Rep. Alan Grayson asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the trillions of off balance sheet obligations. Inspector General Elizabeth Coleman responds that the IG does not know and is not tracking where this money is.
Hundreds of thousands of people are expected to march through the streets of France today as the traditional May Day rallies become a focus point for anger over factory closures, job cuts and Nicolas Sarkozy's handling of the economic crisis.
The myth of the single bubble behind The Great Unwind -- manifest as the global credit crunch -- has essentially been dumped in the last few months and subprime mortgage default, a USD 1.5 trillion challenge within the USD 5 trillion mortgage based assets envelope, is seen as a component of a much larger overwhelming global crisis with unprecedented scale, speed, severity and synchronicity. The global crisis has wiped a staggering USD 50 trillion off the value of financial assets currency, equity and bond markets worldwide last year, according to the Asian Development Bank. The truth that there are as many as eight bubbles at play...
