Posts Tagged ‘Senate’

Notes From Underground: The Sins of Wages

July 17, 2018

Tuesday was the first round of the Federal Reserve Chairman Jerome Powell’s semi-annual testimony to Congress. The Senate Banking Committee questioned Powell about recent Fed decisions and looked for some guidance as to how the FOMC viewed the current state of the domestic and global economy. There were many questions about the impact on the economy from the Trump tariffs, which the Fed chairman adroitly evaded and put the onus on Congress, where it rightly belongs.

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Notes From Underground: Outliers and Out Right Liars

November 5, 2012

Yes, the U.S. Presidential election is finally here. After the POLITICAL-INFO COMPLEX has spent the $6 billion on various political campaigns, we are left wondering why anyone would contribute money to feed the monster and prolong our agony. I know the answer and the “road to political hell is not paved with good intentions.” There are so many polls predicting a very tight race that I care not for the popular predictions. As an investor/trader I am much more concerned about the outliers. First, the most significant result would be for the Democrats to retake the house. The 2010 Republicans claiming the majority in the House by such a wide margin was not predicted. If the Democrats were to undo 2010 it would mean a landslide victory for President Obama as well as the continued control of the Senate. The triple crown for the Democrats would be a negative for the markets as there would be no movement on the “fiscal cliff” as the Democratic leadership would be empowered with a mandate.

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Notes From Underground: Bernanke, Act I

July 18, 2012

Today’s SEMIANNUAL MONETARY POLICY REPORT TO THE SENATE: All posturing and no substance. In the usual scene of playing for the folks back home, Chairman Bernanke was lectured to about the need to do his job and feed the system with so much liquidity that “job growth” would have to take place. (Mr. Schumer, to you a copy of the work of Richard Koo and the concept of a balance sheet recession). Some Senators were berating Bernanke for the LIBOR scandal in an effort to show that the U.S. Congress was serious about banking abuses. For the record: When the banking sector is under stress the FED’s only concern is the repair of banking balance sheets and if the profits come from manipulating the setting of a short-term bank rate, the means justifies the ends.

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Notes From Underground: Slovakia … Never Has Something So Insignificant Attracted So Much Attention

October 11, 2011

The media was all aflutter with the vote in the Slovakian Parliament on the issue of the July 21 changes to enhancing the increased funding for the EFSF. This vote was meaningless for Europe and the world but of significance for the Slovakian government. The amount of money that Slovakia would have to add to the EFSF is a pittance compared to the funds that Europe has sent and will send to the Slovak people under the guise of the EU COHESION FUNDS. Europe has sent the less-affluent states money to help ease the wide disparities between the wealthy core nations and the newly developing nations of the former Soviet Empire.

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