in addition the federal reserve bank of new york maintains a web site that includes schedules of purchases and sales of securities as a part of the open market operations. with the information describing the securities involved. the federal reserve is fully cooperating with the gao in an extensive review of each of the special lending facilities developed during the crisis. this will assess operational integrity, internal controls, security and collateral policies, policies governing third-party contractors and the existence of any conflict of interest or inappropriate favoritism and the establishment or operation of the facilities. as provided by the dodd-frank act on december 1st, 2010, the board published detailed information on its website about the federal reserve actions during a financial crisis. this release includes the names of far worse, the amount borrowed, the date credit was extended, the interest rate charged, information about collateral and a description of the credit terms under each facility. similar information was provided for the draw of the foreign central banks on t

he has had a distinguished career within the federal reserve bank largely. he joined the federal reserve bank back in 1973. he's been president for 20 years since 1991. he has the legendary seminar every year which we either have intended or wish we had intended but were never reminded and his kansas city federal reserve bank says he has been especially outspoken about the regulation of the financial industry during the recent crisis. so, to share his thoughts on why we haven't sold the too big to fail problem yet and how we can, and honored to introduce president thomas hoenig. [applause] >> thank you very much for the introduction. it's a pleasure to be here. i have to note we put the wrong embargo on the remarks today. i'm sure you've read it already, and i, because of that i'm going to try to present my comments and formally and leave time for questions because i'm sure there will be questions of one kind or another. i will put this year so i can keep track. as already noted, we are approaching the one-year anniversary of the dodd-frank bill, and given al

let me start by saying that my views are my own and not necessarily representative of the federal reserve bank of new york for the federal reserve system. when you think about that shadow banking system, securitization is really key to it. and when you think about the financial crisis, securitization is one of the key building blocks to the crisis. particularly underwriting standards deteriorated rapidly in 2005, 2006, and 2007 in the deterioration also linked to the ability of our originators to securitized and sell off risk. so, when the securitized there's -- securitizeers and other holders, when the incentives are not aligned and there is moral hazard, linked to the deterioration. so, dodd-frank makes a big effort to address this issue in developing rules for risk retention. there is a little charts in the handout that shows the buffalo of funds, the total issuance of abs, which are private label mortgages and credit-card trust and of the securitization vehicles, as well as the gse. you can see the front of the of securitization and the five years prior to the crisis and a sharp contractio

i have experience with the federal reserve bank of san francisco. when i look around my neighborhood and see the changes that are happening, i so there is no neighborhood grocery store. i see that small businesses in particular are coming and going, and they haven't been able to really sustain themselves. from my work experience in working for the city in the mayor's office as well as in the non-profit, i had a good sense as to what some of the challenges were. when i look in the future, i could see more challenges coming. i thought i had a set of experiences and more importantly a passion and desire to serve. >> i understand that no one wants to have their programs cut. of course not. i also want everyone here to understand that no one up here wants to cut programs because they don't care about the population being served. there are no value ains here. we are all on the same team. it is a tough situation, as we are here so that we can begin the work together. >> i am actually more forward thinking. for me it is less about being left or right, or in

i have work experience with the federal reserve bank of san francisco. i am most proud of the work i have done for myself. i started a business called power forward, a social media and public policy consulting firm. >> why did you choose to return and live in san francisco? what motivated you to run? >> what motivated me was my love of san francisco. i see the changes that are happening. i see people picking cans out of the garbage. i see that there is no neighborhood grocery store. i see that small businesses are coming and going. they have not been able to sustain themselves. from my work experience in working for the city come in the mayor's office and in the nonprofit, i had a good sense of what the challenges were. as i looked on the horizon, i see more challenges coming. i thought i had a set of experiences and a passion and desire to serve. it started at 1 point when i was 8 years old. i took a tour here with my third grade class of city hall. coming into the rotunda, seeing the staircase, it is very mesmerizing, very memorable, and powerful. it w

>> this feels an awful lot like 1937 -- >> there was a blog from the federal reserve bank of new york -- >> we are playing politics with a very serious problem with this debt ceiling. they are trying to blackmail the administration introducing -- into doing something they ought not to do, these massive cuts in exchange for raising the debt ceiling -- >> the deal -- >> the debt ceiling is not barack obama's obligation. it is the obligation of the united states of america. $14 million represents in debts and obligations occurred by ronald reagan, both bushes -- >> how about clinton? >> clinton, and even before then -- >> thank you, gordon. we actually have had a democrat -- >> he actually did raise taxes. >> when i was at the treasury department, we did it 10 times. >> the accumulated debt of the united states through two world wars, the louisiana purchase, great depression, by 1980, was $1 trillion. we've quadrupled in 12 years with ronald reagan and george bush and started down this -- >> $1 trillion until 1980, and $4.50 trillion in three years, barack obama. >> iraq, afghanistan, li

the federal reserve bank of new york stated that conditions for new york manufacturers deteriorated in june compared with market expectations. the general business condition index was minus 7.8, slipping below zero for the first time since november 2010. separately consumer price index in may rose 0.2%, according to the department of labor, that's on a seasonally adjusted basis. the index for all items excluding food and energy increased 0.3%. that is the largest increase since july 2008. the main factors for the advance included apparel and autos. >>> and now to the markets. concern over greek debt and the u.s. economy pulled the dow jones down nearly 1.5% overnight. to see how tokyo stocks are doing, let's cross over to ramin mellegard who is at the tokyo stock exchange. hi there, ramin. what kind of action are you seeing this thursday morning? >> reporter: very good morning to you ai, and as you see there, the nikkei and the topix extending losses. the nikkei was down almost 100 points just when the marts kicked off, and that follows the concerns overseas. we did see quite a move ac

he has had a distinguished career within the federal reserve bank largely. he joined the federal reserve bank back in 1973. he's been president for 20 years since 1991. he has the legendary seminar every year which we either have intended or wish we had intended but were never reminded and his kansas city federal reserve bank says he has been especially outspoken about the regulation of the financial industry during the recent crisis. so, to share his thoughts on why we haven't sold the too big to fail problem yet and how we can, and honored to introduce president thomas hoenig. [applause] >> thank you very much for the introduction. it's a pleasure to be here. i have to note we put the wrong embargo on the remarks today. i'm sure you've read it already, and i, because of that i'm going to try to present my comments and formally and leave time for questions because i'm sure there will be questions of one kind or another. i will put this year so i can keep track. as already noted, we are approaching the one-year anniversary of the dodd-frank bill, and given al

fray tonight joining tim palencia rick santorum former federal reserve government cain you know the pizza guy who used to run the federal reserve bank and of course last but not least texas congressman ron paul of course i'd like to remind you all that c.n.n. refused to allow former new mexico governor former governor gary johnson into this wide open debate the two term governor who left with a budget surplus of one billion dollars was told by c.n.n. that is probably.

between the states and the federal government because the federal government you know and the federal reserve bank are really not for this type of conversion out of fact r.c.n. to precious metal based consing is this is part of the stand off are saying between the states and the federal government because it also applies to other political issues as well well said madge yes i do i think what we see is utah as the ability to stand up for states rights as outlined in the bill of rights there are certain powers that were given to the federal government of very very limited basis and the states actually have all the power beyond those limited abilities of the federal government requests a total government as you sir all kinds of power really outside the purview of the constitution you trust so say wait a minute states rights no state cell issue anything but gold and silver for pain and debt that's the law we're implementing that will put it into law and see what happens what they're like to dress max you probably get to it anyway but that. gresham's law you know the idea that well why would i spend th

between the states and the federal government because the federal government you know and the federal reserve bank are really not for this type of conversion out of five parsi and two precious metal based currency is is part of the stand off are saying between the states and the federal government because it also applies to other political issues as well well said actually said you i think you see as utah has the ability to stand up for states' rights as outlined in the bill of rights there are certain powers that worse given to the federal government of very very limited basis and the states actually have all the power beyond those limited abilities of the total government of course the total government has usurped all kinds of power really outside the curve you cross into should you trust so say wait a minute states rights no state sulky issue anything but gold and silver for paying its debt that's the law we're implementing it prudent the law you would have it's one thing i like to address max the probably gets you anyway but. gresham's law you know the idea that we're why would i spend it all

developing between the states and the federal government because the federal government and the federal reserve bank are really not for this type of conversion out of fact r.c.n. to precious metal based currency is is part of the stand off are saying between the states and the federal government because it also applies to other political issues as well well said baucus i do i think when she is utah has the ability to stand up for states rights as outlined in the bill of rights there are certain powers that were given to the federal government of very very limited basis and the states actually have all the power beyond those limited abilities of the federal government christo cameras usurp our kinds of power really outside the purview of the car solution you trust so say wait a minute states rights no state solve the issue any. but cool and sober for peanuts yet that's the law were implemented were prudent the law. one thing i like to dress max you probably get through anyway a good. gresham's law you know the idea that well why would i state it will corn its value versus the theocracy this new. valu

between the states and the federal government because the federal government you know and the federal reserve bank are really not for this type of conversion out of fee at r.c.m. to precious metal based currency is this part of the stand off or same between the states in the federal government because it also applies to other political issues as well we're also matches i do i think group c. is utah as the standard for states rights as outlined in the bill of rights there are certain powers the worse you into the total government of very very limited basins and the states actually have all the power beyond those limited abilities of the total government of course total government has usurped all cards of power really are subject to review the constitution you trust so say wait a minute speech rights no state cell issue anything with rule in silver for paying its debt that's the law were implemented through prudent the law as you would have but it's one thing i like to address next you probably get through. gresham's law you know the idea that we're wireless to nickel coin it's value worse is the th

developing between the states and the federal government because the federal government and the federal reserve bank are really not for this type of conversion out of fear after r.c.n. two precious metal based currency is this part of the stand off or same between the states and the federal government because it also applies to other political issues as well well said matches so do other groups you see as you saw as the standard for states rights as outlined in the bill of rights there are certain powers worse given to the federal government of very very limited basins and the states actually have all the power beyond those limited abilities of the total government records of total government is usurp our kinds of power really outside the purview of the prosecution you trust to say wait a minute states rights no state sulky issue anything but coolants overpayments that's the law were implemented recruited into law and those who would have those who like to dress max and probably get through anyway but it's gresham's law you know the idea that well why would i spend it all corn it's appreciated in va

morgan and the federal reserve bank of washington dispensing inside information illegally bloomberg is involved in legal conspiracy that's not conspiracy theory that's conspiracy fact it's all siding 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 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 another regulator's 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 purposely on purpose so that they can possibly prosecute insider traders but also as liam graff goodman proved earlier this week is most things are no longer illegal anyway they've been unwound all the regulations against insider

had to borrow trillions of dollars to keep this country and have building operational the federal reserve bank has also printed hundreds of billions of dollars and confidence in the economy to try to help the frustrating part for so many americans that they haven't felt those results yet and they're starting to wonder when and if things will ever get better in washington christine for us now our team right a lot of economic news discussed today the debt ceiling negotiations are continuing under a tight deadline the greek crisis of course is still threatening global economy and other federal reserve chairman joined the ranks of those pessimistic outlook for the u.s. economy the economic outlook outlook for the rest of the. year pardon me but also said today the causes of the downturn are temporary and he brushed off the risk that greek banks pose heard that the greek crisis poses to u.s. banks so is he on point or is he not a surprise that he said it in the q. and a he was asked whether the crisis could really affect u.s. banks and he said it would be a very small hit do you agree. completely d

sixty income tax which came on the heels of the one nine hundred thirteen creation of the federal reserve bank which created interest bearing money and when they need the income tax to pay for the interest and you add it up a lot of people would argue close to one hundred years of a system that got complex completely away from having what the founding fathers in the us anyway had intended so but you're taking on the establishment in this way so well. clearly they're going to feel threatened at some point or do they feel threatened or is there going to be a confrontation of some sort or how do you approach that i don't think that bitcoin is large enough right now to be on the radar of many governments the entire economy is is approximately fifty million dollars if you take the total number of bitcoins outstanding multiplied by the exchange rate it's fifty million dollars and it used to just be five million a small time ago i can see it growing exponentially and it definitely challenges the status quo but i also think that they're in a quandary because if they were to prosecute it or if they wer

has had to borrow trillions of dollars to keep this country and was building operational the federal reserve bank has also printed hundreds of billions of dollars and confidence of the economy to try to help the frustrating part for so many americans that they haven't felt those results yet and they're starting to wonder when and if it will ever get better in washington christine for us now our team. of fed chairman ben bernanke he held around today there was this new era where the federal reserve actually gives press conferences prior to the event the bad release its core cast for economic growth and employment this year lowering both for the second time they said that the economy is going to expand the rate of two point seven. point nine percent down from the over three predictions just months ago and they expect unemployment to average around eight point six to eight point nine throughout the end of the year thing is though they also decreased their outlooks for twenty twelve so the moment everyone was really waiting for was whether or not a third round of quantitative easing was in the stars