O.K. NOW LISTEN TO A PROMINENT REPUBLICAN ECONOMIST'S TAKE ON QE3

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David Stockman on Federal Reserve Arrogance and Monetary Mission Creep! 

http://youtu.be/6QBiaq9OBgc

Published on Sep 21, 2012 by CapitalAccount 

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Welcome to Capital Account. Now that the Fed has announced QE3 and Japan announced QE 8, Brazil is threatening defensive measures and bringing talk of Currency wars back, according to multiple press reports. Brazil's finance minister coined the term 'Currency Wars' two years ago as governments battled to lower exchange rates to boost competiveness. We talk to David Stockman, former director of the Office for Management and Budget during the Reagan administration, about the malignant effects of Federal Reserve policy and the lack of market-set interest rates! 

Our guest, David Stockman, author of "The Triumph of Politics," recently had some choice words Federal Reserve, stating:"The Fed (and the lunatics that run it) are telling the whole world untruths about the cost of money and the price of risk." We talk to him about monetary policy, taxes, sound money, and more. 

Plus, the U.S. Senate panel probing JP Morgan's multibillion dollar 'Whale Trade' loss plans to unveil its findings to press regulators to tighten the Volcker Rule. We ask David Stockman if this would be enough to rein in too big to fail bank risk. 

Also we launch our Facebook page today! Check it out at www.facebook.com/pages/Capital-Account. Lauren shows off the new page and discusses your comments in Viewer Feedback. 

PROFESSOR WILLIAM K BLACK: "...EVERYBODY THAT KNOWS ABOUT FRAUD HAS SAID THAT [THE JOBS ACT] IS THE WISH LIST OF EVERY FRAUD-FRIENDLY PRACTICE IN THE WORLD PUT TOGETHER IN A BILL, AND WE HAVE CONGRESS DELIBERATELY SCREWING UP THE CONGRESSIONAL RULES PREVENTING HEARINGS BECAUSE THEY KNOW THAT THIS COULD NEVER BE EXPOSED TO REAL DISCUSSION BY EXPERTS AND PASSED."

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http://youtu.be/fyVOJPDYp34

TBTF Sheriff Bill Black on the MF Global Cover-up: "All those that doeth Evil hateth the light!"

Uploaded by CapitalAccount on

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Welcome to Capital Account. The Federal Reserve Bank of Dallas says Dodd-Frank did not end too big to fail, and says we must downsize the TBTF monsters in the view of Richard Fisher. This, as some US lawmakers are working to push back the timeline for a key part of Dodd-Frank, the Volcker Rule...a rule regulators and banks already appear to be hollowing out. We'll look at what the costs of these actions could be

Meanwhile, the "Corzine Rule" is reportedly gaining momentum -- this would restrict what brokerage firms can do with customer money. Before looking forward -- what about the unanswered questions and accountability in the MF Global bankruptcy and what we consider theft of customer money? We'll talk to William K. Black, the former regulator who oversaw prosecutions of bankers for fraud during the S&L crisis to find out what it would take to see justice in this case. We will discuss some of the peculiarities surrounding the MF Global bankruptcy, the decision by CFTC chairman Gary Gensler to proceed with a Chapter 11 bankruptcy as per the SEC, with a SIPA/SIPC liquidation for the brokerage unit, which put the customers on even footing with the creditors, instead of a Chapter 7 bankruptcy for the entire company. We ask Bill Black if this is an example of control fraud and regulatory capture, and where a crime has been committed here.

Meanwhile, do you think we have enough lawyers in the US already? Well, you may be happy to hear this...the organization behind the law school admissions test -- the LSATS -- saw the largest decline in people taking the test in more than a decade. Is "the law" in a bear market? Demetri think so. He says the bear market in the legal system is the corollary for the bull market in whistle blowing. Otherwise, you wouldn't need monetary incentives beyond what is already in place to get lawyers to prosecute crimes. Whistle blowers make it easy for the prosecution.