Fraud at the Fed…

Lord Monckton discussed the  fraud back  in July,  after Rep. Michelle  Bachman grilled  Federal Reserve Chairman Ben Bernanke.   It was hard to dispute that Treasury has  already exceeded  the debt limit,  but the latest report that it ran a $98 billion deficit in July but the debt  remains exactly  the same makes it quite clear.

 

As much money…

…as the Obama Administration has printed,  you’d think they wouldn’t have any problem with producing millions of newly redesigned $100 bills.   But the Federal Reserve  has returned  30 million of the new bills produced by the Washington, DC facility of the Bureau of Printing and Engraving for too much ink and other errors,  and is examining another 30 billion notes.

I’d like to know why the Fed didn’t examine a batch from the very first run,  so it could have halted production promptly.   How silly of me  — it’s the federal government,  where the carelessness of His Oneness seeps down into every agency and department,  and no one is ever held accountable,  much less loses a job.

$1 trillion in student loans…

Yep,  that amount is  about 16% higher than the New York Fed estimated earlier this year.   Doesn’t that give you oodles of confidence in the Federal Reserve in particular and the federal government in general?

Good intention, bad outcomes….

Katrina Trinko  proves to us that where the federal government is involved,   good intentions often pave the road to hell for citizens and consumers.

I encourage you to use Trinko’s posts to give the Fed your comments at this link — select Regulation II – Debit Card Interchange Fees and Routing [R-1404] — it should be the first one listed.

Weapons of A.I.G. distraction…

The hyperventilating,grandstanding of all the hogs at the trough in yesterday’s excoriation of A.I.G. CEO provided excellent cover for any number of things,  such as the fact that His Oneness knew about the AIG bonuses on March 12th, but didn’t present his Monday speech until after the public reacted badly.

And never mind about the further grandstanding as Congress passes legislation to “take back”  the AIG (and other) bonuses — which is unconstitutional, because it’s punishment without a trial, making it a bill of attainder, no matter how frothy the dress of populism is that they are attempting to throw over it all.

You didn’t hear much about the retention bonuses Freddie Mac is paying its executives, or the ones Fannie Mae expects to.

Politico revealed this smack on the Obama administration by former Labor Sec. and devoted lefty-lib, Robert Reich.

You didn’t hear much about Federal Reserve’s plans to pump more than $1 trillion into the financial system by buying Treasury bonds and stepping up its purchases of other debt securities.   The aim is to lower borrowing rates and stimulate lending.   The talking heads will tell you how complicated this all is.    Not true.    This is merely taking money out of one pocket and putting it into another.    Are  you any richer when you do that with your own cash and your own pockets?  That’s why no one wants to talk about it.