federal reserve

federal reserve: Page 1

Discussed in (click each link for the full post):

George W. Bush Institute on "Growth and Immigration" (Matthew Denhart) - 12/05/12

Yesterday, George W Bush returned to the public eye to promote massive immigration, saying ( peekURL.com/zjd4VCT ):

Cato immigration conference April 26, 2012: let's discredit them (CFR, Lofgren, Jacoby, Federal Reserve, NIF, NFAP) - 03/22/12

On April 26, 2012, the Cato Institute will be conducting an all-day conference ("Is Immigration Good for America?") supporting massive immigration. I urge anyone who'll be in the Washington DC area to attend with the goal of discrediting them as will be described below.

Herman Cain scandal revealed: corruption and incompetence (Politico, Tea Parties) - 11/01/11

In this post I'll reveal the dirty little secrets of the Herman Cain scandal. As you might have heard, that presidential candidate is accused of some form of sexual harassment of colleagues at one of his past jobs, and the latest news is that one of the alleged victims wants to step forward and tell her side of the story (link).

SF Federal Reserve promotes massive immigration, including illegal (Giovanni Peri) - 08/30/10

The San Francisco branch of the Federal Reserve offers "The Effect of Immigrants on U.S. Employment and Productivity" by visiting scholar Giovanni Peri of UC Davis (Wall Street Journal article here, the brief study at [1]). According to Peri, we're all rich beyond our wildest dreams due to massive immigration:

"There is no evidence that immigrants crowd out U.S.-born workers in either the short or long run... "the economy absorbs immigrants by expanding job opportunities rather than by displacing workers born in the United States." ...Peri's work estimates that an inflow of immigrants equal to 1% of employment boosts income per individual by 0.6% to 0.9%. On a larger scale, "total immigration to the United States from 1990 to 2007 was associated with a 6.6% to 9.9% increase in real income per worker." ...Peri says that gain "equals an increase of about $5,100 in the yearly income of the average U.S. worker in constant 2005 dollars” for a gain that equals “20% to 25% of the total real increase in average yearly income per worker registered in the United States between 1990 and 2007."

For some economics problems with earlier Peri work, start here or here or here.

Note also that he doesn't differentiate between legal and illegal immigration or between, say, low-wage low-skilled workers and Silicon Valley entrepreneurs. Would any benefits to Americans of the latter be masking costs by the former?

Peri also refers to the "average U.S. worker" when the benefits of massive immigration probably skew towards those with higher incomes. Would the gains by, say, construction company owners be masking losses by, say, U.S. citizen drywall workers?

Note that his study only looks at income and not at costs, such as spending on welfare programs, education, and so on for illegal aliens or their children. And, of course, his study doesn't look at the costs of giving the Mexican government even more power inside the U.S. or of political corruption. In fact, that's something that he admitted to me he didn't look at or concern himself with in any earlier study (link).

UPDATE: The commenters here pick apart several things the study got wrong or misled about. Even a good number of commenters at the HuffPost raise issues with the study (link).

[1] frbsf.org/publications/economics/letter/2010/el2010-26.html

Ron Paul was right: Federal Reserve had involvement in Watergate, money sent to Saddam Hussein (Ben Bernanke) - 02/25/10

Yesterday, Rep. Ron Paul quizzed Ben Bernanke of the Federal Reserve about that group's involvement in relation to Watergate and to the funding of Saddam Hussein of Iraq (video: peekURL.com/vqxfnme ). Bernanke called that questioning "absolutely bizarre", and several sources (some listed below) joined in.

As it turns out, the Fed in fact did have some sort of involvement with both Watergate and with money that was sent to Saddam, as documented in the book "Deception and Abuse at the Fed: Henry B. Gonzalez Battles Alan Greenspan's Bank" (link). From the blurb:

...Robert Auerbach, a former [U.S. House of Representatives] banking committee investigator, recounts major instances of Fed mismanagement and abuse of power that were exposed by Rep. Gonzalez, including: * Blocking Congress and the public from holding powerful Fed officials accountable by falsely declaring--for 17 years--it had no transcripts of its meetings; * Manipulating the stock and bond markets in 1994 under cover of a preemptive strike against inflation; * Allowing $5.5 billion to be sent to Saddam Hussein from a small Atlanta branch of a foreign bank--the result of faulty bank examination practices by the Fed; * Stonewalling Congressional investigations and misleading the Washington Post about the $6,300 found on the Watergate burglars. Auerbach provides documentation of these and other abuses at the Fed, which confirms Rep. Gonzalez's belief that no government agency should be allowed to operate with the secrecy and independence in which the Federal Reserve has shrouded itself. Auerbach concludes with recommendations for specific, broad-ranging reforms that will make the Fed accountable to the government and the people of the United States.

See also hnn.us/blogs/entries/123737.html and this.

Here are some of those who reflexively supported Bernanke without doing even a little bit of research. The reader is encouraged to add more in comments. Unless otherwise noted, all of the following mock Paul in one way or other, none of them even hint that the Fed was in fact involved in some ways with both issues, and none of them have corrections at post time:

* AllahPundit hotair.com/archives/2010/02/24/ron-paul-grills-bernanke-
wasnt-the-fed-involved-with-saddam-and-in-watergate (no correction at post time)

* Sudeep Reddy of the Wall Street Journal

* NPR npr.org/blogs/money/2010/02/

* Heather Horn of The Atlantic theatlanticwire.com/opinions/view/opinion/

* Elizabeth MacDonald of Fox News' business channel:

* Jordan Fabian of The Hill doesn't mock Paul but also doesn't provide background: thehill.com/blogs/blog-briefing-room/news/

* Huffington Post huffingtonpost.com/2010/02/24/ben-bernanke-snaps-at-ron_n_474874.html (Note that one of their contributors posted a link to the book at huffingtonpost.com/j-bradley-jansen/bizarre-bernanke_b_475230.html)

Please add more in comments.

UPDATE: Paul has read into the Congressional Record a statement he received from Auerbach (link):

I thank Congressman Ron Paul for bringing to the public’s attention the Federal Reserve coverup of the source of the Watergate burglars’ source of funding and the defective audit by the Federal Reserve of the bank that transferred $5.5 billion from the U.S. government to Saddam Hussein in the 1980s. Congressman Paul directed these comments to Federal Reserve Chairman Ben Bernanke at the House Financial Services Hearing February 24, 2010. I question Chairman Bernanke’s dismissive response...

Federal Reserve to unemployed millions: massive immigration is great for you (Tobias Madden) - 09/22/09

Tobias Madden - a Regional Economist for the Federal Reserve in Minneapolis - offers an "Economic Myth Busters" sales job asking, 'should policymakers curb immigration to “protect American jobs”?' (minneapolisfed.org/publications_papers/pub_display.cfm?id=4277)

In a nutshell, no. This myth stems from the idea that the number of jobs in America is fixed, and every job taken by an immigrant reduces the total number of available jobs, always to the detriment of native-born workers. This overlooks some valuable economic contributions from immigration on both the supply of and demand for labor.

Right now, the number of jobs in the U.S. is fixed or falling. If, say, there were a million fewer low-wage illegal aliens in the U.S. their absence would reduce spending, but at the same time Americans would be able to step in and take the jobs they're doing. That would also have many other benefits, such as reducing the power inside the U.S. of the Mexican government, striking back at attempts to gain race-based power, minimizing the dependence of able-bodied workers on government assistance, encouraging innovation (such as agricultural machinery), encourage people to better understand how valuable U.S. citizenship is, encourage reforms in foreign countries, and on and on and on.

From the other side of the ledger, the most Madden can point to is this:

In 1997 the National Research Council estimated that immigrant labor conferred net benefits of anywhere from $1 billion to $10 billion per year on the native-born population.

Nowadays, $10 billion is almost nothing; Obama probably spent a couple billion before lunch.

So, the question becomes, why is the Federal Reserve promoting things like this rather than promoting reducing immigration and reaping the far greater benefits outlined above and elsewhere?

See also the $5.50 challenge and the letter I sent to CAP.

"Bank on Los Angeles": city helps corrupt banks profit from illegal activity - 03/25/09

The City of Los Angeles recently announced a new public-private partnership called "Bank on Los Angeles" (bankonla.com) that's designed to help 10,000 low-income residents who don't have bank accounts ("the unbanked") open up accounts. It's also open to illegal aliens [1], and that means that Los Angeles City will be encouraging corruption by helping major banks profit from money that was earned illegally.

AIG bonuses: just a cover for tens of billions to their counterparties? - 03/17/09

That's what disgraced former New York governor Eliot Spitzer thinks (link):

Everybody is rushing to condemn AIG's bonuses, but this simple scandal is obscuring the real disgrace at the insurance giant: Why are AIG's counterparties getting paid back in full, to the tune of tens of billions of taxpayer dollars?

Felipe Calderon Feb. 2008 U.S. visit: Eliot Spitzer, Blagojevich, Schwarzenegger, Villaraigosa, Fabian Nunez - 02/09/08

Mexico's president Felipe Calderon will be visiting parts of their former territory next week, stopping in New York, Boston, Chicago, Sacramento, and Los Angeles but apparently avoiding Washington DC.

In addition to U.S. officials, and some who are supposedly U.S. officials, he'll probably also be meeting with community leaders, such as those from non-profits, "hometown associations", the leaders of his PAN party who operate inside the U.S., and the like. Unfortunately, it's difficult to find a listing, but if anyone could leave information in comments that would be quite helpful.

In addition to addressing the California legislature, some people he's known to be meeting with are:

* U.N. Secretary-General Ban Ki-Moon
* New York governor Eliot Spitzer
* Illinois governor Rod Blagojevich
* California governor Arnold Schwarzenegger
* Los Angeles Mayor Antonio Villaraigosa
* Assembly Speaker Fabian Nunez (private meeting)

UPDATE: According to this:
...officials said he'll meet with Mayor Richard Daley, Gov. Rod Blagojevich and other leaders... ...includes a private meeting with some Mexican community leaders at McCormick Place... ..."We will be there making our proposals to him in what we expect to be a sincere dialogue," said Salvador Pedroza, chairman of the Little Village Chamber of Commerce and leader of the Illinois chapter of Calderon's National Action Party... In the afternoon, Calderon is expected to attend a town-hall-style meeting at Little Village High School on the Southwest Side.

...After Calderon met privately with Blagojevich, officials announced an agreement for a teacher's exchange program that would send Mexican educators to Illinois to help teach math, natural sciences, Spanish and other subjects in local classrooms.

"It's very important that we recognize the contributions Mexico has made to Illinois and the United States, by strengthening our mutual bond and improving the quality and scope of Mexican culture in Illinois," Blagojevich said in an e-mailed news release.
Please indict him already.

UPDATE 2: His first meeting was at the Council of the Americas, with their honorary president David Rockefeller. Then, it was off to meet Eliot Spitzer (presidencia.gob.mx/prensa/?contenido=33715); Calderon congratulated him for his "efforts... to provide Mexican migrants with access to public education and health services as well as to guarantee their work rights". Then, a private meeting with the editorial board of the Wall Street Journal, and he also spoke at Harvard, with Deval Patrick, and with the President of the New York Federal Reserve Bank. In Chicago he met with mayor Richard M. Daley and with Blago. He even met with Jesse Jackson. All that and much, much more here.

San Francisco approves ID card; corruption in plain sight; Tom Ammiano? - 11/14/07

The San Francisco Supervisors have approved a city ID card for everyone, including illegal aliens (link). While this will be sold as either a wacky plan from the far-left or a common-sense solution, the more likely reason this was pushed through is hiding in plain sight:
[Bill author, supervisor Tom Ammiano] said banking institutions in San Francisco have signaled their willingness to accept the municipal ID card for the purpose of setting up accounts. He noted that people without bank accounts are frequently more vulnerable to theft and robbery.

Officials with the city's Bank on San Francisco program, which helps people obtain bank accounts, said institutions such as Wells Fargo, Bank of America, Washington Mutual and US Bank had expressed interest in accepting the ID cards.

Bank on San Francisco is a city partnership with the Federal Reserve Bank. Although criteria for opening bank accounts are set in part through the USA Patriot Act, "to our knowledge that law is not a bar to a municipal ID," said David Augustine, spokesman for the city treasurer's office, which oversees the program.
At least the first two banks listed as well as the Federal Reserve have in the past taken steps to profit from indirect illegal activity: the money that illegal aliens earn by working illegally. And, in fact, the Bush administration fought to allow banks to accept Mexico's ID card which is only of use to illegal aliens. And, from the Bank on San Francisco page (sfgov.org/site/bankonsf_index.asp?id=46628):
Accept alternative forms of identification, such as consular identification cards. For many immigrants, the barrier to opening an account is having the proper documentation.
The banks aren't going to earn that much off this; I'd imagine that due to the cost of living in Frisco they don't have a high illegal alien population (except for those living 20 to an apartment in shifts). However, this could be used as an entree to other cities, such as Los Angeles.

As for Ammiano, I'm not familiar with him and I don't know whether he's just a soft-brained far-leftie or whether he's trying to get a piece of the pie. However, I wouldn't be surprised to learn that he's received donations from those banks or he has some sort of other link. Those who live in the area are strongly encouraged to follow the money. His fellow supervisor Gerardo Sandoval is a strong supporter of illegal immigration.

Note that New Haven, CT has their own municipal ID. Their mayor John DeStefano has a possible financial interest and the person in his office who pushed the ID (Kica Matos) previously headed a group (Junta for Progressive Action) that is/was collaborating with the Mexican government.

UPDATE: The "Case Study" PDF at the sfgov link above has some interesting nuggets on the Bank on San Francisco program. First, they've got a section for those "thinking about starting something similar to Bank on San Francisco in your community", and I'm sure some are. As for how it all started:
Anne Stuhldreher, a Fellow at the New America Foundation, approached staff of San Francisco Mayor Gavin Newsom and City Treasurer Jose Cisneros with the initial concept. The Treasurer’s Office convened a working group of the staff of the Mayor and Treasurer, the Mayors Office of Community Development, New America Foundation, and EARN, a citywide nonprofit that helps low-income residents build assets. The Federal Reserve Bank of San Francisco joined the group soon after hearing about the program.
To participate in the program, banks have to accept those foreign IDs which are of use only to illegal aliens. And:
From further research, the working group learned that Latinos who are un-banked often don't realize that you do not need a social security number to open an account and that they can open accounts with Mexican or Guatemalan Identification cards.
In other words, you don't have to be here legally to have a U.S. bank account.

As for government corruption at the federal level:
[at a meeting] Michael Frias, of the Federal Depository Insurance Corporation [sic], discussed how the New Alliance Task Force is helping banks learn about how they can accept the Matricula Consular Card and develop products and services to help Latino immigrants, save, send money to their home countries, and buy homes... The New Alliance Task Force is a partnership between the FDIC, the Mexican Consulate, banks, community-based organizations, federal regulators, the secondary market, and private mortgage insurance companies. The partnership has opened 50,000 new bank accounts totaling $100 million.
In other words, something akin to a federal agency is collaborating with a foreign government to help nationals of that government who are here illegally get home loans, and is assisting banks to profit from money that was earned illegally.

Pro-illegal immigration performance art (funding by Bank of America and Wells Fargo)
Wells Fargo and illegal activity
remesamex.gob.mx features Bank of "America", Wells Fargo, and Western Union
Citibank "recruiting" illegal aliens for home loans

Nina Bernstein/NYT: Immigration enforcement equals fear - 12/24/06

Our old favorite Nina Bernstein of the New York Times offers "Immigrants Go From Farms to Jails, and a Climate of Fear Settles In". She spends two screens painting a picture of upstate New York dairy farmers and their illegal alien employees living in a state of fear. The poor dear farmers are afraid one of their enemies is going to drop a dime on them to ICE. The poor oppressed illegal aliens are afraid of being taken away in shackles (if the report had audio, it would be of the sound of cattlecars). She even uses the phrase "harvest of fear" and makes a reference to "The Twilight Zone".

She also mentions - but doesn't explore - the role that political corruption plays in lack of immigration enforcement. Instead, she concentrates on the emotional aspects with the clear intent of promoting immigration "reform".

Here's the first paragraph:

As record-setting enforcement of immigration laws upends old, unspoken arrangements, a new climate of fear is sweeping through the rural communities of western and central New York.

It will take a real reporter - and not just a pro-illegal immigration hack - to explore those "unspoken arrangements" and to follow the money. As for Bernstein, this is all we get:

Now, more aggressive enforcement has disrupted a system of official winks, nods and paperwork that for years protected farmers from "knowingly" hiring the illegal immigrants who make up most of their work force.

If the NYT wants to be a real news sources, they'll dispatch someone else to look into those "winks [and] nods", and not someone who's part of the problem.

And, apparently someone's reading the papers:

Others, including the [New York Farm Bureau], pointed to the unusual intensification of the dairy investigation after [Rodney Brown who together with his wife Debbie are dairy farmers in Clifton Springs] was quoted in a Sept. 11 Associated Press account [presumably "Farmers: Harvest raids are badly timed" by Cara Anna which appears to have been rewritten here].

Others mentioned include Marshall Farms, Cliff DeMay, "a large private labor contractor", and:

Maureen Torrey, an 11th-generation grower and a director of the Federal Reserve Bank's Buffalo branch

Looking into the political corruption side of this issue is left as an exercise for a real news source.

Please write public *at* nytimes.com with your thoughts.

Federal Reserve is completely corrupt (Directo a Mexico) - 12/06/06

The U.S. Federal Reserve is encouraging and profiting from illegal immigration by tapping into the remittances market (money sent from workers in the U.S. back to their home countries).

A significant portion of the money sent to Mexico was earned by illegal aliens who were involved with the illegal activity associated with illegal immigration: illegally entering the U.S., document fraud, ID theft, hiring an illegal alien, etc.

"Banks aim to help immigrants send money home" - 01/27/06

What a heart-warming title to this CSM report (link). Of course, they don't go into the downsides: billions of dollars is flowing out of the country and being used to prop up corrupt foreign governments and depriving those countries of the citizens and industries they need to improve. And, that encourages those corrupt governments to send us even more of their people. And, many of those "immigrants" are in fact illegal aliens.