Sunday, December 20, 2009
o Gulfo Currency
Saudi Arabia, Kuwait, Bahrain, and Qatar are set to launch a single currency called the Gulfo. The creation of the Gulfo is a statement by countries in the region that they have lost faith in fiat US dollars as the world's reserve currency.
o Senate Banking Committee votes 16-7 for Bernanke
It appears that Ben Bernanke will be reconfirmed as Federal Reserve Chairman. Its a mistake to reappoint the very person that lead the US into the financial downfall of 2008.
This from the website of the Federal Reserve Board (http://www.federalreserve.gov) :
"The primary responsibility of the Board members is the formulation of monetary policy.
In addition to monetary policy responsibilities, the Federal Reserve Board has regulatory and supervisory responsibilities over banks that are members of the System, bank holding companies, international banking facilities in the United States, Edge Act and agreement corporations, foreign activities of member banks, and the U.S. activities of foreign-owned banks. The Board also sets margin requirements, which limit the use of credit for purchasing or carrying securities."
Paraphrasing the words of then Treasury Secretary Henry Paulson, who created and forced the FED to implement TARP (September 19, 2008):
"The Fed allowed banks to carry illiquid 'troubled' assets on their books, that clogged up the financial system, and undermined the strength of the financial institutions. As a result, Americans' personal savings were threatened, and the ability of consumers and businesses to borrow and finance spending, investment, and job creation was disrupted."
The Fed helped to create the financial turmoil that the US and the world is suffering from. The passage of TARP has bought some time but the economy remains weak. Congress needs to elect a leader that solves problems, not creates and perpetuates them.
This from the website of the Federal Reserve Board (http://www.federalreserve.gov) :
"The primary responsibility of the Board members is the formulation of monetary policy.
In addition to monetary policy responsibilities, the Federal Reserve Board has regulatory and supervisory responsibilities over banks that are members of the System, bank holding companies, international banking facilities in the United States, Edge Act and agreement corporations, foreign activities of member banks, and the U.S. activities of foreign-owned banks. The Board also sets margin requirements, which limit the use of credit for purchasing or carrying securities."
Paraphrasing the words of then Treasury Secretary Henry Paulson, who created and forced the FED to implement TARP (September 19, 2008):
"The Fed allowed banks to carry illiquid 'troubled' assets on their books, that clogged up the financial system, and undermined the strength of the financial institutions. As a result, Americans' personal savings were threatened, and the ability of consumers and businesses to borrow and finance spending, investment, and job creation was disrupted."
The Fed helped to create the financial turmoil that the US and the world is suffering from. The passage of TARP has bought some time but the economy remains weak. Congress needs to elect a leader that solves problems, not creates and perpetuates them.
Sunday, December 6, 2009
o Economic Meltdown Videos
The following videos reveal insight on what lead to the bank bailouts and how the bailouts were handled.
PBS Frontline special called "The Warning".
http://www.pbs.org/wgbh/pages/frontline/warning/view/
Senator Jim Bunning speaking at the Banking, Housing, and Urban Affairs Committee Hearing on December 03, 2009.
http://www.youtube.com/watch?v=rka9VbPPMys
PBS Frontline special called "The Warning".
http://www.pbs.org/wgbh/pages/frontline/warning/view/
Senator Jim Bunning speaking at the Banking, Housing, and Urban Affairs Committee Hearing on December 03, 2009.
http://www.youtube.com/watch?v=rka9VbPPMys
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