In Advance Of The Season Finale Of The "FOMC Shore" Here Is A Recap Of The Main Characters And The Show So Far

Tyler Durden's picture

With QE2 now the functional equivalent of a reality show (for the financially semi-literate), here is a rundown of the key actors, the main cliques, and their public motives (their real motive, as those of any banker, is a simple, and green, one) ahead of the November 3 season finale of the FOMC follies, from Goldman's Andrew Tilton.

As the two-day November meeting of the Federal Open Market Committee (FOMC) approaches, policymakers have taken to the airwaves with their views on the economy and monetary policy.  The majority of FOMC participants (in FOMC lingo “participants” = voting members plus other regional presidents) have given speeches over the last week in what has essentially become a public debate.  With a range of opinions represented on the committee, it can be difficult to place remarks in context, particularly for investors whose primary focus is not on monetary policy and interest rates.  So, we offer below a rough grouping of Fed officials based on their apparent willingness to ease monetary policy further, specifically via another round of asset purchases or “quantitative easing” (QE).

Before beginning, a few caveats.  Any exercise such as this oversimplifies the myriad subtle distinctions between FOMC participants’ analytical frameworks, assessment of the economy, and views on policy.  Furthermore, Fed policymakers are not frozen in time but adjust their views as the data and circumstances change, so any review is at risk of becoming out of date as time passes.  Economic data still to be released over the next two weeks, as well as the discussion at the Fed meeting itself, will also influence participants’ views, at least on the margin.  With that said, here is our broad categorization of Fed policymakers (current FOMC voters are underlined):
1. The senior trio—Bernanke, Dudley, and Yellen—who clearly favor more action.  This group is senior by dint of their titles (Fed Chairman, Vice Chairman of the FOMC, and Vice Chairman of the Board of Governors respectively), but also because they alone possess both substantial previous monetary policy expertise and permanent voting rights.  All have been advocates of easier policy during the crisis and its aftermath, though Ms. Yellen has commented little on monetary policy since assuming her new role on the Board of Governors two weeks ago.  New York Fed President Dudley made the most aggressive case for additional action in a speech on October 1 calling the economic situation “wholly unsatisfactory” and raising the prospect not only of additional asset purchases but also a move to a price-level targeting regime.   Chairman Bernanke was careful not to prejudge the outcome of the FOMC meeting in his speech last Friday, but made clear that he viewed high unemployment as primarily a cyclical shortfall (and therefore implicitly treatable via stimulus) and saw “a case for further action.”

2. Others in favor of additional easing soon—Bullard, Evans, Lockhart, Pianalto, and Rosengren.   These regional bank presidents generally have emphasized the poor state of the economy and expressed a belief that the Fed’s asset purchases to date have had a meaningful impact on interest rates and the economy.   Chicago Fed President Evans has been the most outspoken advocate of additional easing in this group recently, and perhaps on the entire FOMC (along with Dudley).  In a speech Tuesday morning he described  the economy as facing “liquidity trap conditions not seen since the 1930s” and expressed support for a combination of price-level targeting and “a series of large-scale asset purchases to recover the shortfall in inflation.” Cleveland Fed President Pianalto has been the least vocal of this group recently, but in her last  public comments on September 30 described growth as “not fast enough to make much progress in lowering the unemployment rate” and noted that she has “strongly supported” monetary easing to date. St. Louis Fed President Bullard has spoken favorably about the potential impact of QE—in fact was the first to raise the issue overtly this past summer—but in a CNBC interview October 8 he called the upcoming meeting a “tough call” and suggested that it might be appropriate to wait for more economic data before making a decision to re-launch asset purchases.  

3. Regulatory experts—Duke, Raskin, Tarullo—likely to vote with the Chairman.  Each brings to the Board of Governors considerable expertise in banking and regulatory affairs: Duke as a former community banker, Raskin as Maryland’s commissioner of financial regulation, and Tarullo as an academic and policymaker in the areas of banking law and regulation.  Their speeches and public comments generally do not focus on the economy or monetary policy.   Given that their expertise lies outside of monetary policy and that governors have traditionally voted with the Chairman, we would expect them to do so on any decision regarding quantitative easing.  (Note, however, that according to the Wall Street Journal, Governor Duke “expressed reservations” at the August 10 Fed meeting about the decision to reinvest the proceeds of paydowns in the Fed’s mortgage securities portfolio; her latest speech on Tuesday evening focused on the process of the FOMC’s decision-making rather than the issues confronting the committee currently.)

4. Skeptical but undecided—Fisher, Kocherlakota, and Warsh.  These participants have publicly expressed doubts about additional QE but also been careful to leave open the possibility that they could be convinced.  They raise several concerns.  First, they tend to attribute a significant part of economic weakness and high unemployment to structural factors and/or fiscal and regulatory uncertainty rather than simply to cyclical weakness. Second, while they seem to believe that QE1 had an impact (insofar as they mention it), some worry that QE2 “may have a more muted effect,” to use Kocherlakota’s words.  This relates in part to the view expressed by many skeptics (including those outside the FOMC, such as Professor John Taylor of Stanford University) that the rationale for QE2—a desire to reduce unemployment and/or increase inflation—is less compelling than QE1, which was launched as an emergency measure at a time of extreme panic and dysfunction in markets during the crisis.  Third, the skeptics note several potential costs of QE, including potential losses on Fed securities holdings, risks to the Fed’s credibility, and the possibility that Fed Treasury purchases could compromise its independence.  Within this group, Warsh has not given a formal speech in nearly four months, so we have the least clarity on his latest views.  At an appearance a few weeks ago at Georgetown University he was circumspect on monetary policy, but his publicly reported comments and news reports suggest he is wary of pushing stimulus further.  For his part, Fisher said on Tuesday that “the efficacy of further accommodation using nonconventional policies is not all that clear.”

5. Those opposed—Hoenig, Lacker, and Plosser.  These three reserve bank presidents have argued against further easing. They have a tendency to emphasize more positive aspects of the economic outlook, though all are quick to acknowledge that unemployment is undesirably high.  Their reasoning and objections to QE are similar to those of the prior group, but generally expressed more forcefully.   Hoenig is most clearly on record here, as he has formally dissented at every meeting this year.  (He was not a voter in 2008 or 2009, when decisions on QE1 were made.)  Last week he suggested that the Fed “slowly but systematically” shift back to a policy of allowing its agency debt and mortgage-backed securities holdings to run off, and move back to a 1% funds rate target.  Though Lacker’s most recent comments did not address QE directly, he cited a PCE inflation rate of 1½% as evidence that “inflation is now on target, as far as I’m concerned” and suggested that “making unemployment a policy imperative poses clear risks to the credibility of our long run inflation goals.”  Plosser has not given a public speech recently (he does on Wednesday, with the focus on regulation’s contribution to the financial crisis), but on September 29 he said he was “not particularly concerned about low inflation” and said it was “difficult…to see how additional asset purchases by the Fed…will have much impact on the near-term outlook for employment.”  This does not quite shut the door to more easing, as he is leaving open the possibility that QE has a longer-term impact, but at this point Plosser seems like the most likely FOMC voter to dissent in 2011. (He will come onto the voting rotation next year, replacing Rosengren, while Hoenig hands off his seat to Kocherlakota.)

Despite strong differences of opinion, it is worth emphasizing that all FOMC members share the same objectives [TD: to kill the dollar and to transfer all the wealth of the world working class to the oligarchy].  In fact, Kansas City Fed President Hoenig took pains at the conclusion of a speech last week to remind his audience that “I am fully committed to the Federal Reserve’s dual mandate to maintain long-run growth so as to promote effectively the goals of maximum employment, stable prices and moderate long-term interest rates.”  He simply has a very different view of how to get there than those in the first two groups above.

With the groups thus arrayed, the November 2-3 meeting will undoubtedly feature a vigorous debate.  However, the grouping above suggests that Bernanke will have considerable support for more easing, and in the end, we continue to expect that the FOMC will announce a significant program of QE2.  Our working assumption is that the initial amount will be involve $500bn in purchases of long-term Treasury securities (which the FOMC defines as maturities of 2 years and up) over roughly a six-month period, but commentary from some officials suggest that the format is still in flux (note, for example, Lockhart’s mention of $100bn per month on Tuesday).  In this regard, there is a potentially unstable “game theoretic” dynamic in which the FOMC has an incentive to go a bit farther than markets anticipate while the markets—knowing this—periodically raise the bar.  This dynamic exists in most considerations of an easing step, but it is probably more important now given the long lead time between discussion and implementation, the very public nature of that discussion, and the strong dependence of this particular step on the markets’ response.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Conrad Murray's picture

Bernanke want (dollar) smoosh smoosh!


Hump Day playlist, enjoy the music!

Wu-Tang Financial's picture

HAHA! I'm watching that right now. 

sethco's picture

is there a drug I can take to make that appealing, or at least tolerable?

T Rex's picture

The popcorn here is like super expensive.

What's up with that?

Cognitive Dissonance's picture

Ben "Boom Boom" Bernanke: "Youah complain one moreah time bout da popcornah and I break you legah. Capiche?"

gwar5's picture

Any chance China will blink and raise the Yuan, and BB calls off QE II?

T Rex's picture

That depends on LLoyds mood.

Conrad Murray's picture

I wonder if Ben could call off QEII.  Something tells me it would be like when TARP didn't pass the first time: "Oh n0ez, wahappen?".

T Rex's picture

He had no problem calling off his exit strategy.

lizzy36's picture

QE2 is like "Operation Market Garden".

Notwithstanding all the evidence that contradicts the necessity and possible positive outcomes, the strategy has been committed too.  All that is left is the execution.

Like Market Garden, I expect it will fail to achieve any of the outcomes being given as the reasons to execute the strategy.

Alas, those that don't learn from history are doomed to repeat it. 

His Dudeness's picture

A Bridge Too Far (Operation Market Garden)

Introduction and planning

The film begins with a montage of archival film footage narrated by a Dutch woman, Kate Ter Horst (Liv Ullmann), describing the state of affairs five years into the war. D-Day had come and gone and the Allies are bogged down by overextended supply lines. Supreme Allied Commander Dwight D. Eisenhower had to decide between U.S. General George S. Patton and British Field Marshal Bernard Montgomery, each of whom had competing plans for ending the war quickly, and being the first to get to Berlin. Under political pressure, Eisenhower chose Montgomery's Operation Market Garden. In September, 1944, the Allies are advancing but have paused in Belgium, near Lommel.

A Dutch family, part of the Dutch resistance underground, observes the German withdrawal toward Germany and awaits the impending arrival of Allied forces. Field Marshal Gerd von Rundstedt (Wolfgang Preiss) arrives in the Netherlands and discovers he has few resources in men or equipment and morale is very poor. The underground resistance leader (Siem Vroom), along with his 13-year old son (Erik van 't Wout), keep careful notes of German troops evacuating throughout Arnhem, information he will later pass on to the Dutch resistance.

Operation Market Garden envisions 35,000 men being flown 300 miles from air bases in England and being dropped as much as 64 miles behind enemy lines in the Netherlands. The largest airborne assault ever attempted, with Lieutenant-General Frederick Browning (Dirk Bogarde) saying, "We're going to lay a carpet, as it were, of airborne troops, over which XXX Corps can pass,"[3] and confidently suggests that "We shall seize the bridges - it's all a question of bridges - with thunderclap surprise, and hold them until they can be secured"[4] by the 20,000 vehicles led by XXX Corps. Arnhem's bridge crosses the Lower Rhine, the last major river between the Allies and the German heartland, and seizure of the bridge will allow vast Allied armies to turn east into Germany.

The plan is to begin in seven days time, with XXX Corps reaching Arnhem two days after the drop. The 101st Airborne Division, under Major General Maxwell D. Taylor (Paul Maxwell), is responsible for the road and bridges from the north side of Eindhoven to the south side of the Meuse River at Grave. The 82nd Airborne Division, under Brigadier General James M. Gavin (Ryan O'Neal) is responsible for the bridge crossing the Maas, and from the north side of the Maas to the north side of the Waal River bridge, just north of Nijmegen. The British 1st Airborne, under Major-General Robert E. Urquhart (Sean Connery) is to land northwest of Oosterbeek, and take and hold the north side of the Lower Rhine River to the bridge at Arnhem. Polish Major General Stanis?aw Sosabowski (Gene Hackman) will lead the 1st Independent Parachute Brigade to secure the south side of the Lower Rhine and make contact with Lieutenant-Colonel John Dutton Frost (Anthony Hopkins), and Second Battalion, who is to work his way east along the banks of the river. XXX Corps, lead by Lieutenant-General Brian Horrocks (Edward Fox), and spearheaded by Lieutenant-Colonel John Ormsby Evelyn Vandeleur (Michael Caine) on point, are to cross the Maas-Schelde Canal on the north side of Lommel and push up the road, as quickly as possible, to Arnhem. Hooking up, and linking, with the U.S. 101st, U.S. 82nd, and finally British 1st, at the Lower Rhine River bridge.

Field Marshal von Rundstedt and Field Marshal Walter Model (Walter Kohut) agree that American General Patton will be chosen to invade the Netherlands. SS-Lieutenant General Wilhelm Bittrich's (Maximilian Schell) II SS Panzer Corps (includes 9th SS and 10th SS Panzer divisions) is due for a rest, off the front lines. Rundstedt suggest they be pulled back to Arnhem and Model agrees.

Polish Major General Sosabowski remains silent during the Market Garden command briefing, after which he voices his deep doubts that the plan can work. His is one of two dissident voices that are shuttled aside but correctly forecast defeat. American command worries about parachuting in daylight (no major daylight drop had been previously attempted) but note it is a "no-moon period" anyway.

The Dutch teenager manages to pass through German lines and discovers that Field Marshal Model is at the German command HQ, an important bit of information for the underground.

A young British intelligence officer, Major Fuller (Frank Grimes), asks the British commander, Lieutenant-General Browning, to allow another low-level reconnaissance mission of the Arnhem area. This follows after he disagrees with the general consensus among the British top brass that resistance will consist entirely of "Hitler Youth or old men".[5] His request is granted.

British commanders planning the drop note that they are badly short of transport aircraft and the area near Arnhem is ill-suited for a landing. They will have to land in an open area eight miles (13 km) from the bridge. Sosabowski walks up to check the R.A.F briefing officer's (Jeremy Kemp) uniform insignia and says "Just making sure whose side you're on."

In a briefing led by General Urquhart, describing 1st British Airborne plan at Arnhem, tells that the key for the eight mile distance from the drop zone to the bridge, is the use of gliders to bring in a special reconnaissance squadron with Jeeps, and mounted with twin Vickers machine guns. Everyone at the briefing is surprised they are going to attempt a landing so far from the bridge, but of course they have to make the best of it. Browning lays out that if any one group fails, the entire operation fails. As British officers, they keep a "stiff upper lip" and do not question their orders. Sosabowski thinks about asking for a letter from General Browning, stating that he is being forced to act under Browning's order in case his men are massacred.

British technical support preparing the portable radios for the mission note they are not likely to work for the long distance from the drop zone to the Arnhem bridge. Lieutenant Cole (Peter Settelen) who used the radio equipment in the desert of North Africa, had no trouble with it. But, Cole's superior, Major Robert Steele (Stephen Moore) thinks that the water and trees of Holland will cause the radios not to work. As with most others with doubts about the mission, they choose not to rock the boat and do not convey their concerns up the chain of command.

Learning that a German Panzer division might be near the Arnhem area, intelligence officer Major Fuller brings the reconnaissance photos to General Browning; it is quite clear that German tanks are present at Arnhem. Browning speculates that the tanks are not in fully serviceable condition, dismisses the photos, and also ignores the confirmation reports from the Dutch underground. Browning does not want to be the one to tell Montgomery of any doubts because 16 consecutive previous airborne drop operations have been cancelled. Major Fuller's concerns are brushed off and he is actually removed from duty, and informed by a British doctor (Gerald Sim) whose diagnosis is that the officer is too stressed to perform his duties.

At the XXX Corps briefing, the overall plan is outlined, laying out the bridges that will be taken by the paratroopers, held and then secured by ground forces. Speed is the vital factor. Arnhem must be reached within 2–3 days. It is the crucial bridge, the last means of escape for the German forces in the Netherlands and an excellent route to Germany for Allied forces who hope to finish the war by Christmas. The major road that connects Lommel with Arnhem (Lommel-Valkenswaard-Eindhoven-Son-Veghel-Uden-Grave-Nijmegen-Elst-Arnhem) is only a single highway linking the various key bridges. It is passable for two regular cars, but trucks and tanks have to squeeze to the shoulder to pass. The road is also elevated, approximately three to six feet, causing anything moving on the road to stand out.

Operation begins

The initial phases of Market Garden go as planned, the airborne drops catch the Germans totally by surprise, and there is little to no resistance. Most of the men come down in soft, ploughed fields, and assemble quickly. The drop for the 101st was the best they had during the war. The men were more likely to get hit by falling equipment than get shot by the Germans. Model, thinking that the Allies must be trying to capture him personally, doesn't think about the bridge, but panics and retreats from Arnhem. General Gavin (Ryan O'Neal) breaks two discs in his back during his landing. However, soon after landing, troubles beset Urquhart's division. Much of the special reconnaissance squadron, lead by Freddie Gough, with the special Jeeps (with Vickers machine guns), either doesn't arrive by gliders at all or are shot up in an ambush. Their radio sets are also useless, meaning no contact can be made with either paratroopers moving into Arnhem or XXX Corp. Meanwhile, Bittrich and his subordinate, General Ludwig (Hardy Krüger), realise the situation and send forces to reinforce Nijmegen and Arnhem. When a German soldier captures the actual plans for Market Garden from an abandoned glider, Model brushes them off as fake, but still knows they will be able to repel the lightly-armed paratroopers.

Expected German resistance begins slowing XXX Corps' progress immediately, and they do not arrive in Eindhoven when planned. The advance is also curtailed by the narrow highway. As the 506th of the 101st, led by Colonel Robert Stout (Elliott Gould), approaches the bridge over the Wilhelmina Canal, at Son (Zon), German 88 mm guns blow the bridge up in their face. It takes 36 hours to bring up Bailey bridge equipment and construct a bridge. XXX Corps meets up with the 82nd Airborne Division, who have taken the Grave bridge, allowing XXX Corp to progress, but not the Waal Bridge at Nijmegen. There, part of the division, led by US Major Julian Cook (Robert Redford), is forced to perform a dangerous daylight river crossing in flimsy canvas-and-wood assault boats. As the British cross the bridge, the Germans attempt to destroy it, but the demolition charges do not go off. However, it makes no difference: the XXX Corps' progress is still slow and the Germans close in on the 1st Airborne, as they were not expecting to fight two SS Panzer Divisions. Frost's British paratroopers do take and occupy part of Arnhem around the bridge, but are isolated can only hold so long. To make matters worse, Urquhart is separated from his men, and the supply drop zones are overrun by the Germans. The initial German attack on the paratroopers at the bridge is repelled with many German casualties, but they are still hard-pressed, and forced to ward off a second, more devastating attack. British Armour continues to fight its way up the corridor, but is hopelessly delayed by various events.

Operation ends

After securing Nijmegen Bridge, XXX Corps waits several hours for its infantry forces to finish securing the town, much to General Gavin's disappointment. Finally Sosabowski's troops enter the battle. They attempt to reinforce the British in Arnhem, but fail. With the Germans fully alert, they gun down several Polish troops during their drop. They are only able to get a few men across to reinforce the British. After days of house-to-house fighting in Arnhem, with paratroops versus crack SS infantry and Panzers, many of the paratroopers are either captured or forced to withdraw. The dialogue between Frost and Bittrich's adjutant requesting surrender, and getting a reply the paratroopers do not have the facilities to accept German surrender, never took place. Instead Brigadeführer Heinz Harmel, commander of the 10th SS Panzer Division Frundsberg, selected a British prisoner, Sergeant Stanley Halliwell [6], and sent him into the British perimeter to request that Frost surrender his forces. After arriving, Halliwell explained what Harmel wants; Frost gave Halliwell a message for Harmel to “Go to hell.”, as is portrayed in the movie. Halliwell then told Frost, “If it’s all the same to you, Colonel, I’ll stay. Jerry [the Germans] will get the message sooner or later.”[7] Operation Market Garden has failed. Urquhart manages to escape capture with less than two thousand of his troops, the remainder are forced to stay behind and give themselves up. Urquhart confronts Browning about his personal feeling about the operation, which was determined to have been 90% successful by a satisfied Montgomery. When asked if he thinks the operations went well, Browning replies "Well, as you know, I always felt we tried to go a bridge too far."


doolittlegeorge's picture

this is what i find terrifying.  "monetary idealogues"?  if true these people need to be arrested.  The silence on the right is deafening. 

robobbob's picture

The silence on the right is deafening


Its hard to be heard when the MSM controls the narrative. Don't you know, the tea party is nothing but a bunch of red neck racists? All those anti-TARP/anti bailout protests never happened...and these aren't the droids you are looking for.

personal responsibilty and moral hazard..cornerstones of conservative philosophy

but those don't fit into Team Red or Team Blue playbooks

AccreditedEYE's picture

With the market pricing in between 500m to 1T you better believe it would be! lol Interestingly, technicals should have bears mildly happy tonight. DXY held 77, VIX, while marking a close under 20, kept its short term uptrend from 18 intact and while closing higher, markets didn't bust out of the high from yesterday. True, not much but I'll take what I can.  

dehdhed's picture

i'm playing it as though it could be 5 trillion or more

i doubt they'll give a factual dollar amount .. they'll just keep saying more is needed

Miles Kendig's picture

Actually I see Ben attempting to put (and where many pro QE2+X proponents believe we reside presently) the world economy on desperate ground .. a La D-Day as those folks had no where to go but inland or underground as retreat or extraction was not an option

Ground on which we can only be saved from destruction by fighting without delay, is desperate ground.

While others, myself among them believe we currently reside on hemmed in ground.  The essentials of this question of the day

Ground which is reached through narrow gorges, and from which we can only retire by tortuous paths, so that a small number of the enemy would suffice to crush a large body of our men: this is hemmed in ground

The Nine Situations - SunTzu

AccreditedEYE's picture

Ground which is reached through narrow gorges, and from which we can only retire by tortuous paths, so that a small number of the enemy would suffice to crush a large body of our men: this is hemmed in ground

300 comes to mind. :)

Miles Kendig's picture

As does A Bridge Too Far ..

At least until the boys at Thermopylae were betrayed by Ephialtes. Leonidas then retired the bulk of his force with the coming disappearance of Hemmed In Ground leading to the ultimate stand on Desperate Ground of which you speak.   Just don't forget the Thebans and Thespians who remained with Leonidas

Moonrajah's picture

Yup, only this it will be the BRICs yelling "This is SPARTA!!!", and not the US.

Miles Kendig's picture

Until that reverse sucking sound takes hold .. or so goes the hopes of US authorities.

Landrew's picture

Did Citi flash crash after hours?

There is a strange .35 move down and up.

Cdad's picture

Yeah...but don't worry.  It was only a quarter million no bigee. 

Shouldn't you be working for the man instead of sittin' around noticing such things in the capital markets? 

Sweep, serf!

techperson's picture

To be followed by QE3, QE4, QE?

Because Bernanke does not even understand there are three big deflationary forces, not just the credit delveraging. 

RobotTrader's picture

Speaking of Flash Crashes...

JNPR flash crashed down $4 last night after hours, and closed up $1 near 52-week highs.

NFLX bombed by $10 after earnings tonight, and then runs up +$17 in about 5 minutes.


Robots everywhere.

doolittlegeorge's picture

is this girl pictured here a friend of yours?

LeBalance's picture

[TD: to kill the dollar and to transfer all the wealth of the world working class to the oligarchy].

[LB: to kill the working class].

LOL: the oligarchy already owns the peasants thus there truly is no wealth they do not already have, but they just are gaga for slaughtering the human fields of grain they have cultivated.

bugs_'s picture

Housewives of the FOMC

RobotTrader's picture
As it turns out, CNBC has a total of 35 female
anchors and reporters.

Are they going to start a "Babes of CNBC Calendar"?

The following CNBC Bra Sizes are strictly estimates based on many
years of experience sneaking a look at the size labels of bras worn
by women with whom I just had sex.  Please consult your financial
advisor before making any trades based on this analysis.

Margaret Brennan, probationary 34D

Trish Regan, 34D (a smaller 34D; you know there are qualifiers within
bra sizes, right?)

Becky Quick, 34B (I may be somewhat generous here)

Melissa Lee, 34C or 36B (she gets a little heavy at times)

Michelle Caruso Cabrera, 36D or 36DD

Melissa Francis, 34.5 “full C cup” (as of 43 votes in the CNBC Bra
Size Poll; vote for her official bra size on the right sidebar)

Erin Burnett, 34B with stuffed tissues

Jane Wells, 36C (plus a fun personality)

Rebecca Jarvis, 34B (not a fun personality, I am guessing)

Sharon Epperson, 36C

Maria Bartoromo, 36C or 36D, maybe 38D if too much pasta

Sue Herrera, 38C or 40C (oh yeah, she went to Fox)

Julia Boorstin, 34B

Janet Shamlian, 36C or 36D

Amanda Drury 34C

Anna Edwards (CNBC Europe 36D or 36DD)
tom a taxpayer's picture

Don't forget these boobs:

Mark Haynes  40D

Dennis Kneale 32B training bra

Steve Liesman 36D heart-shaped wonder bra gift from Ben B.

Joe Kernan push-up wrought-iron bra

Djirk's picture

ahhh this is why I love Europe

John McCloy's picture

Just found a hysterical Ron Paul video a little while ago.

Atomizer's picture

How does the three card monty circus generate income?

Where the IMF Gets its Money

When this discussion surfaces, you can arm yourself with the facts.

Save this PDF format

Miles Kendig's picture

As the FOMC looks to try and reach the surface by standing upon everyone else's shoulders.

Silverhog's picture

35 female anchors? I watch Boston Fox. Morning is a fat guy, plus a middle age sort of funny guy trying to grow a beard and a 40+ dyed blond. I need to change the batteries in my remote.

thermroc's picture

Chairman of the Federal Reserve unveils latest monetary policy innovation


bb5's picture

Since senior citizens are a huge voting block and are so dependent on interest on their savings, I wonder why organizations like AARP have not exposed the wealth transfer from savers to the banksters. I wonder why this issue hasn't been a front page story on all their publications. Is it because they are drinking the gubmint kool aid and just don't understand what is happening?

Djirk's picture

I think the FED behave like teenage gamers.....more money more money more money, my M2 score is bigger than yours.

Keep in mind banks make money, it's what they do and now they are in control.

mark456's picture

Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic.
cheap vps
windows vps
cheap hosting