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CONCERNING FEDERAL RESERVE BANK AND BIG BUSINESS...

Many feel it's a rigged game.  Either way, it is better that Americans pay attention to how the business of government DOES their business...
ESPECIALLY WHEN IT COMES TO THE MONEY GAME.  Congressman Donnelly is doing his job--in questioning Federal Reserve Bank Chair, Janet Yellen.    

Worth the time to watch the whole thing--but you can queue it up to 01:52:24--and watch just the Donnelly-Yellin exchange.  (transcipt of Donnelly/Yellen exchange immediately below)

01:52:24              Joseph "Joe" Donnelly

MARKET TO BEGIN TO DEVELOP AN ECONOMY THAT THE MILLENNIALS WILL FULLY PARTICIPATE IN. AND I HOPE YOU CONTINUE TO THINK AND PROVIDE US THE ADVICE THAT IS EXTRAORDINARILY VALUABLE. >> THANK YOU. >> SENATOR DONNELLY. >> THANK YOU, MR. CHAIRMAN AND MADAM CHAIR. THANK YOU FOR YOUR SERVICE. AND I APOLOGIZE, I'VE HAD TO GO IN AND OUT OF OTHER COMMITTEES AND I KNOW THIS SUBJECT HAS BEEN BROUGHT UP. BUT THE ISSUE OF WAGE STAGNATION THAT WE'VE SEEN AND THE OTHER PIECE OF STUDENT DEBT, WHEN WE LOOK AT THE STUDENT DEBT AND THE NUMBERS ARE SO HIGH AND YOU KNOW IT HAS BEEN A LONG TIME, BUT WHEN I GRADUATED FROM COLLEGE, YOU COULD WORK AN ENTIRE SUMMER AND WIND UP PAYING ABOUT HALF OF WHAT YOUR TUITION WAS. HOW BIG OF A DRAG, AND YOU MAY NOT HAVE AN EXACT MEASUREMENT, BUT ONE OF MY GREAT CONCERNS IS

01:53:22

Janet L. Yellen

IN SOME AREAS OF THE COUNTRY HOW DO YOU BUILD UP THE HOUSING MARKET WHEN THE YOUNG PEOPLE WHO WANT TO BUY A HOUSE, THE MONEY THAT I SAVED UP FOR THAT, AT THAT TIME, 20% DOWN PAYMENT, IS NOW, IN MANY CASES, BEING USED TO PAY OFF A STUDENT LOAN AND IT IS A BOX ALMOST YOU CAN NEVER GET OUT OF. SO HOW BIG OF A DRAG DO YOU SEE THAT BEING ON THE ECONOMY? >> SO, IT IS A LITTLE BIT HARD TO TELL. I MEAN, THE HOUSING MARKET HAS NOT RECOVERED IN THE WAY THAT I WOULD HAVE ANTICIPATED. IT HAS BEEN VERY SLOWLY IMPROVING. BUT HOUSEHOLD FORMATION HAS BEEN EXTREMELY LOW IN THE UNITED STATES. IT IS HARD TO TELL. YOU HAVE MANY YOUNG PEOPLE WHO ARE LIVING WITH THEIR FAMILIES STILL. IT IS HARD TO TELL WHETHER THAT IS BECAUSE OF STUDENT DEBT OR BECAUSE OF A WEAK JOB MARKET. MY GUESS IS THAT THE ECONOMY CONTINUES TO IMPROVE. WE WILL SEE AN IMPROVEMENT IN HOUSE HOLD FORMATION THAT WE WILL SEE. NOW, MANY YOUNG PEOPLE WILL DECIDE THEY PREFER TO RENT RATHER THAN BUY HOMES. BUT THAT WILL GIVE RISE TO A BOOST IN MULTI-FAMILY CONSTRUCTION EVEN IF NOT SO MUCH TO SINGLE FAMILY CONSTRUCTION. BUT THE HOUSING MARKET HAS BEEN VERY DEPRESSED. NEVERTHELESS, IN SPITE OF THAT, THE ECONOMY AS A WHOLE, IN THE JOB MARKET, HAS HAD SUFFICIENT STRENGTH TO RECOVER. >> MY OTHER CONCERN IN THAT AREA IS WHEN YOU SEE A YOUNG PERSON WHO LOOKS UP AND IS DEALING WITH 100,000 DOLLARS IN STUDENT DEBT AND HAS A BIG CHUNK OF MONEY EVERY MONTH THAT GOES OFF TO PAY THAT DOWN, THOSE DOLLARS ARE DOLLARS THAT NEVER ARE USED TO GO TO A RESTAURANT OR TO MAYBE BUY A CAR OR NEVER USED TO TRAVEL SOMEWHERE AND SO OVERALL JOB-WISE, IT HITS OR SEEMS TO HIT AND MAKES IT DIFFICULT IN ALL OF THOSE AREAS TO CONTINUE JOB CREATION? >> IT IS TRUE. BUT IT IS -- IT ALSO REMAINS TRUE THAT A HIGHER EDUCATION BOOSTS INCOME AND IS TREMENDOUSLY IMPORTANT. IT IS NOT ALWAYS THE CASE, NOT FOR EVERY INDIVIDUAL THAT IT IS A GOOD INVESTMENT, BUT CERTAINLY ON AVERAGE IT HAS BEEN A VERY IMPORTANT AND WORTHWHILE INVESTMENT. SO I THINK TO MY MIND, THAT IS THE OTHER -- THAT IS THE OTHER SIDE OF IT. >> I COMPLETELY ARGUE -- I COMPLETELY AGREE WHAT A WONDERFUL INVESTMENT IT. I -- IT IS. I WABD TO GET -- WANT TO GET THAT OPPORTUNITY WITHOUT SADDLING YOURSELF FOR YEARS. >> THE DEBT LOADS ARE LARGE AND THEY HAVE INCREASED A GREAT DEAL. YOU ARE VERY RIGHT. >> ONE OTHER THING I WANTED TO ASK YOU ABOUT IS CYBER SECURITY AND I KNOW THE FED HAS CERTAIN THINGS THEY FOCUS ON ON A CONSTANT BASIS. IN THE AREA OF CYBER SECURITY, THOUGH, IT IS, FROM ALL OF THE FINANCIAL ORGANIZATIONS THAT I TALK TO, ONE OF THE BIGGEST CONCERNS I HAVE FOR THE COMPANIES, IS HOW BIG OF A RISK DO YOU SEE THAT IN THE YEARS MOVING FORWARD AND HOW BIG OF AN EFFECT ON THE FINANCIAL INSTITUTIONS DO YOU SEE THIS BEING? >> WELL, I THINK IT IS ON EVERYONE'S TOP LIST -- TOP OF THE LIST OF CONCERNS THAT WE HAVE ABOUT THE FINANCIAL SYSTEM, ABOUT THE PROBLEMS FACING FINANCIAL ORGANIZATIONS AND I WOULD INCLUDE THE FEDERAL RESERVE IN THAT TOO. IT IS -- IT IS A TOP CONCERN OF OUR OWN GIVEN THE IMPORTANCE OF OUR OWN SYSTEMS TO THE PAYMENT -- THE FUNCTIONING OF THE PAYMENT SYSTEM OF THE U.S. AND GLOBAL ECONOMY. INTERNALLY WE'RE PAYING A GREAT DEAL OF ATTENTION TO MAKE SURE THAT WE'RE ADDRESSING EVER-ESCALATING THREATS TO OUR OWN OPERATIONS, THE BANKS THAT WE SUPERVISE. WE ARE VERY ATTENTIVE AND HAVE EXPERTS WHO WORK WITH THE BANKS TO MAKE SURE THAT THEY ARE ATTENTIVE ATTENTIVE. IT IS A LARGER PROBLEM AND THIS IS ONE WHERE COOPERATION IS NEEDED AMONG CARD SYSTEMS, RE RETAILERS AND OTHERS INVOLVED IN THE FINANCIAL SYSTEM AND CONCEIVABLY LEGISLATION MIGHT BE NEEDED IN THIS AREA. >> THANK YOU. AND I'LL CONCLUDE WITH THIS. FOR THE STATE I REPRESENT, INDIANA, WE, FOR MANY YEARS, WERE HIT VERY, VERY HARD IN THE MANUFACTURING SECTOR BECAUSE OF CURRENCY MANIPULATION AMONG OTHER AREAS AND I KNOW THIS HAS BEEN MENTIONED BUT I WOULD LIKE TO MAKE SURE THAT YOU KEEP A CLOSE EYE ON THIS BECAUSE WHEN WE TALK ABOUT MANUFACTURING, THE ABILITY TO BE COMPETITIVE, AND ALL THAT WAS EVER SAID TO ME BY OUR MANUFACTURERS WERE IF IT WAS A FAIRFIELD WE'LL DO FINE. BUT IF THE GAME IS RIGGED, I DON'T KNOW HOW WE WIN THAT KIND OF GAME. AND I'VE ALWAYS HAD THE SAME FEELING THAT -- AND MY RANKING MEMBER SHERROD BROWN RIGHT NEXT TO ME IN OHIO HAS DEALT WITH THIS WITH HIS MANUFACTURERS AS WELL -- IF CURRENCY IS FAIRLY VALUED AND WE ARE NOT SUCCESSFUL, OUR MANUFACTURERS,

01:59:10

Richard C. Shelby

IF I CAN'T WIN A FAIR GAME THAT IS ON ME. BUT IF IT IS BEING MANIPULATED AGAINST MY COMPANY, IT MAKES IT AWFUL TOUGH TO KEEP THE WORKERS WORKING AND TO KEEP OUR ECONOMY GROWING, SO I WOULD JUST ASK THAT YOU KEEP THAT IN MIND AS YOU MOVE FORWARD. AND THANK YOU SO MUCH FOR YOUR SERVICE. >> THANK YOU. >> MADAM CHAIR. YOU MENTIONED THAT THE CURRENT UNEMPLOYMENT IS LISTED AT 5.7%. HOWEVER, ONE ALTERNATIVE MEASURE THAT SEEMS TO FULLY CAPTURE A BETTER SENSE OF LABOR FORCE PARTICIPATION IS THE U-6 MEASURE THAT LISTS TOTAL EMPLOYED AND UNDER-EMPLOYED AS 11.3% AS OF JANUARY OF 2015. THIS MEASURE HAS NOT DIPPED BELOW 10% UNEMPLOYMENT SINCE BEFORE THE CRISIS. ACCORDING TO THE BUREAU OF LABOR STATISTICS DATA THERE ARE NOW 12 MILLION

02:00:04

LET US KNOW WHAT YOU THINK:  Opinions@BlackAmericanTv.com (some opinions may be posted for public viewing)



                                             ----------------------------------------------------------      
Below  is a newspaper article that appeared the week after the Yellin hearing.  Some feel it's an example of how the money folks control minds.  

The article speaks to a survey that says the American Public does not want the Congress involved with the Fed.  Huh?  Only a complete idiot or a rigged survey could come up with that conclusion. THEY CONTROL THE MONEY! Kinda stupid to let them do what they want without being questioned. The real question is, who came up with the participants in that "survey"?                             
http://www.reuters.com/article/2015/03/02/us-usa-fed-audit-poll-idUSKBN0LY0DT20150302

Americans say keep politics out of the Fed

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Reuters

By Michael Flaherty

5 hrs ago






Most Americans don't know who runs the Federal Reserve, but they do believe that elected officials should stay out of its business, according to a Reuters-Ipsos poll.

Just 24 percent of those polled said Congress should be allowed to have detailed oversight of the Fed, the poll shows. More than double that amount said the central bank should be left alone.

The poll of 1,388 Americans was conducted from Feb 20-24 to measure whether people supported proposed legislation that would expose the Fed to a full government audit, a move being led by Rand Paul, a likely 2016 presidential candidate.

The Republican Senator from Kentucky held an "Audit the Fed" rally in Iowa last month, and his spokesman told Reuters that polls showed Americans want the central bank to be audited.

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© REUTERS/Gary Cameron The United States Federal Reserve Board building is shown behind security barriers in Washington

Supporters of the campaign say the Fed needs more transparency and accountability. Opponents say the Fed is already audited, and that exposure of internal policy discussions could lead to political influence over decisions on interest rates and damage market confidence.

Fed Chair Janet Yellen came under pressure from conservatives in Congress this week, with some accusing her of bias towards Democrats.

When asked about who should be responsible for setting interest rates, 66 percent of the participants said independent experts, while 34 percent said elected officials.

"There ought to be some review but I don't know that a full public disclosure of every comment attributed to every Fed member for the whole world to see is necessarily the best option," said David Webb, 64, a former labor relations specialist for the U.S. Army.

The Davenport, Iowa, resident said his concern is that public exposure of the comments invite politicians to manipulate the process, and opens the door for them to apply pressure on Fed officials with whom they disagree, or agree on certain policy matters.

The Fed undergoes annual third-party audits and has been subjected to numerous government reviews, but its internal discussions about monetary policy matters and transactions with foreign banks are among its functions that have been exempt from a government audit since 1978. Paul's bill, and a similar one raised in the House of Representatives, seeks to end that exemption.

Conservatives have stepped up attacks on the Fed for its handling of the 2008 financial crisis and for the more than $3.5 trillion of bonds it purchased afterward to stimulate the economy. Among their concerns is that the bond buying would cause a surge in inflation and debase the dollar, fears that have failed to play out. The dollar has risen 28 percent since May 2011, while market-based measures show U.S. inflation is declining, still below the Fed's 2 percent target.

The Senate Banking Committee is holding a Fed reform hearing on Tuesday, where the issue of the audit is expected to be discussed.

    KEEP OUT

Central bank governors are appointed by the White House and subject to congressional confirmation. The Fed is not appropriated taxpayer money, rather it uses interest from securities to provide its budget and transfers profits back to the U.S. Treasury.

The Reuters-Ipsos poll shows that Americans mostly understand that the Fed has influence over interest rates, but are unsure how the central bank works. Some 54 percent of those polled don't know who the Fed chair is, with 7 percent believing that Alan Greenspan is in charge, and 3 percent naming former Treasury Secretary Timothy Geithner. About 48 percent say they either know very little about the Fed, or have never heard of it at all.

The poll results also show that 49 percent of participants say important decisions about the nation's money supply should be made without political influence.

"I think the private conversations of Fed officials should remain private," said Hope Peterson, 48, a telecommunications worker in Kalamazoo, Michigan.

The poll results were weighted to current U.S. population data by gender, age, education and ethnicity. It has a credibility interval - which measures the survey's precision - of plus or minus 3 percentage points.

(Reporting by Michael Flaherty. Editing by John Pickering)




MAXINE WATERS FOR PRESIDENT.  WATCH HER AT WORK IN CONGRESS...

HERE'S A CASE WHERE CONGRESS IS TAKING CARE OF BUSINESS!  ...wanna see a few weasels called on the carpet by congress?  Check out the one chick who is like Queen Evilena...

ISRAEL - U.S. JOINT CELEBRATION OF ISRAELI 67TH YEAR INDEPENDENCE DAY


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