Rep Hodes Writes Sec. of Treasury to End TARP As Scheduled

Link: 2009 09 24 SecGeithner EndTARP
Source: ZeroHedge

U.S. Northeast May Have Coldest Winter in a Decade

Article: U.S. Northeast May Have Coldest Winter in a Decade
Source: By Todd Zeranski and Erik Schatzker; Bloomberg

Photo of the Day (9.25.09)

Article: Photo of the Day (9.25.09)
Source: by Aaron Hotfelder; gadling.com

Excerpt:

The road in this pleasant-stroll-inducing shot (click to enlarge) leads to the home of the late legendary broadcaster Curt Gowdy in Bethlehem, New Hampshire.

Little money in transportation plan for North Country

Article: Little money in transportation plan for North Country
Source: by Art McGrath; Littleton Courier; meredithnhnews.com

Why Are Jews Liberals?

Article: Why Are Jews Liberals?
Source: By NORMAN PODHORETZ; WSJ

Home-Schooled Christian Ordered to Public School

Video: Home-Schooled Christian Ordered to Public School

Hut Hikes of New Hampshire

Article: Hut Hikes of New Hampshire
Source: By MOLLY WALSH; burlingtonfreepress.com

Govs. Lynch and Douglas visit the Lancaster Fair

Article: Govs. Lynch and Douglas visit the Lancaster Fair
Source: by Edith Tucker; winnisquamecho.net

Excerpt:

C.O. Holmes discussed the carryout mission in Bethlehem in which he had participated the previous evening for an injured member of the Dartmouth Outing Club.

The Gov't Can!

Is War in Afghanistan Losing Support Amongst Conservatives?

Article: Afghanistan: Time to Stop Nation-Building
Source: By George F. Will; RCP

Article: George Will is Right
Source: By David Harsanyi; RCP

Article: Prolonging Futility in Afghanistan
Source: By Steve Chapman; RCP

Then again ...

Michael Yon, Live From Afghanistan (Why George Will is wrong)

Polluting us with debt

Article: Polluting us with debt
Source: By STEVEN HORWITZ; Special To The Tampa Tribune

Rep Tom Bishop of CD1 (D-NY) Holds Townhall Meeting

ASTROTURF JERKS!! (Crowder Goes Liberal)

De Facto Parents

Aricle: De Facto Parents
Source: By William C. Duncan; National Review

Tenn. Rep. Blackburn's Town Halls

Video: Rep. Blackburn's Town Halls

Joel Klein vs. New York City teachers

Article: Joel Klein vs. New York City teachers
Source: By Steven Brill; New Yorker

Krauthammer: Howard Dean Speaks the Truth that Trial Lawyers Own The Democratic Party

The Larger Barrier to Health Reform

Video: The Larger Barrier to Health Reform

Sunday Gazebo Concert: Mark Shelton

This Sunday, the Town of Bethlehem presents "Mark Shelton" for its weekly summer-time Gazebo Concert Series. The concert is free, goes from 6-8pm, and takes place at the corner of Main Street and Prospect Street.

For more info, refer to: Bethlehem Chamber of Commerce's Events Website

Rep Barney Frank Attempts to Usurp HR 1207 For His Own Form of "Financial Reform"

Here Rep Barney Frank answers a question about passing HR 1207. However, his answer isn't about passing HR 1207, as written by Ron Paul, rather it's about passing a version with his own ... contributions. Booo.

ObamaCare's Contradictions

Link: ObamaCare's Contradictions

NYFED: Excess Reserves Funding Purchases of Treasuries and Agencies

The President of the NY Federal Reserve states they're using "excess reserves" to fund the purchase of U.S. Treasuries and Agency Securities (i.e. Fannie/Freddie MBS). Can this be right? Does the video below contain the statement by the President of the NYFED that the NYFED is engaged in the largest carry trade in history with money it doesn't "own"? Are our ears deceiving us?



It's bad enough they're monetizing the debt. Now they're engaged in a carry-trade. What's worse is the money flow. Here are steps we mapped out. Maybe we're wrong, but we're just trying to make sense of it.

1. To "avert a depression", the Federal Reserve ballons its balance sheet and issues $700B to the big banks.
2. The big banks are afraid they'll lose the money if they lend it to the public, so instead they park the $700B at the NYFED as "excess reserves" for an overnight interest rate of 0.15%.
3. The NYFED takes (a portion?) of the $700B and uses it to purchase Treasury and Agency debt, thus holding down long-term interest rates (plus picking up some interest payments).
4. Thus, the NYFED has borrowed-short from big banks, and lent-long to the gov't and GSEs, with money that it created out of thin air.
   

This can't possibly be right. Why doesn't Dudley's assertion show up plainly in the Fed's statistics? Does anybody know what's going on with the Fed's handling of the bank's excess reserves? (By the way, excess reserves are traditionally parked in a vault, not "re-invested" by the vault owner). If there were ever a reason to audit the Fed, this is as good as any one. This must be explained!

More:
- This Should End Semantic Debate Over Whether Fed is Monetizing The Debt

Carol Shea-Porter Health Care Town Hall

1,882 Banks Given Failing "Financial Soundness" Grade by Institutional Risk Analytics

Article: What the Stress Tests Didn’t Predict
Source: By GRETCHEN MORGENSON; NYT

The ONE Single-Payer System

Town Hall Meeting Hosted by Alabama Congressman Spencer Bachus

Wally Herger Town Hall Remarks Redding

What Is the Foundation Of Your Economic Beliefs?

Article: What Is the Foundation Of Your Economic Beliefs?
Source: By Bill Frezza; RCP

President of New York State AFL-CIO designated Chairman of the New York Federal Reserve Bank Board of Directors

Article: Denis M. Hughes Named Chairman of the New York Fed Board of Directors, Lee C. Bollinger Named Deputy Chairman
Source: Press Release; Federal Reserve Bank of New York

Drag strip plan prompts plea for new rules

Article: Drag strip plan prompts plea for new rules
Source: By LORNA COLQUHOUN; Union Leader

Dismantle Bernanke's 'Happy Conspiracy' ... now!

Article: Dismantle Bernanke's 'Happy Conspiracy' ... now!
Source: By Paul Farrell; MarketWatch

Ben "Helicopter" Bernanke Re-appointed by President Obama for Second FOMC Chairman Term

Article: Obama to reappoint Bernanke as Fed Reserve Chief
Source: Reuters

BTW, Why Do We Think He's So Smart?


More Opinion:
Bernanke Sees A Recovery - How Would He Know?

88% of So-called Stimulus Jobs Add To State Payroll

Article: Nashua ranks No. 4 when it comes to federal stimulus cash
Source: By KEVIN LANDRIGAN; Nashua Telegraph

Opinion: He's spending your future
Source: By Mark Steyn; The Washington Times