There’s a little problem at the Federal Reserve though. Federal Reserve Inspector General Elizabeth Coleman can’t seem to find a trillion [...]]]> That’s right folks, trillion with a T. This is the same shadow agency that Barack Obama wants to hand massive new powers to in order to theoretically streamline federal financial regulatory activities. Theoretically.

There’s a little problem at the Federal Reserve though. Federal Reserve Inspector General Elizabeth Coleman can’t seem to find a trillion dollars in losses that happen to be on the FR balance sheet. Apparently they know the losses exist, but the IG (this one was not fired), cannot account for the money. That’s just peanuts though.

There are also $9 trillion in off-balance sheet transactions that the IG seemingly has no clue about. At a hearing in May, her response to a question by Alan Grayson (D-FL) was almost as comical as Obama stating he didn’t know about the Tea Parties. This was a whopper. She didn’t know about the $9 trillion. In fact, she stated she really didn’t have the jurisdiction to audit anything outside of what the Board of Governors controlled (that would be the FR Liz).

Now Barack Obama wants to give this same Federal Reserve new powers to regulate companies, consolidate existing agencies, and play watch dog for the rest of us, even though trillions…with a T folks, remain unaccounted for. This should be headline news. Instead we get 24-hour coverage of child molester pop star drops dead. That’s our news.

This is like asking Bernie Madoff to keep an eye on your money. Is this change we can believe in? I don’t know about the change; the Federal Reserve has been a murky entity from day one. You sure as hell better believe it though.

It turns out that ex-Goldman Sachs chief and Treasury Secretary Hank Paulsen didn’t have a clue as to how mortgage backed securities worked. Here is a guy that ran one of the most powerful companies [...]]]> I once posed the question, “Wall Street knows what it’s doing, does Washington?” Well now we have our answer.

It turns out that ex-Goldman Sachs chief and Treasury Secretary Hank Paulsen didn’t have a clue as to how mortgage backed securities worked. Here is a guy that ran one of the most powerful companies on Wall Street, and then held the keys to America’s purse strings. Didn’t have a clue. Didn’t understand, wasn’t close to it. So the TARP, the bailouts, the stimulus-all that crap-what are the odds Washington suddenly got their act together?

Well, we know that Paulsen was replaced by Timmy the tax cheat Geithner, a guy who couldn’t figure out Turbo Tax. If these guys are in the dark, how competent do you think Obama, Pelosi, Reid, Frank, and rest of the dolts trolling Washington are?

It’s time for America to get a clue. We can’t afford to have this bunch using our collective ATM card.

We all know about Obama’s plan to go after companies that have moved operations out of the United States and extract taxes from them. He doesn’t care that they’ve outsourced; he just wants to [...]]]> He’s already done irreparable harm to the U.S. economy, and now he wants to take the show on the road.

We all know about Obama’s plan to go after companies that have moved operations out of the United States and extract taxes from them. He doesn’t care that they’ve outsourced; he just wants to get the money. Well, there’s a little problem with this particular Marxist tentacle. Overseas banks are the ones that would be required to basically play tax collector for the IRS at great expense. This has prompted warnings that foreign banks may jettison American clients to avoid the cost and liability of being Obama’s overseas tax goons.

What would this do? Raise prices of consumer goods? Yes. Bring jobs back to America? No. Possible retaliation by foreign finance interests? Likely.

Barry didn’t think this one through, like most of his proposals, but I bet the idea sure sounded good when he was theorizing as a professor.