Sunday, September 27, 2009

Davos on the Edge 9.28.2009

  • Ticker Guy: Post-HR1207 Hearing (Video)
  • Max Keiser talks to Stacy Herbert about the IMF sales of 403 tons of gold (Video)
  • Is The Fed Hiding Gold Swap Arrangements With Foreign Central Banks?
  • The ONLY Bright Light on the Team: Blasts The Goldman Business Model, Moral Hazard, And Calls For A Return Of Glass-Steagall
  • Staycation (Chart on page)
  • Ron Paul on Fed Transparency, We Shouldn't be Afraid of the Truth (Video on page)
  • Naill Ferguson Discusses the G20 (Video, H/T Ernie)
  • Bailout Costs.....to Date
  • G-20 gridlock leaves global financial system at risk (H/T Dogs)
  • $1,900.00 or do Time (Congress excluded)

Economy

Ticker Guy: Post-HR1207 Hearing (Video)

Max Keiser talks to Stacy Herbert about the IMF sales of 403 tons of gold (Video)


Is The Fed Hiding Gold Swap Arrangements With Foreign Central Banks?

[Whitepaper on page]

There is not one asset that, over the decades and especially since the collapse of the gold standard, has received more claims of manipulation than gold. Yet evidence has always been impossible to come by. Are the interests imposing a gold price ceiling just too strong? If GATA's latest dispatch is correct, then yes, and they reach to the very pinnacle of modern financial oligarchy, represented by none other than the US Federal Reserve. GATA believes that the Fed has implicitly confirmed the existence of gold swap arrangements. As we all recall, the Fed issued nearly half a trillion in foreign CB liquidity swap lines whose primary reason was to make sure that foreign banks which were all massively short the dollar did not collapse, as the dollar skyrocketed into the end of 2008, after the capital markets became paralyzed and the dollar-short trade promptly became unwound. Could gold swaps be a comparable method for the Fed to explicitly permit foreign entities to keep gold prices low?

The other question of whether or not this confirmation needs an depth investigation over potential prior contradictory disclosure is left for the proper authorities. Of course, when it pertain to the Fed, there are no proper authorities. After all, the Fed is accountable to no one.

The ONLY Bright Light on the Team: Blasts The Goldman Business Model, Moral Hazard, And Calls For A Return Of Glass-Steagall

[Whitepaper on page]

Staycation (Chart on page)

Ron Paul on Fed Transparency, We Shouldn't be Afraid of the Truth (Video on page)

Naill Ferguson Discusses the G20 (Video, H/T Ernie)

Bailout Costs..... to Date

===========================================================
--- Amounts (Billions)---
Limit Current
===========================================================
Total $11,563.65 $3,025.27
-----------------------------------------------------------
Federal Reserve Total $5,870.65 $1,590.11
Primary Credit Discount $110.74 $28.51
Secondary Credit $1.00 $0.58
Primary dealer and others $147.00 $0.00
ABCP Liquidity $145.89 $0.08
AIG Credit $60.00 $38.81
Commercial Paper program $1,200.00 $42.44
Maiden Lane (Bear Stearns assets) $29.50 $26.19
Maiden Lane II (AIG assets) $22.50 $14.66
Maiden Lane III (AIG assets) $30.00 $20.55
Term Securities Lending $75.00 $0.00
Term Auction Facility $375.00 $196.02
Securities lending overnight $10.42 $9.25
Term Asset-Backed Loans (TALF) $1,000.00 $41.88
Currency Swaps/Other Assets $606.00 $59.12
GSE Debt Purchases $200.00 $129.21
GSE Mortgage-Backed Securities $1,250.00 $693.60
Citigroup Bailout Fed Portion $220.40 $0.00
Bank of America Bailout $87.20 $0.00
Commitment to Buy Treasuries $300.00 $289.22
-----------------------------------------------------------
FDIC Total $2,477.50 $356.00
Public-Private Investment (PPIP)$1,000.00 0.00
Temporary Liquidity Guarantees* $1,400.00 $301.00
Guaranteeing GE Debt $65.00 $55.00
Citigroup Bailout, FDIC Share $10.00 $0.00
Bank of America Bailout, FDIC Share $2.50 $0.00
-----------------------------------------------------------
HUD Total $306.00 $3.25
Hope for Homeowners (FHA) $300.00 $3.20
Neighborhood Stabilization (FHA) $6.00 $0.05
-----------------------------------------------------------

G-20 gridlock leaves global financial system at risk (H/T Dogs)

NEW YORK— A year after the panic that brought the world’s financial system to the brink of collapse, the Group of 20 nations will now assume the role of a permanent council on global economic cooperation. But there is still no global regulatory framework to prevent another major market meltdown. As the leaders of the world's top industrialized nations gather in Pittsburgh, that will be another item on the menu while they sip wine and nibble on hors d'oeuvres.

$1,900.00 or do Time (Congress excluded)

Taxation Chief of Staff Tom Barthold confirming the penalty for failing to pay the up to $1,900 fee for not buying health insurance.

Violators could be charged with a misdemeanor and could face up to a year in jail or a $25,000 penalty, Barthold wrote on JCT letterhead. He signed it "Sincerely, Thomas A. Barthold."