"The culture of Wall Street has now completely engulfed the Fed: it’s legal if you can get away with it.

The Fed’s governance and controls to prevent conflicts of interest have been repeatedly criticized by government auditors. When the GAO conducted an audit of the Fed’s bailout facilities during and after the 2008 financial crash, it found a litany of defects in how the Fed had operated these programs. Among the criticisms were that two-thirds of the contracts that the Fed awarded to manage its lending facilities were no bid contracts. 

Worse yet, many of the no-bid contracts went to the very banks that the Fed was bailing out. This is a time when we will find out if SEC Chair Gary Gensler and U.S. Attorney General Merrick Garland are prepared to step in and properly serve the interests of the American people and restore credibility to the central bank of the United States." - WSOP, Was Boston Fed President Rosengren Trading with Citigroup’s Money? 

"Your record gives me grave concern. Over and over, you have acted to make our banking system less safe. And that makes you a dangerous man to head up the Fed. I came to Washington after the 2008 crash to make sure that nothing like that would ever happen again. And it's why I will oppose your renomination." - Senator Elizabeth Warren, Comment to Fed Chair Jerome Powell, 28 September 2021

Stocks were wobbly, again.

Yields on Treasuries were rising at the longer tend of the curve, supporting a higher Dollar which has now taken the 94 handle quite handily.

Gold and silver were hit again.

The physical inventories for Comex-related trades are now at cautionary low levels.

Time to transfer more physical gold from West to East.

The revelations of abuses in key positions at the Fed are shocking.

Time for another distraction.  More theater, bread, and circuses.

Are you not entertained?

Have a pleasant evening.

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