These 18 CEOs/Companies Wrecked the Economy by Taking Trillions in Bailouts, Evading Taxes, and Outsourcing Jobs

Senator Sanders, in his no-nonsense approach, released a report identifying 18 CEOs responsible for wrecking the economy. Bernie Sanders is the underdog in the American political race, but he’s quickly gaining momentum as a prime candidate to lead the US, as his no-nonsense, candor approach is appreciated by many – especially the millennial generation. In response to 80 CEOs recently publishing a letter on the Wall Street Journal lecturing America about deficit reduction and urging them to “act on the deficit and reform Medicare and Medicare,” Sanders had the following to say:   “There really is no shame. The Wall Street leaders whose recklessness and illegal behavior caused this terrible recession are now lecturing the American people on the need for courage to deal with the nation’s finances and deficit crisis. Before telling us why we should cut Social Security, Medicare and other vitally important programs, these CEOs might […] Read More

When $1.2 Trillion In Foreign ‘Hot Money’ Parked At The Fed Dissipates

Wolf Richter   www.testosteronepit.com   www.amazon.com/author/wolfrichter It fits the pattern of gratuitous bank enrichment perfectly, but this time, the big beneficiaries of the Fed are foreign banks. A JPMorgan analysis, cited by the Wall Street Journal, figured that in 2014 the Fed would pay $6.74 billion in interest to the banks that park their excess cash at the Fed – half of that amount, so a cool $3.37 billion, would line the pockets of foreign banks with branches in the US. This is where part of the liquidity ends up that the Fed has been handing to Wall Street through its bond purchases. Currently, the Fed requires that banks keep a minimum balance of $80.2 billion at the Fed. Banks can keep up to $88.2 billion at the Fed as part of the “penalty-free band.” In theory, as “penalty-free” implies, there’d be a penalty on balances above $88.2 billion. But the […] Read More

2014: Former Central Banker Admits “[They] Are Making It Up As They Go Along”

Submitted by Tim Price via Sovereign Man blog, A few weeks ago, William White (former economist at the Bank of England, the Bank of Canada, and Bank of International Settlements) made a frank admission. And while we search for assets whose prices are less obviously distorted by malign government intervention, it’s refreshing to hear a mea culpa from a member of the economics “profession”. White said: “The analytical underpinnings of what we [mainstream economists] do are actually pretty shaky. A reflection of that fact, is that virtually every aspect you can think of with respect to monetary policy, about best practice, has changed and changed repetitively over the course of the last 50 years. So, this stuff ain’t science. “Think about what’s happened recently. One, its completely unprecedented. People are making it up as they go along. This is hardly science – building on the pillars of the past. […] Read More