Faith in Banks

The Federal Deposit Insurance Corporation (FDIC) was created in 1933 as a depression-era effort to restore the public’s faith in banks and banking. The early years of the depression were marked by numerous bank failures and runs on even healthy banks. After taking office President Roosevelt declared a bank holiday to give regulators a . . . → Read More: Faith in Banks

Using Gold to Fend Off the FDIC and its “Problem Banks”

People think that Addison Wiggin is just another talented, intelligent, pretty face who secretly thrills to hear people say things like, “You’re a lot better looking than The Mogambo! And younger and smarter, too!” but he is much, much more than that.

His story starts off that “The FDIC is even more broke than . . . → Read More: Using Gold to Fend Off the FDIC and its “Problem Banks”

Audit The Fed And Apportionment

Friday 25 September 2009 had two significant events.  First, there was a full committee hearing on Ron Paul’s bill H.R. 1207 to audit the Federal Reserve.  Second, Chief Judge Edith Jones of the United States Court of Appeals for the Fifth Circuit, directly under the United States Supreme Court and covers Florida, Georgia, Alabama, . . . → Read More: Audit The Fed And Apportionment

Money Market Funds Lose Treasury Backing

IS THE TREASURY OUT TO KILL MONEY MARKET FUNDS?

Tim Geithner, the Goldman Sachs Secretary of the Treasury, has gone on record as saying that the government will withdraw its $3 trillion backstop guarantee from the money market fund industry, on schedule, this September 18.

While I am for any reduction in the government’s . . . → Read More: Money Market Funds Lose Treasury Backing

Interview With Jim Willie

Interview With Jim Willie

An interview with Jim Willie where we discuss the potential of bank failures emanating from the Middle East and rippling throughout the world being the catalyst for the next round of the credit contraction.

TRACE MAYER: Hey this is Trace Mayer and you’re listening to the 50th episode of the . . . → Read More: Interview With Jim Willie

Is Your Money Really Safe with FDIC?

One of the most draconian and counterproductive interventions of the New Deal was the Glass-Steagall Act of 1933. Not only did it effectively end the gold standard and establish a fascistic regulatory environment that undermined the global competitiveness of the U.S. banking industry, it also established the sham known as the FDIC (Federal Deposit . . . → Read More: Is Your Money Really Safe with FDIC?

Sheila Bair: A Ray of Light in a Dark Economy

Sheila Bair keeps speaking out, and certainly deserves respect as a clear-thinker in these abominable economic times. Bair reiterates the same message week after week, although most likely the cause of a few ‘Paulson & Co’ migraines.

Bair understands something that most taxpayers could have told Paulson a long time ago. While the Treasury . . . → Read More: Sheila Bair: A Ray of Light in a Dark Economy

Why Federal Home Loan Banks May Survive the Credit Crisis

In 1932, Congress created the Federal Home Loan Banks to prop up thrift institutions during the Great Depression. Today, there are 12 regional Federal Home Loan Banks. Their main business is low cost loans to their more than 8000 owners, which include commercial banks, thrifts, credit unions, and insurance companies. Like Freddie Mac . . . → Read More: Why Federal Home Loan Banks May Survive the Credit Crisis

FDIC Adds Twenty-Seven More Banks to “Troubled” List

On August 26, the Federal Deposit Insurance Corporation increased the number of banks it considers in danger of failure from 90 to 117 and responded indirectly to concerns about its ability to insure money on deposit at retail banking institutions. The FDIC is considering increasing the fee it charges retail banks to insure their . . . → Read More: FDIC Adds Twenty-Seven More Banks to “Troubled” List

Can the Housing Rescue Bill Really Work?

Not too long ago, I confess I was in a rather panicked state of mind about the economy. This was after Bear Stearns tanked but before IndyMac was seized by the FDIC. I thought that if the U.S. government could intervene in a big way and refinance homeowners who were facing foreclosure, then the . . . → Read More: Can the Housing Rescue Bill Really Work?