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Fed Open to Spending Even More
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Fed Open to Spending Even More

Beyond the $1.75 trillion in mortgage related assets and treasury securities the Federal Reserve already has committed to buying, the board said in its April meeting that it was not ruling out buying even more private assets.  Further intervention in the market to purchase more private assets will only prolong the recessionary pain we're feeling now.  The Fed should never have purchased any of their assets and the sooner it discloses what it has bought and how much it's lost, the better for the economy.  Those privileged banks should face market tests of profit and loss rather than receiving bailouts for bad decisions from the Federal Reserve.

05/20/2009
Fed Losing $9.6 Billion in AIG, Bear Stearns
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Fed Losing $9.6 Billion in AIG, Bear Stearns

As of Dec. 31, the Federal Reserve faces $9.6 billion in unrealized losses on $74 billion in assets from Bear Stearns and AIG.  An unrealized loss represents the current value of the asset versus its face value.  The central bank will realize the losses if the principle is not returned.  According to Bloomberg, "The central bank lent $2 trillion to financial institutions and has not disclosed information about most of the collateral backing those loans."  While it's unlikely that all $2 trillion of the collateral the central bank has accepted is as risky as the assets taken from Bear Stearns and AIG, the Fed may still face substantial risk.  

04/24/2009
Private Fiat Working in USA
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Private Fiat Working in USA

Across the country in various towns, people are printing private currencies backed by American dollars.  USA Today reports that there are at least five different private currencies circulating in the country.  

04/07/2009
The Flawed Public-Private Partnership Plan
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The Flawed Public-Private Partnership Plan

The Treasury released their plan on Monday to clean banks' balance sheets.  A five page document distributed by the Treasury offers some limited details.  It looks like the plan has the government becoming the largest hedge fund with potential to invest up to $970 billion in risky assets.  $30 billion more will come from private investors who will, according to the Treasury, accurately price the assets because their own money will be involved.

03/24/2009
Ron Paul on Reinflating the Bubble
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Ron Paul on Reinflating the Bubble

Ron Paul explains to Congress that we can't re-inflate the housing bubble.

03/12/2009
Ron Paul, Bill to Audit the Fed
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Ron Paul, Bill to Audit the Fed

Ron Paul has introduced H.R.1207: Federal Reserve Transparency Act of 2009 to Congress and it's been referred to the House Committee on Financial Services.  According to Campaign for Liberty, "The Fed has so far resisted attempts to provide information on how it is spending the bailout money and currently dictates how accountable it will be to Congress.  Since its creation in 1913, the Fed's control of money and credit in this country has resulted in a 95% devaluation of our dollar and the piling up, just in the last year, of almost $10 trillion in bailouts and loans."

03/10/2009

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