Fed Beaten: Bill To Audit Federal Reserve Passes Key Hurdle by Ryan Grim


In an unprecedented defeat for the Federal Reserve, an amendment to audit the multi-trillion dollar institution was approved by the House Finance Committee with an overwhelming and bipartisan 43-26 vote on Thursday afternoon despite harried last-minute lobbying from top Fed officials and the surprise opposition of Chairman Barney Frank (D-Mass.), who had previously been a supporter.

The Land Ethic: How to Address Inequality and Financial Instability by Alanna Hartzok, Oct. 20, 2009  

published on Global Policy Innovations, which has this mission: To highlight the best new thinking on a fairer globalization. Launched in April 2004 with the support of the Rockefeller Brothers Fund, Global Policy Innovations is based at the Carnegie Council in New York City. The Land Ethic at:

The Transformation as Sandbox Syndrome by Michael Marien

Readers: In the task of increasing economic literacy in its many variations the transformation of what is understood by the word "economics" and the assumptions that many people have whiche cause them to substitute a low toned version of economistic nonsense for the high toned economistic toxic sewage there is a common pattern. It is one reason for the chaotic nature of the Tea-bagger's faux revolt, looking for simple answers and someone else to blame for it all. It also produces the reflexive sorts of Marxism which have a lot of dogma but little sense of application or constructive process.

"Global Warming" SCAM - A Further Look By Karl Denninger of the Market Ticker Blog, Nov. 21st, 2009

Readers: This may seem like an odd inclusion, but we need to point out that the recent interest and support of the global warming proposition didn't get serious until the potential to make money off of carbon futures as a derivative was established. In effect the process was canted and scammed and now it has been outed. The financialization of global warming was qued to generate large fortunes, when combined with various proposed carbon taxation policies. Given the cooling effect of volcanic ash in the stratosphere the much predicted global warming panic has subsided.

Ohio AG Cordray continues crusade against Wall Street wrongs by suing national rating agencies

Readers: Not to be intentionally cynical on this bit of "news," though I am glad that Ohio is weighing in on this set of problems, I have to wonder if this is being used as an easy target right now relative to Cordray's upcoming election bid. Pursuing this line of logic implies that Cordray and company see this as a win win soft target for them no matter what the outcome actually is.

Bank of America, UBS, JPMorgan Sued Over Derivatives (Update1) Share Business Exchange

By Joel Rosenblatt

Nov. 17 (Bloomberg) -- Bank of America Corp., UBS AG and JPMorgan Chase & Co. were sued by a California public utility over claims they rigged sales of municipal derivatives and shared illegal profits through kickbacks.

BIS Report Warns That Main Problems Have Not Been Solved

taken from the Blog Economic Perspectives from Kansas City
Policy Analysis from the Economics Faculty at the University of Missouri-KC

by Eric Tymoigne

Memo to Congress: Don’t Increase the Government’s Debt Limit!

By L. Randall Wray

In a piece written for CNN, Senator Evan Bayh rails against the growing federal government budget deficit. He warns that next month the Treasury will ask Congress to raise the debt limit from its current $12.1 trillion, and promises that he will vote “no”. It is time, he argues, for Congress to stand up for our nation’s future by creating a bi-partisan debt commission that would finally put an end to “unsustainable” deficit spending.

The Senator goes on:

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