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Fed missed warning signs
in 2007 as crisis gained steam
Reuters, by Pedro Nicolaci da Costa*
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Original Article
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Posted By:NorthernDog, 1/19/2013 10:14:11 AM
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| WASHINGTON - Top policymakers at the Federal Reserve felt for most of 2007 that problems in housing and banking were isolated and unlikely to tear down the U.S. economy as they ultimately did. Even as crisis signals started flashing red with the freezing of credit markets during the summer, Fed officials believed the troubles would be moderate and short-lived, according to transcripts of the 2007 meetings released on Friday after the customary five-year lag. U.S. Treasury Secretary Timothy Geithner, then president of the New York Federal Reserve Bank, said during an emergency telephone call on August 10 of that year
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Comments:
*Alister Bull, Ann Saphir and Jonathan Spicer
These same clowns are now guiding us to the brink of another financial precipice.
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Reply 1 - Posted by:
billp, 1/19/2013 10:23:30 AM (No. 9126277)
So... BUSH´S fault!
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Reply 2 - Posted by:
MisterDickens, 1/19/2013 10:32:41 AM (No. 9126299)
First sentence proves the utter worthlessness of the article... and the hidden agenda.
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Reply 3 - Posted by:
toddh, 1/19/2013 10:33:48 AM (No. 9126301)
Sen. John McCain tried to rein in Fannie Mae and Freddie Mac in 2006.
http://www.humanevents.com/2008/10/10/mccain-letter-demanded-2006-action-on-fannie-and-freddie/
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Reply 4 - Posted by:
LudicrousSextus, 1/19/2013 10:36:27 AM (No. 9126305)
Most amusing. From the outset - the ´housing crisis´ was a Federal creation - force lenders to underwrite people buying homes - without the income to support it. This drove the housing bubble - and bust, when reality hit...
The Feds *still* force these insane policies, and humorously - now the GAO says we´re on course to tank the US economy completely unless the Feds reverse their insane spending.
Ready for the next ´housing crisis´? Think of the last thing the Feds ´improved´ - then sign up for healthcare in Bolivia. Couldn´t be any worse than where we´re heading...
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Reply 5 - Posted by:
civilservant, 1/19/2013 10:42:16 AM (No. 9126315)
BS. Barney Frank´s excoriation of the Bush Admin. member testifying about attempts to save are FOREVER alive on the web.
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Reply 6 - Posted by:
Cleanhousein2012, 1/19/2013 11:12:02 AM (No. 9126384)
How come ´unexpectedly´ wasn´t in this article?
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Reply 7 - Posted by:
woofwoofwoof, 1/19/2013 11:12:08 AM (No. 9126386)
This is not news.
Everyone saw a tumble coming, but nobody saw the market failure that broke the systems. And a massively stupid "mark to market" rule that made it all twice as bad. And failure to enforce illegal bear raids on bank stocks.
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Reply 8 - Posted by:
JAN, 1/19/2013 11:19:12 AM (No. 9126401)
Greenspan is the grandfather of this mess. Bernanke just followed his lead.
Enabled and encouraged by the evil doer in the White House.
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Reply 9 - Posted by:
retcpo, 1/19/2013 11:22:38 AM (No. 9126415)
Tim Geitner was distracted by TurboTax instructions.
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Reply 10 - Posted by:
azusaman, 1/19/2013 11:57:37 AM (No. 9126495)
LOL #6
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Reply 11 - Posted by:
Canesplitter, 1/19/2013 11:59:52 AM (No. 9126499)
The only warning sign I saw was losing the congress to the democrats in Nov 2006. The die was cast. Look at median home sales prices in summer 2007. I make a living looking at forensic market analysis. In market area after market area, once Nancy and Harry set their claws into the economy, the HPI started to plunge.
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Reply 12 - Posted by:
stablemoney, 1/19/2013 2:07:53 PM (No. 9126688)
Ben Bernanke didn´t expect anything that followed 2007. Bernanke was not aware that the U.S. credit rating might be lowered, did not know that labor force participation would fall to 1980 levels, or that America´s standard of living would fall by 10% in the following 4 years. Now, 2013, Bernanke does not expect higher inflation, currency devaluation, or U.S. bankruptcy. If we had a GOP, they would enact a law that said the Federal Reserve cannot monetize the debt by printing money, but we don´t? The GOP didn´t expect what has happened, doesn´t know anything about, denies having any power whatsover, and does not remember winning the House.
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Reply 13 - Posted by:
Packard Man, 1/19/2013 3:26:07 PM (No. 9126823)
Must be the lack of oxygen so high up.
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Reply 14 - Posted by:
Old Army Vet, 1/20/2013 12:45:43 PM (No. 9128229)
None of them could run a hot dog stand.
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Below, you will find ...
Most Recent Articles posted by "NorthernDog"
and
Most Active Articles (last 48 hours)
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Most Recent Articles posted by "NorthernDog"
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Look Out Below, The
Obamacare Chaos Is Coming
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Forbes, by Peter Ferrera
Original Article
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Posted By: NorthernDog- 4/7/2013 11:34:30 AM
Post Reply
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The biggest political problem faced by so-called “liberals” and so-called “progressives” in President Obama’s second term is how to prevent voters from holding them politically responsible as the public comes to realize how badly they were lied to during the first Obama term to win passage of Obamacare. (Snip) Just wait until the broad realization dawns that the harsh reality of Obamacare is that tens of millions will lose their employer provided insurance because of the perverse incentives under the program. Even the establishment CBO admits that at least 7 million, and as many as 20 million
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Is going gluten-free
healthier for everybody?
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The Week, by Staff
Original Article
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Posted By: NorthernDog- 4/7/2013 11:28:27 AM
Post Reply
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Gluten-free diets are all the rage, but they can be dangerous if not done right. What is gluten? It´s the spongy complex of proteins, found naturally in wheat, rye, and barley, that gives elasticity to dough and allows it to rise. When flour is moistened and either kneaded or mixed into dough, gluten molecules form an elastic, microscopic latticework that traps the carbon dioxide produced when yeast ferments, causing dough to inflate like a hot air balloon. Baking hardens the gluten, which helps the finished product keep its shape. Wheat — and gluten — is ubiquitous in the American diet.
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US delays missile test to avoid
exacerbating North Korea tensions
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Guardian [UK], by Staff*
Original Article
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Posted By: NorthernDog- 4/6/2013 9:07:24 PM
Post Reply
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The US defence department has delayed an intercontinental ballistic missile test that had been planned for next week at an air force base in California amid mounting tensions with North Korea, according to a senior official. Defence secretary Chuck Hagel reportedly decided to put off the long-planned Minuteman 3 test until next month because of concerns the launch could be misinterpreted and exacerbate the Korean crisis. "This is the logical, prudent and responsible course of action to take," the official said, speaking on condition of anonymity. The test was not connected to the ongoing annual
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Police in eastern Idaho
investigate triple slaying
at marijuana grow house
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Associated Press, by Staff
Original Article
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Posted By: NorthernDog- 4/6/2013 8:59:21 PM
Post Reply
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BOISE, Idaho — Authorities in eastern Idaho are investigating the shooting deaths of two men and a woman whose bodies were found in a home that contained a marijuana grow operation. The deaths took place sometime between Thursday afternoon and evening by someone who had some type of relationship with the victims, the Oneida County Sheriff’s Office said. The bodies were discovered Friday outside Holbrook, a town of about 400 people just north of the Idaho-Utah state line. Authorities said a 2-month-old was found under the arm of one of the victims — 27-year-old Yavette Chivon Carter.
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Late-night network shows
still a white men´s club
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Associated Press, by Lynn Elber
Original Article
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Posted By: NorthernDog- 4/6/2013 2:32:17 PM
Post Reply
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LOS ANGELES — The role of female talk show hosts in late-night TV network history, all 50-plus years of it, can be summed up in two words: Joan Rivers. It takes just another two — Arsenio Hall — to do the same for minorities. There´s no indication that´s going to change in the latest round of musical chairs involving "Tonight" and "Late Night." All the NBC, ABC and CBS showcase jobs at 11:30 p.m. Eastern and later appear likely to remain securely in white men´s hands. Jay Leno is handing off to Jimmy Fallon, with speculation
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Hillary Clinton´s Every
Public Move Generates Buzz
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ABC News, by Ken Thomas
Original Article
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Posted By: NorthernDog- 4/6/2013 8:04:22 AM
Post Reply
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Young supporters hold signs outside Hillary Rodham Clinton´s speeches urging her to run for president. Audiences listen with rapt attention as she discusses the plight of women and girls in developing countries. Even a long-expected book deal announcement generates lots of chatter. Not long after Clinton stepped down as President Barack Obama´s secretary of state, the "will she or won´t she" question is already following her around like the activists who held dark blue "Ready for Hillary" signs outside speeches at the Kennedy Center in Washington and New York´s Lincoln Center. This past week, Clinton came off a two-month break
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Sears Says Portrait Studio
Operator Shuts Down at U.S. Stores
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Bloomberg News, by Renee Dudley
Original Article
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Posted By: NorthernDog- 4/5/2013 3:36:40 PM
Post Reply
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Sears Holdings Corp. (SHLD) said CPI Corp. (CPIC), the company that operated photo portrait studios at the retailer’s stores, is ceasing U.S. operations. “We are working with CPI to ensure that it fulfills its outstanding orders and provides ordered pictures to our members and customers,” Howard Riefs, a spokesman for Hoffman Estates, Illinois-based Sears, said in an e-mail today. CPI operated the studio under license, he said. Sears is “exploring all options” to continue photo services, Riefs said. Customers who have had recent picture sessions can order portraits on the Sears website through
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KFC to offer easy-to-eat
boneless chicken
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Associated Press, by Candice Choi
Original Article
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Posted By: NorthernDog- 4/5/2013 3:30:42 PM
Post Reply
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NEW YORK -- In case Americans want to scarf down their fast-food even faster, KFC is stripping the bones out of its chicken. The fast-food chain says it´s introducing deep-fried boneless chicken pieces on April 14 as an alternative to its traditional breast, thigh and drumstick pieces. The new offering reflects the growing popularity of nuggets and strips that are easier to eat on the go, as well as Americans´ seemingly endless desire for more convenient foods. KFC says nearly four out of five servings of chicken sold in the U.S. are now boneless. Based on customer trends
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Ebert: Cancer returns,
taking ´leave of presence´
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Associated Press, by Staff
Original Article
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Posted By: NorthernDog- 4/3/2013 9:27:37 AM
Post Reply
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CHICAGO — Acclaimed film critic Roger Ebert said he´s been diagnosed with cancer again and that he will scale back his prolific writing of movie reviews while undergoing radiation treatment. In a blog post, the 70-year-old said he´ll take a "leave of presence." "I am not going away," the ailing Pulitzer Prize winner wrote in a note posted late Tuesday. "My intent is to continue to write selected reviews but to leave the rest to a talented team of writers. ... What´s more, I´ll be able at last to do what I´ve always fantasized about doing: reviewing only the movies
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What to Do When You
Can´t Pay Your Taxes
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Bloomberg News, by Kenneth Savell
Original Article
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Posted By: NorthernDog- 4/2/2013 4:11:03 PM
Post Reply
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The economy has taken a brutal toll on the finances of many Americans these past few years. Unemployment, underemployment, medical and family emergencies and other unforeseen circumstances can result in a tax bill beyond one´s means. The good news: Debtors´ prisons are a thing of the past and the Internal Revenue Service will not seize your paycheck or bank account on April 16. The key is not to hide your head in the sand if you face a payment dilemma. The IRS offers
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Melting Glaciers Are Increasing
Extent Of Sea Ice In Antarctica,
Says Counterintuitive Study
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Popular Science, by Rebecca Boyle
Original Article
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Posted By: NorthernDog- 4/2/2013 11:34:31 AM
Post Reply
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Climate change is expanding sea ice in Antarctica, a paradoxical finding that appears to be the result of melting glaciers, according to a new study. As freshwater glaciers melt, cold water sinks into the ocean, keeping the sea colder than it would otherwise be. The fresh water is less dense than seawater, so it floats on the top layer of the ocean, which in turn stays cooler. That makes it easier for the seas to freeze again in the Antarctic fall and winter, scientists say. This negative feedback is expected to continue, they added. Sea ice levels
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Rhode Island parents moved to tears
after Pope Francis hugs their disabled son
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Fox News, by Staff
Original Article
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Posted By: NorthernDog- 4/2/2013 11:27:42 AM
Post Reply
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A Rhode Island couple says they were speechless and moved to tears when Pope Francis hugged and kissed their disabled 8-year-old son in St. Peter´s Square on Easter Sunday. Paul and Christina Gondreau of Johnston and their five children attended Easter Mass at the Vatican. An usher directed the boy, Dominic, who has cerebral palsy, and his mother to an area designated for handicapped children, said Paul Gondreau, a theology professor at Providence College who is teaching this semester in Rome. When the pope´s vehicle arrived, the same usher motioned to the driver to stop
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Most Active Articles (last 48 hours)
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We Are Living in
a Dying Country
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Rushlimbaugh.com, by Rush Limbaugh
Original Article
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Posted By: Desert Fox- 4/5/2013 4:53:10 PM
Post Reply
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RUSH: Folks, I don´t know how else to categorize this. We are living in a dying country. I don´t know how else to categorize what´s happening -- 88,000 new jobs. The unemployment rate, because of a terrible statistic, is down to 7.6%. The number of people in this country who are not working is shameful. Ninety million Americans are no longer in the workforce. Ninety million. People not in the labor force grew by 663,000, and now 90 million. That´s the labor force participation rate. This is 1979 levels.
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Why Obama´s ´Best-Looking Attorney
General´ Comment Was a Gaffe
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The Atlantic, by Garance Franke-Ruta
Original Article
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Posted By: Oblio- 4/6/2013 6:51:15 AM
Post Reply
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President Obama´s biggest gaffe yesterday when speaking of California Attorney General Kamala Harris was not in flirtatiously complimenting her as "the best-looking attorney general," but in introducing an observation from the system of beauty into a forum that was about the system of power.What´s that, you say? Irin Carmon does a great job in Salon in laying out the bounds of propriety for when it´s appropriate to talk about a woman´s looks as a general matter. But I´ve long felt we lack a solid theoretical underpinning for easily discussing these issues, and why precisely it is that
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´My bangs are getting
a little irritating´: Michelle
Obama admits she already regrets
her high-maintenance hairdo
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Daily Mail (UK), by Margot Peppers
Original Article
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Posted By: pineledger- 4/7/2013 7:43:42 AM
Post Reply
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Michelle Obama has admitted that she is already tired of the bangs she first sported in January. The First Lady said in an interview with Entertainment Tonight: ´Bangs are a day-by-day proposition. They´re starting to grow out, get a little irritating.´ Still, she hasn´t let her hairdo woes get her down. ´It´s okay,´ she said after her initial complaint. ´We´ll be good.´ The first indication that her hairstyle was becoming a burden came about last weekend, when Malia, 14, was spotted adjusting her mother´s hair during the White House Easter Egg Roll.
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Hillary Clinton Would Not
´Clear the Field´ for 2016
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New Republic, by Tod Lindberg
Original Article
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Posted By: StormCnter- 4/6/2013 5:22:36 AM
Post Reply
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No one is more preoccupied these days with Hillary Clinton´s 2016 plans than the Beltway political class—not even the former presidential candidate herself. To hear some tell it, her decision will be dispositive for all other Democrats thinking of entering the race. And pundits and reporters aren´t the only ones positing the "The Hillary Factor": No less than the House Democratic whip, Steny Hoyer, told BuzzFeed, “I don´t know that anybody would run against Hillary…. If she runs, she clears the field.” It´s an understandable conclusion, given Clinton´s stature in the Democratic Party and her 70 percent
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Obama critic apologizes for
his ´poorly chosen words´
on gay marriage
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The Hill [Washington DC], by Alexandra Jaffe
Original Article
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Posted By: JoniTx- 4/6/2013 12:18:19 PM
Post Reply
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Neurosurgeon Ben Carson, considered by some to be a potential Republican contender for president, apologized to Johns Hopkins University for the "poorly chosen words" he used in expressing his opposition to gay marriage last month.“I am sorry for any embarrassment this has caused,” Carson said in the letter, reported in New York Magazine.(Snip) "Although I do believe marriage is between a man and a woman, there are much less offensive ways to make that point. I hope all will look at a lifetime of service over some poorly chosen words.” Carson will remain as commencement speaker at Johns Hopkins,
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Hillary Clinton: The clock is turning
back for women in America
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Washington Examiner, by Charlie Spiering
Original Article
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Posted By: Desert Fox- 4/5/2013 3:25:20 PM
Post Reply
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Former Secretary of State Hillary Clinton explained to the Women in the World summit in New York today that the clock is turning back for women in America. Clinton praised her own mother for helping empower her to success and marveled at the opportunities that her own daughter Chelsea has pursued. But Clinton warned that there is still so much to do to promote women´s rights in America. "As I look at all these young women that I am privileged to work with, or know through Chelsea, and its hard to imagine turning the clock on them," Clinton said.
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White House Blames Jobs
Numbers on Sequester
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Breitbart´s Big Government, by Wynton Hall
Original Article
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Posted By: Dreadnought- 4/5/2013 8:02:58 PM
Post Reply
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The Obama White House is scrambling to blame Friday’s abysmal March jobs numbers on the sequester’s trimming of the rate of growth in federal budgets that have yet to fully commence. After the Labor Department announced that a mass exodus of 663,000 workers left the U.S. workforce last month and that job creation fell 112,000 jobs short of projections, Obama’s top economic adviser Alan B. Krueger, took to the White House blog to blame the sequester: It is important to bear in mind that the March household and payroll surveys are the first monthly surveys to look
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Mother Of Slain Benghazi
Officer To Sean Hannity:
‘They Want Me To Shut Up’
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Mediaite, by A.J. Delgado
Original Article
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Posted By: StormCnter- 4/7/2013 5:00:16 AM
Post Reply
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On Friday, Sean Hannity brought Pat Smith, mother of the late Sean Smith, on his radio program. The 34-year-old information management officer was one of four Americans murdered in the Benghazi embassy attack on September 11, 2012. In the chilling interview, a distraught Ms. Smith, in tears, pleaded for answers and spoke of the efforts to silence her. Ms. Smith first relayed how her son, prior to the attack, requested additional security in advance and warned the State Department: He did tell them, ahead of time, he typed it into his little typewriter over there,
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Vanishing workforce
weighs on growth
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Washington Post, by Jim Tankersley
Original Article
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Posted By: Dreadnought- 4/6/2013 11:28:59 PM
Post Reply
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Put out an all-points bulletin: Millions of Americans have gone missing from the workforce. Every month that those would-be workers are gone raises the odds that they might never come back, dimming the prospects for future economic growth. The vanishing trend is more than a decade old, but it accelerated during the Great Recession. Throughout 2012, economists held out hope that it had stopped. But then came Friday’s jobs report, and hopes were dashed. The Labor Department reported that the U.S. labor force — everyone who has a job or is looking for one — shrank
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Trayvon Martin´s parents
settle wrongful death claim
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Orlando Sentinel, by Rene Stutzman
Original Article
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Posted By: Desert Fox- 4/5/2013 3:15:25 PM
Post Reply
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SANFORD - Trayvon Martin´s parents have settled a wrongful death claim for an amount believed to be more than $1 million against the homeowners association of the Sanford subdivision where their teenage son was killed. Their attorney, Benjamin Crump, filed that paperwork at the Seminole County Courthouse, a portion of which was made public today. In the five pages of the settlement that were available for public review, the settlement amount had been marked out. Lower in the agreement, the parties specified that they would keep that amount confidential. When asked during an earlier interview whether the amount was
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Beyonce, Jay-Z celebrate 5th
anniversary in Havana, Cuba
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Los Angeles Times, by Nardine Saad
Original Article
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Posted By: Fiesta del sol- 4/6/2013 8:20:04 AM
Post Reply
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Beyonce and Jay-Z celebrated their fifth wedding anniversary in Cuba this week. The couple, who married on April 4, 2008, took in the sights of Old Havana, visited a school, dined on a rooftop terrace and strolled the fan-filled streets in their island best.(snip).The power couple declined to answer journalists´ questions about their visit to the island nation, but some outlets are reporting that the moguls are there as tourists, though that would be illegal because of the half-century embargo the U.S. has on the Communist country. However, the Miami Herald said Washington has issued special licenses for
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