Yesterday felt a little like that scene from the 1946 movie “It’s a Wonderful Life” starring Jimmy Stewart. There’s a run on Stewart’s bank because his absent-minded Uncle Billy loses the cash he was sent off to deposit on behalf of the bank. The bank examiners discover there’s money missing and rumors spread. The rumors […]
The Fed Intervened in Overnight Lending for First Time Since the Crash. Why It Matters to You…
Bonds, Stocks, & Bullion Battered as Powell Shrugs Off Liquidity Crisis…
Goldman Sachs and JPMorgan Have Flagrantly Flaunted the Volcker Rule for Nine Years: Now It’s to Be Gutted by Federal Regulators…
Two of Wall Street’s crony regulators announced today that they are going to “simplify” the Volcker Rule’s ban on proprietary trading at Wall Street banks, providing another big win for Wall Street and another big nightmare for Main Street. The financial crash on Wall Street in 2008 was the deepest economic upheaval in the U.S. […]
Small Banks Trump Wall Street on Dodd-Frank Rewrite…
Congress on Tuesday rolled back some of the restraints imposed on banks after the 2007-2009 global financial crisis, but big players like Goldman Sachs Group Inc (GS.N), Morgan Stanley (MS.N) and JPMorgan Chase & Co (JPM.N), will not be breaking out the champagne. While Wall Street banks lobbied hard for a range of provisions that […]
The Power of Gold: Why Deutsche Bundesbank Had to Promise to Leave 1200 Tons in New York…
With big fanfare, Deutsche Bundesbank announced on February 9 that ahead of plan they had repatriated 300 tons of gold from New York. This put a positive spin on a rather disturbing fact –1236 tons of gold that is supposed to be part of Germany’s currency reserve will continue to be kept outside of German […]
Breaking Up the Big Wall Street Banks Is Back in the Headlines…
In the past two weeks, newspaper headlines have revived the debate on whether the mega Wall Street banks continue to pose a systemic threat to the U.S. banking system and the economy. This is a desperately needed public debate that demands facts – not a revisionist history of what actually caused the 2008-2010 Wall Street […]
U.S. Quietly Drops Bombshell: Wall Street Banks Have $2 Trillion European Exposure
According to a report quietly released by the U.S. Treasury’s Office of Financial Research less than two weeks before Christmas, another financial implosion on Wall Street can’t be ruled out…
Database Reveals U.S. as Financial House of Horrors Since Repeal of Glass-Steagall Act…
Wall Street banks are intended to function as efficient allocators of capital to grow new businesses and industries in America. But since the Glass-Steagall Act was repealed in 1999…
Trump Discusses ‘the false economy’ …
“We support reinstating the Glass-Steagall Act of 1933 which prohibits commercial banks from engaging in high-risk investment,” said the platform released by the Republican National Committee…