Bernanke "Invites" Full GAO Review Of Fed's AIG Actions

Amazing what a little pressure can do, isn't it?In a letter to Gene Dodaro, director of the Government Accountability Office and acting U.S. comptroller general, Bernanke said the Fed would make available "all records and personnel necessary" if the GAO undertook such a review....Bernanke's letter came after the House passed a bill that would grant new authority to extensively audit the Fed and...

Larry Summers, Fantasy Fiction Writer

Aaaaargh. Just aaaaaargh. This is the kind of thinking that makes me want to slam my head repeatedly against a large gold brick (assuming any can still be found, of course) - this is Summers on This Weak with George "I'm Outta Here" Stephanopoulos: Summers defended Obama's attempts to persuade banks to increase lending. "The country did incredible things for the banking industry. Those things had...

Masters Of The Universe

The irreplaceable zero hedge gives us a little peek behind the curtain at the kind of malevolence and indifference to the fortunes (both senses of the word) of others with which the country's only remaining "investment bank" operates. Goldman is raising the target price of a company, for which it still in the process of soliciting stock interest until November 17th (one would imagine some sort of...

Mattress Time?

This can't be good:(via ZeroHedge)FDIC Discloses Deposit Insurance Fund Is Now NegativeIn an unprecedented disclosure, the FDIC has highlighted that it expects the DIF reserve ratio to be negative as of September 30. As there are a whopping 48 hours before that deadline, one can safely assume that the DIF is now well into negative territory: as of today depositors have no insurance courtesy of a...

Gay Nineties? Roaring Twenties?

Those are two of the more well-known nicknames to describe decades in our nation's history (specifically, the 1890s and the 1920s, respectively). Perhaps not-so-coincidentally, both decades bear a striking resemblance to our current decade in at least one crucial respect, which I'll explain in a moment. That being the case, I've been thinking: how about the Gilded GooseEggs, or perhaps the...