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Thursday, June 11, 2009

Fed lost $5.3 Billions

Associated Press
10:17 AM PDT, June 10, 2009

WASHINGTON -- The Federal Reserve lost $5.25 billion in the first quarter on the securities it acquired with last year's bailouts of Bear Stearns and insurer American International Group Inc., according to a report issued Wednesday.

The loss on the holdings, which include mortgage-backed securities, reflected a decline in their value as the recession carried over into the first three months of this year. The cumulative loss of the Bear and AIG holdings come to $16.46 billion since they were taken over last year.
article

A Regional Central Banker Blows the Whistle

Gary North / LewRockwell.com | June 10, 2009

"In the long run, we are all dead but our children will be left to pick up the tab." ~ Thomas Hoenig, Federal Reserve Bank of Kansas City

Thomas Hoenig is the president of the Federal Reserve Bank of Kansas City. In a recent speech, he laid out a scenario for what the Federal Reserve ought to do and what the U.S. government ought to do, and what will happen if they refuse. You can read it here.

NEWS ON BUZZ
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