The power to coin money and regulate its value is among the most important of government responsibilities. That its been turned over to private bankers is astounding.

April 2, 2008
Wall Street Shows Optimism That Crisis Is Fading
By MICHAEL M. GRYNBAUM

Stocks started the second quarter with a soaring rally on Tuesday that sent the Dow Jones industrial average up nearly 400 points, its best performance in two weeks, as investors found reasons to take heart in a fresh round of mortgage-related write-offs at UBS and Deutsche Bank and a capital infusion at Lehman Brothers, the brokerage firm.

The Standard & Poor's 500-stock index gained 3.6 percent on the strength of a surge in shares of financial services firms. Lehman Brothers, the bond insurer MBIA and the mortgage giant Fannie Mae were among the index's biggest gainers.

Asian stocks, also led by banks, advanced in early trading Wednesday.

Despite the discouraging numbers — $19 billion in write-downs at UBS and nearly $4 billion at Deutsche Bank in the first quarter alone — investors appeared hopeful that the bad news could signal the last of Wall Street's credit woes.

"UBS was providing transparency to the market," said Ryan Larson, a Voyageur Asset Management trader. "That's something we've desperately needed in the face of this current crisis."

Adding to the good feelings, Lehman said private investors had snapped up a $4 billion offering of preferred stock — far more than expected — in a move to dispel a swirl of rumors about its stability. Shares of Lehman jumped 17 percent. UBS said it would try a similar move with $15 billion in additional funds; its shares rose 15 percent.

Analysts pointed to the successful Lehman offering as a sign that the actions of the Federal Reserve had restored some confidence among banks.

http://www.nytimes.com/2008/04/02/business/02stox.html?ei=5065&en=31b7c6e256a5206c&ex=1207713600&partner=MYWAY&pagewanted=print

Hetep and Respect HEADINTHEGAME, In Classical African Civilization, Kemet (Ancient Egypt) they depicted the forces of nature as half animal and half man, but as a metaphor only. Why do say you are half man half animal?

The one thing that is true about the federal reserve is that it is not federal and there is no reserve. We are in the bush/McCain recession headed for depression. The "Federal Reserve" should be abolished and the printing of money returned to us the people. Then Bush and the forty thieves should be brought to the well of the congress in Irons for trial.

Wow, it's a great article which sent me in search of another few to link. It took a while but here it is, RedRuby's seed of Freedom to Fascism, a must see, plus Hamid's link #3 but a true number one, first place piece with Corrupt Banking System.

I was ticked off the link wasn't on my recommendations list, thought it was, but it is now. It has everything anyone ever needs to know about banking. Spectacular job by the film makers!! Banksters hide with mumbo jumbo and fine print, helped by the scoundrels they buy to rewrite the rules.

FYI, you are supposed to seed the title of the article as it is at the site. That also saves ungodly long, annoying entries in the convo tracker.