Dylan Ratigan explains why H.R.1207 MUST be passed!
An audio that doesn't hide the facts:
http://www.fedupusa.info/...
An audio that doesn't hide the facts:
http://www.fedupusa.info/...
Anyone care for a nice hot cup of TEA???
<TABLE class=copy border=0 cellSpacing=0 cellPadding=0><TBODY><TR id=article_headline><TD vAlign=top colSpan=2>Federal Reserve Cannot Account for $9 Trillion
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<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD id=article_date class=article_datestamp align=left>Tuesday, May 12, 2009 12:30 PM
By: Julie Crawshaw </TD><TD id=article_fontsize class=article_datestamp align=right>javascript:setActiveStyleSheet('largeFont');</TD></TR></TBODY></TABLE></TD></TR><TR><TD id=article_content vAlign=top>
The Federal Reserve apparently can't account for $9 trillion in off-balance sheet transactions.
When Rep. Alan Grayson (D-Orlando) asked Inspector General Elizabeth Coleman of the Federal Reserve some very basic questions about where the trillions of dollars that have come from the Fed's expanded balance sheet, the IG didn't know.
Worse, nobody at the Fed seems to have any idea what the losses on its $2 trillion portfolio really are.
"I am shocked to find out that nobody at the Federal Reserve is keeping track of anything," Grayson says.
Grayson asked Coleman if her agency had done any research into the decision not to save Lehman Brothers, which “sent shockwaves through the entire financial system,” Coleman said it had not.
“What about the $1 trillion plus expansion of the Federal reserve’s balance sheet since last September?” Grayson asked.
“We have different connotations,” Coleman replied. “We’re actually conducting a fairly high-level review of the various lending facilities collectively.”
Translation: Nobody at the Fed knows where the money went.
Do you know what who got the $1 trillion or more in the Fed's expansion of its balance, Grayson pressed.
"I do not know. We have not looked at this specific area at the particular point on that specific review," Coleman answer.
What about the trillions of off-balance transactions since last September, Grayson asked.
Coleman demurred again, saying the IG does not have jurisdiction to audit the Federal Reserve.
Grayson pointed out that it was the inspector general's job to audit such spending and asked again if the office had done any investigation at all.
Coleman's answer: Not enough yet to even respond. "We are in not a position to say if there losses."
Grayson concluded, "I am shocked to find out that nobody at the Federal Reserve, including the inspector general, is keeping track of this."
Meanwhile, Federal Reserve Chairman Ben Bernanke says the bank is working on ways to rein in the massive balance sheet commitments.
"A majority of the members who made these projections just recently took 2 percent as being an appropriate number" for inflation, Bernanke said Monday.
"Somewhere between 1-1/2 to 2 percent is basically the number that our committee has individually stated is the appropriate medium-term inflation rate.
"To achieve that we need to demonstrate that we will be able to exit from the balance sheet position that we currently have, and have been working on this intensively," Bernanke said in response to questions after a speech to a conference organized by the Federal Reserve Bank of Atlanta, reported by Reuters.
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<TABLE class=copy border=0 cellSpacing=0 cellPadding=0><TBODY><TR id=article_headline><TD vAlign=top colSpan=2>Federal Reserve Cannot Account for $9 Trillion
</TD></TR><TR><TD>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD id=article_date class=article_datestamp align=left>Tuesday, May 12, 2009 12:30 PM
By: Julie Crawshaw </TD><TD id=article_fontsize class=article_datestamp align=right>javascript:setActiveStyleSheet('largeFont');</TD></TR></TBODY></TABLE></TD></TR><TR><TD id=article_content vAlign=top>
The Federal Reserve apparently can't account for $9 trillion in off-balance sheet transactions.
When Rep. Alan Grayson (D-Orlando) asked Inspector General Elizabeth Coleman of the Federal Reserve some very basic questions about where the trillions of dollars that have come from the Fed's expanded balance sheet, the IG didn't know.
Worse, nobody at the Fed seems to have any idea what the losses on its $2 trillion portfolio really are.
"I am shocked to find out that nobody at the Federal Reserve is keeping track of anything," Grayson says.
Grayson asked Coleman if her agency had done any research into the decision not to save Lehman Brothers, which “sent shockwaves through the entire financial system,” Coleman said it had not.
“What about the $1 trillion plus expansion of the Federal reserve’s balance sheet since last September?” Grayson asked.
“We have different connotations,” Coleman replied. “We’re actually conducting a fairly high-level review of the various lending facilities collectively.”
Translation: Nobody at the Fed knows where the money went.
Do you know what who got the $1 trillion or more in the Fed's expansion of its balance, Grayson pressed.
"I do not know. We have not looked at this specific area at the particular point on that specific review," Coleman answer.
What about the trillions of off-balance transactions since last September, Grayson asked.
Coleman demurred again, saying the IG does not have jurisdiction to audit the Federal Reserve.
Grayson pointed out that it was the inspector general's job to audit such spending and asked again if the office had done any investigation at all.
Coleman's answer: Not enough yet to even respond. "We are in not a position to say if there losses."
Grayson concluded, "I am shocked to find out that nobody at the Federal Reserve, including the inspector general, is keeping track of this."
Meanwhile, Federal Reserve Chairman Ben Bernanke says the bank is working on ways to rein in the massive balance sheet commitments.
"A majority of the members who made these projections just recently took 2 percent as being an appropriate number" for inflation, Bernanke said Monday.
"Somewhere between 1-1/2 to 2 percent is basically the number that our committee has individually stated is the appropriate medium-term inflation rate.
"To achieve that we need to demonstrate that we will be able to exit from the balance sheet position that we currently have, and have been working on this intensively," Bernanke said in response to questions after a speech to a conference organized by the Federal Reserve Bank of Atlanta, reported by Reuters.
<EMBED height=344 type=application/x-shockwave-flash width=425 src=http://www.youtube.com/v/PXlxBeAvsB8&color1=0xb1b1b1&color2=0xcfcfcf&feature=player_embedded&fs=1 allowfullscreen="true"></EMBED>
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THIS GUY ON THE OBAMA NETWORK? NOT GOOD FOR HIS JOB SECURITY
MSNBC's Ratigan Shows How Journalism Should Work
By Mike Sargent | June 17, 2009 - 18:25
<EMBED align=right src=http://www.eyeblast.tv/public/eyeblast.swf?v=ydaGQukU6U&sm=1 width=240 height=194 type=application/x-shockwave-flash allowfullscreen="true"></EMBED>Journalists, take note: Dylan Ratigan should be your model.
Despite working for MSNBC, Ratigan has shown a hard-nosed, take-no-prisoners interview style that is quickly gaining him the reputation for being the toughest interview on television. It isn’t often that an MSNBC host can claim to be tough on both sides of the political aisle, but the former CNBC correspondent could probably do it with a straight face and a clear conscience.
This morning, for example, Ratigan was brought in as a hired gun of sorts, to speak with Obama’s Chair of the Council of Economic Advisers (CEA), Dr. Christina Romer. Typically, in interviews with White House economic wonks, TV personalities can easily be blown away by the technical rhetoric of economists. Typically, these wonks sound very much like they know what they’re talking about, even when they are in fact dodging the question. This was not a typical interview in either regard.
For example, to kick things off, Ratigan asks a rather technical question:
MSNBC's Ratigan Shows How Journalism Should Work
By Mike Sargent | June 17, 2009 - 18:25
<EMBED align=right src=http://www.eyeblast.tv/public/eyeblast.swf?v=ydaGQukU6U&sm=1 width=240 height=194 type=application/x-shockwave-flash allowfullscreen="true"></EMBED>Journalists, take note: Dylan Ratigan should be your model.
Despite working for MSNBC, Ratigan has shown a hard-nosed, take-no-prisoners interview style that is quickly gaining him the reputation for being the toughest interview on television. It isn’t often that an MSNBC host can claim to be tough on both sides of the political aisle, but the former CNBC correspondent could probably do it with a straight face and a clear conscience.
This morning, for example, Ratigan was brought in as a hired gun of sorts, to speak with Obama’s Chair of the Council of Economic Advisers (CEA), Dr. Christina Romer. Typically, in interviews with White House economic wonks, TV personalities can easily be blown away by the technical rhetoric of economists. Typically, these wonks sound very much like they know what they’re talking about, even when they are in fact dodging the question. This was not a typical interview in either regard.
For example, to kick things off, Ratigan asks a rather technical question:
Wow...fantastic interview in that short video. I'm looking forward to his show.
The problem is, if every guest he brings on gets the hammer dropped on them, he'll soon run out of guests. That's why most of these shows are a joke, because anyone who is actually challenged usually doesn't return.
The problem is, if every guest he brings on gets the hammer dropped on them, he'll soon run out of guests. That's why most of these shows are a joke, because anyone who is actually challenged usually doesn't return.
Congressman Grayson interview on King World News on 07-24-09. Grayson talks about his recent confrontation with Ben Bernanke on where the trillions are going. Grayson also talks about the corruption at the Federal Reserve and HR 1207 (Audit the Fed Bill)
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