“Transparent Fed” – Ben Bernanke meets privately with Darrell Issa

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Politico – Federal Reserve Chairman Ben Bernanke met privately last week with House Oversight and Government Reform Committee Chairman Darrell Issa and other lawmakers to discuss the central bank’s efforts to stimulate the economy and how it could exit this strategy in the future, according to people who attended the meeting.

The meeting followed a letter that Issa (R-Calif.) and Rep. Jim Jordan (R-Ohio) sent Bernanke in April expressing dismay that the Fed was not providing lawmakers with more information about how in the future it plans to wind down its bond portfolio, which has grown to more than $3.3 trillion as a result of the Fed’s efforts to boost economic growth.

In an April 22 letter to the Fed, Issa and Jordan threatened to subpoena Fed documents if more information was not provided by May 6, according to The Wall Street Journal.“The American people have a right to know the true risks associated with the expansion of the Federal Reserve’s balance sheet,” Issa and Jordan wrote in their letter, according to news reports at the time. “The Fed’s obstruction and lack of transparency must stop.”

You Call This a Recovery?

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Townhall Finance – The familiar saying used to be, “I can afford it, but I don’t want it.”  Conversely, now it’s “I want it, but I can’t afford it.”

Over the past few days, I’ve been studying both liberal and conservative columnists who have been analyzing the reasons for the pathetic so-called job recovery.  If one were to only look at the stock market, a claim could be made that the recovery is in full bloom — of course that’s the White House spin.  However, all the aforementioned pundits have been trying to figure out why the reality of job growth doesn’t measure up with the fantasy of the stock market.

If you listen to the National Association of Home Builders (NAHB), as most in the media do, you would believe there is a lack of qualified workers.  Other industries would echo that tune while also proclaiming that job skills diminish the longer a person is out of work, thus further reducing one’s qualifications.  This fact was recently reinforced by a very good friend of mine, Sam.  He’s a thirty-year carpenter who’s been out of taxable and measurable work for well over a year.  In fact, he even told me he’s having a very tough time determining which end of the hammer to use.  However, according to Sam, the underground economy seems to be alive and well.     More

Google, the highest-priced stock in the S&P 500 Index, closed above $900 a share yesterday for the first time

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New York Post – Google, the highest-priced stock in the S&P 500 Index, closed above $900 a share yesterday for the first time.

The company is in the midst of an impressive rally, and yesterday Morgan Stanley analysts were among the bulls, upping the target price to $996, from $932.

Also yesterday, investors anticipated another slate of new products and services at Google’s I/O developers conference in San Francisco this week.     More