When Bobcat opened for NIRVANA...

Obama to Nominate Bernanke to 2nd Term.

WASHINGTON — President Obama on Tuesday will nominate Ben S. Bernanke to a second term as chairman of the Federal Reserve, administration officials said. The announcement is a major victory for Mr. Bernanke, a Republican who was appointed by President George W. Bush almost four years ago and who had briefly served as chairman of Mr. Bush’s Council of Economic Advisers. A top White House official said Mr. Obama had decided to keep Mr. Bernanke at the helm of the Fed because he had been bold and brilliant in his attempts to combat the financial crisis and the deep recession...Link

FED loses suit demanding transparency...

NEW YORK (Reuters) - A federal judge on Monday ruled against an effort by the U.S. Federal Reserve to block disclosure of companies that participated in and securities covered by a series of emergency funding programs as the global credit crisis began to intensify.Link

Texas Straight Talk......

During August recess, many legislators have heard an unexpected amount of discontent from their constituents about what is happening on Capitol Hill, particularly regarding healthcare. Some people are justifiably terrified at what the government could do to healthcare, should it get its claws even further into it. Others demand a public option for health insurance and are adamant that healthcare be treated as yet another absolute entitlement. One thing everyone agrees on is that the final bill needs to be read and understood by all legislators before a vote is taken. To any American, this is common sense. In Washington, that is unlikely to happen...Link

Peter Schiff Leans Toward U.S. Senate Run.

Peter Schiff turns on his computer and checks his fundraising numbers with the studied nonchalance other guys might display while perusing last night’s box scores. It’s a Friday in early August and Schiff’s fans have set off a “money bomb” — a 24-hour pledge blitz they hope will persuade him to run for the U.S. Senate seat held for almost 30 years by Christopher J. Dodd. Schiff, the Fairfield County stockbroker and author who has become YouTube’s most popular prognosticator of financial doom, says he will make up his mind by Labor Day. But spurred on by a cadre of young and zealous followers from around the nation, and a fundraising total that is closing in on $1 million, he is leaning toward a run...Link

50,000 employees lobbying Congress....

A spokesman for America’s Health Insurance Plans, the industry’s trade group, admitted in an article published Monday that as many as 50,000 industry employees are involved in an effort to fight back against aggressive healthcare reform...Link

150-200 more U.S. bank failures.....

NEW YORK (Reuters) - A prominent banking analyst said on Sunday that 150 to 200 more U.S. banks will fail in the current banking crisis, and the industry's payments to keep the Federal Deposit Insurance Corp afloat could eat up 25 percent of pretax income in 2010. Richard Bove of Rochdale Securities said this will likely force the FDIC, which insures deposits, to turn increasingly to non-U.S. banks and private equity funds to shore up the banking system.Link

Five Myths About the Gold Standard.

Thank you very much, Mr. Chairman, for allowing me to appear before your subcommittee this morning to discuss the feasibility of establishing a gold standard. As you know, I have introduced, and other members have cosponsored, H.R. 7874, which is a comprehensive bill to place the United States on a full gold coin standard within two years of the date of its passage. I believe such a standard to be not only desirable and feasible, but absolutely necessary if we aim to avoid the very real possibility of hyperinflation in the near future, and economic collapse. But in Washington today we have five myths about the gold standard...Link