Archive for the ‘ FEDERAL RESERVE ’ Category

Documents: Paulson forced 9 bankS to take TARP

NEW YORK (AP) — The chief executives of the country’s nine largest banks had no choice but to accept capital infusions from the Treasury Department in October, government documents released Wednesday have confirmed.

Obtained and released by Judicial Watch, a nonpartisan educational foundation, the documents revealed “talking points” used by former Treasury Secretary Henry Paulson during the October 13 meeting between federal officials and the executives that stressed the investments would be required “in any circumstance,” whether the banks found them appealing or not.

Paulson also told the bankers it would not be prudent to opt out of the program because doing so “would leave you vulnerable and exposed.”

The meeting was hosted by Paulson, Federal Reserve Chairman Ben Bernanke, FDIC Chairman Sheila Bair and current Treasury chief Timothy Geithner, who was then president of the New York Fed. Continue reading

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Ron Paul: Culprits Of Financial Collapse Should Be Arrested


Ron Paul: Culprits Of Financial Collapse Should Be Arrested
Congressman Ron Paul says that the people responsible for the economic crisis should not be hailed as saviors and given more power to fix the problem that they created, but arrested and criminally prosecuted.

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(VIDEO) Fed Refuses to Disclose Recipients of $2 Trillion

Federal Reserve Chairman Ben Bernanke arrogantly refuses to tell Senator Bernie Sanders which banks were in receipt of government loans and why only large greedy incompetent multinational organizations are allowed access to loans, while small and medium-sized businesses are left to rot.

Ron Paul: This the end of an era

“This is not going as planned”

Ron Paul’s opening statement at the House Financial Services Committee was broadcast live to an audience of millions.

CNBC went live to the House, clearly without knowing that the Texas Congressman had the initial Republican statement at the hearing of Fed Chairman Ben Bernanke. Continue reading

White House plan to create ‘bad bank’ would increase federal influence

The Federal Reserve has cut rates to zero and flooded the financial system with money. Congress has spent $350 billion — and committed another $350 billion — to shore up the battered banking industry. Banks have already booked roughly half a trillion in losses, and analysts say they could be looking at a half a trillion more.

http://www.msnbc.msn.com/id/28880095/

In his confirmation hearing last week, Treasury Secretary Tim Geithner said the White House is working on a new bank rescue plan. He was short on details, but the massive scope of the problem has prompted talk that the administration may be planning to “nationalize” a large portion of the banking industry.

In its most extreme form, nationalization would mean that the government buys (or takes) all the shares of stock and takes over operations of the company, keeping the profits. Such state ownership is typically a form of socialism; major oil producing countries, for example, have set up state-owned companies to produce and sell oil, using the proceeds to pay for government services.

Why is the government so involved?

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Kucinich wants Federal Reserve Under Government Control

Dennis Kucinich States His Intention To Put The Federal Reserve Under Government Control (1:37)

January 26, 2009 | C-SPAN0

denis-bank Continue reading

Ron Paul Explains How The Financial Bubble Was Created

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