A Little Sunshine and the Fed
Money For Everybody
Vincent Reinhart, the Fed’s director of monetary affairs from 2001 to 2007 said “The caricature of the Fed is that it was shoveling money to big New York banks and a bunch of foreigners, and that is… Continue reading
Bomb Libya, Bailout Libya
So the other day I mentioned that Barack Obama is taking after George Bush and other neoconservatives by attempting to bomb Libya into democracy. Well it’s good to know that his administration, or more accurately, the Federal Reserve has… Continue reading
Banks, The Fed, and Moral Hazard
As of 2009, the “Big Four” banks in the United States held 39% of all U.S. customer deposits. The “Big Four” includes Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo.
The banks that were such a systemic risk to… Continue reading
The Fiasco Continues, But Regardless, We Pay the Bill
Big Finance has done quite a job dumping the costs of their reckless decisions on others.
By Jim Boswell, author of Crush Depth Alert
As we wind our way down from our Great Recession and over-extended housing market, the fiasco… Continue reading
The Case For Peter Schiff
One would think a Senate race—taking place in the middle of two wars and a severe recession—between the co-founder of the World Wrestling Entertainment and an economist and financial expert who predicted the financial crisis would be a no-brainer of… Continue reading
“Volcker Rule” Both Practical, and Admission
The inflation fighter himself, Paul Volcker knows government safety nets. And stogies.
The inflation fighter of the 1970s and 80s, former Federal Reserve Chairman Paul Volcker, wants to make sure banks don’t take the economy to the brink of destruction… Continue reading
Fed Posts Record Profits
The question is, can the Fed take enough money out of the economy without sending us back into a severe recession, or will the excess money lead to high inflation. Personally, I'm predicting some pretty vicious stagflation is coming our way. Continue reading
Nicolas Cage for Treasury Secretary
This summer, the IRS rewarded Nicolas Cage for his “efforts” with a $6 million tax lien on his New Orleans’ properties for unpaid taxes. So the IRS, lead by tax cheat Timothy Geithner, is cracking down on Nicolas Cage for unpaid taxes. How ironic. Or perhaps, “how fitting” would be a better way to put it. After all, I think Tim Geithner, our spend-happy congress, the Federal Reserve, George Bush and Barack Obama can give Nicolas Cage a run for his money (what little is left of it) when it comes to irresponsible spending. Honestly, look at what our government has been doing: Continue reading
Swift Wits: Savers Get Stung, Pay Czar Tackles AIG and Real Estate Keeps Deflating
As of today, few things would be less appealing in your portfolio then dollars. As the Federal Reserve pours liquid-ity into the economy through TARP, stimulus and bailouts, and the Federal Government runs record deficits, interest rates stay artificially low. Depressingly low. In fact, a quick surf of Bankrate.com tells me the highest yielding money market account currently available (MMA) is 1.81%, while the average yield comes in at a whopping 1.113%. (1) That means if a person has $20,000 of hard earned money stuffed away in a MMA, he or she will earn roughly $30/month in taxed income. Nice. Continue reading
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