Real Fiscal Responsibility 2; Carter: Stagnation and Unemployment

By: Sunday August 31, 2014 7:05 pm

This post continues my series evaluating the fiscal responsibility/irresponsibility of the Governments of the United States (mostly the Congress, the Executive Branch, and the Federal Reserve) by Administration periods beginning in 1977 with the Jimmy Carter period. My first post explained why I chose to start my evaluation with the Carter period, and also laid out my related definitions of fiscal sustainability, and fiscal responsibility.


Volcker Rule Approved By FDIC, Federal Reserve, And SEC

By: Tuesday December 10, 2013 11:05 am

The Volcker Rule has been formally approved by the FDIC, Federal Reserve and SEC. The Volcker Rule, named after former Fed Chairman and advocate Paul Volcker, was passed as part of the Dodd-Frank reform act in 2010 and is meant to prevent or limit large Wall Street banks from proprietary trading – trading on their own account.

FDL Movie Night: Money for Nothing: Inside the Federal Reserve

By: 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.

The Problem at JPMorgan Chase: The Hedge Fund Inside the Bank

By: Wednesday May 16, 2012 5:45 pm

Bruno Iskil, the infamous “London Whale,” will leave JPMorgan Chase in the wake of his soured “Fail Whale” trades which lost the bank $2 billion to date. Experts are pointing out the dangers of allowing a casino-like hedge funds inside a federal insured bank.

Volcker Blasts Banksters, Financial System in Impromptu Speech at Chicago Fed

By: Friday September 24, 2010 3:45 pm

Paul Volcker has gravitas. And in his advanced age, he’s using it to rip the banksters a new one. Now you will never hear from these whiners that Paul Volcker is anti-business; they would rather deflect that over to Obama. But it’s Volcker, and certainly not Obama, making the most direct critiques of the crime spree they call their business practices.

Will Snowe and Co. Reject FinReg Because of the Kanjorski Amendment?

By: Sunday July 11, 2010 5:00 pm

When the Senate returns into session this week, they may have a final vote on the Dodd-Frank financial reform bill. We know that Russ Feingold is the only Democrat who opposes the legislation, so that’s 57 votes in favor, pending a replacement for Robert Byrd. There’s a path to 60 without the Byrd replacement. Susan Collins has already basically endorsed, and Scott Brown proclaimed that he “likes what he sees.” Even Chuck Grassley may break ranks and vote yes on cloture. But Olympia Snowe had an interesting reaction yesterday:

Volcker Softens on Section 716 – New Hope for Derivatives Spin-Off

By: Monday June 14, 2010 11:15 am

I wouldn’t get quite as optimistic as the Financial Times appears to be, but clearly this is a major development in the fight to force some legitimate, restrictive rules on the Wall Street casino. Volcker can offer a lot of cover to lawmakers if they choose to go through with keeping 716 in the bill, which nobody really wants to keep in, but which nobody wants to be the one to take out.

For the first time, I’d say there’s an outside shot of this happening. And it’s a real reform.

Will Chris Dodd Deep-Six the Volcker Rule?

By: Tuesday February 2, 2010 5:35 pm

Sen. Chris Dodd appears obsessed with getting a bipartisan financial reform package through the Senate Banking Committee, no matter if it makes a mockery of reform, no matter if it includes virtually nothing to protect consumers or deal with the problem of “too big to fail” financial firms. He’s already seeking to drop the Volcker rule put forward by the White House that would limit proprietary trading from banks.

Liz Warren and Paul Volcker: “Break Up TBTF Banks,” but Geithner Says “No”

By: Friday January 22, 2010 9:31 am

When President Obama announced additional measures to deal with too-big-to-fail (TBTF) banks, the key adviser standing behind him was Paul Volcker, a strong champion of breaking up the TBTF banks and sharply curtailing the casino activities of traditional depository banks. So does Obama mean it?

Obama Announces a New Economic Board and Other Jokes

By: Saturday February 7, 2009 10:20 am

Obama announced his Economic Recovery Advisory Board, a collection of Establishment figures and no liberal economists.

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