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Wall Street’s Financial Crisis Preceded Wuhan Virus: Chart and Timeline…

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If a reputable polling outfit were to ask Americans what caused the current financial crisis on Wall Street, they would say the coronavirus COVID-19 pandemic. If Americans were asked in the same poll when the financial crisis on Wall Street started, they would tie it to outbreaks of the virus in the U.S. this year. […]

Federal Reserve Extends Lifeline to Ailing U.S. Oil Industry…

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The Federal Reserve made some changes to its Main Street Lending Program according to a Thursday press release by the central bank that will now extend a much-needed lifeline to the U.S. oil industry. As bankruptcies, capex cuts, and unfavorable financial reports from Q1 start to trickle into the US shale patch, more oil companies […]

The New York Fed Is Exercising Powers Never Bestowed on It by Any Law…

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Earlier this month President Trump advanced the view that during a national emergency the President has “total power.” The real power, however, is being exercised by the Federal Reserve Bank of New York (New York Fed) with not so much as one vote by any elected representatives of the citizens of the U.S. The speed […]

Small Business Rescue Earned Banks $10 Billion in Fees…

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Banks handling the government’s $349 billion loan program for small businesses made more than $10 billion in fees — even as tens of thousands of small businesses were shut out of the program, according to an analysis of financial records by NPR. The banks took in the fees while processing loans that required less vetting […]

Ten Things You Can Do Now to Curb Wall Street’s Wealth Transfer System…

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The late 1920s and the early 2000s had two things in common. There was an unprecedented level of wealth and income inequality in the United States and there was no federal legislation to prevent giant Wall Street trading houses from owning deposit-taking banks filled with the savings of moms and pops across America. In both […]

Americans Are Paying a Tragic Price for Allowing Five Banks to Control the U.S. Economy…

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According to the Federal Deposit Insurance Corporation, as of yesterday there were 5,117 federally-insured banks and savings associations in the United States. But in terms of risk to the U.S. economy and financial system, according to the U.S. Treasury’s Office of Financial Research, only five of those banks matter. And as you can see from […]

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