Archive for July 18th, 2013

Oversight Committee Will Examine Role of IRS Chief Counsel, William Wilkins, Political Appointee, in Targeting Tea Party and Conservative Groups — Videos

Posted on July 18, 2013. Filed under: American History, Blogroll, College, Communications, Constitution, Crime, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, IRS, Law, liberty, Life, Links, media, People, Philosophy, Politics, Raves, Tax Policy, Taxes, Video, Wisdom | Tags: , , , , , , , , |

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Breaking: Rep. Issa Has Information That Will Link IRS Scandal Up Into the White House

ISSA: Oversight Hearing Will Examine Role of IRS Chief Council in Targeting

IRS Hearing Fireworks?  & America’s Power In Decline? – O’Reilly Talking Point Commentary

Jordan at IRS Hearing

GOWDY: The Blame Does Not Belong with Cincinnati in IRS Scandal

Cartwright Questions TIGTA Russell George at Oversight IRS Hearing

7-18-2013 “The IRS’ Systematic Delay and Scrutiny of Tea Party Applications” Part I

7-18-2013 “The IRS’ Systematic Delay and Scrutiny of Tea Party Applications” Part III

IRS OFFICIALS TESTIFY HOUSE HEARING TARGETING SCANDAL 7.18 13 Pt.5

IRS OFFICIALS TESTIFY HOUSE HEARING TARGETING SCANDAL 7.18 13 Pt.10

IRS OFFICIALS TESTIFY HOUSE HEARING TARGETING SCANDAL 7.18 13 Pt.11

IRS OFFICIALS TESTIFY HOUSE HEARING TARGETING SCANDAL 7.18 13 Pt.12

IRS OFFICIALS TESTIFY HOUSE HEARING TARGETING SCANDAL 7.18 13 Pt.13

IRS OFFICIALS TESTIFY HOUSE HEARING TARGETING SCANDAL 7.18 13 Pt.14

IRS OFFICIALS TESTIFY HOUSE HEARING TARGETING SCANDAL 7.18 13 Pt.15

IRS OFFICIALS TESTIFY HOUSE HEARING TARGETING SCANDAL 7.18 13 Pt.16

IRS OFFICIALS TESTIFY HOUSE HEARING TARGETING SCANDAL 7.18 13 Pt.17

IRS OFFICIALS TESTIFY HOUSE HEARING TARGETING SCANDAL 7.18 13 Pt.18

IRS OFFICIALS TESTIFY HOUSE HEARING TARGETING SCANDAL 7.18 13 Pt.19

IRS OFFICIALS TESTIFY HOUSE HEARING TARGETING SCANDAL 7.18 13 Pt.20

IRS OFFICIALS TESTIFY HOUSE HEARING TARGETING SCANDAL 7.18 13 Pt.21

IRS OFFICIALS TESTIFY HOUSE HEARING TARGETING SCANDAL 7.18 13 Pt.22

IRS OFFICIALS TESTIFY HOUSE HEARING TARGETING SCANDAL 7.18 13 Pt.23

IRS OFFICIALS TESTIFY HOUSE HEARING TARGETING SCANDAL 7.18 13 Pt.24

Obama Nominates Washington D.C. Tax Attorney, William Wilkins, for IRS Chief Counsel –

President Obama has nominated Washington D.C. tax attorney, William J. Wilkins, to become Chief Counsel for the Internal Revenue Service and Assistant General Counsel in the Department of the Treasury.

He is replacing Donald L. Korb who resigned from the post on December 19, 2008.

Here’s a brief bio on Mr. Wilkins:

William J. Wilkins of Washington, DC has been a partner in the Tax Practice Group of Wilmer Cutler Pickering Hale and Dorr LLP (also known as WilmerHale) since 1988. He has a broad tax practice that includes counseling nonprofit organizations, business entities, and investment funds on tax compliance, business transactions, and government investigations.

Prior to joining WilmerHale, Wilkins was Staff Director and Chief Counsel of the United States Senate Committee on Finance. Wilkins joined the Democratic staff of the Committee in 1981 and served as tax counsel before becoming Staff Director and Chief Counsel in 1987.

Prior to joining the Finance Committee staff, Wilkins was an associate with King & Spalding in Atlanta, GA. Wilkins is Chair of the Section of Taxation of the American Bar Association, the nation’s largest association of tax lawyers. He has been active in the Section for many years, having previously served as Section Vice-Chair and as Chair of two Section Committees.

He has previously served on the governing boards of the American College of Tax Counsel and the American Tax Policy Institute. Wilkins is a graduate of Yale University and Harvard Law School.

The Chief Counsel is appointed by the President of the United States with the advice and consent of the U.S. Senate.

The stated mission of the Office of Chief Counsel is to,

Serve America’s taxpayers fairly and with integrity by providing correct and impartial interpretation of the internal revenue laws and the highest quality legal advice and representation for the Internal Revenue Service.

The duties of the Chief Counsel are,

As the chief legal advisor to the IRS Commissioner on all matters pertaining to the interpretation, administration and enforcement of the Internal Revenue Laws (as well as all other legal matters) the Chief Counsel provides legal guidance and interpretive advice to the IRS, Treasury and to taxpayers.

– See more at: http://www.pappastax.com/index.php/2009/04/obama-makes-nomination-for-irs-chief-counsel/#sthash.WsLPjHgK.dpuf

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Michael Spence — The Future of Economic Growth — Videos

Posted on July 18, 2013. Filed under: Uncategorized |

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What Ben Bernanke and Peter Schiff Are Saying: Federal Reserve Will Be Keyboarding Digital Money Well Into 2015 or Two Years Minimum As U.S. Enters Another Recession With Higher Rates of Unemployment — Quantitative Easing For 2 Plus Years — Bubbles Going To Pop — This Time It Is Different — The Financial Crisis Or Collapse Will Be Much Worse — No Exit Strategy — Videos

Posted on July 18, 2013. Filed under: American History, Banking, Blogroll, College, Communications, Economics, Education, Employment, European History, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, history, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Rants, Raves, Regulations, Resources, Strategy, Talk Radio, Tax Policy, Taxes, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , , , |

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June 29, 2013

Digital Report Ben Bernanke Hearing

Bernanke: September Tapering Not a Sure Thing

Bernanke tells Congress Fed flexible on bond buying

Ben Shalom Bernanke NOT Ready To Declare “Too Big To Fail” A Thing Of The Past

Peter Schiff Speaks At 2013 Las Vegas MoneyShow 

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Peter Schiff – Fed Will NEVER Stop Q E! They Can t The US Economy Will Collapse!

Next Fed Chair Bets Make ‘Hot Parlor Game’: Green

U.S. Fed balance sheet grows 7 straight weeks

The U.S. Federal Reserve’s balance sheet grew for a seventh week in the latest week as the U.S. central bank increased its holdings of Treasuries and mortgage-backed securities, Fed data released on Thursday showed.

The Fed’s balance sheet liabilities, which are a broad gauge of its lending to the financial system, stood at $3.495 trillion on July 17, compared with $3.462 trillion on July 10.

The Fed’s holdings of Treasuries rose to $1.962 trillion as of Wednesday, from $1.953 trillion the previous week.

The Fed’s ownership of mortgage bonds guaranteed by Fannie Mae, Freddie Mac and the Government National Mortgage Association (Ginnie Mae) increased to $1.235 trillion from $1.208 trillion from the previous week.

The Fed’s holdings of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Bank system totaled $66.52 billion, down from $69.18 billion from the previous week.

The Fed’s overnight direct loans to credit-worthy banks via its discount window averaged $13 million a day during the week, compared with $14 million a day the previous week.

http://money.msn.com/business-news/article.aspx?feed=OBR&Date=20130718&ID=16715716&industry=IND_BANKING&isub=

Is The Fed Really Tightening? Fed Policy in Two Charts.

Donald Marron,

The Fed believes the stimulus from quantitative easing depends on the stock of Treasuries and mortgage-backed securities that it owns, not on the flow of its purchases. If that view is correct, the future tapering of Fed purchases won’t be monetary tightening, it will a slowing pace of monetary easing (click for larger chart):
tapering-is-not-tightening-graph

The chart shows a hypothetical trajectory for the Fed’s bond and MBS holdings. Under the stock view, that trajectory will go through three stages, paralleling those of traditional interest rate policy:

  • Quantitative easing: The Fed expands its balance sheet by buying Treasuries and MBS. Current pace: $85 billion each month.
  • Quantitative accommodation: The Fed maintains its balance sheet; it buys new assets to replace older ones as they mature.
  • Quantitative tightening: The Fed contracts its balance sheet by allowing assets to mature without replacement or, more aggressively, by selling them.

In this view, tapering is the final stage of quantitative easing. The Fed buys assets during tapering, but at a slower tempo. Tapering is not tightening.

That view is clear, logical, and elegant. But it utterly fails to explain why financial markets went haywire last week when Ben Bernanke and company talked about tapering.

One reason is investor expectations. The Fed has been trying to stimulate the economy not only through QE, but also by telling investors to expect easing in the future. Such forward guidance can be a powerful lever for monetary policy.

tapering-is-tightening-graph-2

Last week, investors learned that QE might end sooner than they expected. In the stock view with expectations, that is monetary tightening. As illustrated in the second chart, future Fed policy would be tighter than financial markets had previously thought.*

This view likely explains some of the market reaction to recent Fed statements. But it’s hard to reconcile the magnitude of the movements. Suppose markets expected tapering to begin in January and now think September more likely. All else equal, that four-month difference implies a $340 billion reduction in the Fed’s ultimate portfolio. That’s something, but could that alone explain the sharp market response?

My sense it that something else must be going on as well. Some candidates include:

  • Perhaps the flow of Fed purchases matters, not just the stock. This view appears much more common among traders than Fed economists. If anyone has a reference for a good articulation of this view, I’d love to see it. The flow shouldn’t matter in normal times—was the Fed tightening when the flow of purchases was essentially zero for decades before the recent crisis?—but these are hardly normal times. Perhaps the flow matters when you are at the zero lower bound?
  • Perhaps world financial markets expected a much longer period of QE and are highly geared to Fed policy. If I am reading it correctly, that’s the view of Vince Foster who discusses the unwinding of the carry trade (ht Tyler Cowen)

* This definition of tightening compares the new expected trajectory of Fed holdings to prior expectations. Such comparisons are relative; in principle, one could equally say that the Fed announcement indicated that future policy would be less loose, not that it would be tighter. But for most purposes, it seems simpler just to say that future policy has gotten tighter. The same semantic issue exists in fiscal policy. If Medicare spending is scheduled to grow $35 billion next year, what do we call a proposal under which spending increases $30 billion? We usually call that a $5 billion spending cut since it’s a decline relative to an accepted baseline. But we should remember that Medicare spending is growing. The same seems true with early tapering. Tightening seems the cleanest description for most purposes, even though in absolute terms it is slower easing.

http://www.forbes.com/sites/beltway/2013/06/25/is-the-federal-reserve-really-tightening-fed-policy-in-two-charts/

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