Posts Tagged ‘RYAN GRIM’

Mainstream Economists: “Mission Accomplished”

Mainstream Economists: "Mission Accomplished"

Courtesy of Washington’s Blog 

Numerous current stories show how disconnected mainstream policy-makers are from reality.

For example, Ryan Grim points out that there is an "unbelievable disconnect" between the American people (who are people are against the Afghanistan war) and Congress and the political elite (gung-ho to escalate this never-ending war): 

Even after the Wikileaks revelations, even though there is no logical reason to be in Afghanistan, even though the war won’t help the economy, and even though most Americans want us to get out, Congress keeps increasing funding for the endless war.

And Alan Blinder (economist, banking consultant and former Vice Chairman of the Board of Governors of the Federal Reserve System) and chief Moody’s economist Mark Zandi wrote a paper yesterday called How We Ended the Great Recession:

How We Ended the Great Recession

A source on Capitol Hill sent this to me, telling me that the paper is making the rounds on the Hill.

In the paper, Blinder and Zandi congratulate the Bush and Obama administrations for saving us from the Great Depression 2.0:

Eighteen months ago, the global financial system was on the brink of collapse and the U.S. was suffering its worst economic downturn since the 1930s. The Great Recession gave way to recovery as quickly as it did largely because of the unprecedented responses by monetary and fiscal policymakers.

In other words: "Mission Accomplished".

In the real world, however, the economy is on the second leg down of the crash, and the government’s policies have not addressed the real problems. See this and this (no wonder consumer confidence is plunging but Wall Street is partying like it’s 1999).

Indeed, while Blinder and Zandi and Congress are patting themselves on the back for a job well done, the facts simply do not bear out their claims. As just one example, they claim that the TARP bank bailouts helped the economy. But as I pointed out in March 2009, the bailout money didn’t actually…
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Dodd Bill Would Allow Fed To Hide Its Spending

Ryan Grim is the Huffington Post’s senior congressional correspondent and has written for Slate, Rolling Stone, Harper’s, and the Washington Post.  He also has a new book out, "This Is Your Country on Drugs: The Secret History of Getting High in America." Click here to read "Border Justice." - Ilene 

Dodd Bill Would Allow Fed To Hide Its Spending

Courtesy of Ryan Grim, writing at The Huffington Post

The Wall Street reform bill headed for a test vote on the Senate floor Monday night will allow the Federal Reserve to continue to pump trillions of dollars into major banks largely in secrecy, the co-author of House language that would open the central bank to an audit charged in a memo to the Senate.

"The Senate has a provision in its reform bill that purports to audit the Fed. But, it really doesn’t do anything of the sort. I’m going to run down the details for you, and reprint the legislative language so you can read it yourself," writes Rep. Alan Grayson (D-Fla.).

It would not allow the GAO to look into the Fed’s massive purchase of toxic assets, its hundreds of billions in foreign currency swaps with other central banks or its open market operations, among other restrictions.

Grayson and co-author Rep. Ron Paul (R-Texas) passed legislation through the House that would allow the Government Accountability Office (GAO) to audit the Federal Reserve and, after a delay, release the information to Congress. It was a remarkable victory, with a populist coalition beating back the combined lobbying efforts of the Treasury Department, the Fed and Wall Street banks.

The Senate has been more hostile territory for the Fed audit provision. Banking Committee Chairman Chris Dodd (D-Conn.) opposes the Grayson-Paul version, but allowed a much more restrictive audit proposal from Sen. Jeff Merkley (D-Oregon) into his bill.

Grayson, in his memo, outlines the shortcomings of the Senate bill. Walker Todd, who spent some 20 years as a counselor with the Federal Reserve Banks of New York and Cleveland, reviewed Grayson’s analysis and told HuffPost he concurs with it.

The Seante bill would allow an audit of the TALF program and slightly expands authority to audit emergency lending conducted under section 13(3) of the Federal Reserve Act, but restricts it to very specific purposes.

Meanwhile, it would not allow the GAO to look into the Fed’s massive purchase of toxic assets,…
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Border Justice

This is a chapter from Ryan Grim’s book on drugs, This Is Your Country on Drugs: The Secret History of Getting High in America." Get a beer, glass of wine, or whatever, and enjoy! – Ilene

Illicit drugs and paraphernalia

Excerpt from a review "Why we say yes to drugs" by Laura Miller in Salon:

…Yet even politicians inclined to support a treatment-oriented approach to diminishing the American appetite for illegal drugs have opted to emphasize enforcement in order to position themselves as "tough" on crime.

For just this reason, President Clinton replaced his first, reform-minded drug czar, Lee Brown, with retired Gen. Barry McCaffrey, who squandered billions on a scandal-ridden media campaign (planting secret anti-drug messages in prime-time TV dramas) and combating the medical marijuana movement, which is supported by a majority of Americans. Worse yet, overseas enforcement campaigns lead to horrific blowback. Grim points out that aggressive attacks on growers and suppliers cause centralization of the drug trade (only big organizations can afford the losses) and this in turn leads to corruption, as cartel leaders parlay their fortunes into political influence. Not only are we pissing away our own resources on ineffectual enforcement efforts, we have "brought the Mexican government to the brink of collapse, making the prospect of a failed state on America’s southern border a very real possibility."

For Grim, most of these mistakes have roots in an elementary error, the inability to accept that "altering one’s consciousness is a fundamental human desire." The craving to be more relaxed or more alert, more outgoing or more reflective, happier or deeper or even just sillier and less bored — in one form other another, this drive has always been and always will be with us, though many of us refuse to admit it. As a result, our political response to drug problems tends to be blinkered. "In reality, there’s no such thing as drug policy," Grim writes. "As currently understood and implemented, drug policy attempts to isolate a phenomenon that can’t be taken in isolation. Economic policy is drug policy. Healthcare policy is drug policy. Foreign policy, too, is drug policy. When approached in isolation, drug policy almost always backfires, because it doesn’t take into account the powerful economic, social and cultural forces that also determine how and why Americans get high." 

Border Justice

U.S. - Mexico Border Fence  at the Pacific Ocean


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Dylan Ratigan Discusses The “Audit The Fed” Support Letter

Must see video with Dylan Ratigan, Ryan Grim (featured here yesterday) and Naomi Klein.  Naomi talks about the zombie banks actually being vampires, sucking the blood (money) out of our society, fearing the fate of withering and dying in the light. How can we help? Naomi suggests that we need to "out the lobbyists." – Ilene

Dylan Ratigan Discusses The "Audit The Fed" Support Letter

The pressure on both Geithner and Bernanke is finally reaching a crescendo. Fixing the US economy would start with the departure of Geithner (forced or otherwise) and the full audit of the Fed. Everything else is smoke and overleveraged, uncollateralized mirrors (perfectly acceptable in the Fed’s discount window). An interview by Dylan Ratigan of Ryan Grim and Naomi Klein makes this point loud and clear. The castration of Ron Paul’s bill must not occur if America does not want to end up in the same financial collapse gutter it found itself in 2008. Mel Watt and others have to look beyond their immediate financial gain and consider what is critical for the American people.

DYLAN RATIGAN: How is the Federal Reserve trying to basically game this Ron Paul amendment which looks like it will pass, and then chop its head off just as soon as it makes it into the room?

RYAN GRIM: This is an immensely consequential debate that’s going on in the House right now, and it also tells you a little bit about how Congress works.

The Ron Paul/Alan Grayson bill has enough support to pass. So instead of trying to kill it, which they can’t do any more, they come in with what they call a “compromise.” A serious with a capital “s” amendment, but if you look at the fine print of it, it actually just extends the secrecy of the federal reserve, and as you said it’s backed by prominent economists at the fed and formerly at the Fed. They didn’t say that they that they were with the Fed when they sent a letter around backing it, but a Google search checking their resumes show that these are Fed bankers behind it.There is really unprecedented and very meaningful opposition to the Federal Reserve that has come together from the left and the right kind of opposing the center that is


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Zero Hedge

Risk Assets Don't Have A Central Bank Superhero This Time

Courtesy of ZeroHedge View original post here.

By Michael Read, Bloomberg Markets Live commentator and reporter

Why hasn’t risk bounced?

Why hasn’t there been a large troupe of dip buyers at the ready after Friday’s rout? 

There are three main factors behind the underwhelming price action so far this week:

  1. The emergence of previous variants has come as central bankers were roughly midway through an easing program: there was a backdrop of asset purchases and dovish forward guidance to placate an angsty market. This time not so much, and while policy makers may twe...



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Phil's Favorites

Omicron: why the WHO designated it a variant of concern

 

Omicron: why the WHO designated it a variant of concern

Courtesy of Ed Feil, University of Bath

The World Health Organization (WHO) has announced that the B.1.1.529 lineage of Sars-CoV-2, thought to have emerged in southern Africa, is to be designated as a variant of concern (VoC) named omicron. This decision has already precipitated a broad shift in priorities in pandemic management on a global scale.

The WHO has recommended, among other things, increased surveillance, particularly virus genome sequencing; focused research to understand the dangers posed by this...



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Biotech/COVID-19

The hunt for coronavirus variants: how the new one was found and what we know so far

 

The hunt for coronavirus variants: how the new one was found and what we know so far Scientists find variants by sequencing samples from people that have tested positive for the virus. Lightspring/Shutterstock

Courtesy of Prof. Wolfgang Preiser, Stellenbosch University; Cathrine Scheepers, University of the Witwatersrand; Jinal Bhiman, National Institute for Communicable Diseases; ...



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Politics

The first Thanksgiving is a key chapter in America's origin story - but what happened in Virginia four months later mattered much more

 

The first Thanksgiving is a key chapter in America’s origin story – but what happened in Virginia four months later mattered much more

In the 19th century, there was a campaign to link the Thanksgiving holiday to the Pilgrims. Bettman/Getty Images

Courtesy of Peter C. Mancall, USC Dornsife College of Letters, Arts and Sciences

This year marks the 400th anniversary of the first Thanksgiving in New England. Remembered and retold as an allegory for perseverance and cooper...



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Chart School

Gold and Silver still working higher

Courtesy of Read the Ticker

Using Gann Angles from zero we can time the next run up, and it is near.

The last two days gold and silver are down on the back of central bankers talking the US Dollar higher in a attempt to off set inflation. A rising dollar is a form of tightening. Also the talk of a faster 'taper' has sent interest rates higher. But Luke Gromen knows this cant not last.

@LukeGromen Externally-financed twin deficit nations with insufficient external financing (ie the US, not Japan) cannot abide rising real rates for long.


RTT Comments: What this means a higher US Dollar makes it harder for those outside the US to buy the vast quantity of US Treasuries. 


U...

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Digital Currencies

Stablecoins: these cryptocurrencies threaten the financial system, but no one is getting to grips with them

 

Stablecoins: these cryptocurrencies threaten the financial system, but no one is getting to grips with them

Safe as houses? iQoncept

Courtesy of Jean-Philippe Serbera, Sheffield Hallam University

Cryptocurrencies have had an exceptional year, reaching a combined value of more than US$3 trillion (£2.2 trillion) for the first time in November. The market seems to have benefited from the public having tim...



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Promotions

Phil's Interview on Options Trading with TD Bank

TD Bank's host Bryan Rogers interviewed Phil on June 10 as part of TD's Options Education Month. If you missed the program, be sure to watch the video below. It should be required viewing for anyone trading or thinking about trading using options. 

Watch here:

TD's webinar with Phil (link) or right here at PSW

Screenshots of TD's slides illustrating Phil's examples:

 

 

&n...



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Kimble Charting Solutions

Crude Oil Cleared For Blast Off On This Dual Breakout?

Courtesy of Chris Kimble

Is Crude Oil about to blast off and hit much higher prices? It might be worth being aware of what could be taking place this month in this important commodity!

Crude Oil has created lower highs over the past 13-years, since peaking back in 2008, along line (1).

It created a “Double Top at (2), then it proceeded to decline more than 60% in four months.

The countertrend rally in Crude Oil has it attempting to break above its 13-year falling resistance as well as its double top at (3).

A successful breakout at (3) would suggest Crude Oil is about to mo...



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ValueWalk

Managing Investments As A Charity Or Nonprofit

By Anna Peel. Originally published at ValueWalk.

Maintaining financial viability is a constant challenge for charities and nonprofit organizations.

Q4 2020 hedge fund letters, conferences and more

The past year has underscored that challenge. The pandemic has not just affected investment returns – it’s also had serious implications for charitable activities and the ability to fundraise. For some organizations, it’s even raised doubts about whether they can continue to operate.

Finding ways to generate long-term, sustainable returns for ...



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Mapping The Market

Suez Canal: Critical Waterway Comes to a Halt

 

Suez Canal: Critical Waterway Comes to a Halt

Courtesy of Marcus Lu, Visual Capitalist

The Suez Canal: A Critical Waterway Comes to a Halt

On March 23, 2021, a massive ship named Ever Given became lodged in the Suez Canal, completely blocking traffic in both directions. According to the Suez Canal Authority, the 1,312 foot long (400 m) container ship ran aground during a sandstorm that caused low visibility, impacting the ship’s navigation. The vessel is owned by Taiwanese shipping firm, Evergreen Marine.

With over 2...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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