Free Republic

A University of Texas at Austin LBJ School of Public Affairs professor called for an unprecedented audit of the Federal Reserve Bank balance sheet expansion of $2trillion during the 2007-09 financial industry crisis. During a San Antonio appearance Friday, Robert Auerbach, author of the 2008 book “Deception and Abuse at the Fed,” argued for an audit by the U.S. Government Accountability Office as he spoke at an event sponsored by the Henry B. Gonzalez Foundation for Inspiring Public Service in San Antonio. Auerbach, who served on the U.S. Housing Banking Committee staff when Gonzalez was chairman in the 1990s, said...

The central bank doesn't need more political interference as it decides when to move against inflation. BY ANIL K. KASHYAP and FREDERIC S. MISHKIN Under the banner of increasing Federal Reserve transparency, Congressman Ron Paul has sponsored a bill that would subject the Fed's monetary policies to an audit by the Government Accountability Office (GAO). The bill is a veiled attempt to undermine the Fed's independence. If it passes, it will cripple policy making—particularly when it comes to inflation. It is completely appropriate to hold the Fed accountable for its decisions. But the Paul bill, H.R. 1207, will only produce...

Jack Welch, the former CEO of General Electric, blasted the Obama administration and Congressman Barney Frank this morning telling a banking audience that the Democrats’ actions to restructure the entire economy are “insane.” “I hope that the New Jersey and Virginia governor’s race will put some realism into this administration,” Welch told an enthusiastic crowd at the Bank Administration Institute convention at Boston’s Convention and Exhibition Center. “I hope it will cause them to pause and not just jump into anything they encounter.” Welch was referring to the races on Tuesday where Republicans bested Democrats, a sign some say that...

Disclaimer: we're talking politics here, not personal stuff . . . If there's a bigger sourpuss in Congress than Barney Frank, I wouldn't want to meet him. On MSNBC this evening, the dyspeptic Member from Massachusetts got into it with, of all people, Ed Schultz. You might think the two libs would make beautiful progressive music together, but what made this spat especially entertaining was that Barney found himself being attacked . . . from the left. The topic was the billions in bonuses awarded by Wall Street firms that had received TARP money. Schultz's beef was that Congress blew...

In our last column we expressed skepticism that human-caused global warming will ever amount to much. We have little trust in the politically subsidized computer simulations responsible for most of the fuss. Obviously, natural causes play a major role in climate change, and historically carbon dioxide levels have followed — not caused — warmer temperatures. The “precautionary principle” counsels us to act even if the risk is uncertain. Unfortunately, few environmentalists practice much caution regarding the economy. While the harms of climate change are speculative, the harms of widespread political economic controls are certain and severe. But what if? What...

Merrill flinch By KAJA WHITEHOUSE Last Updated: 4:51 AM, November 9, 2009 Posted: 1:05 AM, November 9, 2009 Tensions are on the rise again between Bank of America's brass and Merrill Lynch's 15,000-person brokerage force known as the "thundering herd" as the company pushes them to sell checking accounts and other retail-banking products to their clients. In an effort to boost its banking deposits, sources told The Post that BofA has been pressing its army of brokers and advisers to convince investor clients to move their savings and checking accounts and other banking services to the embattled financial giant.

For Akio Toyoda, a man with a passion for sports cars, disbanding Toyota Motor's F1 team was a painful choice, but like a playboy billionaire who has hit hard times, his money-losing company had to empty its garage of the expensive toys. Toyota burns through $500 million a year to compete at the pinnacle of motor sports, and beyond a creaking trophy shelf, it has gained little from its involvement. It's not, however, going to be enough to stem Toyota's ( TM - news - people ) bleeding. The world's leading automaker is still living beyond its means, and Toyoda...

<p>SAN FRANCISCO (MarketWatch) -- Gold futures closed above $1,100 an ounce Monday for the first time, as the dollar fell to a 15-month low and investors kept piling into bullion on expectations other central banks would buy the metal as a reserve unit.</p>

I read an October 28, 2009 article by JB Williams over at Canada Free Press titled “Tangible Tea Party Tactics” in which Williams argues that a primary tactic should be to take over the GOP. Williams frames these tactics as tangible and at first glance, he would seem to be correct and perhaps even plausible. But, is that really the point of the Tea Party Movement? Is it really a movement that seeks to simply replace the current crop of liberal democrats in the Congress with a conservative group of republicans? While I laud the idea and the passion behind...

Demand for private jets is way down and NetJets will lay off almost 500 pilots as a result -- almost 20% of its staff of 3,000 pilots. because of a decrease in demand. NetJets is a unit of investor Warren Buffett's Berkshire Hathaway

Ford Learns The Price Of Solvency Logan Robinson, 11.07.09, 12:00 PM EST But what has the UAW learned? In plant-by-plant voting over the last few weeks a large majority of the 41,000 United Auto Workers (UAW) workers employed by the Ford Motor Company voted to reject modifications to their collective bargaining agreement negotiated by their own national union. The modifications were designed to bring the Ford-UAW agreement into parity with concessions the UAW gave to GM and Chrysler as part of their government-brokered bankruptcies. They included a wage freeze for entry-level workers until the 2015 contract, a commitment to binding...

The true rate of unemployment for October 2009 may be 22.1 percent, not the 10.2 percent reported by the Bureau of Labor Statistics, Jerome Corsi's Red Alert reports. Unemployment at 22.1 percent, if accurate, would be at numbers not seen since peak unemployment during the 1973 to 1975 recession. Economist John Williams, publisher of ShadowStats.com, estimates that the peak of unemployment in nonfarm unemployment in the Great Depression of the 1930s would, by his methodology, have registered at 34 to 35 percent in 1933. So, how does the Obama administration get away with reporting the lower unemployment percentage? Corsi explained that...

In Massachusetts, marriage really still does mean until death do you part -- even after divorce. The Supreme Judicial Court today rejected a push to stop most alimony payments when someone reaches retirement age. The decision, which came in the divorce case of a former federal magistrate and state judge, noted that alimony payments can be lowered or, in some cases, cut off to reflect a person's actual income after retirement.

MANHATTAN, Kan. (AP) — The head of the Federal Deposit Insurance Corp. on Monday said Congress needs to provide regulators greater tools to control the risky financial behavior that helped trigger the recession and to unwind major firms on the verge of collapse. FDIC Chairman Sheila Bair said she supports such a winding-down process for financial institutions other than banks. But she does have reservations with a proposal now before the House, which would cover the costs for the government of dissolving troubled companies with fees charged to businesses after the firms' meltdown occurred. Bair says that fund should be...

The US finance group GMAC has failed to raise enough capital to cover potential losses and will need further government aid, the Federal Reserve has said. The firm, formerly the finance arm of General Motors, was one of 10 US banks told to raise extra funds by the Fed.

Greg Sargent has obtained a working copy of a letter in which 41 House Democrats pledge to vote against a health care bill that includes the Stupak amendment that would prevent taxpayer dollars from funding abortion. The 41 Democratic "no" votes could be sufficient to block final passage of any health care bill. The problem for Nancy Pelosi is that without the pro-life language, the bill would not have passed on Saturday night. The abortion issue is now causing a civil war within Democratic ranks, and has emerged as one of the biggest obstacles to getting health care legislation passed.

Actually, he never says “some.” I’m adding that to give him the benefit of the doubt. Raw Story’s transcript of the exchange: STEELE: Education and the economy. Education and jobs. Education and small business. MARTIN: But your candidates got to talk to them. One of the criticisms I’ve always had is Republicans — white Republicans — have been scared of black folks. STEELE: You’re absolutely right. I mean I’ve been in the room and they’ve been scared of me. I’m like, “I’m on your side” and so I can imagine going out there and talking to someone like you, you...

Nancy Pelosi may have been all smiles on Saturday, but the difficulties encountered in her full-court press on the ObamaCare bill will only get worse, the AP reports this morning. The AP declares the public option dead, thanks to skeptical Democrats, and Joe Lieberman pledges to stop the bill from coming to the floor with one included. The LA Times concurs: House approval of legislation Saturday — even if Democrats can move it no further — was an accomplishment that has eluded presidents for decades. But the close vote and the exertions it took to secure a majority were laden...

So, are you doing anything different economically? Are you cutting back? Will Christmas and Thanksgiving be any different? Are you spending, saving, paying down?

The Treasury Department sold a record $40 billion in 3-year notes /quotes/comstock/31*!ust3yr (UST3YR 1.35, -0.01, -0.59%) on Monday at a yield of 1.404%, the first of three major government-debt sales this week.