Regarding the Letter of the Day, March 30, "Economics 101:" Hugh Williamson asked, "Would you want your garbage man or your auto mechanic to be so wealthy he didn't need to work?" ...more

April 1, 2009

Abolish Federal Reserve Act The Federal Reserve refers to the rate at which private banks borrow money from each other or from the Federal Reserve in order to meet their reserve requirements for making loans, set 10 cents in reserve for every dollar they loan. By lowering the rate to zero, the Feds are essentially handing out free money to bankers, saying: Take this bag of cash. Use it for loans or whatever you want, it doesn't matter what interest rate you charge; you're guaranteed a profit. The Feds are only interested in ensuring the future of the current system of debt - and the profits of its fellow private bankers. ...more

January 14, 2009

Paulson. Merrill Lynch. Lehman. Bernanke. Names are what investors start talking about at moments like this. Names, the faith is, will rescue Wall Street and, by extension, the U.S. economy. When a market crash is big enough, people are too panicked to think about the technicalities of reform. They think about the names they are losing and names who, they hope, will save the day. ...more

September 17, 2008