs to be not full anymore