morgan is the biggest fed bank and they're pretending they've outsourced it the fed is j.p. morgan so they're pretending they know we outsource the these emergency lending programs to j.p. morgan and they're having to say they outsource it to j.p. morgan to hide the fact that the fed is j.p. morgan ok so bernie sanders got one time on it that's a yes and there's no more of coming there's no more audit coming and in that one time or two we discovered that there is massive fraud on wall street jamie diamond j.p. morgan the whole group massive fraud. continuing on this theme of profits you brought up corporate profits a boom in corporate profits a bust in jobs wages so now that we're officially eighteen months out of recession try to tell that. you remember this is the banana republic and this is something like papa doc would have told us or or khadafi you know these are the same sort of statements they would make yeah we're out of recession anyway all of the alleged growth that has happened only one percent of it has gone to wages and salaries only one percent of that growth i

morgan to hide the fact that the fed is j.p. morgan ok so bernie sanders go one time or that's a yes and there's no more of coming there's no more audit coming and in the one time order we discovered that there was massive fraud on wall street very donnegan driven morgan the whole group massive fraud but it wasn't continuing on this theme of profits he brought up corporate profits a boom in corporate profits a bust and jobs so now that we're officially eighteen months out of recession trying to tell that. you remember this is a banana republic and this is something like papa doc would have told us or or could alfie you know these are the same sort of statements they would make yeah we're out of recession anyway all of the alleged growth that has happened only one percent of it has gone to wages and salaries only one percent of that growth is spent fifteen percent fifteen percent and twenty five percent in the previous three recessions by contrast corporate profits accounted for eighty eight percent of the growth so this is clear

first, by expanding the population of firms subject to fed supervision, second, by expanding the fed's mandate to include macrosupervision, and finally, by removing limitations on the authority the federal reserve to obtain information from and impose standards on subsidiaries of bank holding companies. the expansion of the range of firms and proportion of the u.s. financial sector subject to federal reserve oversight occurred in part de facto and in part dejury. at the height of the crisis, most of the stand alone banks that avoided fed supervision and regulation in the years leading up to the crisis suddenly were bank holding companies or were acquired by bank holding companies. many of the largest non-bank lending firms also thought supervisory comfort in the fed during the crisis including cit, amex, discover, and gmac. as a result of the changes, the complex institutions grew significantly and many of the firms find it hard to escape that oversight going forward thanks to the hotel california provision of the dodd-frank act. dodd-frankfurt extended to reach the loan holding compan

government and your thoughts on this notion is the fed actually you know a profit center. actually the number is probably closer to twenty nine trillion dollars if we count the total lending guaranteeing and buying of toxic waste assets undertaken by the fed and treasury twenty nine trillion dollars. i think that bernanke is playing that a little bit fast and loose the fed still has a lot of toxic waste on its balance sheet probably it is valuing that it's something that will never be realized so i think the fed probably is going to take a loss on some of the toxic waste that are purchased possibly on some of the loans that it is may so i actually agree with that. i don't think we should have done it and the criticism that not much has trickled down to main street is obvious the money that the fed is lending and spending to buy toxic waste it's not getting out there into the economy or into the rest of the world if it were actually getting out into the economy we would not still being in a deep recession we wouldn't have an unemployment rate above nine percent the fact is

i hope chairman bernanke can shed more light on the options the fed is considering and when the fed will begin this difficult task. finally, i would like to commend chairman bernanke on his decision will press conferences after fomc meetings. this is an important step that recognizes that the fed can no longer make policies behind closed doors. this is a positive development because the fed policies will be more effective if they are understood and supported by the public. -- this step also recognizes that the fed's siccative history of -- that's antiquated history -- fete's history of antiquated practices -- fed's history of antiquated practices based to stop. the public has a right to expect both transparency and accountability. the fed still has far to go in the opening up. i hope chairman bernanke will continue as efforts to modernize the fed boss transparency. i believe american people to live it -- deserve nothing less. thank you, mr. chairman. >> chairman bernanke, before you began your testimony, we want to -- begin your testimony, i want to let you know that i may have to excuse

fed will begin this difficult task. finally, i would like to commend chairman bernanke on his recent decision to hold press conferences after the federal open market committee. this is an important step in recognizing that the fed can no longer make policy behind closed doors. the fed's policies will be more effective if they are understood and supported by the public. this step also recognizes that the fed's history of antiquated practices needs to stop. >> chairman bernanke, before you began your testimony, we want to let you know that i may have to excuse myself during today's hearing. the appropriations subcommittee -- i may need to be on the floor this morning as we began debate on this bill. senator reid will take over the gavel. chairman bernanke, please begin. >> thank you, mr. chairman, ranking member shelby, and other members of the committee, i am pleased to present a report to the congress. i will start with current economic conditions, the outlook, and return to policy. the u.s. economy is continuing to rec

on the fed recently. so bernanke is in this tricky position where if he wants to remain a moderate f he wants to remain in the middle of the fed and keep the confidence of his collgues, he has to drift, i think, fairly far to one side. and sometimes away from where the data would take him. >> so i do think the fed is part of it. i also think you could design a payroll tax cut that goes only to businesses that hire which i think would have more bang for the buck than some of the broadscale stuff they have done. but that is just short term. i agree with what david and tom said aut the long-term stuff. >> rose: was the presint right to extend the bushax cuts? >> i don't think he d a choice politically in the end. i think the president and the democrats made a bad mistake in not take care of it when they had control of congress. but once they didn't get it done before the election, they really had no choice once you got december 2010. >> are you now living abroad ifondon. does it look any different th watchin

fed will begin this difficult task. finally, i would like to commend chairman bernanke on his recent decision to hold press conferences after the federal open market committee. this is an important step in recognizing that the fed can no longer make policy behind closed doors. the fed's policies will be more effective if they are understood and supported by the public. this step also recognizes that the fed's siccative history of antiquated practices is an act -- that's antiquated history -- fete's history of antiquated history of- fed's antiquated practices based to stop. >> chairman bernanke, before you began your testimony, we want to let you know that i may have to excuse myself during today's hearing. the appropriations subcommittee -- i may need to be on the floor this morning as we began debate on this bill. senator reid will take over the gavel. chairman bernanke, please begin. >> thank you, mr. chairman, ranking member shelby, and other members of the committee, i am priest to present a report -- pleased to pre

investigators found a total of 648 head of cattle had been shipped after being fed contaminated straw. the amount of contaminated meat found to have been distributed to markets across the country is expected to rise. >>> the japanese government and tokyo electric power company on tuesday will announce a revised plan to bring the reactors at the fukushima daiichi plant under control. the yue fillty began operating a system to decontaminate water last month but it's working below the capacity due to leaks and other problems. the rate dropped to 37 tons of water per hour at 1 point, more than 20% below the target capacity. it increased to 39 tons per hour after tepco workers released air from the pipes on friday and replaced a hose connecting the tanks to ease water circulation. however, the rate dropped again to 37 tons per hour on monday morning. the company says the reason for the decrease is unknown. the government and step are expected to say that the first stage of the revised plan is almost completed and is on schedule. >>> the operator of the crippled fukushima daiichi nuclear po

finally i would mention leaving time for others that the fed has made a strong effort to reach out to smaller institutions for example our supervision committee has a subcommittee focused on making sure the rules we passed do not have excessive burden on small banks. we created a community bank council that meets three times the year with the federal reserve board to give maximum feedback. we are taking a lot of steps to achieve that objective. it is an important one. >> acting chairman gruenberg? >> this is a matter of significant priority to the fdic because we are the leading federal supervisor to the majority of community banks in the united states. it is a matter we take seriously. one of the challenges community banks told about is the number of regulations required by dodd-frank, an issue for them sorting through which ones have relevance and applicability to them to respond to that on every financial institution letter we issue a letter for each regulation we provide a box on the front that specifically summarizeds the act but the ability -- applicability of a quick short and

government and your thoughts on this notion is the fed actually you know a profit center. but actually the number is probably closer to twenty nine trillion dollars if we count the total lending guaranteeing and buying of talks of waste assets undertaken by the fed and treasury twenty nine trillion dollars. i think bernanke is saying that a little bit fast and loose the fed still has a lot of toxic waste on its balance sheet probably it is valuing that it's something that will never be realized so i think that probably is going to take a loss on some of the ways that approach to this possibly on some of the loans that it is may so i actually agree with that could be. i don't think we should have done it and the criticism that not much has trickled down to main street is obvious i think a lot of people i would agree with that people who are out of work or lost their homes let's get another interpretation of the role of the federal reserve this one coming from russian prime minister vladimir. we slow fortunately or unfortunately we do not print reserve currencies but look at

does one obama's job is texas congressman ron paul yesterday he got into some heated exchanges with fed chairman ben bernanke you know over the way congress and the fed have dealt with some of these problems during the last three years now he also asked chairman bernanke you what he said about what he sees as an important fix to some of these economic woes gold take a listen. do you think all this money know. all right so let's talk about gold with scott carter c.e.o. of gold line front bernanke you also talked about you know a new stimulus program being in the works an indication the fed is considering a third round of quantitative easing and shortly after he made these remarks the markets seem to react with gold prices shooting up breaking records even for what's going on here well it's the same story christine and by the way thanks for having me on the program every time the federal reserve chairman bernanke he talks about stimulating the economy with more money goes up because investors know that that means that our current dollars are going to be well worth less tomorrow than they

fed would consider additional stimulus measures.two previous stints of the fed buying hundreds of billions in bonds, which finished in june, was supposed to lead to expansion and jobs. about the only clear thing it led to was a sustained rally in stocks. so, the mere suggestion the fed was considering another round led the three majors higher. >>> energy and material shares were the top gainers. copper and gold jumped 2%. oil was up, settling once again over $98 a barrel. >>> scandal battered news corp. was most active on the nasdaq. up almost 4% after giving up its pursuit of total ownership in a major english pay tv network. jpmorgan chase and google both slated to deliver earnings tomorrow, slightly higher. after the bell yum brands rose on better than expected profit and a boosted outlook. after closing, despite posting healthy results, marriott international fell. >>> finally, according to a national survey, when it comes to summer work attire, flip-flops are the number one don't. with mini skirts coming in second, followed by

question is why is that picture such a big story but the sixteen trillion dollars and loans that the fed gave out pretty much in secrecy because there was an audit not a big story that's more than that pile of dollars or will that mean that i mean the fed thinks should be a massive story it's almost as if apathy is the problem because you know someone says it to anybody watching i think you when you were sort of starting out as like oh you know there was some conflict of interest in what the fed did big surprise i mean how like how could there not be how could there not be one it was fly by night over the weekend deals billions of dollars getting shovel of trillions of dollars getting shoveled out of the fed and everybody in the fed is interconnected with people on wall street anyway i mean that's that's probably inescapable on some level given the nature of regulators and their business but it's almost as if the mainstream media just looks at that and goes yeah big surprise the fed is sort of in such to us with the financial with the financial markets what i'm going to end with is why i

who's not let's say like a great remember tim geithner put was it eight billion dollars of new york fed cast american dollars onto a plane airlifted to iraq and it promptly disappear oh and by the way eric aying of where erik prince of blackwater just happens to be now living the dog the big life there in the middle east i wonder where that money went well you're more likely to get the same exact sort of paradigm that played out in tahrir square which is remember what mubarak said at first first he met the people in a televised address saying well i make a few little changes that was basically i'll have a commission to investigate whether or not there's been any fraud or corruption or torture and then he said there will be chaos if i step down this is a classic technique that the new york fed the u.s. fed the banks are occupiers always claim there will be chaos if we leave the scene they did in two thousand and eight then mostly with hank paulson in front of congress and they've done it every few months since the debt ceiling is another example in the middle of one right now you know th

and a whole lot of folks have got to get fed. but seven seats were made in under seven days, the first man was forgiven when he missed the hague, the branch was taken by a dove to a book that was built before a flood, if a rainbow sent out a sign, if someone was told to sacrifice his own son and told to hold up before he was done, then the fish and bread that i just said is all that i've got, is all that i need for me to get fed and for me to feed a whole lot of folks in need because they set me on fire. when they look back, i was chilling. i had to fight like 10 older brothers, and because i had this dream, so they sold me out to a band of bandits and one day was commanded to stop, drop, when i got this fish that i found while fishing around, under water with the daughter of the pharaoh, the child was chosen to force the pharaoh to free his folks from a foreign land, repair everywoman, prepare every man, prepare every child, all you've got is that right in your hand. all i've got is some fish and a few loaves of bread, and a who

the feds are laughing at me on the phone. let me go to try with that defense, gray. for the exact same reason you just said. >> so two members of the state assembly, l. harvey smith and daniel van pelt are ensnared in this. a number of officials in jersey city -- how many mayors? >> three mayors. >> three mayors, a bunch of deputy mayors and operatives. council president of jersey city. 44 people in all are rounded up one morning of july 23, 2009. which is right in the midst of the governors race. jon corzine is running for reelection against chris christie who had resigned in early january of that year, or maybe it was early december of that year. and he announced in early february, we all knew when he resigned that he was going to run for governor. so, there are a lot of people who think that the timing of the culmination of this to a three-year sting had a political taint to it, or political motive behind it. i know we're not going to answer that question definitively, but what -- one of the arguments onn the other side for whether this was politically motivated?

was not it not a big story that's more than that pile of dollars or will that mean that i mean the fed thinks should be a massive story it's almost as if apathy is the problem because you know someone says it to anybody watching i think even you are sort of starkey and it's like oh you know there were some conflict of interest in what the fed did big surprise i mean how like how could there not be how could there not be one it was fly by night over the weekend deals billions of dollars getting shot all the trillions of dollars getting shoveled out of the fed and everybody in the fed is interconnected with people anyway i mean that's that's probably inescapable at some level given the nature of regulators in their business but it's almost as if the mainstream media just looks at the and goes yeah big surprise the fed is sort of incest to us with the financial with the financial markets i'm concerned with is why is it paid rating of a couple trillion dollars is a huge story lawmakers use that as a pint would have been a huge issue but fifteen trillion dollars in loans is a non-issue beca

from michael bloomberg who is there the mayor of new york who is of course overseeing the new york fed who of course is involved goldman j.p. morgan and the federal reserve bank in washington dispensing inside information the legally bloomberg is involved in illegal conspiracy that's not conspiracy theory that's conspiracy fact it's all tied in to bloomberg bloomberg being of course now running for president supposedly lining things up where is he getting that money oh i get it it's an inside information which he will of course try to legalize to cover his butt at the end of the article there's a quote it's going to be awfully tough to identify the source of the leak in this case because of course it's always awfully difficult to prove insider trading twenty eight nations were involved so a whole lot of people knew this ahead of time well the see if you see in other regulators they don't have the money to pay for. the subscription on bloomberg to show you who's trading on inside information they're bankrupt purposefully on purpose so that they can't possibly prosecute the insider trade

with bernanke saying the fed is on standby for more stimulus, gold rose a more modest 1.5%. but that smaller percentage rise was enough to push gold prices over $1,585 an ounce, a new all- time high. all the worries about government debt in greece and italy have also helped gold's recent rally. the best stock in the strongest sector today was titanium metals. again, a metal stock. shares shot up 7%. volume was more than double its usual pace. in addition to the investor appetite for metal stocks, titanium extended its supply deal with aircraft maker boeing. after the close, restaurant operator yum brands beat the street by a nickel per share. yum is better known for its k.f.c., taco bell and pizza hut. k.f.c. was one of the first american brands to target china. chinese profits were up 25% while u.s. profits fell. the weakness in america didn't stop the company from raising its earnings growth forecast for the year. in anticipation of the earnings report, shares were up 1% during the regular session. after the close, the stock was trading over $57 per share. if that holds to

today is the minus twenty eight days to deep all day and it kicked off a new round of fear mongering fed chairman ben bernanke you testified before congress to share his you know expertise on trashing the economy. we need both increase in the debt limit which will prevent us from defaulting on obligations which we've already incurred in which would create tremendous problems for our financial system in our economy but we also need of course to take a serious attack on the unsustainability of our fiscal position i think both of those things could be accomplished he also announced that the fed is planning a new stimulus program that will entail what they call asset purchases by which they mean we are going to print money there's only created to make some paper or it all signals that that is totally worthless to give our friends for their worthless pieces of paper which will this call assets so that they can force the rest of you pianist who are forced to accept bernanke the paper funny money dollar bills greenbacks green toilet paper to do their bidding fortunately ron paul was there to ca

for its part the fed has made organizational changes to promote a macro approach. among these changes is the establishment of working groups to oversee the supervision of a large banking firms and utilities. this has a strong focus on the development that has implications for stability. we have created an office policy and research to help coordinate our efforts to identify risks to the broader system and to serve as liaison with the council. the second objective of the reform is the madigan threats to stability imposed by the too big to fail problem. here in the act takes a two- pronged approach. this includes enhanced risk based requirement, credit limits, stress testing, and remediation regime and activities restrictions. the fed and other agencies face the challenge of aligning regulation with international agreements. these efforts are going well. the federal reserve and expects to issue rules over site of cfis this summer and we are on schedule to implement basel 3. and being too big to fail requires allowing a cfi to fail. the second part of the act empowers

fed chairman ben bernanke has given no indications that there will be a qe3. the markets had a strong end to a weak month. the dow up in the triple-digits on monday, tuesday, and again on thursday. as concern about the greek debt crisis eased. the markets continued to climb on friday. >>> there was anger on the streets of athens this week as the greek parliament passed a five-year austerity plan in order to get aid from the imf and the european union and pay its bills. >>> two encouraging pieces of news for housing, meanwhile. the s&p case-shiller home index showed a slight increase in april for the first time in eight months. and pending home sales of previously owned homes rose more than expected in the month of may, rising 8 1/4% from april's seven-month low. >>> alan simpson is co-chair of president obama's deficit commission, charged with coming up with ideas on reducing america's massive deficit. senator simpson has no problem saying what he thinks with his candor, and he joins me now. alan, nice to have you on the program. >> it's a pleasure. i enjoyed

fed the banks for occupiers always claim there will be chaos if we leave the scene no they've tried it they did in two thousand and eight famously with hank paulson in front of congress and they've done it every few months since the debt ceiling is another example in the middle of one right now you know there'll be chaos still be caseloads to give us more of your money and let us run roughshod over the political system and steal everything that's going to be chaos well let's look at how an idea can actually genuinely create revolution where you can change the system and not return to business as usual five hundred dollars. silver if you want it now many look at that and they think oh it's about the price it's about making money off of silver making fee out currency dollars issued by the new york fed and it's more than that it's a revolutionary idea because many people instinctively also say why would max want five hundred dollar silver does he know what the world would look like in five hundred dollars silver world you know there's a number of really good points there in other words fi

we heard discussion about fed and fdic work on orderly liquidation authority. i think it will be a sign of success when we see, for example, large firms actually getting themselves smaller to try to get out of some of the oversight. if we see the cost of funding increasing because the backstop to the government is not there, we are not there yet, but i do note that some of the rating agencies have been talking about downgrading large banks based on the possible absence of government support in a crisis. we are not there yet. i think we absolutely must get there. there are many aspects of dodd- frank, and a lot of work remains, which will help us get rid of too big to fail. >> thank you very much, mr. chairman. i want to add my welcome to the panel of regulators for our country. mr. chairman, i would like to ask the unanimous consent that my brief opening statement be added to the record after the opening statements of the chairman and the ranking member. thank you very much. chairman schapiro, good to see you again. dodd-frank creates the office of investor adv

price it's about making money off of silver making fear out currency dollars issued by the new york fed and it's more than that it's a revolutionary idea because many people instinctively also say why would max want five hundred dollars silver does he know what the world would look like in five hundred dollars silver world you know there's a number of really good points there in other words first of all the five hundred dollars still reaping be obtained if people want it because there's so the market is so tiny that if millions of people around the world that are getting victimized by banks for corruption they simply bought one or two ounces of silver there's very little of it around the price would go to five hundred dollars your silver would be worth a lot more but more importantly the bankers would be put out of business that's the point number one point number two what would a world of five hundred dollars over mean it would mean that the peasants in america and around the world were being disenfranchised and haven't seen wage growth in decades and are being treated like by obama wo