Posts Tagged ‘ FEDERAL RESERVE ’

(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.

IMF: Global economic crisis requires a global solution

The global economic crisis requires a global solution, and fixing what ails the world’s banks will take time, says the head of the International Monetary Fund. A recovery should begin in the middle of next year, but that depends on the right policies being implemented, Dominique Strauss-Kahn tells NPR in an interview.

Well, it depends on what you call an end. We see the beginning of the recovery in the mid of 2010, providing that the right policies are implemented. Part of them are implemented so far, but some others things have to be done, and it takes time.” Dominique Strauss-Kahn

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

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Ron Paul: Why Do We Run A World Empire!

(VIDEO) Ron Paul: We are on road to Nationalization

Ron Paul from the floor of the House speaking out against the Auto Bailout among other things.

Federal Reserve Refuses To Disclose Loan Recipients

(Bloomberg) — The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn’t require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.

When the Fed was created there were worries that the central bank would be used to provide funds to member banks, like JPMorgan Chase, to purchase assets during economic busts. Bloomberg News is now suing the Federal Reserve under the Freedom Of Information Act to find out who they loaned the money to. According to the business news network “The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers.”

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ahdVHk_Ccoeg

More Bailouts, Bigger Bailouts. Fed Says No End In Sight.