Economic Glance
A one-time limited GAO audit of the Federal Reserve that was mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act has uncovered some eye-popping corruption at the Fed and the mainstream media is barely even covering it. It turns out that the Federal Reserve made $16.1 trillion in secret loans to their bankster friends during the financial crisis. You can read a copy of the GAO investigation for yourself right here. These loans only went to the "too big to fail" banks and to foreign financial institutions. Not a penny of these loans went to small banks or to ordinary Americans. Not only did the banksters get trillions in nearly interest-free loans, but the Fed actually paid them over 600 million dollars to help run the emergency lending program. The GAO investigation revealed some absolutely stunning conflicts of interest, and yet the mainstream media does not even seem interested. Solid evidence of the looting of America has been put right in front of us, and yet hardly anyone wants to talk about it.
The Federal Reserve was just creating gigantic piles of cash out of thin air and throwing them around with wild abandon.
Things were rosy in the giant software company's just-ended fiscal fourth quarter, which produced record sales of nearly $17.4 billion, a 30 percent increase in after-tax profit, and a 35 percent gain in earnings per share.
Research in Motion, the maker of the BlackBerry smartphones and tablet, said Monday that it will cut its workforce by about 2,000 jobs and move some executives into new roles in an effort to battle the continued growth of Google's Android and Apple's iPhone.
At a time when higher taxes or deeper government spending cuts seem to be the only options available to close the gaping federal deficit, going after more $400 billion a year in uncollected taxes should be a no-brainer.
The Securities and Exchange Commission doesn’t just enforce the rules that govern Wall Street. When asked, it often grants individual companies exemptions from the rules. But companies that win those special breaks often fail to comply with the conditions that come with them, the SEC’s inspector general said in a report released Thursday.
Article I, Section 8, Clause 5, of the United States Constitution provides that Congress shall have the power to coin money and regulate the value thereof and of any foreign coins. But that is not the case. The United States government has no power to issue money, control the flow of money, or to even distribute it - that belongs to a private corporation registered in the State of Delaware - the Federal Reserve Bank.
