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  • Accounting Tweak Could Save Fed From Losses
    to catch the attention of market analysts Many are at once surprised that the Fed can set its own guidelines and also relieved that the remote but dangerous possibility that the world s most powerful central bank might need to ask the U S Treasury or its member banks for money is now more likely to be averted Could the Fed go broke The answer to this question was Yes but is now No said Raymond Stone managing director at Stone McCarthy in Princeton New Jersey An accounting methodology change at the central bank will allow the Fed to incur losses even substantial losses without eroding its capital The change essentially allows the Fed to denote losses by the various regional reserve banks that make up the Fed system as a liability to the Treasury rather than a hit to its capital It would then simply direct future profits from Fed operations toward that liability This enhances transparency by providing clearer more frequent snapshots of the central bank s finances analysts say The bonus the number can now turn negative without affecting the central bank s underlying financial condition Any future losses the Fed may incur will now show up

    Original URL path: http://www.911omissionreport.com/fed_accounting_tweak.html (2016-02-14)
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  • Here Comes FIATtackWatch: Ben "Big Brother" Bernanke Goes Watergate, Prepares To Eavesdrop On Everything Mentioning The Fed
    era and will be monitoring everything written about it anywhere in the world After all why ask others to snitch for you and anger everyone as Obama found out the hard way when you can pay others to create the supreme FI ATtack Watch TM using money you yourself can print in unlimited amounts And once the Internet is completely transparent the Fed will next focus on telephone conversations and finally will simply bug each and every otherwise private location in the world Because very soon saying that printing money is treason will be treason and such terrorist thoughts must be pre crimed before they even occur All we can say is we welcome our new Chairsatan Voldemort overlord For it is truly he who must not be named henceforth From the key section of the RFP presented in its entirety below I Introduction Social media platforms are changing the way organizations are communicating to the public Conversations are happening all the time and everywhere There is need for the Communications Group to be timely and proactively aware of the reactions and opinions expressed by the general public as it relates to the Federal Reserve and its actions on a variety of subjects II Social Listening Platforms Social media listening platforms are solutions that gather data from various social media outlets and news sources They monitor billions of conversations and generate text analytics based on predefined criteria They can also determine the sentiment of a speaker or writer with respect to some topic or document The information gathered can guide the organizations public relations group in assessing the effectiveness of communication strategies Here are some of the services it can offer o Track reach and spread of your messages and press releases o Handle crisis situations o Continuously monitor conversations

    Original URL path: http://www.911omissionreport.com/fed_eavesdrop.html (2016-02-14)
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  • Plunge Protection Team
    to comment on these issues for fear of triggering the very event they wish to forestall according to policymakers A Brewing Concern Greenspan had expressed similar thoughts a year ago at a confidential meeting of the Working Group Treasury Secretary Robert E Rubin and SEC Chairman Arthur Levitt Jr also are concerned about the stock market s vulnerability according to sources familiar with their views The four principals of the group Rubin Greenspan Levitt and CFTC Chairwoman Brooksley Born meet every few months and senior staff get together more often to work on specific agenda items In addition to the permanent members the head of the President s National Economic Council the chairman of his Council of Economic Advisers the comptroller of the currency and the president of the New York Federal Reserve Bank frequently attend Working Group sessions The Working Group has studied a variety of possible threats to the financial system that could ensue if stock prices go into free fall They include a panicky flight by mutual fund shareholders chaos in the global payment settlement and clearance systems and a breakdown in international coordination among central banks finance ministries and securities regulators the sources said As chairman of the Working Group Rubin would have overall responsibility for the U S response but Greenspan probably would be the government s most important player In a crisis a lot of deference is paid to the Fed a former member of the Working Group said They are the only ones with any money The first and most important question for the central bank is always Do you have credit problems said E Gerald Corrigan former president of the New York Federal Reserve Bank and now an executive at Goldman Sachs Co The minute some bank or investment firm says Hey maybe I m not going to get paid maybe I ought to wait before I transfer these securities or make that payment then things get tricky The central bank has to sense that before it happens and take steps to prevent it 1987 A Case Study The Fed s reaction to the 1987 market slide which Corrigan helped oversee is a case study in how to do it right The Fed kept the markets going by flooding the banking system with reserves and stating publicly that it was ready to extend loans to important financial institutions if needed The Fed s actions in October 1987 read like a financial war story The morning after the 508 point drop on Black Monday the market began another sickening slide Corrigan and other Fed officials strongly discouraged New York Stock Exchange Chairman John Phelan from requesting government permission to close the market Phelan was concerned that if the market continued to erode the capital of the NYSE member firms would disappear Corrigan feared a shutdown would cause more panic It was extraordinarily difficult around 11 o clock Corrigan recalled The market was at one point down another 250 points and that s when

    Original URL path: http://www.911omissionreport.com/plunge_protection_team.html (2016-02-14)
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  • Fed Defies Transparency Aim in Refusal to Identify Bank Loans
    After that date the central bank widened standards to accept other kinds of securities some with lower ratings The Fed collects interest on all its loans The plan to purchase distressed securities through TARP called for buying at the lowest price that the secretary of the Treasury determines to be consistent with the purposes of this Act according to the Emergency Economic Stabilization Act of 2008 the law that covers TARP We Need Transparency The legislation didn t require any specific method for the purchases beyond saying mechanisms such as auctions or reverse auctions should be used when appropriate In a reverse auction bidders offer to sell securities at successively lower prices helping to ensure that the Fed would pay less The measure also included a five member oversight board that includes Paulson and Bernanke At a Sept 23 Senate Banking Committee hearing in Washington Paulson called for transparency in the purchase of distressed assets under the TARP program We need oversight Paulson told lawmakers We need protection We need transparency I want it We all want it At a joint House Senate hearing the next day Bernanke also stressed the importance of openness in the program Transparency is a big issue he said Banks Resist Disclosure The Fed lent cash and government bonds to banks which gave the Fed collateral in the form of equities and debt including subprime and structured securities such as collateralized debt obligations according to the Fed web site The borrowers have included the now bankrupt Lehman Brothers Holdings Inc Citigroup Inc and JPMorgan Chase Co Banks oppose any release of information because it might signal weakness and spur short selling or a run by depositors said Scott Talbott senior vice president of government affairs for the Financial Services Roundtable a Washington trade group You have to balance the need for transparency with protecting the public interest Talbott said Taxpayers have a right to know where their tax dollars are going but one piece of information standing alone could undermine public confidence in the system Frank Backs Fed The nation s biggest banks Citigroup Bank of America Corp JPMorgan Chase Wells Fargo Co Goldman Sachs Group Inc and Morgan Stanley declined to comment on whether they have borrowed money from the Fed They received 120 billion in capital from the TARP which was signed into law Oct 3 In an interview Nov 6 House Financial Services Committee Chairman Barney Frank said the Fed s disclosure is sufficient and that the risk the central bank is taking on is appropriate in the current economic climate Frank said he has discussed the program with Timothy F Geithner president and chief executive officer of the Federal Reserve Bank of New York and a possible candidate to succeed Paulson as Treasury secretary I talk to Geithner and he was pretty sure that they re OK said Frank a Massachusetts Democrat If the risk is that the Fed takes a little bit of a haircut well that s regrettable Such

    Original URL path: http://www.911omissionreport.com/fed_defies_transparency.html (2016-02-14)
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  • More States Look to Raise Taxes
    50 years Mr Boyd said and he expects income tax collections to drop below levels state officials projected though the extent of the damage probably won t become clear until May Raising taxes is a perilous proposition for lawmakers who must balance their states budgets every year Not only do they face political heat for increasing financial burdens during the recession but added taxes risk worsening their states economic problems by for example further hobbling consumer spending Some lawmakers say they have little choice With the size of our budget gap we are looking at a situation of closing down our courts releasing prisoners and cutting the school year by as much as a month said Rep Peter Buckley co chairman of Oregon s joint Ways and Means Committee His committee is considering an income tax increase on high earners along with major budget cuts to help close a projected 4 4 billion budget gap over the next two fiscal years And things could get worse after a revenue forecast due out May 15 he said because Oregon s unemployment rate has climbed to 10 8 and the state relies on income tax revenue Oregon Gov Ted Kulongoski is likely to support the surcharge said a spokeswoman because the state is faced with losing as much as a third of its tax revenue Legislators know the increases will be unpopular with residents There will be blame we accept that Sen Eileen M Daily of Connecticut said earlier this month when she and fellow Democrats announced a budget that raises income tax rates and expands the sales tax to raise more than 3 billion over the next two years Connecticut Gov Jodi Rell a Republican has said she would veto the plan But some governors are proposing tax increases Delaware Gov

    Original URL path: http://www.911omissionreport.com/raise_taxes.html (2016-02-14)
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  • Once Considered Unthinkable, U.S. Sales Tax Gets Fresh Look
    Obama assigned to study the tax system has expressed at least tentative support for a VAT Everybody who understands our long term budget problems understands we re going to need a new source of revenue and a VAT is an obvious candidate said Leonard Burman co director of the Tax Policy Center a joint project of the Urban Institute and the Brookings Institution who testified on Capitol Hill this month about his own VAT plan It s common to the rest of the world and we don t have it Seeking New Revenue The surge of interest in a VAT is testament to the extraordinary depth of the nation s money troubles While some conservatives have long argued that a consumption tax would provide a simpler and more efficient alternative to the byzantine U S income tax code this time it s all about the money The federal budget deficit is projected to approach 1 3 trillion next year the highest ever except for this year when the deficit is forecast to exceed 1 8 trillion The Treasury is borrowing 46 cents of every dollar it spends largely from China and other foreign creditors who are growing increasingly uneasy about the security of their investments Unless Congress comes up with some serious cash expanding the nation s health care system will only add to the problem Obama wants to raise income taxes for high earners and impose new levies on business but those moves would not generate enough cash to cover the cost of health care much less balance the budget and they have not been fully embraced by Congress Obama s plan to tax greenhouse gas emissions could raise trillions of dollars but again Congress is balking Key lawmakers are considering other ways to pay for health reform including new taxes on sugary soda alcohol and employer provided health insurance The last proposal could raise a lot of money nearly 1 trillion over the next five years according to White House budget documents But options on the table would raise a fraction of that sum And while it might pay for health care it would barely dent deficits projected to total nearly 4 trillion over the next five years and to grow rapidly in the future as baby boomers draw on Social Security and Medicare Enter the VAT one of the world s most popular taxes in use in more than 130 countries Among industrialized nations rates range from 5 percent in Japan to 25 percent in Hungary and in parts of Scandinavia A 21 percent VAT has permitted Ireland to attract investment by lowering its corporate tax rate The VAT has advantages Because producers wholesalers and retailers are each required to record their transactions and pay a portion of the VAT the tax is hard to dodge It punishes spending rather than savings which the administration hopes to encourage And the threat of a VAT could pull the country out of recession some economists argue by hurrying consumers

    Original URL path: http://www.911omissionreport.com/us_sales_tax.html (2016-02-14)
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  • PHONE TAXES ARE CELL HELL
    plan with 300 minutes pays 6 95 in taxes monthly a rate of 23 18 percent 2 percentage points above the typical city bill People trying to save money with multiline family plans are hit harder Federal state and local taxes on a two line Sprint plan costing 69 99 a month add up to 15 73 a rate of 24 25 percent 3 points above the typical bill Sprint offers additional lines for 9 99 each Add 2 89 in state and city taxes and 42 cents in federal taxes and each extra 9 99 line carries a tax bill of 3 32 a 33 20 percent rate 12 percentage points above the typical bill The taxes are insane cried Jessica Porter 36 a gallery worker from the East Village with a similar three line family plan Cellphone customers gripe that there s no justification for some of the fees such as the state s 1 20 per line per month 911 charge Responding to complaints that only a tiny amount of the tax went to 911 service the Legislature voted this month to call it a public service fee instead If there was a 5 monkey fee even

    Original URL path: http://www.911omissionreport.com/phone_taxes.html (2016-02-14)
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  • Motorists' habits spur call for tax increases
    raise their fuel taxes and make greater use of toll roads and fees for rush hour driving Although the cost of gasoline has dropped dramatically in recent months such tax increases could be politically treacherous for Democratic leaders in Congress A gas tax hike was one of the reasons they lost control of the House and Senate in the 1994 elections President elect Barack Obama has expressed concern about raising fuel taxes in the current economic climate But commission members said the government must find more road and bridge building money somewhere I m not excited about a gas tax increase but the reality is our current gas tax doesn t pay for upkeep of the system we have now said Adrian Moore vice president of the Reason Foundation a libertarian think tank in Los Angeles and a member of the highway revenue commission We can either let the roads go to hell or we can pay more The dilemma for Congress is that highway and transit programs are dependent for revenue on fuel taxes that are not sustainable Many Americans are driving less and switching to more fuel efficient cars and trucks and a shift to new fuels and technologies like plug in hybrid electric cars will further erode gasoline sales According to a draft of the financing commission s recommendations the nation needs to move to a new system that taxes motorists according to how much they use roads While details have not been worked out such a system would mean equipping every car and truck with a device that uses global positioning satellites and transponders to record how many miles the vehicle has been driven and perhaps the type of roads and time of day Most if not all of the commissioners have a strong belief and

    Original URL path: http://www.911omissionreport.com/tax_increases.html (2016-02-14)
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