Tag: Wall Street

Fed Chair Powell Opens a Big Can of Worms at His Press Conference

Tina Marie (Ms. Cat)

Fed Chair Powell Opens a Big Can of Worms at His Press Conference

What the Fed did back then, which it knows it can still do at the drop of a dime today, is to demand an adequate amount of securities as collateral from the Wall Street firms that request its emergency loans. There is zero need or rational reason to make the U.S. taxpayer backstop potential losses on Wall Street – particularly when today’s Wall Street funding problems began months before COVID-19 reared its head in the United States.

Trump Regulator Set to Consider Approving the Banking Model that Ushered in the Great Depression – Uninsured Deposits

Tina Marie (Ms. Cat)

Trump Regulator Set to Consider Approving the Banking Model that Ushered in the Great Depression – Uninsured Deposits

Seven banking and credit union associations have sent a letter to the Office of the Comptroller of the Currency (OCC), the regulator of national banks in the U.S., spelling out the dangers of the OCC approving a pending bank charter that would allow a national bank to accept and hold deposits that lack federal deposit insurance. The lack of federal deposit insurance triggered the bank runs and banks collapses that played a key role in ushering in the Great Depression. (More on that in a moment.)

Trump Issued an Executive Memorandum Giving Mnuchin a $50 Billion Slush Fund; Mnuchin Gave Himself $386 Billion More

Tina Marie (Ms. Cat)

Trump Issued an Executive Memorandum Giving Mnuchin a $50 Billion Slush Fund; Mnuchin Gave Himself $386 Billion More

Five days before Congress passed the CARES Act on March 25 of this year, President Donald Trump issued an Executive Memorandum giving U.S. Treasury Secretary Steve Mnuchin complete discretion to use $50 billion in the Treasury’s Exchange Stabilization Fund (ESF) as Mnuchin solely saw fit. The Memorandum was dated Friday, March 20. On the prior Tuesday and Wednesday of that same week, Mnuchin had already used $20 billion of the Exchange Stabilization Fund to bail out Wall Street. As Mnuchin’s letter of November 19 to Fed Chair Jerome Powell confirms, he gave (or committed) $10 billion from the ESF to the Fed’s Commercial Paper Funding Facility on March 17 and another $10 billion to another Fed emergency lending program, the Money Market Mutual Fund Liquidity Facility, on March 18.

Jacobin and Democratic Socialists of America promote illusions in a “progressive” Biden administration

Tina Marie (Ms. Cat)

Jacobin and Democratic Socialists of America promote illusions in a “progressive” Biden administration

The political role of Jacobin and the DSA is to prevent at all costs a political break with bourgeois politics in general and the Democratic Party in particular. Theirs is the politics of the upper middle class, which is determined by the effort, on the one hand, to obtain positions for themselves within the state apparatus and, on the other hand, to prevent an independent mobilization of the working class against capitalism and for socialism.

H/T: Howell Underground on YouTube

The Past Lives On: The Elite Strategy To Divide and Conquer

Tina Marie (Ms. Cat)

The Past Lives On: The Elite Strategy To Divide and Conquer

The truth is that both the Trump voters and the Biden voters have been taken for a ride. It is a game, a show, a movie, a spectacle. It hasn’t changed much since 1969; the rich have gotten richer and the poor, working, and middle classes have gotten poorer and more desperate. Those who have profited have embraced the fraud.

H/T: The Most Revolutionary Act