Bernanke before congress - discusses M3.

[FloridaPat]

Says the reason it was dropped was no one was looking at it and it was a big burden on banks to make the reports. They want to take burden off banks as much as possible. But banks have tons of computer programs that just add up everything and automatically sends it off to Washington. So my opinion as a former bank programmer is this is crap.

This is really interesting to watch congress try to get information. Get to see how we're getting screwed more.

Banks can now own stakes in properties. I guess they couldn't before. IEC loophole Congressman Sherman is saying. They are now into high rises, hotels, casinos etc. But they're too busy to calculate M3.