Three of the Biggest Banks on Wall Street Have $7.4 Trillion In Off-Balance
Sheet Exposures
By Pam Martens and Russ Martens: April 14, 2020 ~
New York Stock Exchange Trading Floor
In the past few weeks everyone from Fed Chair Jerome Powell to U.S. Treasury Secretary Steve Mnuchin to former Fed Chair Janet Yellen to bank analyst Mike Mayo have appeared on TV to tell the American people that the big banks […]
American Workers Get a 4-Month Safety Net; Wall Street Gets a 4 to 5-Year
Bailout
By Pam Martens and Russ Martens: April 13, 2020 ~
The stimulus bill passed by Congress and signed into law by President Trump in March, (the CARES Act), increases the miserly amount most states provide in unemployment benefits (an average of $378 weekly) by an additional $600 per week. But that extra $600 only lasts until […]
The Fed Is Killing the Two Main Functions of Wall Street: Price Discovery and Prudent Capital Allocation
By Pam Martens and Russ Martens: April 11, 2020 ~
On Thursday, knowing that a three-day Easter weekend was coming and the attention of the public would be elsewhere, the Federal Reserve announced that it would allow two of its emergency lending programs to begin buying junk bonds. Those are bonds with less than an investment-grade […]