What advice to you have for President-elect Barack Obama? Nov 14, 2008
wtf wrote on Nov 13, 2008 8:19 AM:" My advice to president-elect Obama?Encourage the passage of two of Ron Paul's bills:1. H.R. 2755 - To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.http://www.govtrack.us/congress/billtext.xpd?bill=h110-27552. H.R. 3835 - To restore the Constitution's checks and balances and protections against government abuses as envisioned by the Founding... (Lodi News Sentinel, CA)
Horizon Financial Announces Strategic Staff Reduction Nov 8, 2008
Factors which could cause actual results to differ materially include, but are not limited to, the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes and other properties... (Primezone Releases)
Senior Subjects: Looking for changes Nov 5, 2008
I d feel a lot more secure about how our money is handled if the whole thing were not left to the tender mercies of someone like a Chairman of the Board of Governors of the Federal Reserve System The Fed. True, he is but the chairman, and others share responsibility with him, but when fiscal structures are so involved that members of Congress can t grasp the details, or lack the courage to speak out, it s not surprising that a pontifical aura of infallibility comes to surround the Chairman of... (Lincoln Journal, MA)
10 comments Nov 1, 2008
It includes "any other financial instrument that the secretary, after consultation with the chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability ... ." This is the language used to justify government buying stakes even in financially sound banks. The language controlling what the government must do with these assets once it owns them gives great "flexibility" to the treasury secretary. (Human Events Online)
National City acquisition by PNC brings new era in banking Oct 31, 2008
The holding company merger is pending, said Deborah Lagomarsino, a Federal Reserve System spokeswoman ... Before PNC and National City officials can combine the two banking operations, they must apply to the Federal Reserve System, which, along with other federal agencies, supervises the U.S. banking system. (Louisville Business First, KY)
'Sorry' Not Part of CEOs Vocabulary? Oct 25, 2008
Alan Greenspan, the former chairman of the Federal Reserve System, went before Congress Thursday and admitted he was wrong to trust the markets to regulate themselves, but he didn't utter the magic words, "I'm sorry.". Instead, Greenspan said, "I still do not fully understand why it happened.". (ABC News)
Bernanke's Airborne Policy Oct 22, 2008
In the past year assets of the Federal Reserve System have exploded to $1. 7 trillion from $871. (Forbes -- Markets)
5 disasters, 5 lessons Oct 19, 2008
Outcome: Congress established America's first true central bank, the Federal Reserve System, in 1913 in the hope of preventing such panics. By Beth Kowitt and Justin Fox. (CNN -- Money)
Wellesley College Faculty Panel Discusses Causes and Consequences of Current Financial Crisis Oct 16, 2008
As these crises spurred the creation of the Federal Reserve System and the Securities and Exchange Commission, current events are now forcing policymakers to begin to reconfigure our systems for regulating financial institutions, says Eric Hilt, assistant professor of economics at Wellesley College. Although recent innovations in financial markets have made the current crisis more complex than its predecessors, the underlying dynamic is fundamentally the same, Hilt said. (Wellesley Townsman, MA)
Bush Announces $250B Bank Buy In Oct 15, 2008
The plan was finalized Monday after top financial CEOs were summoned to a meeting with Paulson to discuss the details, which call for the financial intuitions to sell preferred stock to the U.S. government, giving the Federal Reserve System a stake in the companies. By expanding the scope of the rescue plan to include , leaders hope to stabilize the markets. (ABC News -- Business)
Utilities, Uncle Sam is Asking: Are Your Red Flags Ready to Fly by November 1? Oct 15, 2008
The Red Flag rules were easy for utilities to overlook because they were adopted under the Fair and Accurate Credit Transactions Act of 2003 (FACTA), a statute intended generally to extend and update the Fair Credit Reporting Act, were issued jointly by various federal agencies including the Office of the Comptroller of the Currency, Federal Reserve System, and the Federal Trade Commission (FTC), and thus appear to be directed at banks, mortgage lenders and other financial institutions. But they... (Energy Pulse, CO)
Budget Cuts Force Rhode Island to Scrimp on Services Oct 14, 2008
And California said it might have to ask the Federal Reserve System for a loan to cover expenses at schools, police stations and nursing homes. As often happens when budgets are cut, it is Rhode Island's poor who suffer the most. (ABC News)
U.S. to buy stake in banks Oct 11, 2008
In recent weeks, the U.S. Treasury and Federal Reserve System have taken unprecedented steps to protect the economy from the effects of the global credit crisis ... Addressing an audience of economists in 2002, when he was a Fed governor but not yet chairman, Mr. Bernanke outlined the almost-unlimited authority of the Federal Reserve System to protect the U.S. economy from harm. (Pittsburgh Post-Gazette, PA)
Your views: Brokering a bailout Oct 3, 2008
Dr. Paul has been advocating the real solutions to this crisis for years, including ending the inflation-producing Federal Reserve system and going back to the gold standard. How much more valueless fiat currency can the Federal Reserve print before our economy collapses. (Florida Today)
Faculty receive endowed chairs; first Neubauer fellows join the faculty Oct 3, 2008
Kroszner became a member of the Board of Governors of the Federal Reserve System in March 2006. In the recent mortgage market turmoil, he has been at the forefront of the central bank s efforts to formulate rules to better protect consumers against improper lending practices without unduly restricting the availability of credit. (Univeristy of Chicago Chronicle, IL)
U.S. government too involved Oct 3, 2008
Our founders intended us to have a financial system backed by gold and silver and run by Congress, not the Federal Reserve System we have today. The Federal Reserve Bank isn t federal, it isn t a reserve and it s not a bank. (Logan Herald Journal, UT)
Politicians Use Bailout to Grab More Power Oct 3, 2008
The new (1913) federal reserve system centralized all the financial problems. 2 Smoot Hawley effectively stopped world trade. (SmartMoney)
How the Bailout Is Like a Hedge Fund. Oct 3, 2008
But he can also invest in "any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability" (Section 3[9]B, Page 6). The manager then has the authority to manage the assets as he sees fit (Section 106[B], Page 22), collecting revenue streams, holding bonds to maturity, or flipping them for a quick profit (Section 106[c], Page 22). (Slate)
McCain's dilemma Sep 25, 2008
The Honorable Ben Bernanke Chairman Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, NW Washington, D.C. 20551. The Honorable Henry Paulson Secretary U.S. Department of Treasury 1500 Pennsylvania Ave, NW Washington, D.C. 20220. (Atlanta Journal-Constitution)
McCain, Palin wow crowd Sep 23, 2008
He proposed a high-level board oversee the distribution of $700 billion in bailout funds from the Federal Reserve System to failing financial institutions and ensure the government is a careful stewardship of taxpayer dollars, while holding accountable executives who recklessly run their companies "into the ground." McCain also urged transparency with the process, saying taxpayers have a right to know which firms will be bought out, what that selection will be based on and how much it's going to... (The Delaware County Times, PA)
Housing values at heart of massive bailout plan Sep 23, 2008
These include closer supervision by the Federal Reserve system of investment banks that have benefited from unprecedented access to Fed lending facilities, on the principle that the Fed deserves to have more jurisdiction over institutions with access to its money. Others will press for more disclosure of trading positions and the inherent risks of some of exotic investment instruments cluttering bank ledgers. (Ontario Argus Observer, OR)
As Congress rushes to back bailouts, a senator cries foul Sep 21, 2008
If he says it often enough. eventually he'll look as if he's right," said Kenneth Troske, an economics professor at the University of Kentucky. "Having said that, his concerns currently about the actions that have been taken by the Fed and the administration are legitimate. (Anchorage Daily News)
Feds race to stem financial disaster Sep 20, 2008
Michael Allen wrote on Sep 19, 2008 8:05 PM:" If you've been following the news at all, I guess you know who runs the country now.Here is a group of men that meet regularly and pass out 10's and 100's of billions of other people's money. Some are representing the U.S. and some are representing other nations or their companies are international.The most disbelieving person in a "banking cartel," should now see that they have moved around more money this year than our Congress did outside of S.S.,... (Ontario Argus Observer, OR)
post a comment » Sep 18, 2008
The Federal Reserve System is unconstitutional. It looks a lot like JP Morgans scam. (International Herald Tribune)
Georgians with gripes about banking have nowhere to go Sep 18, 2008
The banking and finance department does refer complainants to the Federal Reserve System, which from my past experience is not at all equipped to handle such matters as complaints from ordinary citizens. Any investigation by the Fed would be slow at best, and ignored at worst, not helping much. (Atlanta Journal-Constitution -- Opinion)
Enough of change Sep 18, 2008
time4change wrote on Sep 17, 2008 3:32 PM:" September 17th, 2008 5:29 pm ETWith Wall Streets financial institutions in turmoil, Sen. John McCain (R-AZ) argued in a series of interviews today that his experience on the Senate Commerce Committee meant he knew how to fix this economy. I understand the economy. I was chairman of the Commerce Committee that oversights every part of our economy, McCain told CNBCs Squawk BoxWatch ItBut, as the Washington Post points out, the Commerce Committee doesnt... (Albany Democrat-Herald, OR)
Key Congressional Committee Votes to Clarify Internet Gambling Ban Sep 17, 2008
The Payments System Protection Act (H.R. 6870), approved today by the House Committee on Financial Services, would direct the Department of the Treasury and Federal Reserve System, in consultation with the Attorney General, to appoint a special Administrative Law Judge to define the types of unlawful online gambling and conduct an economic impact study on the costs for compliance. The enactment of the bill would have the practical impact of delaying implementation of the Unlawful Internet... (PR Newswire)
The Fives: Dark times for the market, a quick course on the crashes of the past 100 years or so Sep 16, 2008
Granted, it was over two months time, but it was significant enough to lead to the creation of the Federal Reserve System. But what the panic of 1907 was also known for the manner in which a complete collapse was averted. (Rapid City Journal, SD)
LETTERS: NCT, Sept. 13, 2008 Sep 14, 2008
For economic and moral reasons, therefore, we join the great twentieth-century economists in opposing the Federal Reserve System, which has reduced the value of the dollar by 95 percent since it began in 1913. We oppose the dehumanizing assumption that all issues that divide us must be settled at the federal level and forced on every American community, whether by activist judges, a power-hungry executive, or a meddling Congress. (North County Times)
Financial Services Chairman Moves to Protect Financial Service Industry and Clarify Lawful Internet Gambling Activities Sep 12, 2008
today introduced the Payments System Protection Act of 2008, which would direct the Department of the Treasury and Federal Reserve System, in consultation with the Attorney General, to create a formal process to define what types of online gambling are unlawful to make it possible for the U.S. financial services industry to comply with the current ban on Internet gambling, as required by the Internet Gambling Enforcement Act of 2006, or UIGEA. In response to concerns raised by the financial... (PR Newswire)
MDS Reports Third Quarter 2008 Financial Results Sep 4, 2008
These factors include, but are not limited to: management of operational risks; the strength of the Canadian and United States' economies and the economies of other countries in which we conduct business; our ability to secure a reliable supply of raw materials, particularly cobalt and critical medical isotopes; the impact of the movement of the U.S. dollar relative to other currencies, particularly the Canadian dollar and the euro; changes in interest rate policies of the Bank of Canada and the... (Canada Newswire)
Thousands rally at Ron Paul convention Sep 4, 2008
The crowd applauded feverishly when Paul said the country should do away with the Federal Reserve System. Don't Miss. (CNN -- Law)
Paul, thousands hold counter rally Sep 3, 2008
When he criticized US fiscal policy - the federal monetary system, heavy government borrowing, and deficit spending - the crowd erupted in loud chants of "End the Fed!" the Federal Reserve System that expands the supply of money. Paul criticized the Patriot Act and the extension of government power, and tore into President Bush's foreign policy and the principle of "preventive war - actually starting wars." He drew cheers when he declared, "We do not need a national ID card," and condemned the... (Boston Globe)
Opinion: College is not a must Sep 3, 2008
If Alan Blinder, former vice chairman of the Board of Governors of the Federal Reserve System, is correct, the only jobs that will be secure in the next decade will those that cannot be sent abroad electronically. That means plumbers, electricians, and auto mechanics, for example, will be working steadily while many of their degreed classmates will be collecting unemployment checks. (Christian Science Monitor)
Rants and raves Sep 2, 2008
He got us into World War I and before that he got snookered into signing the unconstitutional Federal Reserve System act that continues to slowly and surely consign us to the dustbin. IRAN IS TRAINING assassin teams to sneak into Iraq and knock off leaders and U.S. soldiers. (The Augusta Chronicle)
2-bit operation Aug 26, 2008
But it takes a week or two, closer to two weeks, for the quarters to get from the federal reserve system to the banks, Brunhart said. Which means Friday might well be the first time Alaskans get a chance to lay hands on the quarters. (Wasilla Frontiersman, AK)
Bank of the San Juans agrees to sale Aug 22, 2008
It was rolled into First National Bank of Durango three months after the Federal Reserve System issued a cease-and-desist order in November 2004. An audit identified problems with the operations of Bank of Durango, which had $50 million in assets. (Durango Herald)
Wyo. Republican House candidates all for change Aug 7, 2008
Holland, a Green River physician, wants to abolish the Federal Reserve system because it enables a "private cartel of bankers" and not Congress to play a role in fiscal policy. "A group of counterfeiters out of Washington has been allowed to run their operation _ bribe our politicians, bribe people in the military and intelligence services," Holland said. (Rapid City Journal, SD)
Stressed about the economy? Escape the 'mental recession' Aug 3, 2008
Most of us don't sit on the Board of Governors of the Federal Reserve System, the Organization of the Petroleum Exporting Countries or in the U.S. Congress. We have no influence over the rise of the middle class in India or China and their insatiable demand for gasoline. (AZCentral -- Business)
Documentary Linking America's Financial Crisis to Federal Reserve System Seeks Production Funding Aug 1, 2008
LOS ANGELES, July 31 /PRNewswire/ -- Ruby 8 Films, a production company dedicated to creating documentaries that raise public awareness, announces the Company is entering the funding stage for THE AMERICAN DREAM, a political documentary that examines the historical role the Federal Reserve System has played in creating financial instability and how it directly relates to America's present financial crisis ... Beginning with the creation of the Federal Reserve System, THE AMERICAN DREAM unfolds a... (Yahoo! Wire -- Entertainment News)
Bankrupt "Exploiters": Part II Jul 22, 2008
Meanwhile, the Federal Reserve System brought interest rates down to such low levels that "creative financing" with interest-only mortgage loans enabled people to buy houses that they could not otherwise afford ... Since everyone knew that the Federal Reserve System's extremely low interest rates were not going to last forever, much "creative financing" also involved adjustable-rate mortgages, where the interest charged by the lender would rise when interest rates in the economy as a whole rose.... (Human Events Online)
Your Opinion Jun 27, 2008
The Federal Reserve System s violation of the money clauses. 3. (Petersburg Progress Index, VA)
Key Congressional Committee Reaches Stalemate on New Regulations to Enforce Internet Gambling Ban Jun 26, 2008
Peter King (R-N.Y.), would have required the U.S. Department of the Treasury and Federal Reserve System, in consultation with the Attorney General, to develop new regulations to implement UIGEA that are less burdensome for U.S. financial services companies ... "While we would support the passage of H.R. 5767 as introduced, I agree that the King Amendment makes essential improvements to a deeply flawed law and therefore support its inclusion." Concerns about the impact of UIGEA were also raised... (PR Newswire)
Ron Paul: Get rid of Fed, junk income tax (55) Jun 22, 2008
MISSOULA Former Republican presidential candidate Ron Paul called Friday night for getting rid of the Federal Reserve System and the federal income tax and making major cuts in federal spending ... There is a day coming when we will wake up and realize the Federal Reserve System is not our friend, and we would be better off without it, Paul said, drawing cheers from some of the 470 people at the dinner. (Montana Standard, MT)
Why is our governor visiting this group? Jun 19, 2008
- Ben Bernanke -- chairman, Board of Governors, Federal Reserve System. - Condoleeza Rice -- U.S. secretary of state. (The Augusta Chronicle)
Trying to balance inflation, concerns over downturn Jun 12, 2008
HARWICH - Allowing inflation and unemployment to rise in the short-term would be an "appropriate" response by policy makers to soaring oil prices, Donald L. Kohn, vice chairman of the Federal Reserve System, said yesterday. Kohn, speaking here at a conference sponsored by the Boston Federal Reserve Bank, said that moving quickly to bring down inflation in the face of oil and commodity price shocks could produce a sharp increase in unemployment. (Boston Globe)
Putting an end to debt, or putting a crimp on budget? Jun 8, 2008
What you apparently experienced was the result of a change in direction for the credit card industry pushed by several federal regulatory agencies, including the Federal Reserve System, Federal Deposit Insurance Corp., Comptroller of the Currency, and Office of Thrift Supervision. The suggested changes, first floated in 2003, were intended to stop people from carrying credit card debt in perpetuity. (Boston Globe)
A McCain Mistake Jun 7, 2008
1) USA "Bernanke, Ben S." "Chairman, Board of Governors, Federal Reserve System". 2) USA "Graham, Donald E." "Chairman and CEO, The Washington Post Company". (Townhall.com)
Tower Financial Corporation Foregoes Dividend Jun 7, 2008
The decision was based on the desire to retain capital and hedge against challenging economic and banking industry conditions as well as to maintain Tower Bank's current ``well capitalized'' status within the Federal Reserve System. ADVERTISEMENT. (Primezone Releases)
LETTERS: NCT, June 5, 2008 Jun 6, 2008
Other founding members included Alan Greenspan and Paul Volcker, both eventually heads of the Federal Reserve system. Cheers, Nick. (North County Times)
Oil Crisis Solved By Resources, Not Gimmicks May 31, 2008
or the Federal Reserve System. or something like that. (Townhall.com)
The Sum of Many Hopes and Fears About the Energy Resources of the Middle East May 22, 2008
Alan Greenspan is not my favourite economist, but I am sure that he is highly talented professionally and socially, completely at home in the great world of banking and finance; and despite accusations of late that his judgement was occasionally unsound when he was chairman of the U.S. Federal Reserve System (where he was frequently described as the second most important man in the United States), I think that very often he had information to offer about energy matters that should have been... (Energy Pulse, CO)
Michigan Heritage Bancorp, Inc. Reports Q1 2008 Results May 3, 2008
Michigan Heritage Bank is a state chartered, full-service commercial bank and wholly owned subsidiary of Michigan Heritage Bancorp, Inc. A member of both the Federal Reserve System and the Federal Home Loan Bank, deposits are FDIC insured. Michigan Heritage operates from branch offices in Farmington Hills, Novi, Troy and Wixom. (PR Newswire)
New Trustees Elected to Aspen Institute Board Apr 17, 2008
Aspen Institute Board of Trustees William E. Mayer Chairman of the Board Henry E. Catto Vice Chairman Walter Isaacson President and CEO Lester Crown Vice Chairman Active Trustees Madeleine K. Albright Principal, The Albright Group LLC Paul F. Anderson Senior Advisor, Booz Allen Hamilton Mercedes Bass Sid R. Bass Inc. *Berl Bernhard Partner, DLA Piper US LLP Chairman Emeritus, The Aspen Institute William D. Budinger Founder, Former Chairman and CEO, Rodel, Inc. Stephen L. Carter Professor of Law... (PR Newswire)
Press Release: Communiqu of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund Apr 14, 2008
Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System. (Alternate for Henry M. Paulson, Jr., Secretary of the Treasury, United States). (IMF News)
The truth about the dollar’s worth Apr 13, 2008
I was happy to see your paper publish the article by Scott Bradley about the Federal Reserve System. This system is completely different from the monetary system based on gold and silver, which our founding fathers intended. (Logan Herald Journal, UT)
Fed leading public to slaughter Apr 5, 2008
This was accomplished in 1913 by the establishment of the Federal Reserve System. This granted broad power over the national economy to a privately-held banking consortium. (Logan Herald Journal, UT)
Oil cost not up; dollar value down Apr 1, 2008
" The government should have nothing to do with the economy. Nor should Congress give up its power of monetary regulation. If you want to place the blame where it belongs....look no further than the Federal Reserve System. It is not Federal nor a Reserve. Lassiez-Faire should live on in the United States of America. ". L from Logan wrote on Mar 31, 2008 1:26 PM:" From my memory of econ classes the dollar becoming weak is only bad in the eye of the beholder. If the dollar becomes weak then... (Logan Herald Journal, UT)
Irony in Wall Street Apr 1, 2008
There was a real irony in the recent intervention by the Federal Reserve System to provide the money that enabled the firm of JPMorgan Chase to buy Bear Stearns before it went bankrupt ... The difference is that J.P. Morgan and his fellow bankers used their own money, while the Federal Reserve System used their power to create money ... There was no Federal Reserve System in 1907. (Townhall.com)
Blueprint For A Modernized Financial Regulatory Structure Apr 1, 2008
The regulatory basis for depository institutions evolved gradually in response to a series of financial crises and other important social, economic, and political events: Congress established the national bank charter in 1863 during the Civil War, the Federal Reserve System in 1913 in response to various episodes of financial instability, and the federal deposit insurance system and specialized insured depository charters (e. g., thrifts and credit unions) during the Great Depression. (Forbes -- Business)
Obama: Fix market regulation Mar 28, 2008
Giving the Federal Reserve system more oversight authority over institutions to which it provides credit as a "lender of last resort." Although Obama did not outline specifics, saying those would depend on the level of the Fed's assistance, "but at the very least, these new regulations should include liquidity and capital requirements.". Strengthening capital, liquidity and financial disclosure regulations for financial institutions. (USA Today -- Money)
Higher offer reflects complexity and sensitivity of Bear Stearns deal Mar 26, 2008
Dimon's about-face illustrates the deep complexity and political sensitivity of a deal with participants who reached into the highest corners of Washington, from the Treasury to the Federal Reserve System. It also underscores the extent to which JPMorgan and government officials underestimated the wave of anger and opposition that would flow from irate Bear Stearns employees and shareholders who saw the original $236 million that JPMorgan agreed to pay just a week earlier as far too low. (International Herald Tribune -- Business)
Letters for Friday, March 21, 2008 Mar 22, 2008
Last modified Friday, March 21, 2008 3:25 PM PDT. During the Democratic YouTube debate, the presidential candidates were asked what they thought of the candidate to their left. (North County Times)
Ron Paul keeps presidential run alive Mar 22, 2008
" Paul, who drew a fanatically loyal following by championing withdrawal from Iraq and an end to income taxes, and his supporters used the Internet effectively to power his candidacy. In January, the obstetrician raised $4.4 million to bring his fundraising total to $32.6 million more than better-known candidates such as former Sen. Fred Thompson, R-Tenn., and former Arkansas Gov. Mike Huckabee, according to the Center for Responsive Politics, which tracks campaign finance issues. But financial... (USA Today -- News)
By Coincidence or Not, Traders Haven't Worked Good Fridays Since '07 Panic Mar 21, 2008
The crisis ultimately prompted the creation of the Federal Reserve system. Closing on Good Friday doesn't appear to coincide with any market panic or crash,'' said , a spokesman for the Big Board. (Bloomberg)
