Friday, July 10, 2009

Ron Paul questions Fed Vice Chair on Transparency

Ron Paul questioned Vice Chairman of the Federal Reserve Board of Governors today in a hearing on Fed independence on Capitol Hill today.

It’s now their “official” opinion that auditing the Federal Reserve completely will inhibit their ability to do their job, which apparently is to print money endlessly forcing a hidden tax on every person who trades in U.S. dollars.

Watch the exchange below.

Just more subterfuge in the fight to audit the Fed. Call your Senators and Congress folk about HR1207 and S604!

Have you called your Senators today to INSTRUCT them

to cosponsor S. 604, Federal Reserve Sunshine Act,


and OPPOSE Supreme Court nominee Sonia Sotomayor?

The Senate Switchboard number is: (202) 224-3121 or toll free at 1-888-355-3588 or 1-888-818-6641

AIG May Have Zero Value After Rescue,

July 9 (Bloomberg) -- American International Group Inc., the insurer bailed out four times by the government, fell the most in nine months after Citigroup Inc. said the firm may have no value left for shareholders after repaying the U.S.

AIG plunged $3.62, or 28 percent, to $9.48 at 4:15 p.m. in New York Stock Exchange composite trading, the biggest drop since September 2008. The insurer has lost more than half its value after implementing a 1-for-20 reverse stock split when trading closed June 30. FULL STORY

Weekly Unemployment Claims Decline, Record Continuing Claims

Note: The numbers are adjusted for the holiday, but this might still be an aberration.

The DOL reports on weekly unemployment insurance claims:

In the week ending July 4, the advance figure for seasonally adjusted initial claims was 565,000, a decrease of 52,000 from the previous week's revised figure of 617,000. The 4-week moving average was 606,000, a decrease of 10,000 from the previous week's revised average of 616,000.
The advance number for seasonally adjusted insured unemployment during the week ending June 27 was 6,883,000, an increase of 159,000 from the preceding week's revised level of 6,724,000. FULL STORY

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