Yesterday the Federal Reserve released a 19-page letter that it and the FDIC had issued to Jamie Dimon, the Chairman and CEO of JPMorgan Chase, on April 12 as a result of its failure to present a credible plan for winding itself down if the bank failed. The letter carried frightening passages and large blocks of redacted material in critical areas, instilling in any careful reader a sense of panic about the U.S. financial system. The Federal regulators didn’t say JPMorgan could pose a threat to its shareholders or Wall Street or the markets. It said the potential threat was to “the financial stability of the United States.”
Inflation was turning up even before Commodities bottomed. The Fed won't try to stop it either.
In an oddly-timed-release, just a day after her 'unusual' meeting with President Obama (and sandwiched between two "emergency Fed meetings"), Janet Yellen's seemingly legacy-protecting narrative-confirming interview with TIME magazine proclaiming once again that "we are focused on Main Street, on supporting economic conditions - plentiful jobs and stable prices - that help all Americans." So now you know - it's all for you America - the bank bailouts, the deflationary-glut-creating ZIRP, the money-printing, and the "confusing and confounding" messaging. Now stop your complaining and Vote Hillary!
What in the World is Going on with Banks this Week? Emergency meetings, banker summits, crashing European banks.......Submitted by Bruno de Landevoisin on 04/12/2016 17:29 -0400
"...And that is how Kim Kardashian gets elected president."
... in 1965, President Lyndon B. Johnson, who wanted cheap credit to finance the Vietnam War and his Great Society, summoned Fed chairman William McChesney Martin to his Texas ranch. There, after asking other officials to leave the room, Johnson reportedly shoved Martin against the wall as he demanding that the Fed once again hold down interest rates. Martin caved, the Fed printed money, and inflation kept climbing until the early 1980s.
Thanks a LOT, Fed ...
Just after today's emergency meeting at the Fed, which has presumably concluded by now, as we first reported last night Obama was set to meet with the "independent" Federal Reserve chair. Moments ago the White House explained this was to allow the two to "exchange notes" and talk about the state of the US economy. Most crucially, Obama said he "was pleased with the way Yellen had fulfilled her job."
Following Hillary’s recent interview with Matt Lauer, in which she very boldly declared she’ll never be seen in handcuffs, none other than President Obama weighed in on the topic. In an interview with Chris Wallace, the President discussed his thoughts around Hillary Clinton’s email debacle. As Obama explains: "there’s classified, and there’s classified. There’s stuff that’s really top secret, top secret, and then there’s just stuff being presented to the President or Secretary of State."
After four long years of ensuring the detail behind the US Government’s role in running guns to Mexico (aka "Fast and Furious") never saw the light of day, the "most transparent administration in history" has finally released the requested documents to the House Oversight Committee. It is not lost on anyone that this is taking place well after it could do any significant damage to the Obama administration.
While we all very capable of discerning the 'recovery' facts from the peddled recovery fiction throughout President Obama's reign, a close up over the last six months suggests things are getting worse in a hurry. As The Economic Collapse blog's Michael Snyder details, while most people seem to think that since the stock market has rebounded significantly in recent weeks that everything must be okay, that is not true at all.
"Rich people only like being around rich people, nobody likes being around poor people, especially poor people."
More than 40% of Americans who borrowed from the government’s main student-loan program aren’t making payments or are behind on more than $200 billion owed, raising worries that millions of them may never repay. Officials acknowledge that a large pool of borrowers have essentially fallen off the radar. The Education Department has assembled a “behavioral sciences unit” to study the psychology of borrowers and why they don’t repay. “We obviously have not cracked that nut but we want to keep working on it,” said Ted Mitchell, the Education Department’s under secretary. He said many defaulted borrowers dropped out of school and are underemployed.
2016 was supposed to have been the year of Jeb Bush versus Hillary Clinton: the year when the established Bush dynasty confronted the upstart rival Clinton Dynasty. But the year of the insider has turned into the year of the outsider. On both sides, voters have unexpectedly given vent to thirty years of accumulated anger with neoliberalism which has downsized their incomes and hopes. Though the Republican rebellion has been more clear-cut in its dismissal of insider candidates, it is Bernie Sanders’ Democratic rebellion that is of potentially far greater historic significance.