Economic Glance
The Federal Reserve Bank of New York in November chose not to pursue tough negotiations with large foreign and domestic banks and instead allowed them to receive 100 cents on the dollar in government funds to settle tens of billions of dollars of exotic financial bets guaranteed by American International Group.
At the time, Timothy Geithner, now Treasury Secretary, headed the powerful New York Fed.
Why didn't Fed force big banks to take less of AIG bailout?
Senior S&L Regulator Says Government Engaging in Massive Cover-Up of Economic Crisis: “The Entire Strategy Is to Keep People from Getting the Facts”
[They] don't want to change the bankers, because if we do, if we put honest people in, who didn't cause the problem, their first job would be to find the scope of the problem. And that would destroy the cover up....
Geithner is ... covering up. Just like Paulson did before him....
These are all people who have failed. Paulson failed, Geithner failed. They were all promoted because they failed....
VIDEO: Ron Paul is Not Alone. FINALLY, Senators Speak Honestly About the Federal Reserve
Attention Ron Paul supporters, and "End the Federal Reserve" activists...you finally may have some more politicians willing to stand up to the Federal Reserve! While they might not be going for the jugular, it appears that a few brave souls are trying to kick down the iron curtain hiding the money masters at the Federal Reserve.
Stimulus? U.S. to buy Chinese condoms, ending Alabama jobs
At a time when the federal government is spending billions of stimulus dollars to stem the tide of U.S. layoffs, should that same government put even more Americans out of work by buying cheaper foreign products?
That's the dilemma for the folks at the U.S. Agency for International Development, which has distributed an estimated 10 billion U.S.-made AIDS-preventing condoms in poor countries around the world.
Fed Planning 15-Fold Increase In US Monetary Base
This is a staggering devaluation of the US currency! It means that for every dollar in America in September 2008, the fed is going to created fourteen more of them!
Expanding the money supply is easy. All the fed has to do is print dollars and then use them to buy assets. There is no effective limit to how much the fed can print and spend.
TVNL Comment: They are killing us. They are taking our money and reducing its value to nothing.
A.I.G. Sues U.S. for Return of $306 Million in Tax Payments
While the American International Group comes under fire from Congress over executive bonuses, it is quietly fighting the federal government for the return of $306 million in tax payments, some related to deals that were conducted through offshore tax havens.
A.I.G. sued the government last month in a bid to force it to return the payments, which stemmed in large part from its use of aggressive tax deals, some involving entities controlled by the company’s financial products unit in the Cayman Islands, Ireland, the Dutch Antilles and other offshore havens.
Dollar slides after US Fed plan
The dollar fell by 3.8% against the euro and by 3.6% against the pound.
The US currency also declined against the yen, the Norwegian krone, the Australian dollar and Brazilian real.
The Fed's decision to buy debt means it is effectively creating new money, leading to concern from investors about the over-supply of dollars.
TVNL Comment: Mission accomplished. What you are watching is wealth un-distribution. The people who make (create out of nothing) the money are taking all our stuff. They will start all over and sell everything back to us. Just like after the Depression.
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