By Pam Martens and Russ Martens, July 15, 2022
Yesterday afternoon, Mark Bialek, the Inspector General of the Federal Reserve, released a memorandum clearing Fed Chair Jerome Powell and former Fed Vice Chair Richard Clarida of wrongdoing in the trading scandal that has engulfed multiple officials of the Federal Reserve.
The Fed’s Inspector General Clears Jerome Powell of Wrongdoing in the Trading Scandal, One Day After Five Senators Accuse Him of Hampering the Investigation
Related:
Newly released government documents from the 1980s outline the devastation that would be wrought on the planet if nuclear superpowers go to war—which should serve as a reminder for policymakers to prioritize peace negotiations as the war in Ukraine rages on, according to Scott Horton, editorial director of Antiwar.com.
‘Nuclear Winter’ Discussed in Newly Released Reagan-Era Documents
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Mail service is slower now than in the 1970s. Congress’ $107 bailout probably won’t change that.
The Postal Service Reform Act Just Passed. Here’s What That Means for Your Mail
US to erase student debt for those with severe disabilities
Advocates have pressed the Education Department to eliminate the monitoring period entirely and to provide automatic debt relief to people who the Social Security Administration already identifies as permanently disabled.
Under the new action, both demands will be met. Starting in September, the Education Department will start erasing student debt for 323,000 Americans identified in Social Security records as being permanently disabled.
Fed Chair Powell Misleads House Hearing on Wall Street’s Bailout Programs
It’s factually incorrect for the Fed Chairman to say that it can only make emergency loans with the approval of the Treasury. Months before there was any case of COVID-19 anywhere in the world the Fed was making hundreds of billions of dollars a week in emergency repo loans to Wall Street trading houses. The emergency loans started on September 17, 2019 – four months before the first reported case of COVID-19 in the United States. By January 27, 2020 the Fed’s ongoing cumulative loans to bail out Wall Street’s hubris tallied up to an astounding $6.6 trillion. (See Fed Repos Have Plowed $6.6 Trillion to Wall Street in Four Months; That’s 34% of Its Feeding Tube During Epic Financial Crash.)
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