'Financial Firewalls' for a better America? Where?

[WhiskeyGirl]

After taxpayers were burned by all the AIG pass-throughs and 'our' integrated global financial system...where are the firewalls?

Barney insisted that all this integration made it easier for 'us' but never identified who was included in the 'us' word.

Fed Off'ls at Jackson Hole Discuss Tough Policy Challenges

JACKSON HOLE, Wyo. (MNI) - Federal Reserve policymakers and many of the world's other top central bankers are gathering Thursday for their annual retreat and symposium in the shadow of the Grand Tetons.

They are also meeting in the shadow of looming economic and financial problems, which seem to be defying the stimulative efforts of both monetary and fiscal policy.

The apt topic of this year's Kansas City Federal Reserve Bank's conference is "Macroeconomic Challenges: The Decade Ahead."

Following welcoming remarks Thursday night by Kansas City Fed President Thomas Hoenig, Fed Chairman Ben Bernanke will formally open the conference with an eagerly awaited Friday morning keynote address. A series of academic papers will frame the ensuing discussions.

The symposium, whose participants include most members of the Fed's policymaking Federal Open Market Committee, European Central Bank President Jean Claude Trichet and other central bankers, roughly coincides with the third anniversary of the subprime mortgage crisis.

Although the crisis has largely subsided, financial conditions remain far from normal. In particular bank lending continues to decline, both because of tight terms and standards and a dearth of credit demand.

For a lot of people...the financial crisis continues.  Where did all that money go?  How much more would it have stimulated Main Street if every mortgage in America had been paid off?

And although the economy has emerged from recession to record four straight quarters of GDP growth, the recovery has been far from robust. Hoenig calls it "abnormally slow." Indeed, it has shown mounting signs lately of losing momentum, raising doubts about its sustainability in some quarters.

Doubts have also been raised about the effectiveness of U.S. monetary policy.

As a number of Fed officials have freely acknowledged, there is a great deal of uncertainty among both households and business firms that is impeding a normal recovery. Policy uncertainty -- about taxes, regulations, the budget deficits, the health care overhaul and so forth

That has in turn kept unemployment high, dampened income growth and limited consumer and business demand.

High unemployment, dampened income growth - these are the things of Joe Biden's economy?  The things he thinks are working as they intended?

Kill the economy for the eco people and destroy the nation for the leftists?

more here - http://imarketnews.com/node/18331

Who makes money on all the Federal Reserve action?  Loans?  Money?

Why hasn't the Federal Reserve and all its activities been given a good rigorous audit?

just my humble opinions

[WhiskeyGirl]

Central bank officials from more than 35 countries usually travel to the Jackson Lake Lodge, elevation about 6,900 feet (2,103 meters), to mingle with leading monetary policy makers and thinkers. Last year’s attendees included Jose De Gregorio, Chile’s central bank president; Tito Mboweni, then-governor of the South African Reserve Bank; and Richard Berner, Morgan Stanley’s co-head of global economics.

Between debates over new research and crisis management under elk-antler chandeliers, attendees take hiking and rafting excursions in Grand Teton National Park. This year’s schedule features stargazing with a local astronomy club and a visit to a ranch with a “horse whisperer,” or trainer.

Participants pay their own fees to cover the cost of the conference and meals, as well as for lodging and additional activities.

The guest-list change frees up some of the approximately 135 slots and helps the Kansas City Fed achieve its goal of bringing together diverse views, including critics of the central bank, said Raley, a senior vice president who has helped run the event for 10 years. The district bank, currently led by Thomas Hoenig, has organized the symposium since 1982.

read more here - http://www.bloomberg.com/news/2010-08-20/jackson-hole-meeting-ticket-not-a-sure-thing-for-top-federal-reserve-staff.html

I wonder how this would compare with the Obama conference call?

Maybe Obama's goals for the nation include high unemployment, perpetual welfare, crony capitalism, and non-growth?

Maybe these others want to grow their economies and put folks back to work?

Why aren't those in Washington building firewalls around taxpayer money?  Individual taxpayer liberty?

jmho