December 6th, 2009
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I came across a great piece in the Wall Street Journal by James Grant that provides a lot of great information about US currency, the dollar. It is very relevant to discussions about giving Fed Chairman Bernanke another 4 years as well as the true value of a dollar.
Jim also discusses the history of our currency and what it means to us today. The US dollar is an IOU from the Federal Government. How much does that really mean anymore?
Source: Requiem for the Dollar (online.wsj.com)
December 1st, 2009
It seems that Bernanke and the group of central bankers are pushing back very hard against the idea of auditing the Federal Reserve. Ron Paul started this proposal some time ago in an effort to better understand what was going on and where the money was going . Whenever Federal Reserve Chairman Bernanke is asked about the money and who he is giving money to and why his response has been No. He flat out told congress that he will not tell them who he is giving money to or why. I don’t know about you, but it does make you say hmmmm….
I know the argument about Fed independence. Bernanke throws it around like a sword. Last I checked, an audit doesn’t have anything to do with independence but provides visibility into the happenings of a major influence on our economy.
Last I checked, Bernanke works for us – the American People. The money he is handing out is ours. Congress, and in turn the people, have every right to know what is going on. It seems pretty arrogant to flat tell Congress, no, I am not going to tell you. It seems to me that Chairman Bernanke really, really doesn’t want us to know what he is doing. I don’t know about you but his behaviour screams out to me that the Fed must be audited ASAP.
Source: Audit the Fed: Bernanke and the Bankers Are Running Scared (prisonplanet.com)
November 4th, 2009
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The annual FHA Actuarial Report was supposed to come out today but was delayed by the Federal Housing Administration. There has been a lot of talk about whether or not the FHA will need a bailout. It is all speculation until we can actually see the numbers in the report. Hopefully it will be out soon.
The most interesting part is watching the congressional machine work. Congress told the FHA to do more. The increased the size of the loans that FHA can insure. They encouraged the expansion of the “no money down” programs. FHA complied and is now in over their head. What does congress say now – your on your own buddy…
It would seem that congress does not have an “appetite” to bail out the FHA. I am not saying that the FHA is not to blame for their financial troubles but it seems that congress wants everything both ways.
Source: The Curious Capitalist
