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Posts Tagged ‘william dudley’

NY Fed’s Dudley Indicts Banks’ “Lack of Respect for Law, Regulation, Public Trust”

Posted by Larry Doyle on November 8th, 2013 7:33 AM |

Wow, just wow.

It is not often if ever that a major Federal Reserve governor will turn on his own banking bedmates, but we witnessed just that yesterday in an address delivered by New York Fed governor William Dudley at the Global Economic Policy Forum in New York City.

Dudley’s talk was intended to provide an outline for ending the ongoing ‘too big to fail’ reality of our major banking institutions.

Hey, wait a second. I thought Dodd-Frank ended too big to fail, didn’t it? President Obama told us so. Well, he also told us that if we liked our health care plan and our doctors and our hospitals that we could keep them . . . and we see where that got us. Back to Dudley’s talk in which he let slip a statement that should unnerve Wall Street and Washington to their very core.     (more…)

Will Uncle Sam Expand “Too Big to Fail?”

Posted by Larry Doyle on February 20th, 2013 9:45 AM |

There is not even one credible individual in the world today who would believe that we do not still operate under a “too big to fail” model for our banking industry.

We now know that “too big to fail”also means “too big to regulate” and “too big to prosecute.” Free market capitalism is dying a slow and steady death in the process.

Might we ever get out from under the heavy burden of this model? We can only hope. Yet I awaken this morning and vomited my coffee as I read in the WSJ,

Should the government backstop even more of the financial system than it already does?

Sure, if you love a mix of crony capitalism and socialism, wave it in, right?  (more…)

Will Principal Reduction Save Housing?

Posted by Larry Doyle on January 23rd, 2012 12:53 PM |

While Washington has thrown everything and the kitchen sink to support our banking system and our economy over the last few years, Washington has been unable to prop up our housing market.

What do many in Washington and elsewhere believe needs to be done on the housing front?  (more…)

The Credibility of the Federal Reserve

Posted by Larry Doyle on November 16th, 2010 7:12 AM |

The Federal Reserve is arguably the most powerful institution in the world. Additionally, it is one of the least understood.

In the midst of the ongoing financial experiment known as quantitative easing are we supposed to blindly trust the abilities of our central bankers within the Fed, especially Fed chair Ben Bernanke? I know of no institution, especially with the size and scope of the Fed, that has so much power in one man’s hands and simultaneously so little transparency and accountability.

Yet, despite that lack of transparency and accountability, at this very point in time our nation’s future largely rests in the hands of one Ben Bernanke and his control of the Federal Reserve. Should we have reason for concern? We should. (more…)

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