Posts Tagged 'Janet Yellen'

Craig Torres and Saleha Mohsin – Mnuchin Backs Fed Independence and Signals Reform Isn’t Priority

U.S. Treasury Secretary nominee Steven Mnuchin isn’t jumping on the Republican bandwagon to audit the Fed.

In written questions by senators following his confirmation hearing on Thursday, Mnuchin was asked about his thoughts on “politicizing decisions made by the Federal Reserve Board of Governors and the benefits of an independent central bank.”

Mnuchin’s answer was crafted carefully.

“The Federal Reserve is organized with sufficient independence to conduct monetary policy and open market operations,” Mnuchin responded to Senator Bill Nelson, a Florida Democrat. “I ...

Continue Reading →
0

Pam Martens and Russ Martens – Wall Street Today: Fake Accounts, Fake Money, Fake Courts, Fake Regulators

Last Thursday, the Consumer Financial Protection Bureau (CFPB) announced that Wells Fargo was paying $185 million in fines and penalties for allowing its employees to open “more than two million deposit and credit card accounts” that were not authorized by its customers. The employees were attempting to “hit sales targets and receive bonuses.” In one of the most audacious forms of bank fraud, according to the CFPB, employees actually “transferred funds from consumers’ authorized accounts to temporarily fund the new, ...

Continue Reading →
0

Mike Shedlock – Fed Vice-Chairman Admits Fed Sponsors Wealth Inequality

Federal Reserve Vice-Chairman Stanley Fischer made a couple of controversial statements this week regarding negative interest rates.

Fisher stated negative rates “seem to work” while admitting they are bad for savers but they “typically they go along with quite decent equity prices.”

There are two problems in play. The first is an explicit admission that the Fed sponsors wealth inequality. The second problem is Fisher does not understand how markets even work.

Read more

Continue Reading →
0

Every Single Bloody Market Is Manipulated!

The Credit Market Is Manipulated

Giant American banks said they had to be bailed out or else the American economy would crash.

It wasn’t just the $700 billion “Tarp” bailout in 2008. In reality, a large portion of the big banks’ profitscome from taxpayer bailouts and subsidies (see thisthis and this).

At the same time, the big banks have  Continue Reading →

0

Michael Snyder – The Next Employment Crisis Is Here: Job Cuts At U.S. Companies Jump 35 Percent In April

Should we be alarmed that the number of job cuts announced by large U.S. companies was 35 percent higher in April than it was in March?  This is definitely a case where the trend is not our friend.  According to Challenger, Gray & Christmas, U.S. firms announced 65,141 job cuts during April, which represented a massive 35 percent increase over the previous month.  And so far this year overall, job cut announcements are running 24 percent ...

Continue Reading →
0

Early Warning Signs of Recession Flash Faintly in U.S. Jobs Data

As the economy again started off the year on a sour note, the glass-half-full crowd pointed to the strength of the U.S. jobs market as a reason not to worry. As long as payrolls are racking up monthly gains of 200,000 or more, the economy remains in fine fettle, or so the optimists would have it.

Take a peek below the headline jobs data, however, and there are signs that the labor market is losing some momentum. Temporary-help employment, which peaked ...

Continue Reading →
0

Chris Hedges – Why I Support Dr. Jill Stein for President

The political crisis in America is severe. The old ideas that buttressed the ruling class and promised democracy, growth and prosperity—neoliberalism, austerity, globalization, endless war, a dependence on fossil fuel and unregulated capitalism—have been exposed as fictions used by the corporate elite to impoverish and enslave the country and enrich and empower themselves. Sixty-two billionaires have as much wealth as half the world’s population, 3.5 billion people. This fact alone is revolutionary tinder.

We are entering a dangerous moment when few ...

Continue Reading →
0

Mike Whitney – Could This be “The Big One”?

Everyone take a deep breath. This isn’t 2007 again.  The banks aren’t loaded with $10 trillion in “toxic” mortgage-backed securities, the housing market hasn’t fallen off a cliff wiping out $8 trillion in home equity, and the world is not on the brink of another excruciating financial meltdown.  The reason the markets have been gyrating so furiously for the last couple weeks is because stocks are vastly overpriced, corporate earnings are shrinking, and the Fed is threatening to take away the punch bowl. And to top it all ...

Continue Reading →
0

Mike Whitney – The Fed’s Role in the Stock Market Slide

When the Dow Jones Industrial Average (DJIA) and S&P peaked in May 2015, investors were still confident that the Fed “had their back” and that any steep or prolonged downturn in stocks would be met with additional liquidity and a firm commitment to maintain zero rates as long as necessary.  But now that the Fed has started its long-awaited rate-hike cycle, investors aren’t sure what to expect.

This growing uncertainty coupled with flagging earnings reports have factored heavily in Wall Street’s recent selloff. ...

Continue Reading →
0

David Lindorff – What’s Behind the Fed’s Decision to Raise Interest Rates in a Struggling Economy?

Much has been written and broadcast over the past few weeks in the financial media and the business pages of general-interest newspapers debating the wisdom of the decision in December by Fed Chair Janet Yellen and the Federal Reserve Board to raise interest rates for the first time in almost a decade.

On one side of this debate are people who say that the Fed needs to do this to prevent inflation from taking off. On the other side are people ...

Continue Reading →
0
Page 1 of 4 1234