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Why does the fed care so little for the real economy and 99% of Americans. Gas and food up. Oh well it's all good because your houses are falling in value and you ain't getting raises if you have a job.
Fuck this shit.
Naw, it's cool. Mitt Romney is gonna fix all this shit for you.
Plastic Man to the rescue!
Really? Was that a legitimate question?
The Fed is a private corporation created by the bankers to cause inflation, lower interest rates, and support fractional reserve banking. Every fiber of its being supports the skimming of the people for the banks.
IMHO, it is the Original Sin of our economy and monetary system.
I'll go with Jacques Rueff here, who says that "la peche monetaire de l'Occident" is inflation. But the original sinner is the Fed.
Just remember there are those of us who are Fed skeptics. Then there are Fedophiles. Dirty, stinkin Fedophiles. Which one are you?
That's right traderjoe, why do people listen to what the Fed says rather than watch what they do? They say "we believe in a strong dollar policy!" and their actions destroy the value of the dollar. They say, "we want to help the economy grow and reduce unemployment" but their policy simply transfers interest income from savers to the banks.
I would argue normalized short term rates would actually be stimulative, give the nations widows and savers some interest income they can spend.
that watch what they do not what they say is good universal advice. puts the obama administration, where the cog dis between the two is greater than most, in a telling perspective.
Yep. No question. The last 3 years should have been spent addressing this problem. And it hasn't been done. Hence why I regard those responsible as, at best, fools or, at worst, criminals. What's next? Wholesale global unrest I believe. A complete mess that didn't have to go this way. One way or another, it will continue to play out on the streets around our world.
Most of the US only cares about britney spears upskirts and american idol. all the while they ream up the market and tell you things are great. Time to wake up. 1400 On The S&P Coming? http://bit.ly/gOBvRc
If they wish to stimulate the economy, they could start by giving me a little more than 0.000...% on my T-backed money market account. I promise I will spend some of it, maybe even on campaign contributions.
Think about the absolutely enormous number of retirees who have saved a nest egg/retirement fund of $500k to $1m over the course of their lives. These are hard working, responsible Americans.
At a safe 5% return, those boomers could have lived on $25,000 to $50,000 per year.
Now they're looking at $5,000 to $10,000 per year. (ie: POVERTY).
Bernanke is basically exterminating the elderly. When these people need to pay for non-covered healthcare expenses -- guess what's going to happen to them? They're dead.
Alternatively, these poor elderly -- who have no ability to recoup losses should they occur -- are being forced into ULTRA HIGH RISK equity markets in search of regular income. This is *not* the way it's supposed to work.
This is what Bernanke is doing to Americans to save the banks.
Yes, that is a damning indictment of that clueless and sociopathic academic, isn't it? A crime, much less one of such magnitude, was never more apparent --- and yet is cheered on by millions of sheeple as "proper government economic policy".
Get out the brown shirts and prepare the concentration camps --- mindless America is ready for them.
You are absolutely right.
But it's not just retirees. Unemployed people like me were expecting to live off the interest on savings with minimal hit to principal. But now instead of my expected $75K of interest income, I get about $2-3K. I could earn marginally higher by using a term deposit instead of a demand deposit, but with the banks having been within hours of failing in 2008 (granted they were referring to money markets being that close, but it would have rippled through), I don't want my money locked up for a long period.
And of course, that $2-3K is nominal. In real terms, I am losing money by keeping it in the bank.
It is a transfer of wealth from savers to borrowers. And pinheads like Mark Zandi say "Yes, that is what government should be doing". Fascist.
LOL. Thanks for the chuckle. BB will say nothing tomorrow except "I hate the dollar". To which, gold and silver will go into orbit.
May I have a cocktail of fire and ice. And make the ice, hard clear ice that won't melt, and make the fire inferno hot which won't cool. I don't want to burn my tongue though, nor chill my teeth.
We'll call it the impossible catch-22 'cause it sends you to Heller. Actually we're already there--just the instant before everything implodes.
Agreed. May you live in interesting times, brother.
Off topic, but where are the BofA hard drive files Julian old son? It's almost May now, think we'd forget your promise?
Forget about that fucking faggot. Irrelevant sideshow like Dancing on Bullshit.
Who the fuck is Chris Whalen? Is he a good cop or a bad cop?
The dude is A+.
If you don't know Chris Whalen, you're in the wrong classroom. Art history is the shabby building down the lane.
"My friend and mentor Alan Boyce, who ran the risk book at Countrywide,"
This caught my eye
OMFG, the BANKS aren't making enough money...CATASTROPHE
That's NOT even what this article talks about. There's 2 components to money. Borrowing cost and lending costs. The rate they want to raise is the savers playing bankers rate The homeowner rate is the counterfeiter rate.
When interest is 10 percent and someones grandma in florida is getting 5 percent from money market account there is a collective bankerism going on. In otherwords the bankers go beyond their borders. They have to increase interest they PAY for money to jumpstart the collective bankerism meme. Not what they charge for money. To get a larger mass of people intent on keeping things as they are to subdue those who want to change.
Right now counterfeiters - housing inventories home owners, commercial reit is so fucked up it's keeping the focus on the banks.
Right now retirees and savers are not getting paid to play bankster. Stock market dividends are in the toilet so investors aren't getting paid to play bankster.
Think of it as a core group of people the bankers having a face. When the economy "works" for more people they have a "mask" to wear of happy homeowner counterfeiters and happy savers playing part time bankster.
They have been running too long without the mask and they really really want to put it back on and let ignorant fucks take the heat and conform the masses to their will.
Raise the somewhat innocent through ignorance amateur sheild!!
Criminal Bernanke already has his rap ready to go. QE2 successful, interest rates stabilized, economy recovering, stocks booming, banks saved, inflation under control, gas prices up due to higher demand, yadda yadda yadda. We will halt QE unless the recovery falters (i.e. stocks crash).
"We will halt QE unless the recovery falters", based on what I've seen the last few weeks that won't take long at all, but I'm surprised they've been able to keep it inflated this well for the last 3 or 4 years.
Success to the fed is the stock market up.
Ben is a student of the great depression? I think he stopped reading when thy said the 29 crash caused it.
Meanwhile even charities like meals on wheels is cutting back, too little donations food and gas too much.
Maybe he'll pull a Donald Rumsfeld: "Building 7 ?? What building 7 ?? I have no idea what you're talking about."
"Inflation?I have no idea what you're talking about."
Actually the Fed is doing us all a favor...free gold
Excellent blog. Worth visiting weekly.
It doesn't matter what he says just buy the fucking dip !
What dip? We haven't had a correction no matter what happened. USA debt downgraded, eurozone defaulting, oil high, food high, housing collapse getting worse.
I think they gave up on propping the housing market. Just hand the checks to the bankers.
All of the above just sound like reasons to me why the Fed should be eliminated.
This article is a useless as the rest.
Each and EVERY article should be How to dismantle the FED.
And how "The FED" is NOT ..FED at all,but private.for profit.
Until you's americans tear down the fed building brick for brick/block for block,you's get what you's deserve.
Each and every day of your enslaved lives should be exposing this maddness,and putting an end to it.
And until each and eveyone of you's call it the Non Federal Fed,then the deception is just passed on to future generations of Non Federal Reserve slaves.
WAKE THE FUCK UP...!!!! ...Docile sheeple
The Problem is the Sheeple, (majority), don't even get it. They think the FED is part of our government. Like another branch. Most Americans get their news from the Fraud News Fox. They are Told how to Think and Listen well.
We are Japan now and will remain so for many years. The elitist banking Cartel owns the sheep.
America is doomed. After what I've seen over the past 10 years I think we are the communist nation and Russia is Free nation. Their people get new Freedoms every day as ours diminish.
"Most Americans get their news from the Fraud News Fox. They are Told how to Think and Listen well."
You wake up. Do you think ABC/CBS/CNBS/NBC/CNN/MSNBC educates better than Fox ?
Don't be stupid. The corporate media are all shills TPTB, and you are simply helping them with their dirty work by buying into the Fox Bad meme. They're all bad.
Vladimir Putin nailed it when the press started complaining about Russian TV bias. His take? "TV is for the masses. Intelligent people get their information from the internet." It's a global truth. It's no better here in the US. It seems more open, but the reality of ratings checks mandates that only stories shallow or exciting enough to hold the eyeballs will be run.
I have friend who is an engineer from Italy who works for Fiat. He actually has lived here for a while, as he attended both college and grad school here.
Anyways, as he rightfully points out, the United States, with every single network, cable and radio station all owned by just 6 corporations, has the worst media, by far, of any nation he has traveled to - and he travels all over Asia and Europe for work reasons.
I also had a college professor who talked about regardless as to whether you're conservative, liberal, libertarian - whatever - you have to seek out a completely independent source of media to get any solid information on world events and accurate and unbiased (or least biased) reporting.
The media in the United States really is a sick joke. I literally can't tolerate watching any network or cable news anymore, because of the disconnect between reality and what is reported, the trivial bullshit that is reported - especially given the very significant events of our time, and the sappy idiots who report the news and inteview politicians and other notables and fail to ask intelligent questions or any intelligent follow up questions, even when their is low hanging fruit right in front of them.
Meet the Press and 60 Minutes are great examples of this. It doesn't matter what answer Rumsfeld or Bernanke give; the 'journalist' asking the questions asks no tough questions and never seriously presses the person or calls them out on an even obvious fabrication/lie.
I have friend who is an engineer from Italy who works for Fiat.
I have friend who is an engineer from Italy who works for Fiat.
Doesn't everyone (at the point of a gun)?
@ skipjack Agreed, they are all bad. No problem with that. But Fox still wins the We Brain Wash the Most Award.
This is how they earned by disrespect. They have a Asshole who said, "You got to shoot them in the Head".
And guess what. Some mentally stupid did exactly what the Fox Professor told them to do. So, They are the Worst.
And worse yet, why is he not in Jail where he belongs. Last time I checked, YOU can't do that or your in jail.
Oh, I know, Fox is above the law because it is entertainment, not news. Fox claims to corrupt more minds then anyone.
And your comment is equally useless.
Fed isn't going to be stopped / shut down / eliminated.
If I see another "they should ..." comment, I think I'll scream.
... hear that GW?
Understand your position. You must think they are doing God's Work. Godman Shafts runs the FED afterall.
Yes Bansters....you are so right. But don't expect an audience here. Like all blogs, these are the sheeple that continue to play the game...day after day. They contemplate for hours and days what the Fed will reveal on those special FOMC announcements. They don't want to change a goddamn thing except their bank accounts. That is who you are dealing with here and at other blogs.
This article doesn't provide anything but conjecture and speculation, like all the others. Many spend their time chasing ghosts, or I should say trying to second guess what their masters will do.
They all lie to you, and the ones that don't will never be right. That's the Catch-22. So many on these blogs that are so young and inexperienced. Live your life and get out of this hell hole. What kind of life is it to steal or profit from the misfortune of others.
Choices in life are simple. You're just thinking too hard.
The vast majority of ZH people 'get' the nature of the Fed.
But calling for its dissolution, thread after thread, is boring and pointless. It's like going to a frat party and suggesting having a good time every 5 minutes.
We all want the Fed destroyed. But even if one of us blew up the Fed, it would be pointless - until the majority of Americans understand the system, they'd just allow our politicians to re-institute it. So until that day, we're stuck with the Fed and trying to second guess its actions, in the hope we can front-run the bastards so we can carry on eating.
idiot ... QE2 was designed to raise the rates! And it worked! Now when QE2 is over the rates will go down again.
Beg pardon, but did you pass basic math class?
Which must be what explains gold's fall from $1500 back down to the current $700.
Gold is in the early innings of a massive breakout if The Bernank doesn't convert himself into a hawk before tomorrow - which he will not do.
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