Saturday, September 21, 2013

Weekly News Wrap-Up 9.20.13

Defund Obama Care, No Fed Money Printing Exit and MoreBy Greg Hunter’s 
To taper or not to taper–that is the question, and we have an answer.  The Fed is going to keep on printing $85 billion each and every month.  All the speculation the Federal Reserve was going to cut back on the money printing went “poof.”  The stock market spiked to new highs, but this is really just a “sugar high.”  The Fed is showing it has no exit plan, and if it did cut back on bond buying, interest rates would have spiked even more than they already have.  This is an ominous sign that the Fed has lost control of the bond market.  Keep in mind, interest rates shot up more than 1%, and that was with the Fed buying $85 billion a month.  They knew if they cut it back, rates would have shot up even more, and the economy would have tanked.  The Fed is stuck, and as famed investor Jim Rogers told us here on, “If the Fed stops money printing, it’s going to be a disaster.  If the Fed keeps printing, it’s going to be a disaster.  Either way, it’s going to be a disaster.”  It’s only a matter of when. 

The Republicans in the House are trying, once again, to defund Obama Care.  Some say they are risking a government shutdown.  I say “no way” they are going to shut down the government because they could also shut down the weak and fragile economy.  I think this is just a way to mark out their political territory and to try to get the Obama Administration to negotiate cutting some spending.  The Democrats are going to have a very tough time in the 2014 mid-term elections because of this job killing law that even some Democrats call a “train wreck.”  

Syria is already probably going to miss its first deadline to start the process of turning over its chemical weapons, and the Obama Administration is going to just let it go.  It took 10 years for Libya to destroy its chemical weapons, and it was not done during a civil war.  The Middle East war questions are far from answered, but, for now, things are quiet.  

The Washington Navy Yard shooting claimed the lives of 13 people including the shooter.  Could a SWAT team have gone in and saved some people?  The BBC is reporting yes it could have, and the British news organization is reporting a SWAT team was on the scene early on and was ordered to stand down.  Why and why isn’t the mainstream media doing follow-up reports on the BBC story? 

Finally, JP Morgan has admitted wrongdoing for its so-called “London Whale” trading losses and is paying a $920 million fine.  My question is: why no criminal charges?  Bank CEO Jamie Dimon was in charge, and testimony by his top lieutenants on Capitol Hill said Dimon was running the show.  That included waiving off regulators early on.  Dimon said from the beginning, the losses would only amount to $2 billion–they ended up being $6.2 billion. 

He said this just before the shareholders meeting in Tampa where he got a big $23 million payday.  His pay was cut in half because of the loss, but how do you miss by that much and still have a job?  Add the fines, and the losses were more than $7 billion!!!  

Join Greg Hunter as he gives his analysis on these stories and more in the Weekly News Wrap-Up.