"Appeals Court says Fed loans can be disclosed" by Associated Press | March 20, 2010
NEW YORK — The Federal Reserve must reveal documents identifying financial companies that received Fed loans to survive the financial crisis, a federal Appeals Court ruled yesterday.
A panel of the 2d US Circuit Court of Appeals in Manhattan said in two separate opinions that such information isn’t automatically exempt from requests under the Freedom of Information Act.
Cases were brought by News Corp.’s Fox News Network LLC and Bloomberg LP. The two companies sought details about loans that commercial banks and Wall Street firms received and the collateral they put up.
The Fed argued that if it identified banks that drew emergency loans, it could cause a run on those institutions, undermine the loan programs, and potentially hurt the economy.
The Federal Reserve said it’s studying the ruling.
What?
It is a COURT RULING!
It is NOT SUBJECT to YOUR APPROVAL!
The Fed could take the panel’s ruling to the full Appeals Court, whose decision could then be appealed to the US Supreme Court. Until a final ruling, the Fed is not compelled to turn over any documents.
Oh, I see.
Those documents will never see the light of day.
--more--"
Then Congress should make them.
Then again, CONGRESS should BE IN CHARGE of the MONEY SUPPLY as per the CONSTITUTION, not some central bank the founders despised because they knew the dangers.
We need COLONIAL SCRIPT again.
WASHINGTON — “The Republicans have stopped us from doing anything on this bill,’’ Senate majority leader Harry Reid, a Nevada Democrat, said yesterday. Reid has said he wants to complete the bill by the end of next week....
That was almost two months ago.
The parties agreed to drop a provision in the bill that would require banks to gather data about their customers and track the information by census tract. The provision was designed to help enforce consumer protections, but critics have said the provision was too onerous on financial firms.
Notice they didn't give a whirl about YOUR PRIVACY, Americans?
Senator Bernie Sanders, a Vermont independent, obtained bipartisan support for an amendment that would require an extensive audit of the Federal Reserve. Administration and Fed officials were opposing the measure, saying it would interfere with the Fed’s independence in setting monetary policy.
Well, you SEE who OBAMA is LINING UP WITH, right?
It's an AUDIT!!
We JUST WANT TO KNOW where ALL OUR MONEY (or that which was borrowed in our name) CAME FROM and WENT!
--more--"
Okay, ONE DAY after the AUDIT THREAT:
"An alarming ride on Wall Street; Uncertainty, Greece’s plight factor in turbulent trading" by Steven Syre and Beth Healy, Globe Staff | May 7, 2010
The spectacular plunge — which may have been fueled by unusual trading in a few stocks — comes at a time when the economy has been on the mend, with hiring and spending up and the housing market rebounding.
Hiring isn't up, spending is still down, and the housing market is s***, sigh.
And the MSM is shoveling Greece as the excuse for this?
If you are at the mercy of Greece's fluctuations you are already cooked, America.
But analysts and investors said a day like yesterday, combined with mounting concerns about Greece’s debt crisis, raises new doubts about a global economic recovery....
You, uh, get the message, Congress?
They will wreck you against the rocks like they will crash this economy!
At one point, the Dow had plunged by 998 points, or about 9 percent, temporarily wiping out about $1.25 trillion in value. More than half of that swoon was recorded in an astounding five-minute period — from 2:41 to 2:46. Five minutes later, most of the loss was recouped.
Just the Fed pulling the leash.
Trading activity in a few particular stocks may explain much of the 90-minute decline and recovery. The New York Stock Exchange intentionally slowed the buying and selling of stock in Procter & Gamble Co. and 3M Co. — both major components of the Dow average — along with shares of Accenture Ltd., due to what it said was exceptionally volatile trading. At one point in the day, shares of Accenture, a consulting firm, fell from $40 to a single penny and then rose back to $40 again.
Yeah, that is SOMEONE JERKING THINGS AROUND!
Shares of those companies continued to trade in other markets, where there may have been fewer buyers to match up with sellers. As a result, all three stocks plunged, dragging the broader market down with them, but recovered quickly when they resumed trading normally on the New York Stock Exchange....
The Securities and Exchange Commission and the Commodity Futures Trading Commission issued a joint statement late yesterday saying they were ‘‘working closely with the other financial regulators, as well as the exchanges, to review the unusual trading activity that took place briefly this afternoon. We are also working with the exchanges to take appropriate steps to protect investors.’’
Related: Sex in the SEC
Yeah, I guess they were busy.
Even before yesterday’s technical issues at the New York Stock Exchange, stocks were already on edge and had been heading lower. In addition to the debt crisis in Greece, which threatens to spread to other European nations, the giant oil spill in Louisiana and the unfolding terrorist story in New York have also weighed on investors....
What else can they throw at you hoping it will stick while avoiding the real forces behind it, readers?
Some money managers believe stock prices are due for a retreat after climbing about 60 percent since hitting bottom 14 months ago. Most market corrections are triggered by some specific event, and debt problems in Europe could be the cause this time, they said....
Yeah, the audit.
The US economy has expanded at a solid pace for three consecutive quarters and started again to create jobs. Employers added more than 160,000 jobs in March, and many analysts forecast that employment increased by at least that much in April. The Labor Department reports April employment data today.
I'm no longer responding to government and MSM lies.
‘‘We have sustainable economic growth, sustainable improvement in the labor market,’’ said John Silvia, chief economist at Wells Fargo & Co. in Charlotte, N.C. ‘‘The pace of growth may be less than we want to see, but I don’t see us doing a double-dip recession.’’
Getting more and more mention, isn't it?
That's where we are headed because there WAS NO RECOVERY!
HISTORY will record this period as the GRAND DEPRESSION and the END of the AmeriKan Empire!
If the problems in Europe lead to an extended market downturn, however, they could stunt some of that growth, warned Mark Zandi, chief economist at Moody’s Analytics, a unit of Moody’s Corp. in New York.
Still, Zandi put the chances of the US economy slipping back into recession at less than 1 in 5.
‘‘Assuming that this comes to a pretty quick end,’’ Zandi said, ‘‘we’ll make our way through.’’
When someone is consistently wrong do you keep believing in them?
But Brian Jacobsen, chief portfolio strategist at San Francisco-based Wells Fargo Funds Management Group, said yesterday’s down-and-up ride could cause ordinary investors to pause before they move into stocks.
‘‘I think it makes them all of a sudden re-question whether they should be getting back in,’’ he said. ‘‘When you have a market like this and you see riots in Greece, that certainly doesn’t help matters much.’’
Yeah, you certainly don't read about them in the AmeriKan newspapers.
Senate didn't get the message, 'eh?
"Senate votes to examine Federal Reserve lending" by Jim Kuhnhenn, Associated Press | May 12, 2010
WASHINGTON — The Senate voted unanimously to peer into Federal Reserve decision-making yesterday, authorizing an examination of the US central bank’s emergency lending to financial institutions in the months following the 2008 financial crisis.
Oh, it is just a PARTIAL AUDIT of the TARP.
Passed 96-0 as an amendment to a comprehensive financial regulation bill, the measure requires a one-time audit of more than $2 trillion in lending and the disclosure of all recipients. A proposal for a broader review of the bank failed....
No. No. No, no, no. That's not Ron Paul's audit.
The Fed has become a target of public anger in the aftermath of Wall Street’s near meltdown in late 2008, taking blame for not seeing the coming collapse and for having what some perceive as too cozy a relationship with the nation’s largest institutions.
Tables have turned, huh?
Hey, you still have that target on your back, America.
You will until you GET RID of the FED COMPLETELY!
That, coupled with its closely guarded lending, has created a bipartisan environment to get the Fed to open up.
“The Fed can no longer operate in the kind of secrecy that it has operated in forever,’’ said Senator Bernard Sanders, a Vermont independent and the main author of the audit amendment....
Yeah, right.
--more--"
Also see: Who REALLY Runs Washington
And since you didn't learn your lesson:
"Widespread fear stokes market volatility; Dow’s 300-point ride a sign of confusion" by Robert Gavin, Globe Staff | May 26, 2010
Stock markets are trying to find their way through a confusing set of signals.
Otherwise known as lies.
That is why I despise reading the Glob's buisness pages.
On the one hand, for example, there are improving economic data; on the other, concerns that the debt crisis that began in Greece could spread to other nations, damage the European banking system, and derail the economic recovery.
“What’s happening in the market is very separate from the economy,’’ said Duncan W. Richardson, chief equity investment officer at Eaton Vance Corp. of Boston. “There’s a battle going on between fear and fundamentals, and right now it’s all about fear.’’
Yesterday, for example, the Conference Board, a nonprofit research group in New York, reported that consumer confidence rose for the third consecutive month amidst an improved outlook on jobs.
But on Wall Street, fear is trumping optimism, despite signs of a strengthening US economy, including a labor market that has added more than 500,000 jobs in the past two months.
As about 800,000 have filed first time unemployment claims.
Throughout much of yesterday’s trading session, US investors sold, following steep sell-offs in Asia and Europe....
Debt crises often occur after governments use deficit spending to shore up banks and soften the impact of recessions, and investors lose confidence that nations can repay the debt....
Yeah, you have a TRAIN COMING AT YOU, AmeriKa!!!
In addition, when nations default — which is not unusual — investors are typically repaid some of their money....
Then why are they sputtering and jerking around bond rates?
WTF, hey?
I don't remember the "investors" feeling to good when Argentina stiffed 'em.
Why aren't they writing some of the debts off the books if they are so worried?
It sure would help out taxpayers after all the billions we gave them.
While European problems may have sparked the sell-off, analysts said other factors have probably contributed. Some are technical. For example, stock values were rising steadily for more than year, appreciating as much as 80 percent from the bottom in March 2009.
Such extended rallies typically experience a retreat, known as a correction, as investors reassess conditions and look ahead to potential risks.
Yeah, ANYTHING BUT a FED NUDGE!
Analysts say stocks could fall somewhat further, but this retreat should be temporary while uncertainties, from European debt to the US overhaul of financial regulation, are resolved.
Many said the underpinnings of the rally, such as corporate profits, remain solid, although they have been obscured by the recent turmoil.
Yeah, SOMEHOW CORPORATE PROFITS are JUST GREAT throughout this whole mess!
That is the UNDERPINNING of the RALLY?
NO WONDER there has been NO RECOVERY!
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