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The Fed's Racket Exposed
A reader provides us with the following letter he received from Senator Mikulski in response to dissatisfaction expressed about Bernanke's reconfirmation. The response from the Senator demonstrates precisely the type of intellectual racket that the Fed is exposing gullible and incompetent senators to, in forcing them to pass law after law that is only in the Fed's, and thus Wall Street's interests, as the alternative would always be a "market nose dive." Enough with the pandering. If senators can not think and verify independently, they should be replaced immediately with people who are capable and qualified to make critical decisions about this country without Wall Street's influence.
Thank you for getting in touch with me about Ben Bernanke's nomination to chair the Federal Reserve. It's great to hear from you.
Americans are angry and they are anxious. In diners and at the dry cleaners, I'm hearing tremendous anxiety about the economy. People are feeling like their middle class way is slipping away, and that brings a lot of anger, fear and frustration.
When Chairman Bernanke thought Wall Street was on the verge of a crisis, he acted dramatically. He used new powers for new programs. Well, the job market is in a crisis now. But the Fed's response has been tame and tepid. We need the same urgency from the Federal Reserve to jumpstart the job market that was given to Wall Street to jump start the financial markets.
I voted to confirm Mr. Bernanke because he is not a man of ideology. When we needed him the most, his expertise and level-head probably helped prevent a catastrophe. Bernanke didn't panic and he took his lessons from economic history, a subject which he has studied closer than anyone else. No one understands the risks the economy faces better than he does.
I was advised that rejecting his nomination would cause markets to nose dive, which would hurt retirees and families saving for their future. I am not enthusiastic in my support. But I think Mr. Bernanke understands the job that he still has to do.
We need bold new approaches - and I'll fight for them. I let Mr. Bernanke know that I am focused on three things to get our economy going again: creating jobs, getting more lending to the middle economy and small businesses, and helping people get out from under the threat of foreclosure.
Thanks again for getting in touch with me. Knowing of your views was helpful to me. Please let me know if I can be of any assistance to you in the future.
Sincerely,
Barbara A. Mikulski
United States Senator
And for the counterpoint, here is an example of a Senator who does not fall for the Fed's racket:
Dear Friend:
Thank you for contacting me. I appreciate hearing your thoughts about President Obama's decision to nominate Ben Bernanke for another four-year term as Chairman of the Federal Reserve (the Fed). I voted against approving Mr. Bernanke, who was nevertheless confirmed by the Senate by a vote of 70-30.
My opposition to Mr. Bernanke is based on a number of concerns about his actions during both the run up to the financial crisis and the crisis itself. Before the financial crisis hit in 2008, Mr. Bernanke failed to either diagnose the housing bubble or adequately protect consumers from many of the abusive financial products, especially credit cards and mortgage loans, which helped to contribute to that bubble. These mistakes helped to precipitate the worst financial crisis since the Great Depression, and while Mr. Bernanke has taken bold and creative steps to help stop the bleeding, I believe that his record prior to the crisis does not warrant him a second term as Chairman.
In the midst of the crisis, I am also concerned that the Fed has provided an unknown number of financial institutions with billions of dollars at almost zero interest without appropriate transparency or accountability, including to the insurance giant AIG. While the current economic crisis has certainly made increased action by the Fed understandable, it is inexplicable to me that the Fed has taken such unprecedented action without putting conditions on these loans that would require the funds to be used to make loans to small businesses, or would restrict the payment of unwarranted bonuses. In addition, the Fed has refused to inform Congress or the public the extent of these financial commitments. For this reason, I am a cosponsor of S. 604, the Federal Reserve Sunshine Act of 2009. This legislation would require the Comptroller General of the United States to conduct an audit of the Federal Reserve and submit those findings to Congress to determine what commitments the Fed has made in response to the financial crisis.
Finally, I am troubled that, in the wake of the financial crisis, Mr. Bernanke has argued against creating an independent consumer financial protection agency. It is painfully clear to me that the Fed's failure to protect consumers from abusive products in areas like credit cards and mortgage loans helped to fuel the spiral of debt that contributed to the economic downturn. Given the Fed's abysmal failure in this area, I find it remarkable that Mr. Bernanke wants to give the Fed more authority. This neglect for adequate consumer protections is unacceptable to me, and I am not convinced that Mr. Bernanke would behave any differently now than he did before the crisis.
While I have heard the concerns of many that the failure to confirm Mr. Bernanke would have damaged the financial markets and jeopardized our economy recovery, I do not believe that anyone, including Mr. Bernanke, is too big to be replaced. We should not hold our economy hostage to the Wall Street threat that total economic collapse is the sure result of not doing everything they want.
Thanks again for contacting me. Please do not hesitate to do so again about this or any other issue that may concern you.
Sincerely,
Tom Harkin
United States Senator
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Intellectually honest?!?!
She's an idiot.
If she admits that...hmmm...well, she did...Jesuit training here...well then, you are right.
geez, she's not a sunday school teacher, she's a senator, which makes her a liability
Dammit, was that ANOTHER good intention that I just tripped over?
This road to Hell is just LITTERED with those damned things!
*snort* funny.
+10
Road to hell = serfdom ?
no friend , the road to hell is paved with lies , greed and stupidity.
listen in... she got a drivers license .
and drove a big rig over the cliff... but dang she can drive a toyota just fine
just because the wreck caused 45 deaths doesn't mean .. she was not current on renewing the license
Alright, fuck 'em--let me get my torch.
Another politician that can't tie her own shoes. None of these folks save for a very distinct few understand that taking our medicine NOW is better than kicking the can down the road. The longer the problems exist the worse they get eventually making it impossible to recover. We need to consider stricter requirements on serving in office. Too many ignorant people in DC.
For the loser now
Will be later to win
For the times they are a-changin'
Sooner than they think
My guess is that a lot of these worthless congress-people will be hanged in their hometowns, and they honestly won't understand why. They really won't.
How sad is that?
If senators can not think and verify independently, they should be replaced immediately with people who are capable and qualified to make critical decisions about this country without Wall Street's influence.
Seriously, I can count the number of people on one hand who can think and verify independently (present company included).
As long as a Senator or Congresspersons election (reelection) is primarily based on how much money they can raise for their campaign, i expect nothing to change (in fact expectations would dictate a deterioration from here).
Good point Lucy
how many fingers did you lose on that hand?
As long as she still has her thumb and at least two others does it mater?
Scared ass congressmen Does any of them really have any clue or just go with the flow? There is no one with a logical dominant voice.
This statement from Mikulski could not have been any more laughably demeaning and intellectually insulting if she had just simply summed it up as:
"I wanna make things gooder better, and I'm gonna!"
You betcha!
you guys are on a roll today (SP reference appreciated...)
She's got the "audacity of Hope" though!
Jesus christ.wtf is going on here...
WTF is going on here?!?
I'm actually gettin emotional about all of this, gotta Slide...
As Time Goes By......
Seriously her perspective on the matter sounds like she reads CNN money for her information. We need jobs, we need to lend to consumers and businesses? How the fuck are we going to lend to already overleveraged consumers and businesses? How the fuck are we going to "create" jobs if the US CONgress continues to allow multinationals to outsource american labor to 3rd world sweatshops?
This bitch, alongside the majority of CONgress, know nothing about how the system works, let alone what it is.
EPIC EPIC FAIL
"I was advised that..."
Read: I was too dumb to think for myself and do my own research regarding the topic.
Please: Get an education. You swore to uphold the constitution and do what is in the best interest of the American people.
Bottom Line: Don't step in the arena unless you are ready to fight. If you are voting on important issues that you know nothing about, you better actually read what you are voting on and spend every waking minute educating yourself on the fallout that can happen from listening to your "advisors".
And Stan O'Neal, Jimmy Cayne and Dick Fuld were all advised that real estate would forever go higher. Does she really think there's any legitimacy to that clause?
I am now dumber for having read that drivel. Not a man of ideology? We averted catastrophe? We need more lending (debt)? This is hopeless.
Was there ever any hope?
Accept defeat and move on.
I am Chumbawamba.
I, defeated. Where should I move to? I'm too young to have profited handsomely from the ponzis. I am stuck where I am for at least a while, it seems.
Stay put. Wait. Pay attention.
Shortly the walls are going to come down and the barbarians of Want and Desperation and Anger will come streaming in. Stay put, keep a weathereye on the walls. And when the barbarians are at the gates turn to your compatriots and remind them of what made this country great, once. Of hard work, of creating value, of passing on something real and worthwhile to one's children. Of making the world a place to thrive foremost, and not a place to get rich quickly. People will want at that very point, as the gates come off the hinges, to know what they should do.
What they should do is, start over. From the beginning. With feeling.
You tell them that, because in the end starting over is all you have.
I was just reading my little Cato copy of the Declaration of Independence this morning. Inspiring and dangerous stuff.
Written by hard-assed fuckers ready to die for an ideal, but more interested in having that other guy die for his ideals, or else GTFO.
With that behind you, words ring. And true words are true power.
"hard-assed fuckers" LOL
I wish I could remember the name, but one of the delegates lost both his sons and all his fortune fighting the revolution. Talk about sacrifice. I imagine when push comes to shove the barbarians will just want to start the ponzi scheme all over again.
The Swamp Fox, Francis Marion I believe.
Cougar
Superb post.
Fuck-n-a Bubba.
If they're so gullible and incompetent, WTF are the doing in the Senate passing laws?
If we elect these incompetent boobs, then we get what's coming to us.
bend over, people. Bend over.
Those who can do.
Those who can't teach.
Those who can't teach run for Congress.
Vote monkey get monkey
Nice. If this is leadership, then we're so fucked.
The evisceration of Congress started 40 years ago.
Money and business and Martha Stewart won out. The country lost out. Obama is the crowning achievement of 40 years of beating the fuck out of anyone with a spine.
It's just downhill from now, freinds. At the end of the empire, the women won't allow you to fight to survive.
Indeed, in death we will all be equal.
Mission accomplished.
A small sacrifice for such a grand cause
spot on cougar.pretty soon boys will be born with no balls, as nature gets rid of that which is no longer used...
In a similar vein, here is the letter I received from Dianne "Worthless" Feinstein regarding my support for 'Audit the Fed' language (i.e. original Sanders amendment, or Vitter amendment) in the financial "reform" bill. It is clear to me that the watered-down Sanders amendment was designed as lip service to the public clamoring for Fed Transparency.
Ah yes, Feinstein. That cuntwhore will make a sad lamp post look bright and happy again once she's dangling from it.
I am Chumbawamba.
If They're In They're Out
+1000
brutal! I like it!
I'll bring the tar and feathers!
Knocked that one out of the park.
Take a bow, Mr. High Potentate.
I have had six good laughs reading these comments, that's my Sat. morning quota. Thanks.
Advised by the Fed itself, no doubt. Wall Street is using legal blackmail in Congress every day. "The market will tank, the market will tank."
We need the market to tank now so that this argument will be toothless. See how much pull the bankers have when the S&P is already at 400. "Best and brightest creating value" my ass.
Agreed...and this means the Fed, Treasury, Primary Dealers, and anyone else pulling strings behind the scenes, will be in total Plunge Protection mode. I wonder how much gas they have left in the tank?
They dont have any more gas on this system, but are going in for a fresh fill up..SDR's..Which, btw, is printed out of thin air, without being backed up by anything..There going to try to do the same thing all over again from scratch, yeeppiieee, we get a mulligan...
I just heard one of the talking heads on Bloomberg asking someone about the probability of a global coordinated central bank intervention. The person didn't think we were there "yet". But that might be something they try before moving on to the SDR's, Amero's, Obama-bucks, etc.
I wouldn't assume the blackmail is legal. I'd like to see her letter forwarded to the Justice Department, we need to know who is offering these "advisements" and in what manner. This may be illegal.
She must be the next PM in Greece. How long G-Pap is going to be in power? There is going to be a lack good servants in Greece soon.
"his expertise and level-head probably helped prevent a catastrophe. Bernanke didn't panic and he took his lessons from economic history, a subject which he has studied closer than anyone else."
Wow. This guy thinks Ben is some kind of "expert" who really knows what he is doing. This is so comical.
"I do not see a housing bubble" Ben Bernanke circa 2007
"Sub-prime is contained and will not spread" Ben Bernanke circa 2007
With "experts" like this who needs complete fuck ups who don't learn from history and get it wrong every step of the way?
1. Ben did not "prevent catastophe" - open your eyes you blind mouse. The U.S and Global economy are in almost the worst shape in history.
2. The FED is the reason the economy is fucked up in the first place.
3. Ben is making it much, much, much worse with every dollar he prints on his HP desktop. Moral hazard? fuck it, no such thing.
This guy lol
Barbara,, .
did you see 'her' picture? the jury might still be out...
Suddenly, for some strange reason, I have a hankering for a pear.
Only Bellysnort of tha day. Thanks Akak.
i dunno - must be my coffee. i've been rolling this entire thread.
lol
Can you imagine what the poor slob from the escort service that is paid for by "her" contributors thinks when he pulls that number?
LOL
I wanted to say "this used piece of travel luggage" but I gave her the benefit of the doubt and just called her a man.
I got a similiar response from Bill Nelson. These ass-clowns continue to push this end of the world/only man for the job bs. These civil servants will soon understand their place in history. Their lack of understanding/judgement has provided them with just enough rope.
<sadpanda>
Surprised this post doesn't have a FAIL tag...
Hmm, that's a good suggestion. Instead of "flag as junk" it should instead be "FAIL".
I am Chumbawamba.
ot but ...
S. Korea to convene emergency meeting of top military generals
http://english.yonhapnews.co.kr/news/2010/05/20/0200000000AEN20100520002100315.HTML
Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.
Andrew Jackson
+1
"You are a den of vipers and thieves. I intend to rout you out, and by the grace of the Eternal God, will rout you out."
- Andrew Jackson upon evicting from the Oval Office a delegation of international bankers. 1862
Andrew Jackson died June 8, 1845.
Should I prepare for the 2nd coming of FDR?
Unfortunately for me I cannot write my Senator since I'm not located in the USA.
You people who can write a Senator, and who apparently already have, are you attempting to actually educate them as to why they are so wrong? It would seem to me the next logical step.
Why bother wasting time educating these cronies?
These spineless government officials are the definition of incompetence, that's why they're there. To do the bidding of their masters.
Through disintermediation one can dramatically reduce the impact these morons have on one's life.
If you don't approve, then stop feeding them.
How old are you Max? Just asking becaue no mature person would think for a second that learning disabled multiple peronsality disordered sociopaths can be 'educated'. Witness, George W., B. Clinton, and thousands of others.
They have an agenda. Which is top secret.
The right way to think of our government is: EVERYONE in our government from the Bamster to the lowliest bureaucrat is part of a gigantic orchestra. An orchestra made up thousands of people playing thousands of instruments.
But who is the one person in an orchestra that doesn't make one, single solitary sound? Not even peep? And upon whom without which the entire orchestra would fall into discordant sound?
The Conductor.
Our 'conductors' are the men behind a curtain, unelected, unseen, unheard, and totally in control of our courts, our laws, our politicians.
The conductors, the Maestros (Greenspan was actually called by that illustrious title while he was engineering the most devastating financial crisis in global history) are allied with each other and live in an entirely different world than the people they rule. They can actually borrow money for nothing and lend it out at 33%. Now how difficult would it be for you, Max, to become a gazillionare if you could manage to do that? Think of the power it must take to simply sit at your desk make a call and get a trillion dollars no questions asked to do whatever you want with it.
There are many other examples but just to help disabuse you of the notion that our votes, letter, phone calls, e-mails, faxes, threats, and bribes mean much, I thought I'd list at least a couple.
How is it top secret?
Plenty of new recruits to the military have high clearance ratings.
Material gets leaked to the press, friends, and family constantly. No one can keep their mouths shut - they all tend to spill their "master plans" in their autobiographies and to favored members of the press.
I doubt my representatives actually read my letters - they probably have staff do it, or maybe even sort them electronically with keyword searches. In fact I know the letters I send via a website are already sorted by topic, because they make you click a box (Economy, Unemployment, etc.).
Regardless, I provide enough information in my letters that the addressee should see I know what I'm talking about, and I tell them clearly why what they're about to do is wrong for the country. I have seen no evidence that they understand anything further than perhaps poll numbers one way or the other, which are in any event secondary to campaign contributions and the Party line.
The staff read the letters. Only the Washington staff will generally deal with political issues. Local offices usually handle casework and relations with municipal governments.
If you want to get an audience with a Congressman or a Senator, you need to represent a voting bloc that can be counted on to vote a certain way every time.
A sort-of good way to get attention is to create a petition with a lot of mass. As in - physical mass. Something that weighs 20 pounds that's difficult for the office to ignore.
Single letters and anything electronic will be easily ignored.
High quality letterhead (like the kind used by lawyers) can also get you more attention.
If you're just a rabble that can't be counted on to vote in a bloc every election (for decades on end) no congressman will be interested in pandering to you.
That's the way the system works.
so... you're saying that in order to be noticed by the person we elected to represent our interests to our leadership...
we we need to group together into a like-minded group, formally establish our interests (show of hands?), formulate a specific message, then elect someone to carry that message to our ...
wait a minute...
It does zero good to contact them. All that I get is a "thanks for sharing..." reply.
All that is left now is to show the correspondence to my valued employees and to help them prepare. From 85% of them that found me to be nuts in 2007, I don't have a one that finds me to be over the top, which is scary enough in itself.
The market crash is INEVITABLE. Using it as a poltical pessure tool is FUNNY.
She sounds like the female version of Lennie from Mice and Men. Mentally retarded with great physical power...wait, that sounds like all of CONgress and politicians in general.
Why is this story not the basis for a racketeering investigation? "You'll vote the way I want you to if you know what's good for you."
We will look back on these sad days and we will talk openly and knowlingly of the great treasons that brought the country down. It won't help us feel any better about it, but it will be the truth.
I'll consider it a modest victory if we can look back at these days and talk openly................
It could go either way, couldn't it, from here.
Fear can liberate, and fear can enslave. I sense we are already far down the path to enslavement. Perhaps we can turn that around. I'm confident we will. I am not confident we can turn it around without hanging some people, though.
We're not being robbed. We are indentured servants being told we're free.
"I was advised that rejecting his nomination would cause markets to nose dive, which would hurt retirees and families saving for retirement..."
I would like Senator Mikulski to explain how ZIRP is helping retirees and families "save" for retirement....?
If she had two brains, she'd be twice as stupid!
Cut the woman some slack. She's HOT!!!
http://images.usatoday.com/news/_photos/2004/11/03/inside-mikulski.jpg
My eyes!! The goggles do nothing!!
Awesome, I just choked on my coffee from laughing.
That's not Barbara Mikulski, that's Benny Hill!
But I can see where one might be confused.
Brilliant!
she(?) clearly shares some dna with his guy... jabba.jpg
NOVEMBER INCUMBENT BLOODBATH
MAKE IT HAPPEN!!!
I'll second that motion...
These corrupt establishment two-party asshats still think this is a Red/Blue thing... and the media has been trained to reinforce the two-party meme, ad nauseum.
The US is a one-party state, and that one party is the corporate fascist party.
Citizens are starting to figure this out. The useless incumbants from both parties MUST be voted from office. The Mass. election and this week's primaries are/were paradigm changing events, yet the media and DC beltway crowd STILL AREN'T GETTING THE MESSAGE. The toothless, pointless financial "reform" bill is definitive proof of this fact.
INCUMBANT BLOODBATH in NOVEMBER.
It's time to take scalps and display them with pride and determination.
It will take 3 cycles of gerneral elections to get all of the current vermin out.
Any new vermin will need to be dealt with. When you want to stop street supply you focus on the wholesale connections and take them out. By the same token, we need to focus on the lobbyists and take them out. Only an anti-lobbying bill with teeth can stop it. Only an electorate that DEMANDS IT will get it done.
And it will take 3 general elections to convince this filth that only cares about money and wealth that the electorate has had ENOUGH OF THIS FUCKING SHIT.
I see that you find legislation to be the key to fixing this.
Grow up.
Dear Mr. B: Thank you for contacting me to express support for legislation to increase transparency at the Federal Reserve. I appreciate hearing from you, and I welcome the opportunity to respond. The Senate is currently debating Wall Street reform legislation (S. 3217). On May 11, 2010, I supported an amendment to this bill offered by Senator Bernard Sanders (I-VT) that would significantly increase transparency at the Federal Reserve and require an audit of its emergency lending activities. Specifically, it would require the Government Accountability Office (GAO) to conduct an audit of the Federal Reserve within one year of the bill's enactment. However, it would not allow the GAO to audit the Federal Reserve's interest rate decisions or normal lending activities through the "discount window." Additionally, it would require the Federal Reserve to disclose the names of financial institutions and foreign banks that received emergency financial assistance dating back to the start of this economic downturn. This amendment passed the Senate by a vote of 96-0.
As you may know, Senator David Vitter (R-LA) offered a similar amendment that would have required an audit of all Federal Reserve activities, except for unreleased transcripts from meetings of the Federal Reserve Board of Governors. I joined 61 of my Senate colleagues in opposing this amendment because such disclosure could have harmful impacts. For example, exposing the Federal Reserve's normal lending functions could lead to a run on a bank perceived to be in poor health. Additionally, such disclosure could prevent the Federal Reserve's Board of Governors from making interest rate decisions free of outside influence. I agree that the trillions of dollars lent out by the Federal Reserve to stabilize the economy should be accounted for. The amendment offered by Senator Sanders would bring transparency to these activities, which is where I believe it is most needed. The House-passed version of Wall Street reform legislation includes a provision that is similar to the amendment offered by Senator Vitter. The House and Senate will likely reconcile the differences between their respective versions of this legislation in a conference committee in the coming months.
Please know that I will keep your concerns in mind as I monitor these negotiations as they relate to the Federal Reserve. Once again, thank you for writing……………. Sincerely yours, Dianne Feinstein United States Senator
As I suspected. Fucking form letter sent to the (likely) hundreds who wrote in supporting Audit the Fed.
Aw.
Every congressional staff member who's been around for a while can forge their boss' signature by rote. For everyone else, there's a rubber stamp.
Man, her interns must be slipping... what a crappy letter.
We deserve CONgress when we don't do any due diligence and keep re-electing total idiots.
The propagandist left wing media doesn't help any either as most of the population doesn't get past a one sentence sound byte, headline, or tweet.
It's not the left wing media's fault that the public doesn't care. It took a concerted effort on the part of government to dumb down the schools, make narcotics readily available and keep the checks coming to pull that off. The left wing media is just a bit player in this here drama. I mean, with ratings going down the toilet, nobody believes the left wing matters any more except, of course, the left wing media.
Exactly. Most people have their heads buried in the sand and remain clueless as to what's going on in the world. If people did their homework rather than basing their decisions on what they see on the 11 o'clock news, we'd be in a much better place. It is truly unbelievable how horrific many of the incumbents truly are.
When was the last time you voted against someone promising lower taxes, more jobs, better climate for business, and less government.
Because I don't think I've yet to hear a candidate espouse anything less, nor anything remarkably challenging. People like to think they can vote themselves a better life, and politicians feed that weakness.
When you want a revolution, you won't be able to vote it in. You'll have to lead it yourself.
that pretty much covers it.
"When you want a revolution, you won't be able to vote it in. You'll have to lead it yourself."
bumber-sticker of the YEAR!
+++
prophetic, poetic on our country pathetic
dup
your turn to be on a friday roll cougar.
you should contribute a post on this very topic.
could stimulate some meaningful discussion.
dupe
I vote against people promising that shit every time, because I know they don't mean it. Especially if they're either a Democrat or a Republican.
or independent?, or libertarian?, or green?, or ... ???
heh
dad always said that anyone interested in political position has inherently proven their lack of qualification.
no doubt. I do vote libertarian when I have the option though.
The only guy in our current government I would vote for now is Ron Paul. But I don't live in Texas.
that's been my 'protest' vote for years (libertarian/constitutionalist). locally, we've got a 100-year dem regime here. never gonna change. still proudly have my Dr Paul-2008 decal on my car to this day.
kind of a "i told you so" to the traffic. i don't think they get it yet, tho'.
speaking of total idiots, msmedia is not left wing--but corporate. They protect themselves and their advertisers and business models and advance pov's that profit them w no concern for truth or public interest.
Mikulski's explanation is almost identical to my Congresspimp's explanation about why he had no choice but to vote for TARP. That's about when I figured out that the time writing to my elected officials was better spent at Tractor Supply Company looking for pitchforks, torches and good strong rope.
Posted by Tracy Alloway on May 21 11:25.
The Swiss Central Bank has just released its monthly statistics — things which are likely to attract plenty of interest, given recent rumours of central bank currency intervention.
The raw data is available here.
But we’ll leave it to the ever-eloquent Sean Corrigan, of Diapason Commodities, to break it down:
http://www.bloomberg.com/apps/news?pid=20601087&sid=awCIOh4OFiVs&pos=2
What she really mean: I was advised that ... , which would hurt my retirement and my stock portfolio ...
Bingo.
The bailout was to preserve the wealth of the political class.
So why do we have elections if the politicians are taking their cues from the Market?
Translation & synopsis of Sen. Mikulski's text:
I don't have an effin' clue what I'm talking about, so I'm just going to parrot what my handlers told me to say. Sure hope my meaningless answer satisfies you, but I really don't give a crap if it doesn't. Have a nice day.
"I voted to confirm Mr. Bernanke because he is not a man of ideology." WTF?
"But I think Mr. Bernanke understands the job that he still has to do." I don't think that she fully understands the truth of what she's saying here.
Isn't 'not a man of ideology' akin to 'she's ugly and stupid, but has a heart of gold'?
I am not a man of ideology, because I have a brain.
http://globaleconomicanalysis.blogspot.com/2010/05/house-committee-on-ho...
very funny video from max keiser
Isn't Max really Norm MacDonald in a vest?
Dear (fill in blank):
Thank you for getting in touch with me about (fill in blank)'s (fill in blank) to (fill in blank). In diners and dry cleaners, warehouses and whorehouses, from one star-spangled shining sea to the other, Americans are anxious, angry and alliterative about (fill in blank). I support (fill in blank) because (fill in blank).
If you have any more questions, and if you contact my office again, and I will definitely (fill in) your (blank).
Sincerely,
(fill in blank)
"and I will definitely (fill in) your (blank)."
ow... my stomach hurts from laughing so hard.
++
On along enough timeline everything is related...
To that end: http://globaleconomicanalysis.blogspot.com/2010/05/house-committee-on-ho...
Mr. Beck - NO NOT THAT ONE - ought not look too hard less he discover that the Treserve is aiding and abetting (financial) terrorism which could lead to Timmah and HeloBen - if Senator Lieberman had his way - losing their US Citizenship. Oh my...maybe we ought not close Gitmo.
Pete
90% of this country is going to turn into Detroit
The other 10% rings D.C. and Manhatten
Beirut, Sariavo, Mogadishu are more likely comparisons.
Dear Friend:
Thank you for contacting me regarding the Federal Reserve System. I welcome your thoughts and comments.
Since its inception in 1913, the Federal Reserve System has served an important role in our financial system. Recently, to address our nation’s current economic downturn, the Federal Reserve system has taken extraordinary and unprecedented actions that have resulted in a dramatic expansion of its balance sheet. As a member of the Senate Committee on Banking, Housing, and Urban Affairs, which has oversight of our nation’s financial system, I have expressed my concerns to Federal Reserve Board Chairman Ben Bernanke about the risks of these actions, especially with regard to potential future inflation. I am troubled by the lack of transparency and by news of the many newly created Federal Reserve System programs.
I am a co-sponsor of S. 604, the Federal Reserve Sunshine Act of 2009. Introduced by Senator Bernard Sanders (I-VT) on March 16, 2009, this important legislation would give the Government Accountability Office (GAO) authority to audit every item on the Federal Reserve's balance sheet. As a result, S. 604 would reform the manner in which the Board of Governors of the Federal Reserve System is audited and the manner in which such audits are reported.
The Federal Reserve Sunshine Act has been referred to the Banking Committee. As Congress considers S. 604 and other legislation to stabilize our financial system and improve the disclosure and accountability of financial regulatory authorities, you may be certain I will keep your views in mind.
I appreciate hearing from you, and I hope you will not hesitate to contact me on any issue that is important to you.
Sincerely,
Kay Bailey Hutchison
United States Senator
S.604 was fine...this letter must have been sent prior to Sanders knuckling under from some sort of pressure from Dodd (i.e. his puppet masters).
"Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the grace of the Eternal God, will rout you out."
- Andrew Jackson
+1776
(i'm aware he presided later...)
Here is Kay Hagan response to me, another typical pawn who does what she is told to do and when. I can't believe people voted for this woman, including myself. At the time, I guess she was the lesser of two evils. These puppet Senators, who have no mind of their own, are really destroying this country.
May 6, 2010
Dear Friend,
Thank you for your message regarding the confirmation of Ben Bernanke as Chairman of the Board of Governors of the Federal Reserve System. I appreciate hearing your thoughts on this important nomination. I apologize for my delayed response.
On September 17, 2009, President Barack Obama nominated Ben Bernanke to serve a second four year term as the head of the Federal Reserve. His nomination was subsequently approved with bipartisan support by the members of the Senate Committee on Banking, Housing, and Urban Affairs. Chairman Bernanke was confirmed by the full Senate, again with bipartisan support, on January 28, 2010, by a vote of 70-30.
Chairman Bernanke first assumed his role as head of the Federal Reserve in February 2006 and has shown tremendous leadership during his tenure. While I certainly believe that the Federal Reserve made mistakes leading up to our recent economic crisis, Chairman Bernanke took critical steps to avert a deeper financial crisis in 2008. By cutting interest rates decisively and establishing targeted lending programs, Chairman Bernanke staved off financial panic. I believe that Chairman Bernanke is the best possible individual to head our nation's central bank during this economic recovery.
Again, thank you for contacting my office. It is truly an honor to represent North Carolina in the United States Senate, and I hope you will not hesitate to contact me in the future should you have any further questions or concerns.
Sincerely,
Kay R. Hagan
Please do not reply to this email. Instead, if you have further questions, please visit www.hagan.senate.gov and fill out my web form for your inquiry. Thank you.
Thanks for posting. At least you got a response. I have written Senator Hagan on several occasions and have never received a response from her office. I'm convinced my Independant party affiliation is the reason for the hostility. It's clear that Democrats have representation but everyone else can drive into a bridge support.
Harkin also voted for the "reform" bill, but issued this statement:
“I voted for this measure because it is a step in the right direction. This bill will create a strong consumer financial protection bureau that will put a stop to a whole range of predatory financial practices targeting ordinary Americans.
“I am particularly pleased that language requiring commercial banks to spin off their derivatives operations remained in the bill in its original form as reported from the Senate Agriculture Committee. This is a very important part of the bill and I hope it remains in the conference-reported bill.
“I am disappointed, however, that other amendments in line with Chairman Lincoln’s provision were not included. In particular, Senator Cantwell’s proposal to reinstate the Glass-Steagall Act was not even considered. I was one of eight senators to vote against financial deregulation in 1999 that did away with Glass-Steagall. Reconsidering this issue had a place in this debate. Also, Senators Brown and Kaufman offered an amendment that would have dramatically reduced the size of the largest financial institutions. Unfortunately, the amendment was defeated.
“The problem in the financial sector, as with so many areas of our economy, is that the ground rules and oversight have been lax. Too many in the financial industry put profits ahead of people. As a direct consequence, tens of millions of ordinary Americans have lost their jobs, their homes, and, their livelihoods. This legislation will help restore some balance to our financial sector.”
And they tell us the Al Quaeda is the terrorist threat. It seems to me like we are living more in fear of a market meltdown than of the next strike on a city.
My favorite is this one, where Kay Hagan openly admits that Congress knows the FED is hiding very bad stuff, and if the people found out what it was, it would tank the economy. Hence, she cannot support S.604. Reposting this for those who may have missed it. She contradicts herself at least 4 times in this letter.
April 29, 2010
Dear Friend,
Thank you for your message expressing support for the Federal Reserve Sunshine Act. I appreciate hearing your thoughts on this important issue.
The Federal Reserve Sunshine Act (S. 604 / H.R. 1207) was introduced in the Senate on March 16, 2009, and in the House of Representatives on February 26, 2009. The Senate bill was referred to the Committee on Banking, Housing, and Urban Affairs and the House bill was referred to the Committee on Financial Services. Both bills reform the manner in which the Board of Governors of the Federal Reserve System is audited by the General Accountability Office (GAO) and the manner in which such audits are reported.
Under the Federal Banking Agency Audit Act (PL 95-320), the GAO has the authority to conduct financial and performance audits of the Board of Governors, and the Federal Reserve banks and branches. However, such audits are limited, as the law stipulates that monetary policy operations, foreign transactions, and the Federal Open Market Committee operations are excluded from the scope of the GAO audits. The Federal Reserve Sunshine Act seeks to expand the GAO's authority by removing these limitations.
As the Federal Reserve Sunshine Act is currently written, I am opposed to the legislation. Under common usage of the term audit -- an examination of accounts and records -- there is already a 100 percent audit of the Federal Reserve. Furthermore, Congress already reviews semi-annual reports on monetary policy submitted by the Board of Governors as required under the Full Employment and Balanced Growth Act (PL 95-523).
When Congress passed the Federal Banking Agency Audit Act in 1978, the legislation attempted to balance the need for public accountability of the Federal Reserve with the need to insulate the Reserve's monetary policy function from political pressures. I believe this balance must be maintained going forward.
The formulation of monetary policy is a decision-making process that involves information gathering from a host of foreign governments and central banks. The information provided from those exchanges is critical and extremely sensitive. The immediate and broad disclosure that S. 604 would require could disrupt the financial markets, and jeopardize our country's international finance relationships. Ultimately, it would be taxpayers who would bear the brunt of any losses resulting from policies caused by untimely disclosure of sensitive information. Because of this, I do not believe the benefits of legislation like the Federal Reserve Sunshine Act outweigh the costs.
Again, thank you for contacting my office. It is truly an honor to represent North Carolina in the United States Senate, and I hope you will not hesitate to contact me in the future should you have any further questions or concerns.
Sincerely,
Kay R. Hagan
Please do not reply to this email. Instead, if you have further questions, please visit www.hagan.senate.gov and fill out my web form for your inquiry. Thank you.
"Please do not ask what is in the sausages. What you don't know won't hurt you...trust me."
The immediate and broad disclosure that S. 604 would require could disrupt the financial markets, and jeopardize our country's international finance relationships. Ultimately, it would be taxpayers who would bear the brunt of any losses resulting from policies caused by untimely disclosure of sensitive information.
Hasn't this already happened?
"I was advised that rejecting his nomination would cause markets to nose dive, which would hurt retirees and families saving for their future. I am not enthusiastic in my support."
And yet, this (assumably) college educated woman did not realize that:
1. By that remark she is in a 'hostage' situation
2. By rewarding hostage taking she will ensure that this will happen again
3. That those retirees being hurt are really holding worthless assets anyway (but I know you don't want to break it to them just yet).
Fear
...of losing campaign funding
...of losing your job
...of no more beltway parties
...of having to get a real job
...of losing the adulation of your constituents
...of losing your comfort
...of facing reality
can be a very powerful, persuasive tool.
Global Stock Rout Halts as U.S. Banks, Euro Climb on View Selloff Overdone
http://www.bloomberg.com/apps/news?pid=20601087&sid=awgmirRc1g8A&pos=1
Whose view is it that the selloff is overdone?
The Fed cartel of private banksters, and world wide CB conglomerate I presume?
Drawing a line in the sand are they?
What!? The land of the free!? Whoever told you that is your enemy!
Know Your Enemy - RATM
http://www.youtube.com/watch?v=4smim2MNvF8
Compromise, conformity, assimilation, submission
Ignorance, hypocrisy, brutality, the elite
All of which are American dreams
All of which are American dreams
All of which are American dreams
All of which are American dreams
All of which are American dreams
All of which are American dreams
All of which are American dreams
All of which are American dreams
A woman was shot by two police officers late Thursday in south Yuba City after she approached them with a shotgun and refused to put down her weapon, according to a department press release.
http://www.appeal-democrat.com/news/family-95100-city-woman.html
So remember kiddos, if you are going to answer the door armed when it's a cop doing the knocking, and you aren't prepared to set down the firearm; go ahead and pull the trigger.
Blaze Of Glory - Bon Jovi (Edit: Do not watch this video, just listen :)http://www.youtube.com/watch?v=upenR6n7xWY
Where does one find how a particular congressperson/senator voted on various issues?
Dont want to sound racist, but that's typical.
One is a politician passing the bucket. Knows her position wont make her popular.
Prefers to launch a rumour on how she was coerced into a decision (ridiculous, how strange the phrasing "I was advised" is), the other is a guy who perfectly knew Bernanke would collect a majority and was then safe to vote against him in order to sell his 'tough' position to his clients, huh, his voters.
Did Bernanke practise rowing when he was young? This guy has such a large back to collect all this non sense.
Puppet Senators with reams of form letters and overpaid staffers. I guarantee you Ms. Hagan never even saw it.