Federal Reserve Chairman, Ben Bernanke, has given a clear indication of how he intends to proceed with monetary policy in the event that economic indicators fail to suggest that a recovery is under way. He has conveyed the impression that the Federal Reserve will take whatever steps are necessary [...]


When Congress authorized the Bailout Bill, it created the Office of the Special Inspectors General for the Troubled Asset Relief Program (or SIGTARP in the ubiquitous Washington acronym). SIGTARP was instructed to “keep an eye” on the program and keep the Congress and the people informed. We [...]


One area of the economy that has been receiving a great deal of scrutiny is the mortgage market, because frankly, housing drives the economy. The Federal takeover of Fannie Mae and Freddie Mac has the mortgage market convinced that it is back to business as usual. Despite this, things are more than [...]

New World Record: $7.85 Million

A rare 1794 U.S. Silver Dollar has set a record price at $7.85 million. It is the finest known 1794 dollar and is widely believed to be the first silver dollar ever struck at the United States Mint. The buyer was an institution, the nonprofit Cardinal Collection Educational Foundation in Sunnyvale, [...]

A trillion here, a trillion there…

The Group of Twenty, or G-20, issued this statement: “We face the greatest challenge to the world economy in modern times; A global crisis requires a global solution… The agreements we have reached today, to treble resources available to the IMF to $750 billion, to support a new SDR allocation [...]

Who’s Minding The Store? – 3rd Quarter 2009

The Obama Administration has proposed regulatory changes to the domestic financial system. Last year’s events have revealed serious deficiencies in our financial system, not the least of which is the utter lack of oversight. With this lack of supervision comes significant risk, moral risk or [...]


The insolvency of the social security system writ large during Ronald Reagan’s campaign for President. The insufficiency of the fund became widely known. America was introduced to the “Baby Boomers.” When they retired, it was said, they would swamp the system. After his election success [...]

First Use is Best Use

The Bank of America has recently granted itself a 1.3 billion dollar mortgage. The amount is $325 million more than the original amount of financing for the building’s construction. We used to call that a “cash out Refi”. Regular people cant do those anymore unless they qualify. The B of [...]

Credit CRUNCH?

As much as I appreciate the recent flurry of activity in auditing the FED, someone needs to look at the banks that own the FRBNY. These institutions have the ability to make the books look like whatever they want. One of the key tools they use to accomplish this goal is the derivatives market. As [...]

Dollar Dumping Myths

Brazil, Russia, India and China, four names that have emerged on the financial front as leaders in the dump the dollar movement. Their leaders have been more than vocal in joint disdain for the dollar. China’s Premier, Wen Jiabao, was quoted on March 13, “We have lent a huge amount of money [...]
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