The bankers’ bank

Foundation for Economic Education
by Sheldon Richman

05/08/09

The Federal Reserve System does more than conjure up money from thin air. (That would be enough!) The Fed is also regulator/protector of the American banking industry. Indeed, as recent events amply demonstrate, we may think of the industry as a government-organized protectionist cartel, with the Fed as the hub. One need look no further for evidence than the relationship between the New York Federal Reserve Bank under now-Treasury Secretary Timothy Geithner, whom the New York Times calls ‘the leading architect of [bank] bailouts’...

//fee.org/articles/bankers-bank/



Why are we ruled by the illogical?

Adam Smith Institute
by Tim Worstall

05/10/09

[A] reasonable thumbnail sketch of what happened is that the banks went overboard in a wave of euphoria about the joys of securitisation. In fact, they thought that these whizzy CDOs were such fun that they weren’t going to flog them on to the pension funds and the insurance companies as originally planned. Nope, these things were so super that they were going to keep them. And so they did keep them until everyone woke up with a hangover one day and realised that they weren’t so whizzy or super duper and immediately started calling them ‘toxic assets.’ And then the banks went bust. So the legislators suggestion to stop this happening again is that the banks should be forced to do what made them bust rather than just left to make a stupid decision like that on their own?

//tinyurl.com/qyz3wg



The real problems are finally beginning to show in the financial sector

Sunni and the Conspirators
by Sunni Maravillosa

05/08/09

To be blunt about it, the real problems aren’t the burst bubbles in the home mortgage market, in credit default swaps (CDS), in commercial real estate, nor in credit. It’s the systemic fraud masquerading as government policy that encouraged too much of the risky behavior that allowed bubbles to begin in the first place...

//www.sunnimaravillosa.com/node/1642


Informant: Thomas L. Knapp



//freepage.twoday.net/search?q=Federal+Reserve
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