Federal Reserve Survey Shows Wealth Inequality Increasing

By: Friday September 5, 2014 10:49 am

Yet more evidence there is no “recovery” for most Americans. According to the Federal Reserve Survey of Consumer Finances the rich are siphoning off even more wealth from the country than they were previously. The top 3% now control over 54% of the wealth. Yes, a relative handful of people own more than half of all the wealth in the country.

The Fed also notes that the overall increase in income are not from gains by the middle and lower classes but the immensity of the wealthy’s gains dragging up the average.

 

Citigroup Fails Another Stress Test

By: Thursday March 27, 2014 2:00 pm

Six years after the financial crisis Citigroup has failed a stress test by the Federal Reserve. Citigroup’s capital plan included a quintupling of its dividend but Fed regulators wanted the Too Big To Fail bank to hold onto more capital.

FDL Book Salon Welcomes Bob Ivry, The Seven Sins of Wall Street: Big Banks, Their Washington Lackeys, and the Next Financial Crisis

By: Sunday March 23, 2014 1:58 pm

This book is an eye-opener, a wake-up call for those in Washington to get their heads out of Wall Street’s asses, a state unthinkable for most politicians. But, it’s also a wake-up call to us, to be ever more vigilant with every one of our financial dealings, because the worst is yet to come.

FDL Book Salon Welcomes Dean Baker, Getting Back To Full Employment: A Better Bargain for Working People

By: Sunday January 19, 2014 1:59 pm

In 2009 there was the Keynesian moment. With the economy shedding hundreds of thousands of jobs a month, with the financial system imploding and GDP crashing, the US government stepped in with a stimulus bill designed to get spending started, to boost the states, and to invest for the long-term. At a spending level nowhere near the challenged, President Obama still managed to oversell what it would deliver. By 2010, with unemployment still high, Democrats would silently walk away from the entire endeavour.

This lead to the counter-Keynesian assault of 2011-2012, politically lead by the Tea Party in Congress.

Federal Reserve May Continue to Promote Wall Street’s Expansion Into Commodities

By: Tuesday January 14, 2014 1:35 pm

The destructive trend of financializing the US economy may continue if the Fed has their way. Despite complaints by companies in the real economy over the manipulation of commodity prices by the banksters on Wall Street, the Fed is set to punt on limiting Wall Streets invasion of the real economy.

Former Fed Reserve Official Comes Clean On QE, Apologizes To America

By: Tuesday November 12, 2013 8:33 am

Huszar admits Bernanke’s cover story of helping drive down interest rates for struggling homeowners and small businesses was deception. The Fed knew QE was having no effect on helping banks make loans, the program’s only actual function was to let Wall Street siphon money directly from an increasingly compromised central bank.

NY Fed President Says Wall Street ‘Lacks Respect for the Law’

By: Friday November 8, 2013 9:30 am

Is there anyone left who doesn’t think Wall Street has a culture of corruption? Even the President of the New York Federal Reserve William Dudley, a former Chief Economist at Goldman Sachs, has now critiqued Wall Street’s open contempt for the rule of law. Dudley claimed the banksters have displayed “deep-seated cultural and ethical failures.”

Bill Black, Carmen Segarra, and the Regulatory Failure That Is the Federal Reserve Bank of New York

By: Saturday October 12, 2013 12:40 pm

Back in 2009, law professor and former banking regulator Bill Black excoriated the internal corporate culture of the Federal Reserve when it comes to banking regulatory oversight. For a very specific illustration of what Black was talking about, just take a look at the complaint filed by former banking regulator Carmen Segarra against her former employer, the Federal Reserve Bank of New York. She was hired and assigned to investigate problems at Goldman Sachs, and when she and her team discovered some major problems, she was pressured to downplay them and back off. When she refused, she was terminated and Goldman Sachs was given a clean bill of health by the folks that fired her.

You’re shocked, I know. But the details, along with the documentation, are the truly shocking part of all this. Not about Goldman Sachs, but about their pals at the Federal Reserve Bank of New York.

Janet Yellen Set To Be First Female Federal Reserve Chair

By: Wednesday October 9, 2013 6:52 am

According to reports Janet Yellen is likely to be announced today as the first female chair of the Federal Reserve. Yellen’s nomination would come after the withdrawal of Larry Summers who proved too controversial to be confirmed by the Senate. Yellen is currently a vice chairwoman at the Fed and is currently considered to face an easy confirmation process by the Senate.

And How Many Divisions Does the Federal Reserve Have?

By: Friday October 4, 2013 8:18 am

A Federal Reserve that does not back the government will not be backed by the government.

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