The title of my blog is “Fiduciary in thought and ACTION” for a reason. There are sufficient experts and money to file the appropriate actions – join me in ACTION. Give the Fed another "F" word - the finger. Or are we content just to watch and write about the unilateral Fed's increasingly complicit behavior fbo banks largely in a certain Federal Reserve district east of the Hudson? Past as they say is prologue.
WE elect. The elected appoint officials on our behalf starting with the Cabinet and Federal Reserve to insure due process and the rule of law is respected. Laws and regulation were plenty before the so-called financial crisis.
Fraud’s roots occurred upon the first failures to document borrower income or assets later ratified by securitzation trusts. Why? Banks must adhere to "safety and soundness" practices, Mr Bernanke alluded to this in a 2007 speech here. Fraud became manifest with banks' off balance sheet transactions and in the first instances of leverage. Why? Leveraged assets are, by definition, owned but NOT fully paid for assets. The trillions of dollars amount of not paid for MBS et al assets were THE rocket fuel propelling house prices; period. Off balance sheet assets were there for a reason; to hide. Hiding, material information is a fundamental affront to disclosure.
Until we actualize our individual and collective respect for the law, until prosecution, recovery and reform actions are filed we can write all we wish, with the same less than satisfactory effect – nada.
The first suggested is an immediate amendment to the Federal Reserve Act.
- Resize and increase the number of Federal Reserve Districts (not changed since 1913 – true).
- Abolish the position of Fed Chairman; effective immediately.
- Abolish the default NY Fed President as Vice Chairman of the FOMC
- Rotate SOMO’s (System Open Market Operations) out of NY to other (new) Federal Reserve districts.
- Establish, from the new number of Federal Reserve districts, a commission of Governors, selected by Congress to vote on and approve FOMC and Open Market measures.
- Establish the GAO as the sole source of data for Fed decisions.
- Abolish the Federal Reserve staff which produce data or research.
- Require explicit explanation for any measures as to why fiscal needs are not met by Congress, name committees responsible. Budget line item by line item.
Second, put back ON balance sheet all federal programs starting with Social Security and other pet projects.
Why? 1) The now voiceless, future generations of Americans are being taxed without representation. 2) Present creditors and current taxpayers may be defrauded.
Ending the siesta on the Taxpayer's dime - one easy to read blog at a time.