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I wish to thank those of you who come to this site even though I have been absent for quite some time. This site has a very important purpose. There is much to say and much to hear from all of you.

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March 11, 2010

Barack Obama: The Fed Corner

Board of Governors of the Federal Reserve SystemThe Federal Reserve Board of Governors in Washington DC.
This is the second installment of "the Fed Corner".  There is so much to write about when it comes to the Fed but I will attempt to post some current news and links as well as provide some history and raise many questions.

It is said by some that the 666 blogs sometimes includes conspiracy theories in addition to providing news and information, offering commentary and publishing comments from our readers.  I must admit that we do offer up and discuss conspiracy.  But what makes a conspiracy "theory" and why is it worth taliking about?  A conspiracy comes from situations that are not all that well defined and are shrouded in some sort of secrecy and/or mystery.  This, of couorse, leads to some sorting out what little they can learn and putting the pieces together creating a"conspiracy theory".  Why is it important to talk about?  Because there is often enough real data and facts that begin to raise real questions.  The answers to the questions become "theory" until they are proven or not proven.  This process can take years and the true answers never learned.  There are still conspiracy theories about JFK's assasination even though thousands upon thousands of pages have been written - including the government's own Warren Report.  Yet still the quetion of who shot JFK looms large in our world. 

To question and challenge is our right and our duty as American citizens.  By doing so perhaps we can learn the truth or at the very least exert enough pressure on those who live and hide in the secrecy of mystery.  If there is nothing to hide then why hide?

The purpose of this feature - The Fed Corner - is to attempt to sort out what is and what isn't about the Federal Reserve.  It is no "theory" that not only is The Fed Secretive but it - itself - is one big secret.  Most people do believe that The Fed is a government agency.  WRONG!  Most people don't know that it is a "PRIVATE" company that was created by then President Woodrow Wilson n 1913, but  soon after, said that he did make a mistake and that The Fed would be the downfall of our Democracy and ruination of our nation. 

The question is, did he authorize the creation of this "company" or did he authorize allowing this "company" to make and control our money and charge us?  Since it is not a Federal Agency then was it actually created by our then government or just authorized?  Another question would be who negotiated this on the part of the U.S and WHO were they negotiating with?  We know there are owners and the owners are not our Government.  So did our leaders then know who they were but kept it secret?  To this day it is a secret.  Does anyone in power know who the owners are? 

There are some real historical answers and data to some of the questions above and we will get into the actual details in future posts. Yet for some there are no real facts or data.   For now let us say that there is so little we know about The Fed and The Fed makes every effort to keep us in the dark about them. Their activities and MOST OF ALL, their true OWNERS are still a secret but perhaps we can pry the lid of the can somewhat and peek inside.  That's what members of Congress are trying to do currentlly.

As you will see from the links below, many of them have to do with transparency and auditing The Fed - something that has never been done - and something they (The Fed) are fighting hard to avoid.  Even documents may be disappearing in the event of an audit.

This company certainly is a mystery in what is supposed to be a FREE and OPEN democratic Republic...For The People, BY THE PEOPLE.

Something is wrong here - you can smell it - and many in Congress are beginning to want to know where the odor is coming from.  Let's help them and support them in their effort.

There are many dots.  How they are connected can create reality or conspiracy.  We will paint the dots as this series continues and you can connect them.

Barack Obama, if you truly want change, expose the Fed.  That would be a change I could believe in.

See the links below.

Go To  Home Page:  Editor's Note:  This is an interesting site...take a look 
By researchris
The Federal Open Market Committee of the nation's central bank, an intricate part of the United States government may be continuing to destroy its source records, a policy it began in 1995 with an unrecorded vote -no fingerprints
YouTube - John Dillinger Named President of the Federal Reserve...
By drinkingwithbob
I wish the media and the government would have been as diligent about holding someone responsible for the "Housing Crisis" in this country as they are about 

.Teknosis: Urgent Action: Stop Attempts to Kill Audit the Fed
By pc93 
You and I are now very close to allowing the American people to have the first ever COMPLETE audit of the Federal Reserve, and without your efforts, Ben Bernanke and his cronies would have nothing to worry about. ... Independent American News » Blog Archive » Battle to Audit the FED ...
By christopher
Of course, as you know, over two thirds of the House of Representatives, almost a third of the Senate and nearly 80% of the American people support a FULL Audit of the Federal Reserve. So the establishment has no choice but to attempt ...
.Independent American News » Blog Archive » Battle to Audit the FED ...
By christopher
Of course, as you know, over two thirds of the House of Representatives, almost a third of the Senate and nearly 80% of the American people support a FULL Audit of the Federal Reserve. So the establishment has no choice but to attempt ...
Smart debt, dumb debt -- there is a difference
Washington Post
Just a decade ago, we were running surpluses so big that Alan Greenspan, then chairman of the Federal Reserve, worried about what would happen once our ...
Campaign For Liberty — Stop the Federal Reserve From Shredding Its ...
Robert Auerbach, a professor of public affairs at the University of Texas at Austin and author of the book "Deception and Abuse at the Fed" recently wrote an article on the
Jesse's Café Américain: The Case Against the Fed from a US Senator
By (Jesse)
As Chairman of the Senate Banking Committee's Subcommittee on Economic Policy, with jurisdiction over the Federal Reserve System's monetary policy functions, I am acutely aware of the importance of monetary policy at the Fed. ...
The Paper Bubble | The Daily Gold
By Adam Brochert
The federal reserve banking cartel will destroy the United States if there is bigger profit in destroying it than saving it. If they have been offered a place in the promised land of the future by the supra-sovereign bank for internal ...

Stop the Federal Reserve From Shredding Its Records
Robert Auerbach | Should the policymaking committee of the most powerful peacetime entity in the United States government be allowed to destroy their source ...
Federal Reserve Chairman Ben Bernanke Warns Congress That The ...
On Wednesday, Federal Reserve Chairman Ben Bernanke warned Congress that the Federal Reserve does not plan to print money to help Congress finance the.  BO666 Editor's Note:  Uh oh.  He will onlly print money for his fellow bankers??????
Is The Federal Reserve Insolvent? |
Is The Federal Reserve Insolvent? By: Tyler Durden Monday, March 08, 2010 8:58 PM. Email Article; Bookmark: decrease font size ...
Fed Recovers, Gets New Look as Financial Regulator
ABC News
By JIM KUHNHENN AP Writer AP The Federal Reserve, still dusting itself off from a fight that threatened to trim its powers, could emerge from a ...

Leading Senator Wants New Fed Governors Committed To Full Transparency ...
Huffington Post (blog)
The chair of a Senate panel overseeing the Federal Reserve wants the Obama administration to appoint Fed officials committed to transparency, ...

Why Do Federal Reserve Board Seats Remain Unfilled? - CBS ...
By Mark Thoma
Right now there are two unfilled positions on the seven member Federal Reserve Board. If nothing is done to fill those positions, the number will inc.

The Just Third Way: Own the Fed, Part II: The Evolution of the System
By Michael D. Greaney
This results from the perception of the Federal Reserve as a means by which the State, in union with the rich and powerful, manipulates the economy for it own benefit and as a means of oppressing people. Abolition or emasculation of the ...

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  1. The only thing the fed is doing now is choosing who the winners will be as to who obtains credit going forward. They bailed out bad decisions/positions at the banks/investment banks, have given sweetheart deals to certain PE firms, and will move into commercial real estate soon. The rest of the nation can suck air.

    Almost Entire Drop in 2009's Credit Card Balances Was Written Off Bad Debt, not Americans Paying Off Debt

    Reality: On a net net basis (while surely *some* Americans are paying off some debt) almost the entire total of "paid down" debt was simply banks finally writing off unpaid debts as never to be collected.

    Now, the net result is the same... it does leave Americans with less debt (or if you are a cynic, it leaves Americans with more ability to re-run up their debt), but it showcases once more the trouble under the surface. And what was a quite promising data point does not look very much so once it was cross referenced with another set of figures. I expect the exact same thing is happening with mortgage debt as foreclosures, short sales, and defaults come to dominate.

  2. Earlier today political corpse Chris Dodd said that he would proceed with unveiling a financial reform bill on Monday without Republican participation, in a humiliating blow to Bob Corker, who was most recently seen doing all he could to help his Wall Street colleagues make sure the Volcker plan would never see the light of day. Yet with recent rumors out of Washington that not only is the Volcker plan alive and well, the double whammy for Corker may be coming any day. So what does the Tennessee Senator do? He joins the Fed bashing brigade. Among his remarks from his conference given today after his was "fired" by Dodd, was the observation that the "Fed will, no doubt, will have its wings clipped in reform" and that the Fed "likes their marble buildings" as the Fed is actively lobbying on regulatory reform, with a material amount of turf protection in play. No doubt Senator: it is people like you who make Fed (and broader Wall Street) lobbying efforts quite easy. We hope that you and all your other bought and paid for colleagues in the Senate can learn from Senator Kaufman, whose speech on financial reform we already posted earlier, but which needs to be read and understood by all who are serious about regulatory reform, instead of puppets like Chris Dodd who huff and puff, yet only want to secure a friendly donation paycheck from his core Wall Street constituency, well into his retirement days.

  3. What happened? Think anyone got rich off these arrangements...?

    EXPLOSIVE: Lehman - Where Are The Cops?

    Remember, The Feral Reserve is supposed to by the "uber-regulator" and the "safety and soundness" manager for the financial system.

  4. With results like these, makes you wonder exactly who this program was supposed to help.

    Wow! Obama’s Mortgage Modification Program: EPIC FAIL

  5. March 12, 2010

    World According to Blago
    Former Illinois governor on Obama, Rahm Emanuel, health care and 'Celebrity Apprentice'

  6. Ratigan And Spitzer Discuss Repo 105, Conclude "Civil Cases Will Be Brought"

    "This report comes just short of suggesting this is by no means an accident but instead one of the greatest crimes ever perpetrated by a group of people, and enabled by the US government." And Spitzer concludes: "there is no doubt civil cases will be brought. We had a failure of CEO, the CFO, the accountants, and indeed the regulators, the Fed and the Treasury, that were inside these banks, and the question has to be asked: where were they."

  7. How much wealth did they create for their cronies?

    How Lehman, With The Fed's Complicity, Created Another Illegal Precedent In Abusing The Primary Dealer Credit Facility

    we demonstrate just how grossly negligent the Federal Reserve was when it came to Lehman's abuse of the PDCF, and how the trail of slime of Lehman's increasingly obvious manipulation of its books goes to the very top of the Federal Reserve Bank of New York, and its then governor - a very much complicit Tim Geithner.

  8. Why is the President's Working Group Oppossing the FDIC Reform Proposals on Residential Mortgage Securitization by Banks?

    This week in The IRA we feature a conversation with Bill King, who along with his wife and business partner Mary works in the world of derivatives broadly defined via their Chicago-based firm, M. Ramsey King Securities. We first started taking with Bill in the 1980s, during the political wrangle - we won't call it a battle - over free trade with and democracy in Mexico. That was about the time of the first appearance of "Too Big to Fail" for the large banks following the Mexican peso meltdown. Un fuerte abrazo a nuestros amigos en Mexico!

    But before we go to our feature, a few comments on current events. First and foremost we remind one and all about the impending start of the FDIC's rule make effort regarding the reform of bank securitizations. Last week, the FDIC approved an extension through September 30, 2010 of the Safe Harbor Protection for Treatment by the FDIC as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Connection With a Securitization or Participation.

    We hear that the FDIC rule making process could start as soon as next month, but more likely will wait till the FDIC's board meeting in May. We also hear that the President's Working Group (PWG) on Financial Services is preparing a "white paper," in cooperation with the Federal Reserve Board and the Office of the Comptroller, to block the FDIC reform effort. This campaign, which apparently was orchestrated by the largest dealer banks, is intended to derail the new rules proposed by the FDIC mandating greater transparency and disclosure for bank sponsored residential mortgage securitization deals.

    The fact that the PWG is in league with the Fed and Treasury against the FDIC board is all you need to know about the politics of reforming private label mortgage securitization. If Barack Obama were really interested in reforming Washington, he would rescind President Reagan's executive order and disband the PWG for good. Allowing the big banks which participate in the PWG to lobby financial regulators and members of Congress without any public disclosure is a national scandal and makes a mockery of any claim by Barrack Obama to be changing the business of Washington