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BERNANKE AND THE BOSS
Chairman Begins Second Term on Precipice
By Wayne Jett © February 3, 2010
    After one term as chairman of the Federal Reserve, Ben Bernanke knows who is boss. The chairman of the Fed is not the boss, nor is Congress, nor the president. He learned in those 2008 meetings when Henry Paulson announced the fates of Bear Stearns, Fannie Mae, Freddie Mac, Lehman Bros. and AIG. The Wall Street players called the shots. Bernanke funded their game. Complete text here.
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FEDERAL ECONOMIC TRAIN WRECK
Nearing IMF’s Grasp; Loving a VAT
By Wayne Jett © January 26, 2010
    The Train Wreck Conference on the federal fiscal crisis is now online. Viewing the slides, if not listening to oral remarks, of the morning panels will inform you the academic presenters are convinced beyond doubt the U. S. Treasury will default on its debt. The remaining question is whether default will occur mid-term (within ten years) or near-term (any day now), which depends upon whether policy execution provokes a run on the dollar. Complete text here.
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FINANCIAL FRAUD
THREATENS BREAKOUT
House May Confront Wall Street on Manipulation
By Wayne Jett © January 21, 2010
    Last Friday at a national conference on the approaching “train wreck” of U. S. fiscal default, not one of two dozen assembled academics offered a thought on the significance of financial fraud in the global economic collapse of 2008. They could get an idea by interviewing Rep. Mike Capuano (D-MA), who summed up the reason for Scott Brown’s upset Senate seat win in these terms: “If the White House won’t confront Wall Street, the House should do it for them.” Complete text here.
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REVOLT EN MASS(E)
Middle Class Takes Bay State
By Wayne Jett © January 20, 2010
    Not a moment too soon, the middle class of Massachusetts took control of a U. S. senate seat which, for many decades, advanced the agenda of the dominant elite. The decisive win by Scott Brown, a man whose personal transportation is a truck, may or may not be enough to turn back the elitist assault on middle class access to health care, energy and prosperity. Complete text here.
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STRAWS IN THE WIND
2  0  1  0
By Wayne Jett © January 6, 2010
Not Enough Dollars Out There?
YRC Worldwide Barely Survived
A Small Shortage
Complete text here.
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OUTRAGE AT CHRISTMASTIME
As Nationalized Health Care Is Imposed
By Wayne Jett © December 22, 2009
    On Saturday, December 19, Senate majority leader Harry Reid (D-NV) substituted a new bill for 2,100 pages of health insurance “reform” legislation debated all month. Reid then required a vote on closing debate at an hour after midnight Sunday. Reid won the vote to shut off debate by the minimum margin, 60-40, with all Democrats supporting him and all Republicans voting against. The final vote in the Senate will be on Christmas Eve. Complete text here.
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FED PREDICAMENT EASES
Dollar Improves Slightly
By Wayne Jett © December 16, 2009
    When America’s dominant elite began purging certain of Wall Street’s big players in 2008, Federal Reserve chairman Ben Bernanke stepped into the breach. He didn’t volunteer. He was taken there by the czar of purges. Complete text here.
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THE CONSPIRACY THEORY
C O N S P I R A C Y
By Wayne Jett © December 8, 2009
    Ask any judge, prosecutor, criminal defense attorney or novelist about conspiracies and you are likely to be told conspiracies are the stuff of human existence. But mention to a financial sector mogul or media icon any set of facts implying concerted activity for nefarious purpose and you will be eyed with scorn – ridiculed – categorized as unsophisticated “conspiracy wing-nut.” Complete text here.
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Destitute pea-pickers in California; a 32 year-old mother of seven children (Feb. 1936).
By Dorothea Lange
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