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Keyword: fed

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  • Bernanke Hints at More Monetary Easing, Chicago and Milwaukee Prints Disappoint

    08/31/2012 3:37:53 PM PDT · by whitedog57 · 6 replies
    Confounded Interest ^ | 08/31/2012 | Anthony B. Sanders
    Federal Reserve Chairman Ben Bernanke spoke at Jackson Hole, Wyoming this morning and … repeated his mantra that The Fed is ready to step in with more easing. “The costs of nontraditional policies, when considered carefully, appear manageable, implying that we should not rule out the further use of such policies if economic conditions warrant.” The word “appear” stuck out like a sore thumb. The stock market reacted negatively to his announcement. There is little The Fed can do about unemployment when the employment to population ratio is stuck in a hole. So, why do it? And housing has been...
  • GOP Considers Return to Gold Standard, Audit the Fed

    08/27/2012 4:18:31 AM PDT · by IbJensen · 22 replies
    New American ^ | 8/26/2012 | Alex Newman
    The Republican Party looks set to adopt platform planks at the upcoming GOP national convention in Tampa to support an audit of the Federal Reserve and to call for a commission to study a return to the gold standard, according to news reports. Analysts had a range of reactions to the news, varying from excitement to disdain and disbelief. Despite media claims that Republicans were seeking an end to centrally managed fiat currency and a return to gold-backed money, drafts of the platform revealed far less ambition. According to sources within the GOP cited in reports, the party is simply...
  • Startling Evidence That Banks And Wall Street Insiders Are Preparing For Something BIG

    08/26/2012 8:47:29 AM PDT · by lbryce · 53 replies
    Economic Collapse ^ | August 25, 2012 | Staff
    Unabridged Title:Startling Evidence That Central Banks And Wall Street Insiders Are Rapidly Preparing For Something BIGIf you want to figure out what is going to happen next in the financial markets, carefully watch what the insiders are doing. Those that are "connected" have access to far better sources of information than the rest of us have, and if they hear that something big is coming up they will often make very significant moves with their money in anticipation of what is about to happen. Right now, Wall Street insiders and central banks all around the globe are making some very...
  • Durable Goods Orders (Ex-airplanes) Fall 3.4%, Bernanke Tells Issa About A Possible Hail Mary Pass

    08/24/2012 9:21:18 AM PDT · by whitedog57 · 4 replies
    Confounded Interest ^ | 08/24/2012 | Anthony B. Sanders
    Demand for U.S. capital goods such as machinery and communications gear dropped in July by the most in eight months, indicating companies are pulling back on investment. Bookings for non-military capital equipment excluding airplanes slumped 3.4 percent, a Commerce Department report showed today in Washington. Durable goods orders actually rose 4.2%, but that includes airplane sales. Qantas just cancelled a HUGE order from Boeing for 35 787 Dreamliners. This should result in a big DECREASE in the next month, so I am focusing on Capital Goods New Orders Nondefense Ex Aircraft & Parts MoM. US Flash PMI came out earlier...
  • Fed joins stimulus party as global trade slumps

    08/23/2012 11:10:04 PM PDT · by bruinbirdman · 9 replies
    The Telegraph ^ | 8/23/2012 | Ambrose Evans-Pritchard
    All three major blocs of the world economy have shifted gears dramatically over the last month, preparing a fresh blast of stimulus to combat the sharpest contraction in global trade since the 2008-09 crisis. The US Federal Reserve appears poised for a third round of quantitative easing (QE) as soon as early September, joining Europe and China in concerted global stimulus. The Fed’s latest minutes show broad support for fresh bond purchases – probably mortgage bonds – unless signs of “substantial and sustainable strengthening” emerge soon. Paul Ashworth from Capital Economics said QE3 looks like a “done deal” since little...
  • PRECIOUS-Gold Rises for seventh day after Fed stimulus surprise

    08/23/2012 3:32:16 AM PDT · by Son House · 18 replies
    Reuters ^ | Aug 23, 2012 | Amanda Cooper
    The minutes of the Federal Open Market Committee's meeting at the end of July showed on Wednesday the central bank is likely to deliver another round of stimulus "fairly soon" and that any such decision would be highly dependent on economic data. Analysts said that while the signal that additional stimulus for the U.S. economy was positive for gold in the near term, the most recent read on key indicators such as consumer spending, manufacturing or jobs growth since the Fed's last meeting pointed to a more robust phase of economic growth and as such, gold's gains could be limited....
  • The Fed’s Slippery Ascent of the Fiscal Cliff

    08/20/2012 3:44:50 PM PDT · by whitedog57 · 3 replies
    Confounded Interest ^ | 08/20/2012 | Anthony B. Sanders
    According to Bloomberg News, “Banks Use $1.77 Trillion to Double Treasury Purchases.” The gap between U.S. bank deposits and loans is growing at the fastest pace in two years, providing lenders with more funds to buy bonds and temper the biggest sell-off in Treasuries since 2010. Well, perhaps it worked. The US Treasury 10 year yield finally came down today after several weeks of rising rates. The Fed may feel pressured into more monetary stimulus and pushing the 10 year (and other Treasury maturities), yet it will do little good. The Fiscal Cliff facing the US is covered with ice....
  • Romney supports audit of the Federal Reserve

    08/20/2012 12:28:26 PM PDT · by RobinMasters · 5 replies
    The Washington Times ^ | August 20, 2012 | Stephen Dinan
    Borrowing Rep. Ron Paul's presidential campaign push, Mitt Romney said Monday he thinks the Federal Reserve should face an audit. "Very plain and simple, the answer is yes. The Federal Reserve should be accountable. We should see what they're doing," Mr. Romney, the presumptive Republican presidential nominee, said at a town hall in New Hampshire. Mr. Paul, the Texas congressman who is still technically in the running for the Republican nomination, though he does not have the delegates to win it at next week's convention, made an audit of the Fed a chief part of his campaign. Earlier this year,...
  • Author Harry Dent to Moneynews: Fed Tactics Won't Save US From Unavoidable Recession

    08/11/2012 5:42:53 PM PDT · by Signalman · 15 replies
    Moneynews.com ^ | 8/10/2012 | Forrest Jones and Kathleen Walter
    The United States cannot avoid sliding back into a recession and Federal Reserve stimulus measures and government spending in general are powerless to prevent it, said financial author Harry S. Dent Jr. The U.S. government, and consumers in general, have been on a borrowing-and-spending spree for too long now and the time has come to let the economy wane while the country pays off its debts. That doesn't happen overnight, and the Fed will surely adhere to its mandate to ensure price stability and optimal labor conditions by rolling out a monetary policy tool known as quantitative easing (QE), under...
  • Guest Post: Has The Perfect Moment To Kill The Dollar Arrived?

    08/07/2012 7:31:48 AM PDT · by bt_dooftlook · 10 replies
    Zerohedge.com ^ | 08/07/2012 | Brandon Smith
    The idea of “collapse”, social and financial, comes with an incredible array of hypothetical consequences ranging from public dissent and martial law, to the complete disintegration of infrastructure and the devolution of mankind into a swarm of mindless arm chewing cannibals. In an age of television nirvana and cinema overload, I have found that the collective unconscious of our culture has now defined what collapse is based only on the most narrow of extremes. If they aren’t being hunted down by machete wielding looters or swastika wearing jackboots, then the average American dupe figures that the country is not in...
  • Bernanke: despite recovery, many struggling

    08/06/2012 12:48:45 PM PDT · by John W · 24 replies
    Reuters via Yahoo News ^ | August 6, 2012 | Reuters
    WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Monday that although broad measurements of the economy point to recovery, many people and businesses are facing tough times. "Even though some key aggregate metrics -- including consumer spending, disposable income, household net worth, and debt service payments -- have moved in the direction of recovery, it is clear that many individuals and households continue to struggle with difficult economic and financial conditions," he said in prepared text. Bernanke was speaking to a research conference on the topic of economic measurement. He did not discuss the outlook for monetary policy...
  • What's in your vault? Uncle Sam audits its stash of gold at the New York Fed

    08/04/2012 7:49:43 AM PDT · by Brown Deer · 21 replies
    Los Angeles Times ^ | August 02, 2012 | Andrew Tangel
    The federal government has quietly been completing an audit of U.S. gold stored at the New York Fed. The effort included drilling small holes in the bars to test their purity. The Treasury Department has refused to disclose what the audit has revealed so far, saying the results will be announced by year's end. But as one former top Fed official said recently, the testing may finally prove that "Goldfinger didn't sneak in at night" and take the gold. "The calls for audits are saying, 'We don't trust the government for the last 200 years,'" said Ted Truman, a former...
  • Dr Bernanke to Investors: “How about NO!” to Instant Monetary Relief

    08/01/2012 12:35:29 PM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 08/01/2012 | Anthony B. Sanders
    Like Dr. Evil in the movie “Goldmember,” Dr. Bernanke answered the question today about instant monetary relief: “How about NO!“ That is, no change in the Fed Funds Target. Or Twist or QE3. But he did say that he is willing to do additional monetary easing if necessary to boost economic growth. “The committee will closely monitor incoming information on economic and financial developments and will provide additional accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability.” Not surprising in the least. The US has morphed into...
  • Here's What Fed May Do Instead Of More QE

    08/01/2012 3:27:16 AM PDT · by Son House · 14 replies
    CNBC ^ | Aug 01, 2012 | Moneycontrol.com
    The plan works in a fairly simple manner: In the UK`s case, the BofE is lending short-term government bills to banks, which use the securities as collateral to borrow money from the central bank at a rock-bottom rate - about 0.25% - and then make loans. Banks can borrow up to 5% of the value of their existing loan books, and the loans from the BofE are four years in duration. The program is similar to something the Fed tried, with considerable success, during the financial crisis that exploded in 2008. The Fed is meeting Tuesday and Wednesday and will...
  • The Fed’s FOMC Decision: Hands Tied By Excessive Regulations and Poor M2 Money Velocity

    07/29/2012 10:12:43 AM PDT · by whitedog57 · 3 replies
    Confounded Interest ^ | 07/29/2012 | Anthony B. Sanders
    The Federal Reserve’s Open Market Committee will meet on July 31 and August 1. What will they do? The broader economic indicators for the U.S. are either slowing down or not improving. Real GDP growth was revealed to be a paltry 1.50% for Q2 2012 following 2.0% for Q1 2012 and 4.0% for Q4 2011. U6 unemployment (Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons) remains at near 15%. Since June 2010, more Americans have gone on disability than have dropped off of unemployment rolls by 237,000. And an additional 4.9 million Americans...
  • What will last longer, The Constitution or The Fed?

    07/28/2012 11:03:22 AM PDT · by ExxonPatrolUs · 11 replies
    none | now | me
    Essay assignment for fellow Freepers: What will last longer, The Constitution or The Fed?
  • House Passes Ron Paul’s ‘Audit the Fed’ Bill (Nancy Pelosi, Bawney Fwank vote No to help bankers)

    07/25/2012 1:45:14 PM PDT · by JimWayne · 5 replies
    Wall Street Journal ^ | July 25, 2012 | Kristina Peterson and Siobhan Hughes
    The Senate would be almost certain to defeat it given the Democratic majority in the chamber... “This is a way to shake your fist at the big bad Fed, and it’s not a good way,” Rep. Barney Frank (D., Mass.), the top Democrat on the House Financial Services Committee, said on the House floor Tuesday.
  • Here Come The Fed: Home Sales Drop More Than Expected, Mortgage Purchase Applications Drop Too

    07/25/2012 8:07:56 AM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 07/25/2012 | Anthony B. Sanders
    For June, home purchases decreased to a 350,000 annual rate, down 8.4 percent from the prior month and the weakest since January, the Commerce Department reported today in Washington. The forecast was for 372,000 units, a big swing and a miss. The decline was led by a record 60 percent plunge in the Northeast. And 350,000 units is down from the upwardly revised number of 382,000 for May. The Mortgage Bankers Association released their weekly mortgage application indices this morning. As I mentioned to Lori Rothman on Fox Business last week, the MBA Purchase Index is an important index to...
  • Democrats warn Rep. Paul's 'audit the Fed' bill will politicize monetary policy

    07/24/2012 4:29:25 PM PDT · by markomalley · 36 replies
    The Hill ^ | 07/24/12 | Pete Kasperowicz
    Several senior House Democrats warned that passing a bill from Rep. Ron Paul (R-Texas) requiring a full audit of the Federal Reserve Board's monetary policy decisions will allow Congress greater leverage to put political pressure on these decisions, which they said would cause serious problems in the U.S. and global financial markets. The Federal Reserve Transparency Act, H.R. 459, was expected to come up for a vote Wednesday, and seemed poised for passage given its 270 co-sponsors, including nearly four dozen Democrats. Nonetheless, many Democrats used the Tuesday floor debate to warn about the chances that Congress might use the...
  • LIBOR: A Question of Trust

    07/20/2012 7:32:26 AM PDT · by Brown Deer · 1 replies
    Edwin M. Truman explains why the spreading LIBOR scandal has the potential of raising new doubts over the reputations for honesty of many large financial institutions.
  • Sen. Schumer tells Bernanke to stimulate economy before November

    07/17/2012 11:01:23 AM PDT · by Ernest_at_the_Beach · 15 replies
    Washington Examiner ^ | July 17, 2012 | Joel Gehrke
    Sen. Chuck Schumer, D-N.Y., exhorted Federal Reserve Chairman Ben Bernanke to stimulate the economy before November through some form of quantitative easing or other monetary policy, which Bernanke said could create jobs. “Despite two false starts, we’re having a much rougher time than we ever imagined getting unemployment down,” Schumer told the Senate Banking Committee. “So get to work, Mr. Chairman.” Schumer said Bernanke needed to stimulate the economy because Congress refuses — “maybe after November we will,” he opined.“We will act in an apolitical, non-partisan manner to do what is necessary for the economy,” Bernanke replied. “We have said...
  • Market Reactions to Bernanke's Report to U.S. Senate (Bernanke Does E.F. Hutton Impression)

    07/17/2012 8:56:22 AM PDT · by whitedog57
    Confounded Interest ^ | 07/17/2012 | Anthony B. Sanders
    Like the old E.F. Hutton ads, “When Ben Bernanke speaks, people listen.” The Euro: Gold: US Treasury 10 year yield: The reaction to Bernanke’s speech is less than enthusiastic. Apparently, the market wanted a more firm statement on more quantitative easing (and Senator Schumer from New York said so in the Senate hearing). In Bernanke’s defense (which no Senator acknowledged), M2 Money Velocity is falling below levels not seen in modern times. If you watch Bernanke’s Senate presentation, Senators Toomey (PA) and Corker (TN) win the award for best observations and questions. No one expressed the sentiment that The Fed...
  • More QE Will Be Needed As More People Go On The Dole Than Become Employed

    07/13/2012 6:09:27 PM PDT · by whitedog57 · 4 replies
    Confounded Interest ^ | 07/13/2012 | Anthony B. Sanders
    I’m glad that Mr. Lockhart sees a step-up in output and employment growth by the end of the year. But how will driving interest rates lower help when they haven’t helped yet? The Fed’s balance sheet hovers around $3 trillion and the Fed Funds Target Rate is at a pitiful 0.25%. Yet, no ignition so far. M2 Money Velocity has declined below any point since the end of World War II. And mortgage lending (with the exception of Wells Fargo) has not really rebounded since it peaked in 2008. Employment still stinks as more and more people go on the...
  • New York Federal Reserve knew about Libor rate-fixing issues as far back as 2007..

    07/11/2012 5:52:13 AM PDT · by C19fan · 4 replies
    Reuters ^ | July 10, 2012 | Staff
    The Federal Reserve Bank of New York may have known as early as August 2007 that the setting of global benchmark interest rates was flawed. Following an inquiry with British banking group Barclays Plc in the spring of 2008, it shared proposals for reform of the system with British authorities.
  • Fed Having Trouble Stimulating Growth … Or Inflation – Multipliers and Velocities Are Stalling

    07/02/2012 5:29:02 PM PDT · by whitedog57 · 10 replies
    Confounded Interest ^ | 07/02/2012 | Anthony B. Sanders
    In fluid dynamics, a stall is a reduction in the lift coefficient generated by a foil as angle of attack increases. This occurs when the critical angle of attack of the foil is exceeded. Is the US economy stalling? Today’s manufacturing report suggests that our “lift” is indeed reducing. We are below a reading of 50.0 which historically has been bad news. The Federal Reserve faces a dilemma since its ability to increase “lift” in the economy is impaired by 1) declining M1 Money Multiplier Ratio and 2) M2 Money Velocity. The Fed Funds Target is approaching 0% and we...
  • Audit The Federal Reserve Now: Urge Your Representatives To Vote For HR 459

    07/01/2012 7:13:27 PM PDT · by markedmannerf · 2 replies
    07-01-12 | me
    HR 459 will be discussed and hopefully voted on this month. This bill calls for an audit of the Federal Reserve. See the bill here: http://www.opencongress.org/bill/112-h459/text Urge your representatives to vote for this bill! Send them messages and sign this petition: http://action.freedomworks.org/7099/demand-congress-audit-fed/ More details on this bill from Ron Paul here: https://www.youtube.com/watch?v=JZcqRvuOpK8&feature=player_embedded Everyone please call or email. http://www.house.gov/representatives/
  • ‘Audit the Fed’ bill advances in House

    06/27/2012 6:30:15 PM PDT · by TurboZamboni · 12 replies
    washington times ^ | 6-27-12 | Stephen Dinan
    The House oversight committee voted Wednesday to demand a broad audit of the Federal Reserve system by congressional investigators - a major move lawmakers said is designed to bring accountability to the murky workings of the independent board. The bill was sponsored by Rep. Ron Paul, the Texas Republican who turned the push for an audit into a powerful campaign slogan and whose criticism of the Fed’s monetary policy drew hundreds of thousands of voters into the political process.
  • The Limits of Fed Monetary Policy for “Affordable” Housing

    06/24/2012 10:49:22 AM PDT · by whitedog57 · 3 replies
    Confounded Interest ^ | 06/24/2012 | Anthony B. Sanders
    When I spoke at the American Action Forum with Douglas Holtz-Eakin and Jared Bernstein about housing, I didn’t mention the following nasty chart of M2 Money Velocity and house prices: What this chart says is that monetary policy is ineffective (M2 Money Velocity) and will not be able to stimulate a recovery in the housing market. Why? A lack of available mortgage credit. Credit is tight (720+ FICO scores required) and the Fannie Mae analyst mentioned that Fannie Mae would not purchase or insure any mortgage of someone who had defaulted for 7 years. So even though house prices are...
  • Bernanke Twists Again Like He Did Last Summer ($267B) – But Will It Help?

    06/20/2012 12:44:03 PM PDT · by whitedog57 · 9 replies
    Confounded Interest ^ | 06/20/2012 | Anthony B. Sanders
    Today, Fed Chairman Ben Bernanke peeked around the corner and sang “Let’s Twist Again Like We Did Last Summer. Oh, let’s Twist again, Twisting time is here.” Not really of course. But The Fed did announced that they are extending Operation Twist until the end of the year. And Twist will be increased to $267 billion. No MBS stimulus either, so Agency MBS slumped today. Federal Reserve Bank of Richmond President Jeffrey Lacker voted against the committee’s action on Wednesday because he “opposed continuation of the maturity extension program,” according to the statement. Lacker has dissented at all four FOMC...
  • Fed Extends TWIST Through End Of 2012, Prepared To Take Further Action, Market Unhappy

    06/20/2012 9:45:55 AM PDT · by tcrlaf · 5 replies
    Zerohedge ^ | 6-20-12 | Tyler Durden
    As always, Goldman Corzined anyone who listened to its call that an epic QE is coming. Fed did the worst possible outcome for risk- merely extended Twist, just as the credit market predicted it would 3 weeks ago: FED SAYS IT IS PREPARED TO TAKE FURTHER ACTION `AS APPROPRIATE FED TWIST EXTENSION TO SWAP $267 BLN OF TREASURIES BY END 2012 FED TO SELL OR REDEEM `EQUAL AMOUNT' DEBT DUE 3 YEARS OR LESS FED TO BUY TREASURIES DUE IN 6 TO 30 YEARS AT `CURRENT PACE' FED SAYS EMPLOYMENT GROWTH `HAS SLOWED' FED SAYS INFLATION HAS DECLINED, REFLECTING OIL...
  • Time for the Fed to Twist and Shout Again

    06/19/2012 6:11:41 AM PDT · by TigerLikesRooster · 1 replies
    WSJ ^ | 06/19/12 | NICHOLAS HASTINGS
    Time for the Fed to Twist and Shout Again By NICHOLAS HASTINGS The U.S. Federal Reserve is likely to hang on to its real monetary ammunition for now. Uncertainty over global growth, the continued debt threat to the euro and the so-called "fiscal cliff" that faces the U.S. all mean that the central bank will likely reserve a third dose of quantitative easing in case it is needed later on. Instead, the Fed is likely to use its meeting this week to counter the recent slowdown in the U.S. economy with an extension of Operation Twist--a system of selling short-term...
  • SocGen: We Expect A $600B QE3 Plan To Be Announced This Week

    06/18/2012 5:46:08 AM PDT · by blam · 26 replies
    TBI ^ | 6-18-2012 | Matthew Boesler
    SocGen: We Expect A $600B QE3 Plan To Be Announced This Week Matthew BoeslerJune 18, 2012 A third round of quantitative easing is coming this Wednesday, top Société Générale economist Michala Marcussen says. Marcussen writes that if anything, the boost will help "only at the margins." "We have long held the view that each new round of QE comes with diminishing returns," she says. "We nonetheless see the impact as positive – if nothing else giving the reassurance of a pilot in the plane." On how the Federal Reserve will announce and implement QE3: With economic data signalling stall speed...
  • Federal Reserve Board Members Gave Their Own Banks $4 Trillion in Bailouts

    06/14/2012 9:00:07 PM PDT · by Errant · 14 replies
    AllGov News ^ | Thursday, June 14, 2012 | Noel Brinkerhoff
    Following the 2008 financial crisis, the Federal Reserve provided more than $4 trillion in near zero-interest loans and other help to banks and businesses whose executives also served as directors for the national bank. At least 18 current and former Fed regional bank directors had a direct stake in the trillion-dollar bailout given to teetering institutions, according to a report produced by the Government Accountability Office, but released by Senator Bernie Sanders (I-Vermont). "Snip" To bolster his case, Sanders cited the example of Jamie Dimon, chief executive officer of JPMorgan Chase. A director of the Federal Reserve Bank of New...
  • Should Congress Place a Cap on The Fed’s Balance Sheet? The Demint/Lee Senate Bill S.3240

    06/13/2012 7:45:33 AM PDT · by whitedog57
    Confounded Interest ^ | 06/13/2012 | Anthony B. Sanders
    It is no secret that The Fed is mulling over further monetary stimulus. Whether it is quantitative easing (QE3) or curve twisting (Twist3) remains to be seen. Senators Jim Demint (R-SC) and Mike Lee (R-Utah) have proposed legislation, S.3240, that caps the balances of reserves of depository institutions. AYO12664 In order to prevent the Federal Reserve from further quantitative easing, Sen. DeMint’s No QE3 amendment would prevent the Fed from expanding its balance sheet again, as well as establishing that the Fed should return the size of its balance sheet to pre-2008 levels. Wow, THAT is a provocative piece of...
  • Fed survey: median family income declined 7.7% from 2007 to 2010 - Mighty Leviathan Struck Out

    06/11/2012 2:53:59 PM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 06/11/2012 | Anthony B. Sanders
    The Democrats in Mudville were ecstatic when they took control of the U.S. House of Representatives and Senate in 2007. But since 2007, family incomes and net worth has both declined. According to The Federal Reserve Board’s Survey of Consumer Finances (SCF) for 2010 provides insights into changes in family income and net worth since the 2007 survey. The survey shows that, over the 2007–10 period, the median value of real (inflation-adjusted) family income before taxes fell 7.7 percent. The decline in median income was widespread across demographic groups, with only a few groups experiencing stable or rising incomes. Median...
  • Top Customer: Under Obama, Fed’s Holdings of U.S. Debt Have Jumped 452%

    06/10/2012 8:41:41 PM PDT · by Beave Meister · 33 replies
    CNSNews.com ^ | 6/7/2012 | Terence P. Jeffrey
    (CNSNews.com) - Since President Barack Obama was inaugurated in January 2009, the Federal Reserve’s holdings of U.S. government debt have quintupled, according to the Fed’s official monthly balance sheet. On Jan. 28, 2009, a week after Obama’s nomination, the Fed owned $302 billion in U.S. Treasury securities. On April 25, 2012, the latest date reported, the Fed owned five and a half time that much in U.S. Treasury securities--$1.668 trillion. That is an increase from January 2009 of $1.366 trillion—or 452 percent. Under Obama, the Federal Reserve has become the single largest owner of U.S. government debt. When Obama entered...
  • The Fed's Dilemma - To QE or Not to QE - That is the Question

    06/09/2012 9:33:53 AM PDT · by whitedog57 · 10 replies
    Confounded Interest ^ | 06/09/2012 | Anthony B. Sanders
    The Federal Reserve Board faces a myriad of interesting questions, but the one of most of the world’s mind is … to QE or not to QE. That IS the question. Chairman Bernanke’s statement to Congress this past week did not say much except that The Fed is standing by in case things get worse. But I will take a wager that QE3 is coming at the next meeting of the Fed’s Open Market Committee (FOMC). But I am not willing to make a big wager, because there are some sound arguments NOT to do any additional quantitative easing. So,...
  • WRAPUP 3-Yellen argues for more Fed easing amid Europe risk (of course!)

    06/07/2012 7:34:34 AM PDT · by TigerLikesRooster · 2 replies
    Reuters ^ | 06/07/12 | Ros Krasny
    WRAPUP 3-Yellen argues for more Fed easing amid Europe risk Thu Jun 7, 2012 7:56am IST By Ros Krasny (Reuters) - The Federal Reserve's second-highest official on Wednesday laid out the case for the U.S. central bank to provide more support to a fragile economy as financial turmoil in Europe mounts. Janet Yellen, the vice chair of the Fed, cited risks from ongoing housing problems, a weak jobs market and worsening financial conditions in a speech in Boston. Her views carry great weight with Fed Chairman Ben Bernanke, and her comments suggest that the Fed may be close to easing...
  • MBA: Refinance Activity Increases as Mortgage Rates Fall (Fed Mulling More Monetary Stimulus!)

    06/06/2012 7:37:31 AM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 06/06/12 | Anthony B. Sanders
    The MBA Refinance Index has shown a general increasing trend since early 2011 (pink line) and is almost reaching the peak of the 2010 refi waves. Actually this is quite disappointing given 14 Administration mortgage refinancing programs and historically low mortgage rates. Perhaps even more disappointing is the MBA Purchase Application Index. It actually fell (again) and remains in “the red zone.” That is, the red zone of little growth. It is hard to argue for a strong housing recovery fueled by cash-only and investors. Are we becoming a nation of renters? Thanks to both Fed monetary policy and Europe’s...
  • Progressive American Think Tank (CPER) Begs Bernanke (U.S. Taxpayers) To Bail Out Spain

    06/04/2012 1:26:28 PM PDT · by tcrlaf · 7 replies
    Zerohedge ^ | 6-4-12 | Tyler Durden
    It's one thing for liberals to demand one group of Americans pay for another group of Americans, with a third group's money of course (until it runs out), but when a progressive think tank actually has the temerity to tell Bernanke that Europe is not socialist enough, and thus needs liberal US support, that's when things just get plain old silly. Which incidentally, is precisely what the progressive brains of Mark Weisbrot and Dean Baker, co-directors of the liberal Center for Economic and Policy Research, have done. Naturally, we are all for a humanistic effort; we also believe in leading...
  • Bilderberg 2012 Protest Photos

    06/02/2012 7:05:15 PM PDT · by xeno · 26 replies
    self ^ | 6/2/2012 | self
    Bilderberg 2012 protest photos from Chantilly, Virginia.
  • House to Vote on Ron Paul Bill to Audit the Federal Reserve

    GOP leadership in the House of Representatives announced that legislation to thoroughly audit the secretive Federal Reserve, a wildly popular measure pushed by Rep. Ron Paul (R-Texas) for decades, will come up for a floor vote in July. Honest-money advocates and pro-transparency activists celebrated the news as a historic opportunity to rein in the central bank, which has come under heavy fire — especially in recent years — for debasing the U.S. dollar, manipulating markets, and showering big banks with trillions in bailouts. The legislation, H.R. 459, already has over 225 co-sponsors in the House including an impressive roster of...
  • Freddie Mac: Mortgage Rates Drop (Again) – Thank Greece, Portugal and Spain!

    According to Freddie Mac, mortgage rates in the U.S. fell to a record for a third straight week. The average rate for a 30-year fixed loan dropped to 3.79 percent in the week ended today from 3.83 percent. Fannie Mae 30 year current coupons (the rate on Fannie Mae MBS) fell as well, but not to the lowest point in recent months.\ As Europe continues to experience a financial crisis, investors continue to invest in our Treasury market (driving down yields). 30 year mortgage rates follow the 10 year Treasury yield. Greece, Portugal and Spain continue to experience problems with...
  • WSJ:Greek Depositors Withdrew $898 Million From Banks Monday

    05/15/2012 1:26:23 PM PDT · by tcrlaf · 33 replies
    WSJ-Europe ^ | 5-15-12 | NEKTARIA STAMOULI
    ATHENS—Greek depositors withdrew €700 million ($898 million) from local banks Monday, the country's president said, as he warned that the situation facing Greece's lenders was very difficult.
  • Why Aren’t Banks Lending to Small Business? Ask Bernanke.

    05/03/2012 6:23:59 AM PDT · by SeekAndFind · 8 replies
    The American ^ | 05/03/2012 | Scott Shane
    Banks profit by making loans, not refusing them. So why are banks making fewer loans to small business these days? On March 29, at a lecture at George Washington University, Federal Reserve Chairman Ben Bernanke innocuously remarked that lately “small businesses have … found it difficult to get credit.” Too bad that none of the students at the lecture thought to ask him why. A case can be made that the Fed is partially responsible. Bankers, small business owners, and policymakers all agree that small business lending has declined substantially since before the financial crisis and Great Recession. Business loans...
  • Transparency and The Fed: Transcripts Belie Rhetoric

    05/02/2012 1:35:30 PM PDT · by Mikey_1962
    New American ^ | 5-2-12 | William F. Jasper
    Five hundred pages of redactions. Mostly blank pages. That's what the public gets to see in the transcripts of the Federal Reserve Open Market Committee (FROMC) meetings for 2007-2010. The long-awaited transcripts, released on March 7, pursuant to a Freedom Of Information Act request by MSNBC's Dylan Ratigan Show, undoubtedly hold some very important information about the Fed's activities and decisions during and since the financial crisis, including to whom the Fed has given trillions of taxpayer dollars in "loans" and bailouts - and on what terms. Not all of the recently released transcript pages are completely blank; some of...
  • Nugent Reveals Details to Beck About the Alaskan Hunting Trip That Made Him a Target of the Feds

    04/26/2012 3:33:22 PM PDT · by Twotone · 6 replies
    The Blaze ^ | April 26, 2012 | Billy Hallowell
    Over the past few weeks, rocker Ted Nugent has been making headlines. From his controversial speech at the National Rifle Association conference to his recent drama over hunting missteps with the U.S. government, Nugent has had a busy month. In a radio interview with Glenn Beck this morning, the musician delved into the details surrounding his recent guilty plea for illegally killing a black bear in Alaska — details that appear to show he’s being targeted by the Feds.
  • Bernanke: Fed Could Act Again to Stimulate Economy

    04/26/2012 3:25:28 AM PDT · by Son House · 19 replies
    ABC News ^ | April 25, 2012 | MARTIN CRUTSINGER
    After its bond-buying programs expired, the Fed in September began a $400 billion program dubbed Operation Twist. Under that program, the Fed is not expanding its portfolio but instead selling shorter-term securities it owns and buying longer-term bonds to keep their rates down. The program is scheduled to end in June. On Friday, the government will issue its first estimate of economic growth for the January-March quarter. Many economists are predicting an annual growth rate of 2.5 percent — better than they had expected when the year began. Ben Bernanke AP Federal Reserve Chairman Ben Bernanke... View Full Caption But...
  • Yellen Announces No Fed Tightening After Twist - Europe Rebels Against Austerity

    04/23/2012 8:26:03 AM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 04/23/2012 | Anthony B. Sanders
    According to Bloomberg, The Netherlands is experiencing backlash against austerity, France is seeing Sarkozy possibly losing to a Socialist and Merkel’s austerity policies are coming under increased attack. This, of course, is no surprise. No one wants to pay for the massive entitlement and government spending programs. So, the answer is … print more money. Fed Vice Chair Janet Yellen said today that there will be no monetary tightening after Operation Twist expires. On it’s own, expiring Twist will in the 10 year rising about 25 basis points. Notice that the U.S. Treasury 10 year yield dropped this morning while...
  • Parsons Blames Glass-Steagall Repeal for Crisis (1/3rd of Clinton’s Housing Trifecta)

    04/20/2012 8:47:21 AM PDT · by whitedog57 · 3 replies
    Confounded Interest ^ | 04/20/2012 | Anthony B. Sanders
    There was an interesting story on Bloomberg.com entitled “Parsons Blames Glass-Steagall Repeal for Crisis.” What Mr. Parsons fails to recognize is the spider web of regulations that started with Franklin Delano Roosevelt during the Great Depression. It was a bet that has resulted in millions of foreclosures and the near collapse of the financial market and economy. National Homeownership Strategy: Partners in the American Dream – 1995 NHSDream Action 44: Flexible Mortgage Underwriting Criteria The partnership should support efforts to increase local lender awareness and use of the flexible underwriting criteria established by the secondary market, FHA, and VA. Resulting...