Week In Review

Quote of the Week

“The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.” – Thomas Jefferson

Event Horizon

“This process is really out of control now. The bottom line is the comprehensive bankruptcy of the United States. The Republican Party under George Bush will be known as the party that wrecked America (release 2.0). Painful as it is, Americans had better get a new ‘Dream’ and fast. It better be a dream based on the way the universe actually works, which is to say an operating procedure run on earnest effort and truthfulness rather than merely trying to get something for nothing and wishing on stars. We might begin symbolically by evacuating Las Vegas and calling in an air strike on the loathsome place – to register our new reality-based attitude adjustment.” more…

How things get too big to fail

“Things become too big to fail because the federal government makes them that way. Failures follow naturally from the concentration of decision making. Government bailouts immunize these ‘too big’ institutions from the consequences of their decisions, thereby encouraging risky behavior. There’s even a name for this phenomenon — ‘moral hazard.’ Big mistakes with big consequences become very likely.” more…

Bunning Statement To The Senate Banking Committee On The Federal Reserve Monetary Policy Report

“[T]he Fed is asking for more power. But the Fed has proven they can not be trusted with the power they have. They get it wrong, do not use it, or stretch it further than it was ever supposed to go. As I said a moment ago, their monetary policy is a leading cause of the mess we are in. As regulators, it took them until yesterday to use power we gave them in 1994 to regulate all mortgage lenders. And they stretched their authority to buy 29 billion dollars of Bear Stearns assets so J.P. Morgan could buy Bear at a steep discount.”

“Now the Fed wants to be the systemic risk regulator. But the Fed is the systemic risk. Giving the Fed more power is like giving the neighborhood kid who broke your window playing baseball in the street a bigger bat and thinking that will fix the problem. I am not going to go along with that and will use all my powers as a Senator to stop any new powers going to the Fed. Instead, we should give them less to do so they can do it right, either by taking away their monetary policy responsibility or by requiring them to focus only on inflation.” more…

And Now the Numbers

DOW Jones Industrials – 11,496.57 (+396.03)
Wilshire 5000 – 12,843.51 (+208.08 )
CSI 300 (China) – 2,815.46 (-138.04)
BSE 500 (India) – 5,203.98 (-22.87)
MICEX (Russia) – 1,623.09 (+ 1.08 )
BOVESPA (Brazil) – 59,988.10 (-160.16)
Gold/oz – 958.00 (- 2.60)
Silver/oz – 18.20 (- 0.62)
Copper/lb – 3.669 (-0.071)
Oil/bbl (Brent) – 130.19 (-14.30)
Wheat/bu (CBT) – 8.04 (-0.2675)
Corn/bu – 6.285 (-0.8075)
Rough Rice – 17.80 (- 2.00)
Dollar/Euro – 1.5844 (-0.0101)
Yuan/Dollar – 6.8119 (-0.0174)
Yen/Dollar – 106.965 (+ 0.73)
Dollar/Real – 0.6309 (+0.0045)
3 Month Treasury – 1.47 (- 0.10)
2 Year Treasury – 2.64 (+ 0.04)
10 Year Treasury – 4.08 (+ 0.12)
30 Year Treasury – 4.65 (+ 0.11)
Fed Target Rate – 2.00 (UNCHG)
U.S. Public Debt – 9,517,951,282,749.33 (+15,293,889,833.25)

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