ChooseLiberty
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Stocks: Market Crash Looming
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ChooseLiberty
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legion
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Sadly I think you're right. This summer will push past the $150/bbl shit storm from last summer.
ChooseLiberty
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ChooseLiberty
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ChooseLiberty
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ChooseLiberty
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Right, this next stage encompasses defaults on sovereign debt along with increasing violence...
ChooseLiberty
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Crammer telling you how to trade like he konws what he's doing.
YouTube - Stock Selloff May Have Been Triggered by a Trader Error
YouTube - Stock Selloff May Have Been Triggered by a Trader Error
Uh, oh... looks like the shaft finally arrived at his door.
ChooseLiberty
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Faber has a firm grasp on the obvious. Too many special Thai cigarettes?
YouTube - Faber Says Plunge Caused by Market Rising `Too Quickly'
YouTube - Faber Says Plunge Caused by Market Rising `Too Quickly'
legion
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You mean like last summer when all the shipper's stocks were going nuts because oil speculators were paying the shippers to drive their tankers in circles with full loads of oil to delay the oil from reaching the world markets?
Kind of like how everybody and their mother is hoarding gold right now, even though it has no real industrial uses?
ChooseLiberty
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Amazing. The WSJ actually took down the original story and replaced it on the same f'g link.
Plan for Congressional Audits of Fed Dies in Senate
http://online.wsj.com/article/SB10001424052748704370704575228164133105390.html?
Plan for Congressional Audits of Fed Dies in Senate
http://online.wsj.com/article/SB10001424052748704370704575228164133105390.html?
ChooseLiberty
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This was a headline on WSJ.com BTW.
Luckily somebody copied the original -
http://www.breakdownofamerica.com/2010/05/06/bernanke-warns-against-move-to-audit-fed-wsj-com
Bernanke Warns Against Move to Audit Fed – WSJ.com
WASHINGTON—Federal Reserve Chairman Ben Bernanke sought Thursday to head off legislation that would subject the central bank’s monetary policy decisions to congressional audits, warning it could stoke inflation and threaten economic stability.
With U.S. senators moving toward a possible vote later in the day on an amendment to the financial regulatory bill that would significantly increase congressional oversight of the Fed, Mr. Bernanke warned of the consequences in a letter to Senate Banking Committee Chairman Christopher Dodd (D., Conn.).
“Such amendments, if enacted, would seriously threaten monetary policy independence, increase inflation fears and market interest rates, and damage economic stability and job creation,” Mr. Bernanke wrote.
In the past few days, Mr. Bernanke has reached out to about a half-dozen lawmakers to help make the Fed’s case against the bill.
More
Letter: Bernanke Outlines His Opposition
Letter: Volcker Outlines His Opposition
Journal Community
If the amendment passes, it might be hard to strip from the broader legislation. The House’s version of the bill, which passed late last year, contains a similar provision, which Mr. Bernanke also opposes. Passage would set up a dilemma for the White House, which would have to decide whether to veto a top domestic priority to duck the provision.
Senate Majority Leader Harry Reid (D., Nev.) said Thursday morning that the measure, from Sen. Bernie Sanders (I., Vt.), will be taken up once lawmakers consider two other amendments to the legislative package that overhauls regulation of U.S. financial markets.
“The American people overwhelmingly believe there should be transparency at the Fed,” Mr. Sanders said Thursday. “The idea that trillions of dollars of their money was lent out and we don’t know who received that money—nobody that I know of thinks that that makes any sense at all.” The provision requires 60 votes, which Mr. Sanders called a “pretty high hurdle. But we hope to do it.”
Central bank and administration officials have aggressively fought the proposal—one element of the broader revamp of finance rules—arguing it could politicize the central bank’s decisions about inflation and interest rates. That could undermine the Fed’s independence, a central component of its reputation among investors.
Who’s Who in the Senate Financial Overhaul
Learn more about key players in the Senate’s discussion.
View Interactive
The amendment is one of the more controversial being considered, and enjoys backing from both sides of the aisle. Skepticism of the central bank has risen because of its central role in the major policy decisions made during the financial crisis.
At its heart, the Sanders provision would remove restrictions on Congress’s ability to audit the central bank. Congress currently can’t review the Fed’s monetary-policy decisions, direct loans to commercial banks or transactions involving foreign central banks or governments. The provision would also require the central bank to disclose the low-interest loans and other financial assistance it gave financial companies during the recession.
The amendment says it shouldn’t be “construed as interference in or dictation of monetary policy.” Critics say the prospect of Congressional auditors interviewing Fed policy makers and staffers about monetary-policy decisions would weaken investors’ confidence that decisions are free from political influence.
Separately, President Barack Obama on Thursday urged the Senate to vote against a Republican amendment to a financial overhaul package that he said would weaken consumer protections.
“Today, the Senate is considering a Republican amendment that will gut consumer protections and is worse than the status quo,” Mr. Obama said in a statement. He added, “I will not allow amendments like this one written by Wall Street’s lobbyists to pass for reform.”
The Republicans’ proposal calls for a much more limited division in the Federal Deposit Insurance Corp. that would have oversight over only a portion of the financial-services industry. Current bank regulators would retain their consumer protection authority over banks and thrifts.
Mr. Obama said the amendment included “dangerous carve outs” for payday lenders, debt collectors, and others in the financial-services industry.
—Jared A. Favole and Jon Hilsenrath contributed to this article.
Write to Tom Barkley at [email protected] and Michael R. Crittenden at [email protected]
Luckily somebody copied the original -
http://www.breakdownofamerica.com/2010/05/06/bernanke-warns-against-move-to-audit-fed-wsj-com
Bernanke Warns Against Move to Audit Fed – WSJ.com
WASHINGTON—Federal Reserve Chairman Ben Bernanke sought Thursday to head off legislation that would subject the central bank’s monetary policy decisions to congressional audits, warning it could stoke inflation and threaten economic stability.
With U.S. senators moving toward a possible vote later in the day on an amendment to the financial regulatory bill that would significantly increase congressional oversight of the Fed, Mr. Bernanke warned of the consequences in a letter to Senate Banking Committee Chairman Christopher Dodd (D., Conn.).
“Such amendments, if enacted, would seriously threaten monetary policy independence, increase inflation fears and market interest rates, and damage economic stability and job creation,” Mr. Bernanke wrote.
In the past few days, Mr. Bernanke has reached out to about a half-dozen lawmakers to help make the Fed’s case against the bill.
More
Letter: Bernanke Outlines His Opposition
Letter: Volcker Outlines His Opposition
Journal Community
If the amendment passes, it might be hard to strip from the broader legislation. The House’s version of the bill, which passed late last year, contains a similar provision, which Mr. Bernanke also opposes. Passage would set up a dilemma for the White House, which would have to decide whether to veto a top domestic priority to duck the provision.
Senate Majority Leader Harry Reid (D., Nev.) said Thursday morning that the measure, from Sen. Bernie Sanders (I., Vt.), will be taken up once lawmakers consider two other amendments to the legislative package that overhauls regulation of U.S. financial markets.
“The American people overwhelmingly believe there should be transparency at the Fed,” Mr. Sanders said Thursday. “The idea that trillions of dollars of their money was lent out and we don’t know who received that money—nobody that I know of thinks that that makes any sense at all.” The provision requires 60 votes, which Mr. Sanders called a “pretty high hurdle. But we hope to do it.”
Central bank and administration officials have aggressively fought the proposal—one element of the broader revamp of finance rules—arguing it could politicize the central bank’s decisions about inflation and interest rates. That could undermine the Fed’s independence, a central component of its reputation among investors.
Who’s Who in the Senate Financial Overhaul
Learn more about key players in the Senate’s discussion.
View Interactive
The amendment is one of the more controversial being considered, and enjoys backing from both sides of the aisle. Skepticism of the central bank has risen because of its central role in the major policy decisions made during the financial crisis.
At its heart, the Sanders provision would remove restrictions on Congress’s ability to audit the central bank. Congress currently can’t review the Fed’s monetary-policy decisions, direct loans to commercial banks or transactions involving foreign central banks or governments. The provision would also require the central bank to disclose the low-interest loans and other financial assistance it gave financial companies during the recession.
The amendment says it shouldn’t be “construed as interference in or dictation of monetary policy.” Critics say the prospect of Congressional auditors interviewing Fed policy makers and staffers about monetary-policy decisions would weaken investors’ confidence that decisions are free from political influence.
Separately, President Barack Obama on Thursday urged the Senate to vote against a Republican amendment to a financial overhaul package that he said would weaken consumer protections.
“Today, the Senate is considering a Republican amendment that will gut consumer protections and is worse than the status quo,” Mr. Obama said in a statement. He added, “I will not allow amendments like this one written by Wall Street’s lobbyists to pass for reform.”
The Republicans’ proposal calls for a much more limited division in the Federal Deposit Insurance Corp. that would have oversight over only a portion of the financial-services industry. Current bank regulators would retain their consumer protection authority over banks and thrifts.
Mr. Obama said the amendment included “dangerous carve outs” for payday lenders, debt collectors, and others in the financial-services industry.
—Jared A. Favole and Jon Hilsenrath contributed to this article.
Write to Tom Barkley at [email protected] and Michael R. Crittenden at [email protected]
tmosley
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Who is hoarding gold, now?
I mean, other than those who frequent these forums and insiders.
Fox McCloud
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ChooseLiberty
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ChooseLiberty
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Rumor is some market makers couldn't meet eod capital minimums = shut down - expect even more volatility if this is true.
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