For those who don’t remember the massive (and we mean massive) LIBOR manipulation scandal from a few years back (the reason UBS is now paying a fine) here’s a short video explaining what essentially went on.
Interesting because a whole lot of people disagree with the very very statist and crony Lula da Silva. In fact hundreds of thousands turned out in the street to protest this ongoing system (and the current president) just a few of weeks ago.
Menos Marx. Mais Mises.
This bill is probably a step in the right direction, but the focus should be first on auditing the Fed under a bright burning magnesium fueled light. We need to know what’s really going on in the institution before we can chart the best way forward. Open the beast up. Let’s see what happened in 2008/2009 and during the QE binge. Then we can tinker, or hack away, or blow up as needed.
It should be noted that Senator Warren, who is co-sponsoring this legislation in the Senate with Senator Vitter, opposes an audit of the Fed.
The US Chamber of Commerce loudly proclaims that it operates in the “spirit of free enterprise.” Sadly that is not true.
The Chamber is beginning to show its true colors as a truly anti-crony lobby gains strength in Washington and in the country generally. Some of the enemies of crony capitalism are Republicans. One such Republican is Congressman Jeff Sessions, who wants to end the Export-Import Bank, “Boeing’s Bank.” This annoys the Chamber which wants to make sure that taxpayers continue to subsidize loans for its client(s).
The supposed champion of “the spirit of free enterprise” even ranked Harry Reid, Harry Reid, ahead of Congressman Sessions (someone who appears to actually believe in the spirit of free enterprise) on its scorecard.
Big political shifts are happening.
My colleague Hunter Lewis has this to say about Paul Volcker –
“Volcker really cares about the poor and the middle class. He is also scrupulously honest, not a scintilla of cronyism or corruption in him. And he has even admitted that the financial system was actually more stable before the creation of the federal reserve.”
Everyone on Wall Street knows that Hillary is there for them. Sure she’s going to talk a good lefty-populist game but everyone knows that it’s bull. It’s part of the game. Tell the “politically unsophisticated” whatever they want to hear. People will forget. They always do. Accountability? Shoot this is 2015, post bailout. Accountability is for suckers.
Having a hard time making your car payment? Oh I understand. I eat at Chipotle too. Late on rent? CEOs make too much money!
Just say whatever. The American people are too “politically unsophisticated” to realize they’re being played. Ready for Hillary!
The implications are not good that is for sure. As Bruce Fein says, we live in a Bailout State.
It’s going to happen. We don’t know when, but it will.
Or maybe you think we are in a healthy and organic market. If so good for you and good luck.
Isn’t it nice when giant corporations (such as Boeing) and government agencies (such as the Import-Export Bank of the United States) come together to figure out how best to jack the American taxpayer? It just makes one feel all warm and fuzzy inside. At least SOMETHING is working in Washington DC. Thank goodness.
Kill the Ex-Im Bank. We’re supposed to have free markets in this country. We definitely shouldn’t have government executives and corporate executives cuddling up with one another. We’re not France.
One doesn’t need a poll to see this. During the Obama presidency the rich have done quite well. The so called “underclass” has been largely placated. (Obama got rid of Clinton era “workfare” for instance making welfare a “life choice” again.) But the middle class, the core of America, has been hurt. There is simply no denying it. (I mean one can, but one would be wrong.)
It’s not entirely Obama’s fault. He is only a part of the puzzle, if a big part.The Federal Reserve has fundamentally undermined the economy. It has rewarded those who already had assets before the 2008 Crash with an inflated stock market. Those without assets, or those whose only “asset” is their home? Well, too bad so sad.
We bet he would be.
Think of Goldman Sachs as a political compass. If Goldman is the north star of crony capitalism one should always move to the south as far away from these guys as possible. Electing any of the bank’s officially endorsed candidates (and we don’t have any candidates yet) is just not smart. It’s asking for trouble.