This page has been archived and commenting is disabled.
And Wow: Fed's Hoenig Says United States Has "Deeply Undermined Free-Market Capitalism"
The Fed mutiny has arrived:
- HOENIG SAYS U.S. HAS `DEEPLY' UNDERMINED FREE-MARKET CAPITALISM
- HOENIG WARNS OF ESCALATING SERIES OF CRISES WITH RISING COSTS
- HOENIG: LARGE FINANCIAL FIRMS CAN EXPECT BAILOUTS IN FUTURE
- HOENIG SAYS BIG FINANCIAL FIRMS MUST NOT HOLD ECONOMY `HOSTAGE'
- HOENIG: LARGE FIRMS WERE `GAMING' CAPITAL STANDARDS PRE-CRISIS
- HOENIG:BIG FIRMS `HAVE SIGNIFICANT INCENTIVES' TO INCREASE RISK
- HOENIG: TOO-BIG-TO-FAIL FIRMS POSE `GREATEST RISK' TO ECONOMY
- HOENIG SAYS BIG FINANCIAL FIRMS ENJOY `HUGE' FUNDING ADVANTAGE
And the last one:
- FED'S HOENIG SAYS `HISTORY IS ON MY SIDE'
Step. away. from. the. bathtub. Tom.
In other news, someone at the top finally tells the truth about this shitshow of a banana republic.
»
- 21880 reads
- Printer-friendly version
- Send to friend
- advertisements -
2 years too late
INSIDE JOB - Covers this point as well
TRAILER: http://www.youtube.com/watch?v=FzrBurlJUNk
Takes a closer look at what brought about the financial meltdown.
- http://www.imdb.com/title/tt1645089/
- http://www.sonyclassics.com/insidejob/
Inside Job download links:
http://www.megaupload.com/?d=5WKDONR5&w=631&h=392
http://www.megaupload.com/?d=PG45KU95&w=631&h=392
http://www.megaupload.com/?d=2KBJDUX4&w=631&h=392
(http://www.icefilms.info/ip.php?v=126424&) Movie Site
Wait 45 secs then download it. I provided a couple in case it gets taken down. You only need to download one.
Awards & Nominations:
Winner Directors Guild Award Outstanding Achievement in Documentary
Winner New York Film Critic Circle Best Documentary
Winner National Board of Review Top 5 Documentaries of the Year
Winner Writers Guild Awards Best Documentary Screenplay
Nominated Academy Awards - Oscar Best Documentary
Nominated Critics' Choice Award Best Documentary
Nominated Producers Guild Award Best Documentary
Nominated American Cinema Editors Award Best Documentary Edited
Nominated COFCA Award Best Documentary
Nominated CFCA Award Best Documentary
Nominated Gotham Awards Best Documentary
Nominated Sierra Award Best Documentary
Nominated OFCS Award Best Documentary
Nominated PFCS Award Best Documentary
Nominated SDFCS Award Best Documentary
Nominated Satellite Award Best Motion Picture, Documentary
Nominated WAFCA Award Best Documentary
hope you don't mind, just wanted to post a faster link for the doc Inside Job:
http://www.fileserve.com/file/CC6zaUf/defaced-insidejob-xvid.avi
thx
I saw it in the movie theatre. OK film for someone who knows nothing about the cause of the meltdown, but nothing new to readers of this site.
I thought it should be listed as "comedy" rather than a documentary. It was very enjoyable and for the uninitiated would have been thought provoking but nothing new apart from the hilarious interviews with Establishment dummies. Perhaps Hoenig has just seen it.
Napoleon Dynamite plays the part of a weasly former Fed-Governor.
The performance is totally belivable with Dynamite playing the character, dodging and squirming like a child in the principal's office.
You almost think it is really Fred Mishkin.
I've been wanting to see this film for months! I'll download it at home this evening. Thanks for providing the links.
I was dissapointed for the most part. Old news. Saw it all happen in real time at ZH.
I have not seen yet but heard/suspect the same, but wish it was streaming on netfux to wake up apathetic masses
+10
@ Wynn
agreed it is old news (and years late) but at least some people are paying attention.
I really enjoyed the parts of the movie where they interviewed Harvard/Columbia business professors and asked them flat out "Should the people who author such papers advocating massive banking deregulation have to disclose that they are being paid hundreds of thousands of dollars to shill for xyx industry?"
I was amused when the professors all said no, but when confronted with the example of doctors authoring papers advocating for certain pharmaceutical products they imediately back tracked and said "that is completely different". It was a great gotcha moment, like a deer caught in the fucking headlights. The movie was worth watching for that scene alone.
+1
I thought what the arrogant bastard said was something like:
Laughing 'til it hurts...
+1000
It's not a bad movie but "deregulation" is practically the mantra of evil according to the film even in instances when it makes it clear that the problem was that existing regulations weren't enforced. I remember there being 6 or 8 instances where I cringed or rolled my eyes because of this.
+++ Just watched this last night. Not enough blame on the government.
not very surprising to me... left vs right still very alive (anyone see the bloomberg debate on 2 party system "making america ungovernable?"
I don't know how people can think that corporations can be evil and governments (daily shown on msm) can be around the world, but "not ours"
the Fed and banks have a monopoly on money and should be strongly regulated, so should insurance companies
or just remove the monopoly...
+1913
my comment was step 1, step 2 is to allow competing currencies
Which, if you think about it, is de-regulation.
The Fed and the banks don't need to be 'regulated', they need to be cut loose from their fascist attachment to government and allowed to fail in the market, as they will once Big Brother stops protecting them.
@Fred Hayek
Glass–Steagall Act?@Fred Hayek
The movie does mention "deregulation" as a bad thing, but with ample evidence to back up the specific regulations they are talking about. I can see how this would be a confusing subject for many people. Because of Fox News most people who watch tv 8 hrs a day have been conditioned to believe "deregulation" is always positive. Of course any rational person can can see that yes in some cases it is a good thing and in some cases deruglation is a blatant takeover of the government by moneyed interests (Goldman Sachs).
The movie specifically blames much of the problems on the repeal of Glass-Steagall which is 100% true and correct in every way.
+1
Regulation isn't bad, government regulation is bad.
The irony in Hoenig's statement is that, if there is a central bank, there is no free market. Either he has a different definition of "free market" or his comment is about 100 years too late.
I agree with your statement, but who is going to regulate the banks if not the government? Self regulation? Laughable, especially since CEO's could care less about the solvency of the institutions they leave behind as long as they get large bonus checks up front.
In an ideal world the "market" would regulate banks but in practice this doesn't work as well one might hope. People demand banks carry deposit insurance, yet the only institution willing (and gullible enough) to insure bank deposits is the federal government. Because of the ease with which bankers can defraud auditors/regulators no sane private entity would agree to insure them, nor would they actually have the reserves to make good on the insurance if they were willing to.
I'm honestly not sure there is a good way to regulate banks as long as there is fiat Ponzi money creation. I think this was an inevitable trian wreck written in the cards ever since 1913.
Read harry markopolos' book, 'No One Would Listen'... he gives a great idea on how to regulate...
incentivize it, whistleblowers and prosecutors receive a percentage of the fraud collected on top of their wage......
I just started watching this and had to stop it 15 minutes in for this very point:
"Reagan started a 30 year financial deregulation period and deregulated savings and loan allowing them to make risky investments with depositors money - within 10 years this costs taxpayers 124 billion dollars."
stupid assed smear tactic
the problem is not deregulation, it is the government bailing out those failures which is the primary inducing cause of people's blind faith with having their money within corrupt institutions
is this "documentary" really worth continuing?
smells like crap-oh-lah to me
Apparently you are also unaware that Reagan raised taxes, sold arms illegally to Iran, and supported amnesty for millions of illegal Mexicans. Despite these often omitted shortcomings (cough.... fox news) i still think he was a good guy, but please don't deify him it makes you look ridiculous. Reagan was a good president but not perfect, one of the things he, and every president since him, has gotten wrong is to trust economists/bankers that "nothing will go wrong" if we remove all of the sane laws that were put in place following the great depression. After all those guys were old and cranky, they don't understand how smart the new generation of banker is, nothing could possibly ever go wrong.
Yet every time we repeal one of these barriers the system becomes even more risky and entangled. Financial deregulation in this fashion was a complete and total disaster, it did not lead to economic wealth, only bubble creation in which a few profit and the many suffer. The separation of investment banking from deposit banking was completely sane and reasonable, we should have never fucked with it. It is not even a left vs right issue, it is a sanity vs greed issue.
Also, nothing ever changes. Banks are always looking for more ways to GAMBLE with depositor money (1 because thats how they make money & 2 there is an established precedent that they will get bailed out if they fail). The reality is only fools would ever invest their money in a bank if there wasn't some form of FDIC insurance (a result of the great depression). Thus the rub. If you want to have bank deposits insured you have to regulate them, otherwise people would just buy precious metals and forget the whole thing.
Because lobbyists from the banking industry have infected every single crack of our government no party (Republican or Democrat) is immune to their bribery. Thus this cycle keeps repeating: Banks lobby for 1000x 1 leverage -> regulators initiallly say maybe thats a bad idea (but can't remember why because they have no practical work experience and failed upwards in life due to nepotism) -> banks give said congressmen/regulators hundreds of thousands of dollars in campaign contributions -> regulators look the other way -> banks make massive short term profits due to lowered reserve requirements - > system crashes and ordinary citizens are screwed 1st by the reckless behavior of the regulators/banksters and then screwed again by being forced to bail out said banks.
wait 5-7 years, Rinse and Repeat
uh where in my post did you get that I was deifying or even defending Reagan? You apparently are unaware of what I meant since I wasn't defending Reagan one bit and u have fallen for the 'documentaries' clap trap.
President Reagan = the government . . . right?
Well when I said the government is the problem, I was referring to Reagan and beyond; the whole pathetic TBTF scheme
I can tell you where in your post YOU defend the government:
In any/every insidious suggestion that more regulation = good and needed while less regulation = bad and disaster you have fallen prey to the ludicrous idea that more government is the answer
Surely you can now see how the smear/slant works? It's devastating on feeble minds
p.s. like many presidents, Reagan was only good when he was campaigning which are merely words
p.s.s. I still haven't touched the rest of this 'documentary' and still don't see any reason to if more regulation/government institutions is the answer. Howabout just some high level accountability through regulation and supreme laws already out there first . .
Nowhere in my post did i say we need "more government". Separating investment banks from deposit banking has nothing to do with creating "more government" (which sounds suspiciously like a typical republican straw man argument). "Regulating" banks means simply not allowing investment banks to merge/acquire deposit banks/insurance companies so they can leverage their gambling with insured deposits (which always leads to a government bailout). The answer is so simple it is shocking. Of course this will never happen because the mega banks have become exponentially larger ever since these regulations were done away with.
Perhaps i misunderstood your first statement, but looking at your original text it still seems like you were saying the documentary was a smear tactic against Reagan. You can understand why i came to this conclusion as this is what the republicans say every single day to shield themselves from criticism for being in bed with the banking industry. I am glad to hear this is not what you meant.
Also, if you recoil every time you hear the word "regulation" and in your mind translate that to mean "more government" there is no hope in finding a solution. You can easily regulate the banking industry without creating new government departments. You just need to have a SEC/justice department with balls who will go after these crooks and put laws on the books that prevent this type of systemic risk pollution from spreading. Of course the reason this hasn't happened is precisely because whenever someone says we need to do something about the banking system (separating investment banking from deposit baning) the republicans instantly react with the knee jerk reaction of "no more government!". Thus nothing ever gets solved.
also, I don't want bank deposits insured as that is where the hoodwink comes in
believing another man or institution is always there to take care of you or your money is naive at best
"The Best Way To Rob a Bank Is To Own One"
This just lends more credence to TPTB/TBTF financial terrorism plot. The timing of this couldn't be more convenient to signal the turn. Only thing missing was this:
HOENING: THE TOP IS IN
HOENING: WE'RE IN THE MIDDLE OF THE GREATEST DEPRESSION
HOENING: I'M A PUPPET FOR THE BANKING CLASS
HOENING: BERNANKE DREW THE SHORT STRAW
HOENING: THERE BUT FOR THE GRACE OF GOD GO I
no kidding. nothing like the stink of a groundswell of revolt to get you dancin' the Charleston.
Perhaps they are beginning to choose sides.
Yeah, as if such a decision would save them from their fate at the end of a rope.
+ 1, Beautifully said.
As the Flappers put the fluffer to shame
""HOENING: THE TOP IS IN
HOENING: WE'RE IN THE MIDDLE OF THE GREATEST DEPRESSION
HOENING: I'M A PUPPET FOR THE BANKING CLASS
HOENING: BERNANKE DREW THE SHORT STRAW
HOENING: THERE BUT FOR THE GRACE OF GOD GO I""
Vancouver BC...# 1 world's safest and most liveable city
Canada's four Western Provinces have it all...Food, Water, Oil, Minerals, Timber AND ONLY 12.5 MILLION CITIZENS...led by gateway city Vancouver BC....Canada's/North America's Geneva of Switzerland...
http://seenoevilspeaknoevilhearnoevil.blogspot.com/2011/02/vancouver-bcworlds-most-liveable-cities.html
Real Estate market slow up there, huh?
Douche.
Junk.
Douche? Junk?
...hmmmmm....Oil, Gold and Silver will be sold for FOOOD you fool.
Within a month or less.
...Where is the food and water?
My garage.
If you live there, why would you want to invite the Golden Fucking Horde? Or do you sell real estate there? I could care less about your comment other than you paste it verbatim on every single thread.
Douche
Spammer
Junk
And believe me, I won't be spending my gold or silver on food for many years, Fool.
At least I'm not stupid enough to invite the whole damned world to my backyard.
Real estate market is FAR from slow. One of the most overpriced cities in the world, with houses at 9 times median annual income. Google "crack shack or mansion" and play the game, trying to distinguish the crack shacks from the Vancouver mansions, that look like garages, listed for $1M.
Also populated by the same sort of lefty imbeciles that infest California. All the weirdos and outcasts moving progressively West until they can go no further because of the ocean.
And at risk for a Big One, just like California, with serious liquefaction because much of the area is built on a river delta.
Pass.
No doubt Canada is great place. Have friends there and they report really good quality of life.
Only problem is that you are really close to powerz and have a lot of resources.
Bad news is that Canada is already acquired by powerz and your quality of life can only go down.
Just check USD-CAD & USD-MEXPESO - you are in new AMERO fiat system man.
Good luck
a junk?
Does Hoening read ZH?
no, but Timmy and Ben do. That is how they know how to stay ahead of the anger and how to dodge it.
gee, whada we say to Hoenig:
"Thanks Captain Obvious?"
My 4 year old could tell people this
Is your 4 year old ready to work for candy bars or toys?
Would cost less to hire than a guy like Hoening who thinks he deserves every single cent he earns.
12/21/2012 can't arrive soon enough
the reason i read ZEROHEDGE is to learn. consider me dumb; what is 12 / 21 / 12 ????
The end of the mayan calander.. what does it mean??
Wild speculation from the end of the world, to nothing but the calender starting over, and everything in between!
More 2012 drivel called bullshit. Nevermind. Same thing as Y2K
At least the Y2K stuff has some basis in reality - I'll not be counting much on Jaguar Gods myself.
i believe that's the date the Mayan calender (and the rest of the world?) ends...
Some people think the end of the word since the mayan calender ends on that date. All decent scholars dismiss such BS.
With good reason.
Just imagine the pandemonium that would result if some of the more frightening scenarios were scientifically validated.
same reason ms dos only adressed 640k of ram.
or digital clocks only went to the year 2000
when they where built they figured no one would need anything to go past that size. dat year etc
Mayan calendar......hogwash.
It's as far as the Mayan numbering system counted, that's all.
The shitshow will start long before that date.
Hogwash, or not, never underestimate the power of a self-fulfilling prophecy.
It means a lot of people are going to be really disappointed when they have to get up and go to work on 12/22/12.
Remember the Hale-Bopp comet people? The ones that castrated themselves? Me too. Count me out of this end of the world as we know it stuff. Prepare as if you'll still have to eat in January of 2013.
its 4 shopping days til christmas
LOL - Yes panic buying by some lazy bastards!
Great response.
Cheers
Don't forget, Time Wave Zero by Terence Mckenna. It also ends exactly on: 12-21-2012.
http://www.youtube.com/watch?v=faBd_0eyMFw
Time Wave Zero is based on the thousand-year-old iChing fortune telling system by the Chinese. Terence Mckenna mapped it and turned it into a computer program that predicts novelty (change). In 12-21-2012 the graph goes off the chart into infinity. Terence speculated that perhaps we will discover time travel or time will cease to exist.
oops, hit save
Is there some sort of link to see where these are coming from?
Now that he is not a voting member of the Fucking Opium Makers Committee (FOMC), he can speak his mind...wonder if he will resign in the next couple of months!
This proves 2 things.
1 - That it's truely the NY banks and the NY fed vs the whole world.
2 - Obama and Bush are both corrupt. Obama has had Volcker advising him since the beginning, and both of them have had access to truth tellers like Hoenig. Yet they nominated bankster shills Timmy and Benny.
I'd be more impressed he found a way to kick Banana Ben's arse and take his role as Fed chief.
And then fire everyone there, including himself.
30+ years too late, maybe more.
NOW we starting hearing this?
We are possibly being set up, Bernanke will be asked to resign and Hoenig take his place. Nothing will change, but we will have our sacrificial lamb.
Hoenig. The next Fed Chair. But will he take the job? My guess is he will not.
Is he one of the chosen ones? They only get that job.
Was William Martin, the Fed chief from 1950 to 1970 jewish? I didn't think so. I don't know about Arthur Burns who followed him.
Funny timing, 1971 we lost the gold standard....
Burns was chosen, so was volcker.
Thats what 4 in a row? There was a brief 1 year guy.
FED chief is merely a puppet. Now the ones who write the list for possible FED chiefs...
pods
That is the BEST theory I have heard yet. I agree. Why else would they let him live? Why else would they let him speak and his words be reported?
Is Hoenig the new Obama? With a name like "Hoe - Nig" I think the answer is obvious...
I believe it was David Byrne of the Talking Heads who said "names make all the difference in the world" (he also said "in the future, women will have tits on their backs [think about it....makes more sense doesn't it?])
names like Bernie "Made - Off" with my money
LOL!!!! Thanks for the cheer after my 10% slide in stocks. Calls are almost worthless.
I'm here all week. 2 drink minimum. Don't forget to tip your waitress!
I'm still hoping there is no next Fed chair. After the big crash it is time to end that shit show.
Excellent comment.
we need to take action more than just our comments...peacefully enlighten... something shit...
How about putting up a sign on main st where ever your live "Main st. is still pissed about Wall St./Government CORRUPTION"
this is just an idea... i know the forum will have better ones...
what you think
Eventually Huffpo or some other organization will tell everyone to take a week or two off work and don't buy anything. Starve the Beast.
My other ideas would include "shun ins" peaceful protest against those who broke the system. No service, or soup, for you.
Something similar is happening at a cafe near the airport in Seattle. The owner travels a lot and recognizes the TSA agents when they come in. He refuses to serve them and asks them to leave.
Please ask him to insist they undergoe a full body cavity strip search before being allowed to dine. If they refuse, he should immediately call the police and retain them in the back room until the cops arrive. He should also call DHS and the FBI to report this "suspicious activity" because the TSA Agent could be probing his restaurant for a future "terrist" attack....
I've never been there, but here is the article:
http://blogs.seattleweekly.com/dailyweekly/2011/02/sea-tac_cafe_is_now_refusing_t.php
why should it be some other organization? I have been coming here for about 2 years now...I have seen this forum be well ahead of the curve too many times to count
In yesterday's top lined Message, the one with the video of Mike and Max Keiser, Keiser was pushing a move for people to cease making mortgage payments. He suggested setting a date and having perhaps Alex Jones promote it.
As for this bit from Hoenig, there is one line that I'm wondering about. This one, and the same point that Paulson and now Geithner kept demanding "More Powers". They want the ability to "rescue", "bail-out", hand $Billion to w/o question, to ANY Financial, including Hedge Funds. And we know there have been many HF Fronts put in place, somebody had to take the bad-end of Trades that sure losers. Besides, why would taxpayer money bail-out any HFund
I like the shunning concept: No AC repair for central banks, no uniform delivery, "find another take-out place," and so on.
Not much nasty stuff is really required, just a withdrawal of cooperation.
what do I think...I think no one on main street really cares yet. I think we are a nation that likes to take it up the ass by both business and government and are to damn pathetic to do anything about it.
BY GOD, we martched on Washington many times to end the Vietnam War. What has happen to the soul and sprit of Americans. Or, have I, in my dumb-ass old age, missed the point.
I could cry when I read such pathetic political crap as this man wants to hid behind like some Oracle from Delphi. What, have you been on opium for the last 4 years? Now, he can sit behind his great proclamation and say "I TOLD YOU SO!". Go fuch yourself, Mr. Hoening, your just another traitor in a sea of thousands we have been blinded by, and waiting the be the next false hero.
You old farts also got shot up at Kent State and went to go live in hippy communes. Then, you got bored smoking pot all day, and became financial consultants supporting the Bernank.
Is that the best you can do? Attack me?
How are those bank stocks in your portfilio doing?
And, what contribution to the world have you made claim to?
Your condescending ignorance must be a big burden, especially at home, at play, and work.
Most on Main st get angry when you confront them with the ideas/truths, I agree, but then they ask "so what are you/can we do about it?"
Yup, the assumption of powerlessness... saves them from having to face anything more threatening that their team losing a playoff game.
Plug-in the iPod, brain off, don't worry, the system will continue as it always has. Ho hum..... splat.
Short answer: Buy some "wealth insurance"...Gold & Silver!
People marched on Washington to end the war, but only because there was the threat of being drafted, and getting your ass shot off by the Viet Cong. Nothing short of fear of death, or at least not being able to watch TV, would get people off their asses in large numbers these days.
Well, it was a lot more complicated than that.
And this is NOT to defend the boomers. I'd love, just once, to hear one of them acknowledge that the commies butchered almost 3 million people after the US pulled out.
And forget war-monger comments - not everything is either/or, and telling the truth about this does not automatically make someone a right-wing, neo-con war lover.
Todd, that last part was not directed toward you, sorry if it seemed that way; it was a general comment, probably revealing my scars. :)
Complicated, yes. I was at The Wall when it was dedicated. With profound respect of those who gave their lives, I'll leave it there.
Those 3 million include Cambodia? Don't think so.
Bathtub? Don't you mean hot tub?
Libya o Libya
That encyclopidia
Oh Libya the queen of the crude!
You can learn a lot from Libya
When her oil rigs start re-laxin'
gibberish comes from the turbo tax man
he must be on alzheimer's, bitchez†
like cftc judge George Painter who in the link below becomes another whistleblower
http://www.bullfax.com/?q=node-judge-cftc-corrupt-wendy-gramm-criminal
They should expect a mob with pitchforks and torches.
THANK YOU MR HOENIG.
i understand that i am a mere peasant and have a helluva nerve to still have some savings left after the massive transfer to the banks.....
that said, thank you for your effort to try and save me some of its value...
a little late, but still.....thank you.
The american docile masses actually take control of their lives and do something against this evil? I don't think so, was that somekind of joke?
CAN or CAN'T expect bailouts?
The progression in the litany of quotes leads me to believe he was misquoted.
Pehaps JPM is getting ready to blow over the silver short position and he wants to distance himself?
Agree, I interpreted it the same way.
me too because if WS can expect future bailouts then it follows the biggest threat is not WS but the US Govt for transfering the risk from the banking industry to the wider economy and taxpayers to settle that risk gone wrong
there is no systemic risk Mr Hoenig if Washington allows WS to go bankrupt.. the problem starts and finishes with WS if capitalisms Grim Reaper is allowed to cut out the cancer from the economy before it spreads wider
Mr. Hoenig I salute you.
This just in from Daffy the kaddaffy........
Cluster fuck , butchezzzzzz....................
a.k.a. "Comrade Cluster-Bomb" anytime soon, unless someone does a 'Mussolini' on him sometime soon.
Mr. Hoenig, I am very suspicious of you.
I wonder how soon CNN or MSN or Fox will report this? Should I wait?
they won't cover it, but......
i've taken to writing to the different reporters ....
telling that ....
hey hey hey, news got out anyway...tell your editors.
So is QE3 on or what? Daddy needs his medicines!
+1 Classic, this time lets add in QE4 with it so we can really get the economy high!
blackhawk ben is well protected....he along with every other politician in control are just reading from their script, doing that have been told to do, and they know full well what the are doing, but in their sick little mind they they are doing this for their overlord? how else could intelligent rationale human beings ever dream up policies as the current and previous administrations. We know they arent serving the american people, the questoin is who is their overlord? and whaat could possibily be there higher reason for causing all thi pain?
The Fed are indeed serving their masters at the big banks. As is the entire Obama administration. This is just what they are supposed to do and they don't question it.
However I'm not convinced they are actually all that smart. Most of what I see happening is knee-jerk bandage approaches. Ben's "I'm 100% certain" comment spoke to a massively inflated ego, too. There are a lot of really dumb people with little actual experience in positions of importance because the actual smart people were too smart to take these jobs, having already learned that the real money is to be taken in the shadows. Set up your puppets, let their egos and idiot megalomania drive them, and skim profits from the turmoil.
But this too was stupid. The Boyz should have kept their hands on the levers. Volker was their last smart guy inside and he bailed (I still wonder what that was about) and now the insane really are running the assylum. This is NOT bullish for long term profits. In the long, tortured wind-down Plan B will have to be some kind of Feudalism. That constitutes a misstep somewhere, I'm sure of it. None of this passes a reasonable "the revolution is coming along nicely" veracity test. There are some smart guys running around right now doing damage control and failing.
Hey guys, got some news for you; you fucked up. Just because it looked easy didn't mean you could slack off. And you are going to find out shortly that your little black friend crude oil is not going to be there next time to boost you to the moon. I suggest shooting a few important crazy people quickly, getting some sham elections in place, and liberalizing drug use across the board. Because without some serious bread and circuses your shit is set to seriously come unwired.
They don't have to be smart in order to be successful. They are merely puppets, after all. Their knee-jerk reactions are in response to disasters pre-conceived by others, who are smart enough, and stay in the background (or near it, ala Soros).
All the puppets require is just enough plausibility in their actions to provide the MSM (more puppets) with a storyline.
We have sham elections already. Some justice at the top and more drugs would be fine.
For a few months. Then we move on to cramming losses back down the banks' throats and dealing with the reality (we overconsumed on cheap credit, etc.).
Let the chips fall where they may, because they will sink the boat if we don't.
Right on. And feelin' groovy.
A fine and thoughtful post cougar_w.
Let us consider the timing of Hoenig's stream of compressed nostril vomit onto the bearded clam's wing-tips.
One major power overthrow and another in the wings; and
Oil prices spiralling while the rest of the econ tanks - absolutely a deadly combination, much worse than tequila and gin;
These to me add up to an inevitable tanking and I think the Fed feels its helplessness. I have always thought an oil shock would be what derailed Bernanke . . . as many have said (here), he can't print oil.
Now we are looking at compressed margins, lack of demand, further layoffs, more austerity amongst the populace.
So what is Hoenig up to? I think he is acting (assigned the role of) Shit Magnet or Shit Deflector. Not sure which.
One thing I feel pretty certain of; the Fed and the Administration sees a little further down the road than most of us, and what they see ain't pretty.
A fine and thoughtful post cougar_w.
Let us consider the timing of Hoenig's stream of compressed nostril vomit onto the bearded clam's wing-tips.
One major power overthrow and another in the wings; and
Oil prices spiralling while the rest of the econ tanks - absolutely a deadly combination, much worse than tequila and gin;
These to me add up to an inevitable tanking and I think the Fed feels its helplessness. I have always thought an oil shock would be what derailed Bernanke . . . as many have said (here), he can't print oil.
Now we are looking at compressed margins, lack of demand, further layoffs, more austerity amongst the populace.
So what is Hoenig up to? I think he is acting (assigned the role of) Shit Magnet or Shit Deflector. Not sure which.
One thing I feel pretty certain of; the Fed and the Administration sees a little further down the road than most of us, and what they see ain't pretty.
A fine and thoughtful post cougar_w.
Let us consider the timing of Hoenig's stream of compressed nostril vomit onto the bearded clam's wing-tips.
One major power overthrow and another in the wings; and
Oil prices spiralling while the rest of the econ tanks - absolutely a deadly combination, much worse than tequila and gin;
These to me add up to an inevitable tanking and I think the Fed feels its helplessness. I have always thought an oil shock would be what derailed Bernanke . . . as many have said (here), he can't print oil.
Now we are looking at compressed margins, lack of demand, further layoffs, more austerity amongst the populace.
So what is Hoenig up to? I think he is acting (assigned the role of) Shit Magnet or Shit Deflector. Not sure which.
One thing I feel pretty certain of; the Fed and the Administration sees a little further down the road than most of us, and what they see ain't pretty.
Yeah this seems to be about where we're at. The only thing that will stave off the masses from literally cannibalizing anyone in a position of power, whether that be a Fed or some poor random balding guy in a business suit, is legalization of drugs and free processed poison food. Hoenig saying this stuff is really surreal. I feel like we are on the cusp of some major, MAJOR events. Similar to the day before 9/11 when Rumsfeld got on TV and said the Treasury or DoD had lost track of about $2 Trillion...? Anyone remember that? $2 Trillion back in 2001 was alotta bank, not like the mere pittance it is today.
I've got water, food and some physical, but hell if I'm going to hide when the fireworks start. Thou should not love living too much, lest thou be afraid to die... or something like that.
My money's on someone really creepy, like Lord Voldemort!
Anyone need another reason to shut down the Fed?
I can't see another bank bailout happening. People scoffed at me for making the comment last year. True that a majority of Americans have been arguably the most complacent bunch on the globe. However, I think bringing this back to the table causes a shit storm of epic proportions.
For one, "give us the money or else" just doesn't resonate with a huge swath of the population anymore. They simply reply, "or else what?" For most of them, they could probably give two shits whether it all fell apart 2 years ago.
you closing the discount window??? there is no need for bailout when there is a free buffet
I can't see another bank bailout happening.
CP - readers of ZH have been presented over time with evidence that the bailouts have never stopped - they have just changed forms.
And I agree with Dark Pools: now that the Fed is up to speed and on top of things, no one will ever need to go to Congress again asking for a bailout of the banks.
Ha, no bank bailouts? What do you think is happening every day? POMO etc...they just don't tell you they are bailouts.
The next bail out will be through TPTB massively shorting the market and taking all the 401K money without even passing a law.
He is on record right before it happens... great
http://thehardrightedge.com/troubledwater/
And the Long Bond gets a bid?
http://www.zerohedge.com/forum/99er-charts-0
What else is new? [/sarcasm]
Hoenig and Kaisar: BFF.
Just a dream people, go back to sleep, nothing to see here.
singned:
The Wizard.
Apparently it's time now to stampede the sheep off the cliff, and Hoenig has been assigned the job...
Banks and W$ declare Force Majeure: splitting all funds, articles in safety deposit boxes, and equities. Bair will be there to clean up, using taxpayer money to pay bank investors 100 cents on the dollar - some reset.
Actually, taxpayer is 117 cents on the dollar including record bonuses rewarding fraud and failure.
Titanic3 ... don't call it QE3, QE2, etc.
That's all it is. Titanic Finance.
Someone is drunk at the helm just like that boat.
Oh wait, they're just Pawns getting payoffs.
12/21/2012 can't arrive soon enough.
Today's useless trivia:
Today is 666 days from 12/21/2012.