patents Posted July 29, 2009 Report Share Posted July 29, 2009 In response to direct questions ("Who does the Fed report and answer to?"), he emphasized that the Fed governors are appointed for 14 year terms, while the Chair is appointed by the President of the US for a 4 year term, that as Chair he's required to testify to Congress, etc., and that the Fed is responsible for consumer protection from banking abuses, such as dictating the format of monthly credit card statements to assure their clarity. None of his comments were commensurate with my understanding, that the Fed is a private association representing banks, and has no direct accountability to the US or any other government, beyond having to periodically respond obfuscatorily to questions posed by lay politicians seeking to score easy points with an uncomprehending, invicibly ignorant public. I believe that the Board of Governors of the Federal Reserve System is a government entity. The Chairman is appointed by the President for a period of time. The Chairman also has an obligation to appear before Congress periodically and to submit certain reports to Congress. But I would not say that The Fed "answers to" Congress or anyone else, which is shown by the resistance to the draft Fed Audit legislation being put forth. In fact, they commision their own audit rather than the US government being responsible for the audit. But this is all a matter of national security anyway and we have no right to know. Link to comment Share on other sites More sharing options...
BusKow Posted July 29, 2009 Report Share Posted July 29, 2009 Two years of the TNX...i don't get the excitement...now "Bonds for Christmas" THAT was a big deal Link to comment Share on other sites More sharing options...
phatbubble Posted July 29, 2009 Report Share Posted July 29, 2009 Doc loves it when we talk dirty about the Fed being a private entity. Link to comment Share on other sites More sharing options...
BusKow Posted July 29, 2009 Report Share Posted July 29, 2009 rough day in resources chart wise think i like what gold (well, XAU - proxy) did best Link to comment Share on other sites More sharing options...
BusKow Posted July 29, 2009 Report Share Posted July 29, 2009 at first glance the yields say the stocks decline is well over...BUTT keep an eyeball peeled for the reversal of the inverted yield curve! Link to comment Share on other sites More sharing options...
psyche doctor Posted July 29, 2009 Report Share Posted July 29, 2009 Here is an interesting link regarding the federal reserve: Is the federal reserve a private bank? Link to comment Share on other sites More sharing options...
BusKow Posted July 29, 2009 Report Share Posted July 29, 2009 Uncle Bucky fightin' hard @ 78.30 area Link to comment Share on other sites More sharing options...
BusKow Posted July 29, 2009 Report Share Posted July 29, 2009 do have a trend line from the Dow top that comes in 'round here... Link to comment Share on other sites More sharing options...
Jorma Posted July 29, 2009 Report Share Posted July 29, 2009 Actually Doc I don't think the Treasury gives a stool about what rate we have to pay to borrow. Or at least care vary much about how much this hundred billion or that hundred billion particular auction is priced when the total nut is over near $7 trillion. They have much bigger fish to fry. They sure as hell want rates to stay low across the curve because of how that feeds back into everything they want but the price? Hell, that's somebody elses problem. Link to comment Share on other sites More sharing options...
jickiss Posted July 29, 2009 Report Share Posted July 29, 2009 jickiss is back! jickiss is back! and Tax eee how long will it take to secure the necessary signatures??????? http://finance.yahoo.com/news/Pot-activist...ml?x=0&.v=2 There was truly something unforgettable about the final lines of Chapin's Famous Song....Something that was reflective of the great ending...and we be living it right now... Thimk! Link to comment Share on other sites More sharing options...
cwd Posted July 29, 2009 Report Share Posted July 29, 2009 Has the Board of the Federal Reserve been relieved of their obligation fpr "keeping accurate 'books, records, and accounts' and maintaining 'a system of internal accounting controls sufficient' to ensure the propriety of financial transactions and the preparation of financial statements in compliance with 'generally accepted accounting principles.'" Just asking. Maybe Ron Paul should ask the question. At the risk of sounding like a braggart, I am glad to see the points I have been posting about for at least five years are coming to be excepted as general knowledge. I said at the time the cover was "National Security" and the Fed could do what they wanted as by anything they wanted as in worthless paper for T-paper and lie about it to protect the National Security. I was labled as some sort of tinfoil hat kind of guy. That has become obvious in the things the Fed has done in the last two years and Helo Ben's very loud objection to any audit from any outside sources. I think the things Doc mentioned including the SM and interest rate also tie with the value of Gold. Doc wondered how the gold market can just get whacked out of nowhere. The venerable Larry 'in his own mind ' Summers wrote an academic paper called Gibson's Paradox in the late 80s which served as a guide post to the SM bubble of the late 90s and allowed AG to lower interest rates to ridiculous levels based on the premise that inflation showed in the gold price and if there was no rise in the price of gold there was no inflation as stated by the Maestro himself. I agree that we keep trading carefully until this falls apart. Authur Burns the FED Chairman under Tricky Dick made the comment at the time Nixon stopped the convertability of gold for FRNs 'This fiat system may last five years or 35 years but it will blow up, or words to that effect. We are now now thirty six years into the total fiat system Link to comment Share on other sites More sharing options...
patents Posted July 29, 2009 Report Share Posted July 29, 2009 At the risk of sounding like a braggart, I am glad to see the points I have been posting about for at least five years are coming to be excepted as general knowledge. I said at the time the cover was "National Security" and the Fed could do what they wanted as by anything they wanted as in worthless paper for T-paper and lie about it to protect the National Security. I was labled as some sort of tinfoil hat kind of guy. That has become obvious in the things the Fed has done in the last two years and Helo Ben's very loud objection to any audit from any outside sources.I think the things Doc mentioned including the SM and interest rate also tie with the value of Gold. Doc wondered how the gold market can just get whacked out of nowhere. The venerable Larry 'in his own mind ' Summers wrote an academic paper called Gibson's Paradox in the late 80s which served as a guide post to the SM bubble of the late 90s and allowed AG to lower interest rates to ridiculous levels based on the premise that inflation showed in the gold price and if there was no rise in the price of gold there was no inflation as stated by the Maestro himself. I agree that we keep trading carefully until this falls apart. Authur Burns the FED Chairman under Tricky Dick made the comment at the time Nixon stopped the convertability of gold for FRNs 'This fiat system may last five years or 35 years but it will blow up, or words to that effect. We are now now thirty six years into the total fiat system It is right and proper to push out your chest and brag now that others see how correct you were all the years. I am sure that you have been criticized by many who are narrow minded and do not approach issues without prejudices. Despite so much information being out in the open, so many people refuse to believe their eyes, ears and other senses. The problem with common sense is that it is not common. Link to comment Share on other sites More sharing options...
Charmin Posted July 29, 2009 Report Share Posted July 29, 2009 Yawn. The "recession is over" drumbeat continues to get louder. It is annoying. Last year we were told there Is No Recession, nor would there be one. How many times can the lies be told? It seems like the number is unlimited with the Sheeple trapped in Wonderland. Sure it is: "McCaughey: That’s a very important point that more and more people are losing their jobs in Massachusetts. I was reading about an employer just today, who had to close up part of her business, close one office, sell a couple of trucks, and lay off an employee in order to meet the government requirement to pay for health insurance." http://sbk.online.wsj.com/article/SB100014...1234786752.html Link to comment Share on other sites More sharing options...
Charmin Posted July 29, 2009 Report Share Posted July 29, 2009 The recession is recovering so much that: "A six-billion dollar mall is being built in Syracuse, New York. The developer has signed-up zero tenants. Citigroup tried to pull the plug on the project, but a judge has ordered them to keep funding it because they got $44.5 billion in taxpayer bailout dollars. So now, taxpayer dollars are being used to build more ghost malls. What a splendid economic recovery this is!" http://www.trivisonno.com/ and if you want to read more lamenting about "better than expected" for Wall Street read today's post by http://syhardingblog.com/new/ It's a brave new world from the ministry of truth at cnbc Link to comment Share on other sites More sharing options...
Jorma Posted July 29, 2009 Report Share Posted July 29, 2009 Michael Lewis has a nice little article on Bloomberg discussing, tounge in cheek, myths about GS. Some bits are better than others but this is the best one. Rumor No. 2: “When the U.S. government bailed out AIG, and paid off its gambling debts, it saved not AIG but Goldman Sachs.” The charge isn’t merely insulting but ignorant. Less responsible journalists continue to bring up the $12.9 billion we received from AIG, as if that was some kind of big deal to us. But as our CFO David Viniar explained back in March, we were hedged. Our profits from AIG “rounded to zero.” People who don’t work at Goldman Sachs, of course, find this implausible: How could $12.9 billion round to zero? Easy, but you just need to understand the mathematics. Let’s assume AIG transferred $12,880,560,250.34 of taxpayer money to Goldman Sachs. A Goldman outsider, asked to round this number, might call it $12,880,560,250.00. That’s not how we look at it; at Goldman we always round to the nearest $50 billion, so anything less than $25 billion rounds to zero. Think of it that way and you can see that $12,880,560,250.34 isn’t even close to not rounding to zero. http://bloomberg.com/apps/news?pid=2060103...id=a2X3hNaWcbeg Link to comment Share on other sites More sharing options...
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