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Futures Swoon As Senate Accepts Expanded Fed Audit
The EURJPY, and its immediate computerized secondary derivative, the general market, its taking a nosedive.
The reason, as HuffPo's Ryan Grim reports, is that the Senate has now accepted an expanded Fed audit. As usual, we will believe it when we see the full list of banks bailed out by the Fed, the collateral they pledged, the cash they received, the amount of bonus paid out, the Fed credit facilities involved, the total taxpayer money lost and never to be recovered, etc. Which is why we don't buy it for a bit, and we are fairly confident that Chris Dodd is blatantly misrepresenting reality, when he tells the House panel that "the Senate will accept an expanded Federal Reserve audit proposal from the House as part of Wall Street conference committee deliberations."
The House proposal allows repeated future audits of discount window and open market transactions, whereas the Senate proposal had only allowed a one-time audit.
The Senate's provision had already been stronger than what the Federal Reserve and Treasury Department had previously been willing to accept.
The details of the final proposal are still being worked out, but momentum is with advocates of Federal Reserve transparency. Depending on the specific language, however, Fed critics are worried the House proposal will still allow the Fed to keep information secret by keeping certain operations ongoing.
Chris Dodd (not to mention the congressman from recently delisted HFT sweetheart Fannie Mae, Frank) whose annuity is contingent on preserving the Fed's status quo, would be the last person to allow the Fed to lose its position in the shadow oligarchy, and open up its books to the general population, whereby even a cursory analysis by a 3rd tier powerpoint-happy blogger would expose the Fed's chairman as liable to treason proceedings. Which is why we advise readers to keep a track on the E&Y FX rate: once the smoke clears, it should become perfectly obvious that Dodd has done nothing less than what his moneyed masters have demanded of him, yet presented in a tidy little package. At the end of the day, the Fed will not lose its grip on the ponzi until the pitchforks come swinging. Alas, for that to happen, one can only hope that AT&T keeps the preorder block on the iPhone 4 for at least a few more months. At that point, no matter what the doctored CPI is, the day or reckoning will finally be at hand.
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We also need another bill which audits the physical gold reserve and all leases against it.
Ha ha! Blood in the streets if that happens.
+1*10^100
Full Inventory of the Gold Reserves
Audit/Assay 10%
The 7 member Gold Commission does a 5% audit every year, and they go on-site. The Gold Reserves are there, period.
That statement is highly suspicious without a reference.
sure they do . an audit that does not inspect gold, the audit uses the findings and reports of others to make their report,,, it is an audit of a audit of an audit .
lets see your dandy reference for the 5% audit on site
I see your W, and raise you Au.
Just out of interest, I've found some data (more or less hidden away in their annual reports) that shows the Reserve Bank of Australia has been, until recently, loaning their entire stock of gold.
If we assume central banks everywhere operate under much the same manner, it could further be assumed that at least a fair proportion of central bank gold reserves have been loaned for many years. This is not surprising if you consider central banks to be the biggest bullion banks of all.
The recent drop in gold loans is interesting however. In the midst of an ongoing liquidity crisis what's more, there's also been no rise in gold lease rates at the same time. The RBA still claims to have the same amount of gold as it has had since 1997. Which is to say they claim they did not lose it when Lehman Bros went bust. Lehman was a big player in gold banking.
AUD
I would certainly like to see a quote or link on that RBA loan program.
www.rba.gov.au
Click on Publications you will see Annual Reports.
Gold loan data is mostly under Financial Statements but they have changed things around over the years. Archived reports go back to 1998.
They are quite open about their gold loans in the Annual Report but not in their daily or monthly statistics. Funny that.
Also, the data has required some manipulation to bring out the ounce totals, rather than $ figures.
Thank you.
Thank heavens the RBA has some cents (a pun intended).
Earns money on the bricks that are in the vault, bravo at least they still have the physical and ownership is ... of the law.
When the financial guys start selling the market because the truth might become known, it's time to recognize that we finance guys are not the public's friend or defender.
I say "we" because I'm a financial advisor/broker and I won't leave me out of the "we" simply because I consider myself honest and ethical. I still play in the filthy cat litter box with everyone else. It just a matter of degree of stench, which makes me stink as well. We, the financial industry, are not good for the health of the general public.
We need to be stopped. What are you going to do about it?
WOW, congratulations the truth shall set you free.... it's only from this position can a solution be found... um, that is if there is a solution.. is there? Very interesting that Iceland has just created an information haven.... could information can be the next 'stock', the new toy to trade with?
Stevenson-Cryptonomicon
Bova-Moon/Mars etc.
Both have island locations where data can be kept "reliably."
- Ned
I buy gold.
...
CD, you might be interested to know that I tried one of your "switch at the back of the brain" visualizations re a medical scare I am under.
I built the switch. I left it off. Then I switched it on and thought no fear. It worked. Amazing.
I look forward to your final installment.
It's amazing what we can do when we give ourselves permission and the means to do it. Glad to hear that you became self actualized.
CD,
LIke you I was an Advisor. I could not accept the fact that knowing the inevitable I could in good faith expect clients to put money to work. I certainly was'nt. I struggled with the decision for a full year. Eventually my morals won. I explained my position and walked away from the business with my integrity intact. BTW, not casting aspersions on your integrity.
Dear Kitty Kat with a messy litter box,
After hearing you cry for new cat litter and assessing the situation I advise you to find a new litter box to play in. I know you are a wise individual and I also know that such a change will be amazingly trying, but you are up to it.
The nature of the dirty box can not be changed. It is an area of consciousness that needs to be explored. It will always be there, it is just your displacement from it that you control. Now that you have conscious realization of its nature and you are repelled, it is your choice as to whether you remain or move away.
Situation defined, next steps explained, next move yours.
Overall prospects for shedding of old skin and emergence into a new form: Excellent!
Might I suggest a transition period of deep spiritual and physical renewal and then possibly a new career in shadow politics? /chuckle/
You are going to be building your new cat box from scratch (oh la) after all.
Or is asking for everything you have too much? /rowr!/
Like I said, they will be looking at resumes
I want my Iphone 4 NOW
You never have sexy time again. You play with phone too much.
Yes. Let's pre-order it. After all, we're not getting any interest with that money sitting in our bank accounts (deepest thanks from my grandparents, Bernanke). Might as well give our money to someone else while getting no benefit whatsoever, and until such a time that the product becomes available to everyone with no chance of a shortage. Now that iThink about it, Jobs, let me pre-order iPhone 5, 6 and 7.
Interest == Usury == Death.
Are you still playing there?
DOGS OF WALL STREET:
http://williambanzai7.blogspot.com/2010/06/wall-streets-dogs.html
4 pts. is a swoon?? Don't worry Apple will say they invented iLifeExtender to add 10 more years on to your life tomorrow in 3 versions starting at $999.00 for 10 years and no health benefits and the market will rock!
Feels alot like end-of February, early march, doesn't it - same apparent disregard of the market to the dismal news all around. Difference is in the structure of the averages. In February the 200dma was moving up solidly, as was the 50dma. Now the 50's trending down sharply, and the 200's flattening. Add the really low volume on the up-days and you have a bonafide sucker rally, way more than the March one. That said, NYSI has turned up, and normally the market trends with it, so I'm betting there's a good chance that sideways-up movement for the next couple of weeks could push the S&P back to 1150, but I'll be shorting it at every potential technical break point, because I can't see anything technical or fundamental that would support this thing over more than a month or two.
For once I gotta agree with Harry. Where's the swoon? I see a blip.
What's the world come to ? Now I agree with Harry and Cramer on the same day. WTF !!!
Feels like:
http://www.youtube.com/watch?v=RnfflRNpwKA
Chris Dodds will soon be be working on Wall Street as a director or lobbyist for JPM, MS, Goldman or Citi !!
This guy is the worst of the worst!!!
Chis Dodds is bought and paid for!!!
Chris Dodd - (D, Countrywide)
Bawney Fwank - (D, Fannie)
(full disclosure, Fwank was my rep for a while until he was gerrymandered away, but it wasn't my fault).
- Ned
Ain't Dodd dead yet? I heard he was sick, what's the holdup?
I suspect Mr Dodds may have an unfortunate accident.
I don't quite believe he will get the welcome he expects when he retires; it would just look too obvious.
Gas leak in the Irish farmhouse perhaps.
Tragic road-bowling accident.
Wow a 4 handle swoon...goodness I was hoping for at least 20 handles down when I read a big swoon.
If it's the real deal then Dodd gets props.
they will never give up power except at a point of a gun. To me this is a clear issue of democracy. The federal reserve ensures we don't have a democracy.
Let me say that if Bernanke goes to trial for treason, and he gets the penalty (along with geithner, Dudley, Friedman, et al) he so deserves I am happy to offer my services to pull the lever on the electric chair.
The sheep in thos country that have stood by and let their government get highjacked, an their markets rigged against them.
We still have the democracy and they will be removed. All you have to do to get rid of bankers is remove the money and they lose interest.
The problem is we DO have a democracy, and not a republic.
Repost of link: http://www.youtube.com/watch?v=KFXuGIpsdE0
So -0.40% is now a "swooning nosedive."
You guys really need to get out more.
Maybe go smell the roses or something.
I can just picture it now: "Holy crap! Those thorns are going to stab me and I'll bleed to death!!"
That's right: You're going to die. You're all going to die someday. It's inevitable.
Better start worrying about that, too.
Junk away....
Have fun on the long side smiley, see you at 950 in the fall (if not sooner).
Have fun in the grave.
You planning on immortality? - good luck with that. Probably as good odds as this market going up.
Tell me about it!
Futures just plunged to -0.5%!!
BTW, you should be worrying about somebody stealing all your gold.
Maybe you should keep a gun in the house? You know, to protect yourself?
Just hope your kids don't find it someday....
Wow, didn't realize that the key to happiness was being relentlessly bullish, in any market. Maybe instead of getting a gun to protect my gold I'll just go out and buy the latest fast money tips from CNBC. Gee, just thinking about it makes me all giddy...
Did you know that feline AIDS is the #1 killer of domestic cats...?
http://video.search.yahoo.com/video/play?ei=UTF-8&fr=yfp-t-701&p=debbie+downer&vid=0001146816952&dt=1169999694&l=350&turl=http%3A%2F%2Fyts.video.search.yahoo.com%2Fimage%2F8C03FB81&rurl=http%3A%2F%2Fvideo.yahoo.com%2Fwatch%2F111272%2F605855&tit=Debbie++Downer&sigr=11atmeihp&newfp=1
I'll take my agenda over yours any time btw
The proof is in the pudding. If they aren't doing funny stuff an audit shouldn't move the market should it.
A few days ago, a few intrepid Iraqis, dressed in police or army uniforms, stormed the central bank and performed an audit of their own. Most of them died for their efforts but no pain, no gain. Ron Paul- grab your pitchfork and head over to the Fed!
The only question should be Nato rounds or AK47 rounds?
This "AUDIT" whenever it happens in its stripped back methodology will show they are as healthy as all those banks that underwent the "stress tests". When it does come to pass it will be more bullshit ontop of previous bullshit.
If they (the lame duck dems) raise taxes the required 81% we will be in a full out tax revolt.
and it is about time.
They won't raise taxes. They will take the money through inflation.
SOP
This is one thing I hope gets slipped in the bill while no one reads it. It's about fucking time we got a win on something as citizens of this soon to be failed nation.
If there are any parts of the bill, created by the owners for the owners, that you think are a win for you, it is because you do not understand them.
Can't I at least pretend for awhile before I get angry, sad, and depressed again? :)
http://www.forbes.com/2009/05/14/taxes-social-security-opinions-columnis...
this just to cover medicare & SS... the unskilled never worked getting free shit: your check will not be there soon.
Try to squirrel away some cash offshore. Then renounce citizenship. Return as an illegal alien and get the benefits you already paid for.
Brilliant! I'm all over it.
Its a reasonable plan, but does assume there is something worth returning to that is better than where you already happen to be.
Market goes up nearly 80 handles from 1040 to 1120, and then the bears get all giddy about a 4 handle drop in the futures market (of all places).
The stock market only exsists from the time it starts and the time it ends.
HemingWay or Shatner ?
swoon?
Don't worry -- by tomorrow afternoon they'll prop up this market, and we'll skyrocket to finish the day at +0.3%....
You know, at some point they are going to audit the fed and rip back the curtain. Why? Because these are bottom feeding and scum sucking politicians. When, not if, they get the feeling that it is going to and / or it actually starts to collapse, these parasites will turn on each other in a moment.
I wouldn't be surprised to see Dodd turn on Bernanke and visa versa in an all-out attempt to save their own hide.
The question is obvious. Is that time now? Hell, I don't know. But, the pump of the market the last two session has been the worst and most blatant that I can remember.
Perhaps we have reached and/or are approaching the tipping point and these guys are jockeying to be the least worst bum in the lot.
Change happens slowly, over time. If this law passes, it won't be used by those in office who are captured by the finance industry. But if the law is still on the books when the old guys retire or are voted out, it could be used by newbies who haven't yet been captured to the extent that the current legislators are. The Fed won't be audited in any meaningful way in the short term. But longer-term, with new legislators looking to make a name for themselves, who knows.
Double-post.
I think I can safely wager that the entire Republic would have to be completely and utterly in ruin before we will EVER get a peek into the Federal Reserve. TPTB will fight to the death to protect their secrets and their power over the currency and thus, the nation AND the world. The cleansing light of sunshine will NEVER penetrate these marble halls! Tell yourself whatever you want, but these guys are POWERFUL and will not give up without a series of serious battles... Distant future historians, maybe, but you and I?! Doubtful in the extreme!
Swoon?
The SP futures are down 5 handles, and were down 3ish for much of the evening over there.
That is not a swoon. Now you got me all excited for nothing. lol.
Are the Goldman sponsored IPO's priced and out? I bet the short side at the close that they were.
Saying there will be periodic audits is one thing - saying exactly what will be audited, by whom, with what level of transparency, with what loopholes and how often is another.
I'll reserve judgement until the ink is dry on the legislation, thanks.
Wait for the second coming. That will happen sooner than a genuine ripping open the secrets contained in the Federal Reserve.
"These guys" are not the problem. We are the problem. We could have voted for Ron Paul. We could refuse government pensions and SS. We could fend for ourselves financially. But we won't. Not enough of us. We will continue to punch a time clock and expect others to support us when we stop going to work. Funny. Imagine a 45 year old man, thinking he is really a man when in actuality he reports to work when told, does what he is told, wears what he is told etc. We need to accept individual resposibility and all the filth will wash away.
You who blame the REAL Social Security recipient, the retired who paid now up to 15% of their pay are conveniently overlooking the fact that the OASDI was withheld from paychecks strictly to benefit Old Age folk and the disabled. With the advent of Lyndon Johnson's Grateful Society and Teddy Boyo Kennedy and other liberals the Social security fund was raided to fund SSI, WIC and tens of millions of children (and their horny parents) until they reach an age where they can do the same thing their parents and grandparents did, including Section 8 housing.
If one is going to criticize this $trillion program, then include the youngsters and disabled and everyone else who has managed to jump on the wagon who never contributed a single cent, but live on it their entire lives.
very strange things going on in futures. this is clearly where the manipulatin is going on now. aisa down, europe opens higher. this kind of thing didn't happen before
DCB, this is true wave analysis, not in a dow theory sense but in a raw, real world sense.
This is the phase (which you are pointing out) when the phase is out. Decoupled. Easier to prime them individually, up or down, depending on where you want them to be and then, apply a trigger and depending on the set up you get massive resonance somewhere (like the DOW) and massive dissonance (like in GOld or Whatever).
The boys in control understand wave theory in the way surfer's do.
ORI
http://aadivaahan.wordpress.com
The Nikkei got 4.1% ahead of itself, so some retracement going to happen over there for a few days.
Bernanke said when (you) audit the FED (they) will destroy the system.
Certainly it will happen, but not so soon. Until at that time they think they can no longer hold it they will let it happen.
I am curious to know who will do the auditing . There are probably 3 people in the world who are qualified, who would actually understand the feds books . Think they will be hired for this ? Just more smoke and mirrors before November .
If that were the case then the Oligarchs would havde approved this months ago.
A first year Big 2 accountant without certification can likely figger out what was done PROVIDED he receives ALL the e-mails, phone calls, and tapes of the conversations between Hank Paulson, Ben, Timmay, and Lord Blankfein, J. Dimon, and John Mack.
Full disclosure may never be possible because no records of these conversations were ever kept under penalty of banishment from the Elite.
The senate has included more in its proposals than the Treasury Dept or the Fed was willing to accept! What have they got to hide. Who runs the country, The FED /Treasury Dept. dynamic duo, or the people's represenives?
DIDN"T YOU HEAR US?
ARE YOU CLINICALLY DEAF, OR SELECTIVELY SO?
WE WANT A FULL AUDIT!
Fraudit.
+100
Hey, listen up folks,don't be to hard on Senator Todd as justice will be served according to Hinduism & Buddhism Religion as all LIARS will have to undergo various tortures i.e. tongues being pulled out by red-hot iron rods as illustrated below.Hey,but wait on a second there, what sort of PUNISHMENT will be dished out to 'Bumbling Idiot' Barney Frank? I mean the guy talks through his nostrils!
http://en.wikipedia.org/wiki/File:Hindu_hell.jpg
And who will controle the controlers?
In late summer early fall of 1932, democrats pushed through a bill to force publication of the names of the banks on the Reconstruction Finance Corp.'s list of troubled institutions (those who were receiving bailout money from the RFC). Hoover had restarted the RFC (a holdover from WW-1) a year or so earlier to help the railroads, banks and other firms suffering from the debt deflation. To minimize contagion, Hoover and the RFC sought to keep the names of its aid recipients private. The democrats, on the other hand, wanted to make the list public, so as to paint the RFC as tool of republican patronage.
In any case, the bill passed and the list was released. The 3rd and most devastating wave of bank failures promptly began. Hundreds of millions of dollars began flowing out of the banks almost immediately and did not abate until March 1933. Failures were numbering in the dozens per week.
Fast forward to modern day: I think the Fed and the gold holdings at Ft Knox should be audited/assayed, even though such a process is likely to unleash the same type of forces that rampaged in the 1930s. It will then be important to remember the ensuing disaster is not the fault of the audit/assay process, but rather of the preceding dishonesty and ineptitude of the bankers and their political servants. It will nevertheless be unpleasant when it happens, which is exactly why I dont think it will happen. Pain is for the "small" people, and so is justice....as in "just us."
Wow, and it still works like that today. Schumer shooting his mouth off (that's not unusual) about IndyMac. This was at the beginning of the '08 public understanding the mess, just before the election.
http://www.reuters.com/article/idUSN2045763020080820
- Ned
Swoon is over since apparently Spain had a 'relatively successful' bond auction with yeilds under 5%. Happiness is kicking the can down the street.
Well what do you know.. Futures are up.
EURO bullish warnings mentioned earlier, have strengthened today. Vice versa for the USD index of course.
I have detected EURO buying support for several weeks now.
XAUEUR daily chart gives bearish warnings as of today.
This could be an important development.
The proprietary indicators I use in my technical analysis can identify trend changes before they occur.
http://stockmarket618.wordpress.com
GS: Would you care to actually bring a few brain cells to the topics along with your ad? We really would like your input. We appreciate your views. Please bring them.
And, 3...2...1...cue the sleepy time pump machine and....PRESTO...I wake up to a huge and positive reversal in futures.
Ah...the stench of fraud is always best with a fresh cup-o-joe and a bagel. It's just harmony. Getting cornholed by an epic sham with mountgain grown freshness. NICE!
Lift all offers boys. We'll put 'em out on the open and head for the links.
Audit the FED? Assay Fort Knox? Why bother...we know what we will find. The destruction of the Federal Reserve and Overthrow of the US government is the only way America can be restored as a Constitutional Republic.
The Youth have no knowledge and the wise worry about their pensions and retirement. There is no courage left, except to attack third world armies in the undeveloped world.
The elite know exactly what they are managing because they have created it from the laboratories of their behavioral think tanks and transmitted via television to brains drugged on chemical foodstuffs.
The ability to use rational thought has decayed to dependence on a web reference. Unless an authority can provide "proof", we are happy to pull the blindfolds back over our eyes and tell ourselves it's all a dream.
Managed reality is for suckers. I prefer community, real wealth and a purpose that fuels production. Everything else is a chimera. The market is a fools paradise priced in debt obligations inflated on the debasement of currency. The currency of a kleptocracy that staged a coup d'tat in 1933.
Four handles? Your liberty lies gutted on the ground all bled out and we worry about an audit? HAHAHAHAHAHAHAH.
morphine in cheese:
http://www.freerepublic.com/focus/f-news/924622/posts
happy cows indeed
Fed dodges bullet as House drops audit ideahttp://www.msnbc.msn.com/id/37718285/ns/business-us_business/
If you want a new place to live, build it. Not in manifest state, as that may be dangerous to your health, but in your mind. I think that is a lot of what goes on here.
With enough "intention" what you wish for will manifest, when the time is correct. Until then even your smallest action and energy in that direction opens new doors and moves you toward your desire.
There are no chains from without and where you long to be is where you go. It may take a while, but you will go there. So be careful what you wish for.
Fascism/Communism = Complete State Care = Complete State Control = Total Irresponsibility of the Individual = Abject Slavery.
Anarchy = Zero Government = No State = Total Responsibility of the Individual to Self (Others) = Complete Service to Self (Others).
The paths to self (other) service are waiting, if you want them. There's little sugar there. It's all choices.
For example: The intention: "I want a Fed audit" moves you where? Maybe the intention: "I do not wish to live under a Fascist/Communist style system, what other choices are available" would be more effective for moving you. The present system will not change. The only issue is where you are in relation to it. Are you near and "in it" or are you running it in service to those "in it" who need it or are you far away playing somewhere else.
-LB