Home · News · News Sep 2014 · Sep 26 2014
Friday September 26, 2014
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Inside the New York Fed: Secret Recordings and a Culture Clash
ProPublica | Jake Bernstein | 09/26/14

Barely a year removed from the devastation of the 2008 financial crisis, the president of the Federal Reserve Bank of New York faced a crossroads. Congress had set its sights on reform. The biggest banks in the nation had shown that their failure could threaten the entire financial system. Lawmakers wanted new safeguards.

The Federal Reserve, and, by dint of its location off Wall Street, the New York Fed, was the logical choice to head the effort. Except it had failed miserably in catching the meltdown.

New York Fed President William Dudley had to answer two questions quickly: Why had his institution blown it, and how could it do better? So he called in an outsider, a Columbia University finance professor named David Beim, and granted him unlimited access to investigate. In exchange, the results would remain secret.

After interviews with dozens of New York Fed employees, Beim learned something that surprised even him. The most daunting obstacle the New York Fed faced in overseeing the nation's biggest financial institutions was its own culture. The New York Fed had become too risk-averse and deferential to the banks it supervised. Its examiners feared contradicting bosses, who too often forced their findings into an institutional consensus that watered down much of what they did. ... Read more
*NPR | This American Life: 536: The Secret Recordings of Carmen Segarra (09/26/14) [68:55]

How Goldman Controls The New York Fed: 47.5 Hours Of "The Secret Goldman Sachs Tapes" Explain
ZeroHedge | author | 09/26/14

You sort of knew that the regulators were more or less controlled by the banks. Now you know.

The only reason you know is that one woman, Carmen Segarra, has been brave enough to fight the system. She has paid a great price to inform us all of the obvious. She has lost her job, undermined her career, and will no doubt also endure a lifetime of lawsuits and slander.

So what are they going to do about it? At this moment the Fed is probably telling itself that, like the financial crisis, this, too, will blow over. It shouldn't. ... Read more

Commenter from the above article
The Federal Reserve should be renamed the Department of Welfare for Wall Street and the Wealthy. The trillions in excess reserves that the Federal Reserve has supplied to banks by buying their mortgaged backed securities that they can't sell to anybody else mostly sits idle on bank balance sheets at the Federal Reserve so that banks can collect billions in risk free interest that they can use to make the Stock Market into an overinflated ponzi scheme. That is why the Stock Market Continues to rise - the Federal Reserve is handing the Wall Street Banks free money to buy stocks.

The Secret Goldman Sachs Tapes
Bloomberg | Michael Lewis | 09/26/14

... Our financial regulatory system is obviously dysfunctional. But because the subject is so tedious, and the details so complicated, the public doesn't pay it much attention.

That may very well change today, for today -- Friday, Sept. 26 --- the radio program "This American Life" will air a jaw-dropping story about Wall Street regulation, and the public will have no trouble at all understanding it. ... Read more



Democracy Now! U.S. and World News Headlines for Friday, September 26 [11:32]
*DN | Eric Holder's Complex Legacy: Voting Rights Advocate, Enemy of Press Freedom, Friend of Wall Street (09/26/14) [11:51]
DN | "We Deserve To Do More Than Just Survive": Marshall Islands Poet's Plea to the UN Climate Summit (09/26/14) [3:52]
On Tuesday, Kathy Jetnil-Kijiner from the Marshall Islands read a poem to world leaders, written as a letter to her child. "Even though there are those hidden behind platinum titles who like to pretend that we don't exist," she writes, "that the Marshall Islands, Tuvalu, Kiribati, Maldives and Typhoon Haiyan in the Philippines and floods of Pakistan, Algeria, and Colombia and all the hurricanes, earthquakes, and tidalwaves didn't exist. Still there are those who see us hands reaching out." ...
Information We All Know, But Is Worth Repeating
*KMC | How The Federal Reserve Is Turning Money Into Debt (07/16/14) [4:58]
*KMC | What does OIL have to do with the rise of IS in Iraq (09/15/14) [9:19]
KMC | Wikileaks: 'Weaponised malware' hacking software spying on us (09/24/14) [3:23]
Jon Stewart
*Jon Stewart Schools Congress On Climate Change With A Simple Demonstration (09/24/14) [10:37]
*TRNN | Eric Holder's Record at the Department of Justice. Former prosecutor Bill Black says Holder's legacy on "too big to fail" is "too big to jail" (09/26/14) [12:00]
TYT | Eric Holder Resigns, Obama Loses Long-Serving Ally (09/25/14) [11:30]
TYT | Fox News Leads GOP Bullsh*t Parade Against Eric Holder (09/25/14) [7:23]
TYT | 'Boobs On The Ground?' - Fox Host Sinks To New Low (09/25/14) [6:33]
TYT | Did The NSA Force A School District To Spy On Students? (09/25/14) [8:37]
TYT | Ferguson Police Chief Apologizes To Michael Brown's Family (09/25/14) [7:46]

09.26.2014. 10:21



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Lindsey Graham Mashups
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Environment & Climate Change
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The term "climate change" is often used to refer specifically to anthropogenic climate change (also known as global warming). Anthropogenic climate change is caused by human activity, as opposed to changes in climate that may have resulted as part of Earth's natural processes.

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AI - Artificial Intelligence | Machine Learning | Deep Learning
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Quantum mechanics | AI - Artificial Intelligence
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Economy, Wall Street and Banksters

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Intelligence Agencies/Deep State?

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Daniel Ellsberg | Pentagon Papers
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Nukes
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Rana Foroohar and Fall of American Business
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China Valley of Tunnels

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911
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On September 11, 2001, 19 terrorists attacked the Unites States. They hijacked four airplanes in mid-flight. The terrorists flew two of the planes into two skyscrapers at the World Trade Center in New York City. The impact caused the buildings to catch fire and collapse. Another plane destroyed part of the Pentagon (the U.S. military headquarters) in Arlington, Virginia. The fourth plane crashed in Shanksville, Pennsylvania. Officials believe that the terrorists on that plane intended to destroy either the White House or the U.S. Capitol. Passengers on the plane fought the terrorists and prevented them from reaching their goal. In all, nearly 3,000 people were killed in the 9/11 attacks.

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The Vietnam War

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Trump's Mashups
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Trump's Speeches | Rallys |Interviews
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