The Fed’s Press Conference

Some people think little girls should
be seen and not heard, but I think
Oh Bondage, Up Yours!
Chain-store, chain-smoke
I consume you all
Chain-gang, chain-mail
I don’t think at all
Oh bondage, Up Yours!
Oh bondage No More
- X-Ray Specs — RIP Poly Styrene

So, the Fed is having its first news conference, which should tell you everything about the Fed. I think even the pope’s had new conferences at this point? Anyway, it shows you what a secretive unaccountable place the Fed is. However I wouldn’t get too excited, in this era of corporate rule, where PR is a major mechanism of control, the press conference is just another aspect of manipulation.

Dylan Ratigan is doing a nice thinking exercise.(tx stoller) What sort of questions should we really be asking about the money system, you can participate here.

So, when you watch Mr. Bernanke today, realize Fed chairmen lie more than presidents, and that’s saying something. When he’s deliberately obfuscating and you have no understanding what he’s saying, realize this is all part of the game of keeping the money system away from you peasants, and in America that has been a very long one-sided fight. When you watch Mr. Bernanke, you’ll have an understanding of Professor Goodwyn’s line at the beginning of his seminal work “The Populist Moment“, “Why Americans have far less democracy than they like to think.”

The question remains, what are we going to do about it?

 

 

 

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BOOKS

1)Barry Lynn’s “Cornered: The New Monopoly Capitalism and the Economics of Destruction, the most important book on the hidden monopolies in our country and how they impact our democracy.

2)Neil Barofsky’s “Bailout: How Washington Abandoned Main Street While Rescuing Wall Street, the story of the mishandling of the $700 billion TARP bailout fund.

3)Lawrence Goodwyn’s “The Populist Moment: A Short History of the Agrarian Revolt in America,” one of the truly great works of American history and how to build a foundation for 20th century American political economy.

MELTDOWN CAUSES: Articles and Interviews

1. Finger of blame points to shadow banking’s implosion -Financial Times
2. Musings on Structural Challenges to the Financial System -Yves Smith
3. Hedge fund Manager Goodbye -Andrew Lahde
4. The End -Michael Lewis
5. Alan Greenspan and the Fed -William Greider
6. Bill Moyers and Kevin Phillips -video
7. Destructive Rise of Big Finance -Kevin Phillips
8. The Quiet Coup -Simon Johnson


"FINANCIAL INNOVATIONS"

1. Genesis of the Debt Disaster -Financial Times
2. Reforming Credit Default Swaps -Institutional Risk Analyst
3. AIG Bailout -Yves Smith
4. Mark to Model -Yves Smith


WHAT TO DO ABOUT THE BIG BANKS THAT FAIL?

1. Willem Buiter -FT
2. Thomas Hoening -Kansas City Federal Reserve
3. Joseph Stiglitz -Nobel Laureate
4. Nassim Taleb -FT
5. Dan Tarullo -Federal Reserve


ANTITRUST

1. Breaking up the Banks -Zephyr Teachout
2. Too Big to Fail is Too Big -Willem Buiter
3. Vigourous Antitrust -Christine Varney, Asst Atty General of DOJ, AT

REGULATION

1. Regulatory Capture -Thomas Frank
2. Making Regulation Work -Zephyr Taachout, Shawn Bayern

WHAT'S IT MEAN FOR THE ECONOMY?

1. Evolution or Revolution -Bill Gross
2. The Future of the American Dream -William Greider
3. Tom Geoghegan and William Greider on the Economy - audio
4. Andrew Bacevich Interview With Bill Moyers - video

 

 

 

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