Interest rate swaps are a tool for transferring money from taxpayers to banks, thanks to the Fed’s low interest rate policy.
|By: Lisa Derrick Monday September 23, 2013 4:59 pm|
The Federal Reserve is a hundred years old this year. There’s not a whole lot to celebrate in its century long history–the intention might have been good, but the execution has kind of been disastrous. In tonight’s film, Money for Nothing: Inside the Federal Reserve, our guest filmmaker Jim Bruce takes us through the history of the Federal Reserve System and into the current mess.
|By: masaccio Sunday September 15, 2013 10:34 am|
For the rich sleazoids who caused the Great Crash, it’s hard to decide which mansion to live in today. You losers should suffer for their entertainment.
|By: Les Leopold Saturday September 14, 2013 1:59 pm|
Here’s the core of her argument. Because banks create most of our money, they control the very essence of the economy. To regain control of our economic well-being we need public banks that make investments in the public goods, services and jobs that we all need. Public banks can do all that without running up the national debt or raising taxes. Public banks, like private banks, fund investments. But, as Ellen writes:
“The difference is that a publicly-owned bank returns the interest to the government and the community, while a privately-owned bank siphons it into private accounts, progressively drawing money out of the productive economy.”
|By: Jon Walker Friday August 30, 2013 10:43 am|
The Obama administration now claims their main goals in states that legalize marijuana is to make it safe, tightly regulated, and kept away from organized crime. The problem is their other marijuana policies create huge hurdles for the legitimate cannabis industry’s efforts to live up to these goals
|By: danps Saturday April 13, 2013 12:45 pm|
The economic crisis in Cyprus began with a depressingly familiar story: bank gambles on risky debt, loses its bet, goes bust and needs a bailout. It very quickly took what was to me a bewildering turn: Instead of a central bank
cranking up the money printing machines until smoke billowed from them creating sufficient reserves to keep the banks going, the so-called troika of the European Commission, the International Monetary Fund, and the European Central Bank had another idea: take money from individual depositors.
|By: joanneleon Tuesday March 12, 2013 6:40 am|
Within one week Republicans are going to grab the national spotlight on two huge issues that should be the realm of the party who stands up for the little guy. That party used to be the Democratic party. How can they let this happen?
On Friday, at the CPAC convention, Federal Reserve Bank of Dallas President Richard Fisher is going to call for breaking up the big banks in the wake of a failed Dodd-Frank bill.
|By: William Black Saturday January 5, 2013 1:59 pm|
I am hosting the Firedoglake discussion of my colleague Randy Wray’s new “Primer” on macroeconomics. Macroeconomics is the study of the overall economy – economic growth, recessions, depressions, inflation, unemployment, and employment are big issues that macroeconomics studies. The key policies it addresses are usually divided into fiscal (tax and spending) and monetary policies (the growth of the money supply and setting interest rates).
The concept of monetary tools has broadened as we have seen the Federal Reserve change what had been a severely constrained “lender of last resort” function of the central bank into the most massive bailout program in history. Similarly, the central bank’s interest rate setting function that was long focused on short-term rates has expanded into large experiments that attempt to lower long-term interest rates (“quantitative easing”).
|By: Cynthia Kouril Wednesday November 21, 2012 6:00 am|
Yesterday I dashed off a post about the guilty plea taken by Lorraine Brown, the founder of DocX/LPS in which she admits that it was the custom and practice of her company to employee people to forge the signatures of others and to falsely notarize those signatures creating assignments, allonges and affidavits that were both forgeries and perjuries. In short, fraud.
|By: BevW Sunday November 18, 2012 1:59 pm|
Bull by the Horns is the story of financial calamity seen from the perspective of this public servant, rendered from detailed notes. We learn with whom she met, what was said, what decisions taken, and how things turned out. She begins with the battles over deregulation of the banks (Basel II), with the gathering sub-prime storm, and proceeds through the disaster: WaMu, Wachovia, Citigroup, Bank of America, AIG, Citigroup again. And then the battles of the aftermath, over among other things Dodd-Frank, Basel III and the robosigning frauds. This is a book for aficionados of infuriating detail.