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Recent Posts
- Report: “Flash Flooding Is the Number One Storm-Related Killer in the U.S.” Few Cities or Towns in America Are Built to Survive Its Wrath
- Hurricane Helene Dumped 20 Trillion Gallons of Rain, Destroying Entire Towns in Western North Carolina, Hundreds of Miles from any Coastline
- Half of All Deaths from Hurricane Helene Occurred 485 Miles North of Where It Made Landfall
- What Did Madoff, Jeffrey Epstein and Sanctioned Russian Mercenary Group, Wagner, Have in Common? They All Banked at JPMorgan Chase
- Deadly, Exploding Pagers Force the U.S. to Get Serious About Malware from China in U.S. Products that Are Potential National Security Threats
- Wall Street Has Moved Vast Sums of Its Trading to Its Federally-Insured Banks
- The Stock Market Had a Psychotic Episode After the Fed Rate Cut Yesterday, Plunging 479 Points from the Day’s High
- As Trump Launches a Crypto Firm, FBI Reports Crypto Fraud Has Exploded to $5.6 Billion; Representing Almost 50 Percent of All Financial Fraud
- Everything this Book Predicted on Wall Street Megabanks Ruling their Regulators Is Now Unfolding
- The Fed Just Kicked the Capital Increases for the Dangerous Megabanks and their Derivatives Down the Road for Years
- Intel, Boeing and U.S. Steel May Hold the Secrets to What’s Behind All the Talk of a U.S. Sovereign Wealth Fund
- Trump and Paulson’s Proposal: U.S. Sovereign Wealth Fund (or Another Grifter Bailout)
- A Wall Street Regulator Is Understating Margin Debt by More than $4 Trillion – Because It’s Not Counting Giant Banks Making Margin Loans to Hedge Funds
- After JPMorgan Threatens to Sue, the Fed Cuts Its Capital Requirement on the 5-Count Felon from a Planned 25 Percent Hike to Less than 8 Percent
- Three Megabanks Had Loans Outstanding of $1.832 Trillion to Giant Hedge Funds on March 31
- Jamie Dimon’s Washington Post OpEd Gets Pummeled at Yahoo Finance
- In the Span of 72 Hours, Four People Tied to a Hewlett-Packard Criminal Case Died in Two Separate Events
- Crypto Took Down Another Federally-Insured Bank and Just Handed Its CEO a 24-Year Prison Sentence
- All the Devils from 2008 Are Back at the Megabanks: Leverage, Off-Balance-Sheet Debt, Over $192 Trillion in Derivatives, Shaky Capital Levels
- New Study Says the Fed Is Captured by Congress and White House — Not the Megabanks that Own the Fed Banks and Get Trillions in Bailouts
- Data from the Fed’s Emergency Funding Program Shows Spring 2023 Banking Crisis Was Far Deeper than Americans Were Told
- These FDIC-Insured Banks Have Lost 69 to 40 Percent of their Market Value Year-to-Date
- Exposure at Hedge Funds Has Skyrocketed to Over $28 Trillion; Goldman Sachs, Morgan Stanley and JPMorgan Are at Risk
- We Charted the Plunge and Rebound in the Nikkei Versus Nomura and Citigroup; the Correlation Is Frightening
- Former U.S. Labor Secretary Says Billionaires Have No Right to Exist Because their Wealth Comes from Five Illegal or Bad Practices
- Citigroup Is Having a Helluva Summer: A Protest on Thursday Will Turn Up the Heat
- Nikkei Has Biggest Drop in History: Here’s What’s Causing the Global Market Selloff
- JPMorgan Is Tapping Illiquid Assets in its Global Collateral Program; the New York Fed Is Paying for Its Services
- Bank Regulators Issue Warnings on Fintech and Banking as Disasters Pile Up
- Donald Trump Gives a Speech on Not Letting China Win the Crypto Race – Not Realizing China Banned Crypto Mining and Transactions Four Years Ago
- The New York Fed Has Contracted Out Key Functions to JPMorgan Chase; We Filed a FOIA and Got These Strange Invoices
- On the Eve of Netanyahu’s Address to Congress, Senator Bernie Sanders Delivers a Breathtaking Assessment of His War Crimes
- Trump’s Sit-Down with Netanyahu at Mar-a-Lago Will Cost U.S. Taxpayers Millions While Profiting Trump’s Business
- Protecting Trump and His Jet-Setting Adult Children During His Presidency Cost Taxpayers Over $1 Billion
- A Congressman and a Doctor Reported a Woman Being Shot at Trump Rally: She’s Vanished from Official Reports
- Jamie Dimon Goes Missing from Earnings Call, After Dumping $183 Million of His JPMorgan Chase Stock Earlier this Year
- U.S. Senate Candidate Backed by Hedge Fund Billionaires Was Sitting in Front Row at Trump Rally as the Sniper Fired into the Bleachers
- Project 2025: The Fossil Fuel and Banking Money Behind the Madness
- The Fund Created to Unwind a Failing Megabank Has a Problem: There’s No Money in It
- Joe Biden Versus the New York Times
- Grand Jury Transcript in Jeffrey Epstein Case Is Released, Raising Questions about Epstein’s Darkest Secrets Being Protected in JPMorgan Cases
- The Supreme Court Crowns a King, Immunizing Future Criminal Acts Under Project 2025 – a Right Wing Manifesto
- The Debate Disaster and the Supreme Court’s “Chevron” Repeal Have a Money Trail Leading to Charles Koch
- Congressman Andy Barr Stacks a Hearing on the Fed’s Stress Tests with Lobbyists for Megabanks
- The Fed Posts Historic Operating Losses As It Pays Out 5.40 Percent Interest to Banks
- Goldman Sachs’ Bank Derivatives Have Grown from $40 Trillion to $54 Trillion in Five Years; So How Did Its Credit Exposure Improve by 200 Percent?
- The Fed and FDIC Wake Up Suddenly to the Threat of Derivatives, Flunking the Four Largest Derivative Banks on their Wind-Down Plans
- Is the Stock Market Setting Investors Up for a Tech Bust Similar to the Dot.com Bust?
- Chase Bank Customers Are Reporting a Wave of Wire Fraud in their Accounts; the Bank Won’t Make Good on the Looted Funds
- The Senate Race in Ohio Is the Sickest in U.S. History in Terms of Billionaire Money from Outside the State
Search Results for: Federal Reserve
The Fed Intervened in Overnight Lending for First Time Since the Crash. Why It Matters to You.
By Pam Martens and Russ Martens: September 18, 2019 ~ Yesterday felt a little like that scene from the 1946 movie “It’s a Wonderful Life” starring Jimmy Stewart. There’s a run on Stewart’s bank because his absent-minded Uncle Billy loses the cash he was sent off to deposit on behalf of the bank. The bank examiners discover there’s money missing and rumors spread. The rumors that spread yesterday were not that money was missing at a Wall Street bank but that liquidity was missing. It had dried up to the point that the major Wall Street banks could not, or would not, handle the demand for loans called overnight repurchase agreements (repos) that were coming their way. (Repos are a short-term form of borrowing where corporations, banks, brokerage firms and hedge funds secure loans by providing safe forms of collateral such as Treasury notes.) The oversized demand for the repos … Continue reading
Bernie Sanders Says in Last Night’s Debate that Richest 3 Americans Own More Wealth than Bottom 160 Million Americans. It’s Actually Worse than That.
By Pam Martens and Russ Martens: September 13, 2019 ~ During last evening’s Democratic debate, Senator Bernie Sanders said this: “You’ve got three people in America owning more wealth than the bottom half of this country.” According to Politifact, Sanders is basing this claim on a 2017 study done by the Institute for Policy Studies which put the richest three Americans’ wealth as follows (based on the Forbes list of billionaires at that time): Bill Gates of Microsoft with $89 billion; Jeff Bezos of Amazon with $81.5 billion; and Warren Buffett of Berkshire Hathaway with $78 billion — for a total of $248.5 billion. That wealth figure contrasts with the $245 billion owned by the bottom 50 percent of Americans according to the 2016 Survey of Consumer Finances conducted by the Federal Reserve. (The Fed’s survey is conducted every three years and the 2019 study has not yet been released.) But … Continue reading
Citigroup Says Gold Could Go to $2,000; Is It Talking Its Book?
By Pam Martens and Russ Martens: September 10, 2019 ~ Citigroup released an analyst’s note yesterday stating that “We expect spot gold prices to trade stronger for longer, possibly breaching $2,000 an ounce and posting new cyclical highs at some point in the next year or two.” Gold was last on a record-breaking streak in 2011 when it shot through handles of $1500, $1600, $1700 and $1800 from April through August of that year. On an intraday trading basis, gold reached a high of $1,917.90 an ounce on August 23, 2011 and another intraday high of $1923.70 on September 6, 2011. Gold then spent the next five years trading back down to the $1100 range. As the chart above indicates, gold has been moving decidedly higher this year, up 16.9 percent from January 2, 2019 to yesterday’s close. At 9:16 this morning, gold was trading at $1,504.40 an ounce. Is … Continue reading
Is Corporate Media Tricking the Public with Reports that the Stock Market Is Setting New Highs?
By Pam Martens and Russ Martens: September 9, 2019 ~ On January 26, 2018 the Dow Jones Industrial Average set a new record high of 26,616.71. Despite setting new highs multiple times thereafter, the moves were so negligible on a percentage basis that the reality is that the stock market has been a real dog over the past year and a half. This past Friday, the Dow closed at 26,797.46. That’s a meager 180.75 points, or less than a one percent move, in 19 months. That’s not exactly the stuff that retirement dreams are built on. But if you’re a typical American who has to rely on headlines or TV sound bites to tell you what’s going on in the market because you’re too busy working long hours, running the kids to dentist appointments and soccer games, doing grocery shopping and laundry on the weekends, then you may have been … Continue reading
The Bizarre Action in U.S. Treasuries Is Linked to the U.S. National Debt and the Repeal of the Glass-Steagall Act
By Pam Martens and Russ Martens: August 29, 2019 ~ Yesterday, the Dow Jones Industrial Average closed up 258 points but the yield on the 10-Year U.S. Treasury fell below 1.50 percent. In a normal market, if stocks are rallying that means there is confidence in the trajectory of economic growth in the U.S. When yields are collapsing on U.S. Treasuries, that means there is no confidence of sustained growth in the economy. So you can see why yesterday’s market activity is a serious contradiction of norms. We believe the Treasury market is already discounting (looking ahead and factoring in) what the next recession is going to look like because of constraints on how much fiscal spending the Federal government can deploy. To understand just how unprecedented the current amount of national debt is, one has to have some historical figures. At the beginning of the Bill Clinton Presidency in … Continue reading
The New York Fed Has Provided $78 Billion to Reduce the U.S. Budget Deficit in Just the Past Two Years
By Pam Martens and Russ Martens: August 22, 2019 ~ According to KPMG’s 2017 and 2018 audit of the Federal Reserve Bank of New York (New York Fed), which is just one of the 12 regional banks of the Federal Reserve System, it has provided more than half of all monies flowing to the U.S. Treasury from regional Fed banks since President Donald Trump took office. In 2017, the New York Fed shipped off $44.6 billion of the total $80.6 billion of all 12 regional banks that was remitted to the U.S. Treasury. In 2018, the New York Fed’s remittance was $33.6 billion of the total $65.3 billion from the regional Fed banks. But there was some fancy footwork in two pieces of Congressional legislation that were passed in 2018 that boosted the amount the New York Fed and other regional Fed banks would be shipping off to the Treasury … Continue reading
R.I.P. Dodd-Frank: Wall Street Is Unleashed — Again
By Pam Martens and Russ Martens: August 21, 2019 ~ Yesterday the Office of the Comptroller of the Currency, the regulator of national banks, and the FDIC, which provides the taxpayer-backstopped Federal insurance to deposits at these banks, announced that they were going to “simplify” the Volcker Rule. Under the Trump administration, “simplify” is code for “gut.” The Volcker Rule was part of the 2010 financial reform legislation known as Dodd-Frank. It outlawed deposit-taking banks from using those deposits to make wild gambles for the house, known as proprietary trading. It also required the banks to end their ownership of hedge funds and private equity funds where the banks can secretly dump losing positions or hide enormous losses in hard to price instruments. Wall Street hated the Volcker Rule so much that it made sure the rule never came into being. It has stonewalled the implementation of the rule for … Continue reading
Should This Be Illegal – Banks Recommending a Stock to the Public then Secretly Trading It in their own Dark Pool?
By Pam Martens and Russ Martens: August 16, 2019 ~ The Dow Jones Industrial Average rallied 99.97 points yesterday but the mega Wall Street bank, Citigroup, closed in the red, down 0.15 percent. That decline follows a dramatic loss of 5.28 percent on Wednesday, a day that the Dow was down only 3.05 percent. Citigroup’s closing price yesterday was $61.32. The stock has lost more than 88 percent of its value since 2007, despite its attempt to dress up the share price with a 1-for-10 reverse stock split in 2011, which left its long-term shareholders with 1 share for each 10 shares previously held. Citi’s share price has also been dropping like a rock since July 24 of this year when it closed at $73.01. But that hasn’t triggered a rethink on the part of its competitor banks on Wall Street who have “Buy” or “Overweight” ratings on Citi’s stock … Continue reading
Yesterday’s Market Plunge Shines Harsh Light on Big Banks and their Derivative Counterparties
By Pam Martens and Russ Martens: August 15, 2019 ~ As we’ve previously reported, five mega banks on Wall Street hold the fate of the entire financial system of the United States in their crony, frequently soiled hands. Yesterday’s trading action clearly showed the ugly warts between those banks and their derivative counterparties in the insurance industry. And even though their crony regulator, the Securities and Exchange Commission, allows the banks to trade their own stocks in darkness in their own internal Dark Pools, someone else clearly got the upper hand yesterday. The Dow Jones Industrial Average lost a whopping 800 points or 3.05 percent but each of the five mega banks outpaced the Dow’s losses on a percentage basis. That’s not a good thing when Congress has left the fate of a nation in such perilous hands – especially when those very same banks caused the greatest financial crash … Continue reading
Markets Wake Up to a Dicey Global Economy Outlook; Dow Plunges
By Pam Martens and Russ Martens: August 14, 2019 ~ If you are long stocks, this is one of those mornings when you may be tempted to pull the covers over your head and take a mental health day away from financial news. As of 8:44 a.m. this morning, Dow futures were registering a plunge of 394 points; the big Wall Street bank stocks were down about 3 percent in pre-market trading; news was out in the Eurozone that its largest economy, Germany, had contracted by 0.1 percent in the second quarter. Eurostat further dampened the outlook with a report that “in June 2019 compared with May 2019, seasonally adjusted industrial production fell by 1.6% in the euro area (EA19) and by 1.5% in the EU28.” The drumbeat of bad economic news led to a flight to safety into U.S. Treasuries, with the 30-year Treasury Bond reaching an all-time low … Continue reading