Posts Tagged ‘Senator Sherrod Brown’

The Case Against the Fed from a US Senator

The Case Against the Fed from a US Senator

Courtesy of JESSE’S CAFÉ AMÉRICAIN

If you read through this letter from US Senator Sherrod Brown (D-OH), who is also the chairman of the Senate Subcommittee on Economic Policy, you will get a grasp of how badly the Fed has mishandled its responsibilities over the past ten years at least.

I thought the Senator was far too kind and reserved in his criticism. Yes, the Fed did focus on inflation. Unfortunately the definition of inflation which they used was inappropriate, since it did not include the obvious asset bubbles which were created by the Fed’s own monetary policies.

In addition, the Fed not only neglected its role in consumer protection, it took an activist opposition to the regulation of new financial instruments such as derivatives that has created a position that even today leaves the US in a financially precarious position.

This is particularly galling when one hears of the schemes being concocted by the bank friendly Senators, Dodd, Corker and Shelby, to move more of the weak banking reforms into the Fed, which is itself a private institution owned by these very banks that it will regulate.

This is not the appropriate level of financial reform that the American people deserve. And if you notice to whom Senator Sherrod is addressing his concerns, you will understand my lack of enthusiasm or any change or improvement in this sorry state of affairs.
 

March 10, 2010

The Honorable Timothy Geithner
Secretary, United States Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, D.C. 20220

The Honorable Lawrence Summers
Director, National Economic Council
The White House
1600 Pennsylvania Avenue, NW
Washington, D.C. 20500

Dear Secretary Geithner and Director Summers,

I write to you today to express my concern about the vacancies at the Federal Reserve, both on the Federal Open Market Committee (FOMC) and soon in the Vice Chairman’s office. This is the financial equivalent of leaving open vacancies on the United States Supreme Court, and it is essential that we fill these positions.

As


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ValueWalk

The Classic Harbinger Of A Recession

By Louis Navellier. Originally published at ValueWalk.

In his Daily Market Notes report to investors, while commenting on recession, Louis Navellier wrote:

Goodbye and good riddance to the 1st half of ’22, as the focus shifts from inflation to growth.

Harbinger of Recession

Stocks were modestly in the green on the open after a tough week, but have since headed firmly into the red.  The big concern today is how much interest rates have dropped, reflecting a fear of recession.

...

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Zero Hedge

Blain: "Markets Are Still In Denial/Fool-Themselves Mode"

Courtesy of ZeroHedge View original post here.

Authored by Bill Blain via MorningPorridge.com,

“Cheer up my lads ‘tis to glory we steer, to add something new to this wonderful year…”

Stocks tumbled 20% in H1, but Central Banks are fixated on Inflation as the No 1 priority with higher interest rates nailed on. Supply chain issues remain difficult, meaning corporate earnings will remain under pressure. The market is setting up for further weakness through H2....



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Kimble Charting Solutions

Nvidia Stock On The Ropes As Semiconductors Leadership Tested!

Courtesy of Chris Kimble

It is imperative for active investors to understand the importance of market leadership, both on the way up and down.

And this is proving to be very true of the Semiconductors sector. The Semis played a HUGE role in the tech bull market, helping to push the Nasdaq and Nasdaq 100 higher and higher over more than a decade.

But, as we have covered several times this year (click here for our latest article on Semis), tech turned lower late last year… and the Semis were the warning as a leader to the downside.

So t...



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Phil's Favorites

Kremlin tightens control over Russians' online lives - threatening domestic freedoms and the global internet

 

Kremlin tightens control over Russians’ online lives – threatening domestic freedoms and the global internet

Russia has pioneered the concept of digital sovereignty and used it to severely restrict Russians’ access to the internet. NurPhoto via Getty Images

Courtesy of Stanislav Budnitsky, Indiana University

Since the start of Russia’s war on Ukraine in late February 2022, Russian internet users have experienced what has been dubbed the descent of a “...



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Politics

Kremlin tightens control over Russians' online lives - threatening domestic freedoms and the global internet

 

Kremlin tightens control over Russians’ online lives – threatening domestic freedoms and the global internet

Russia has pioneered the concept of digital sovereignty and used it to severely restrict Russians’ access to the internet. NurPhoto via Getty Images

Courtesy of Stanislav Budnitsky, Indiana University

Since the start of Russia’s war on Ukraine in late February 2022, Russian internet users have experienced what has been dubbed the descent of a “...



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Chart School

Gold Stocks Review

Courtesy of Read the Ticker

Gold miners do well when gold is higher, and borrowing and gasoline costs are lower.

Lets start with a question: Why do governments own gold?

1) The need it to support their economy during an energy crisis. If their currency is collapsing oil producers will not take fiat for settlement, but they will accept gold.
2) While the US prints money the purchasing power of the US dollar is declining, hence gold is a hedge.

A particular market action which forces traders to move gold higher is when oil moves higher while the US dollar falls. This means the US dollar is losing purchasing power against oil, therefore gold will go higher as the demand for (1) above explodes. Some history, gold moved higher sharply in these years 2007, 2011, 2016, 2020. All ...

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Digital Currencies

Scams and cryptocurrency can go hand in hand - here's how they work and what to watch out for

 

Scams and cryptocurrency can go hand in hand – here’s how they work and what to watch out for

The anonymous nature of cryptocurrency transactions is ideal for con artists. seksan Mongkhonkhamsao/Moment via Getty Images

Courtesy of Yaniv Hanoch, University of Southampton and Stacey Wood, Scripps College

When one of our students told us they were going to drop out of college ...



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Biotech/COVID-19

At last, COVID-19 shots for little kids - 5 essential reads

 

At last, COVID-19 shots for little kids – 5 essential reads

Millions of U.S. children between the ages of 6 months and 4 years will soon be eligible for COVID-19 shots. FatCamera/E+ via Getty Images

Courtesy of Amanda Mascarelli, The Conversation

For many parents of kids under age 5, a safe and effective COVID-19 vaccine could not come soon enough. A full year and a half after shots first became available for adults, their wait is nearly over.

On June 17, 2022, the Food and Drug Administration ...



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Promotions

Phil: Be the House Not the Gambler at the Fintech Conference in Vegas

 

Phil gave an excellent, educational presentation called "Be the House Not the Gambler: Using Stock Options to Significantly Boost Your Portfolio Performance" at the FinTwit Conference hosted by Lupton Capital and Benzinga on May 14 in Las Vegas. The video is set to start playing at 5:30:45, when Phil takes the stage (but you can see previous presentations by backtracking).

AGENDA 
9:00 AM Opening Remarks with Jonah Lupton, Entrepreneur & Investor
9:05 AM Wagging the Dog: How to Profit From Derivative Driven Moves in the Market with Steven Place, Founder, Investingwithoptions.com
10:00 AM The MarketWebs & The Path of Least Resistance, Christian Fromhertz, CEO, The Tribeca Trade Group
10:55 AM Fireside Chat with Gareth Mann, Founder & CEO, AlphaStream & Spencer Israel, Executive Producer, Benzinga
11:25 AM Sponsor Pitch: Carolyn Bao, VP of Marke...



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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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