Daily Highlights: 12.9.2010

Tyler Durden's picture

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velobabe's picture
  • More than half of Americans want Fed reined In or abolished: Bloomberg survey.
  • my bet, more than half of Americans don't even know what the Fed is or consist of. i sure the HELL don't know.
eigenvalue's picture

Although they haven't the faintest idea what the Fed is, don't you think it is still a right decision to abolish the Fed and hang Mr Helicopter?

Spalding_Smailes's picture

UK huge protest/unrest.

Mercury's picture

More than half of Americans want Fed reined In or abolished: Bloomberg survey.

No way that half of Americans even know the Fed exists or what it does.

eigenvalue's picture

Guess more than half of the people being surveyed were ZHers...;)

Ese Pinche's picture

It's one of the upsides to this whole disaster... More and more and more folks are becoming aware of who the fed is and what it does.  You see jokes on late night shows, local news channels are talking about inflation issues, etc.  I dont have hard numbers, but I could see how the numbers of "fed aware" folks are growing rapidly.  I am not saying they all have a complete understanding of what the fed does... I am just saying they are learning the fed is a private institution that is supposed to contain inflation and is now responsible for printing lots of money.  This is what I gather from my perspective of my little corner of the world.

primefool's picture

Look - most Americans dont know how an internal combustion engine works either - but they seem to do a pretty good job ( over time) of avoiding badly built cars- dont they? You dont need to be baffled by the BS - just focus on whther the service provider is doing their job, is the product working as advertized. Do not let the dealer tell you about the carbretter and the platinum spark plugs and why the summer humidity caused the engine to seize up. Fire th dealer and buy a different product.

primefool's picture

All you need to know about the Fed is they have 2 jobs ( Dual Mandate)

1. Keep inflation low ( preserve the value of the Dollar)

2. Keep un-employment low.

Now , on (1) they have clearly failed over decades. Today's dollar has no resemblence to the Dollar of 1980 or the Dollar of 1920. The Dollar has lost something like 98% of its value since the Fed was created. This is a very different experience to the 19th century when there was no Fed.

On (2) - with the unemployment levels today at 10% ( 20% if you count discouraged workers and such) - no one can argue the Fed has succeeded.

They have Failed at their job, not over a short period of time - but over years and decades. They still refuse to question their framework and why they think they can succeed. They need a new job.

TruthInSunshine's picture

No, no, no -

Bernanke has announced that they have another mandate of reflating equity markets.

Literally and seriously.

He said that.

It's an admission that all the tax dollars being recycled through TARP, TALF, POMO and the other Fed operations have been used to artifically support equity markets.

There's no price clarity in equity markets, no real supply/demand equilibrium, as it's all fantastical and mythical levels based on pure injections of BernanBankScheme stolen treasure.

In other words, BernBankScheme has already set the stage for the next crash and financial crisis.

primefool's picture

The Fed is clever . They constantly try to shift the discussion on what they do - the mechnics of what they do. Do not get sucked into that. This is like an auto mechanic telling you how hard he worked and how much torque he applied to various nuts . meaningless. Focus on whether the car works. Focus on results.

antidisestablishmentarianismishness's picture

Didn't Miss North Carolina tell us that half of Americans can't locate the U.S. on a globe, or something like that?  These surveys are half crap.

youngman's picture

Those two items might be their mandate..but that is not what their job is...their job is to protect the wealth and power of the owner/member banks....period....

primefool's picture

Well .. the Mandate is their publicly stated purpose. Right? If they have clearly failed to achieve their mandate - seems to me radical surgery is called for. If people would focus on thsi there is a half decent chance something will change.

Being cynical, and complaining under our breath that the Fed has some secret mission to protect the banks - will get you exactly nowhere. leaves you open to be branded a conspiracy nut and ignored. No- I say challenge them on their inability to achieve their publicly stated purpose over extended periods of time.

Barry McBear's picture

The least they can do is rename it to "The Private Reserve Bank".  Maybe then future generations would have an easier time seeing The Prive (pronounced De Prive) for what it is.

 

BTW, funny news headline scrolling across the bottom of CNBC this morning "Wikileaks hackers attack Visa".

primefool's picture

There are a lot of products we use that we have no clue about :

1. Internal combustion engines

2. Microprocessor architecture

3. Aircraft design

etc etc

Monetary policy is no more complex than microprocesor architecture - of that Iam sure. But my point is we make decisions on the various products we use based on whether or not they do their job. Do they work? Do they meet their objectives? If they dont - we tend to avoid them- we dont keep buying them and complaining that the innards are too complex for us to understand.

primefool's picture

If our personal computers were frequently breaking down, emitting toxic fumes, overheating and blowing fuses. And in response Intel decided that they need to educate the public better of microprocessor architecture . Do you buy that?

littlebuddy's picture

my cat knows more about the Fed (mostly because of my ranting...) than most sheeple do, and he too says we should end the Fed. give him credit: he might lick his own butt, however he won't kiss any Zionist ass.

TruthInSunshine's picture

Here is the link for "More than half of Americans want Fed reined in or abolished:"

http://www.businessweek.com/news/2010-12-09/more-than-half-of-americans-...

 

It's a beautiful thing to see sheeple awakening.

I can't wait to see the point where more than 75% say this.

The, the key will be to ensure the head of the snake is chopped off, so it can't resurrect itself, as it has done so in American History three times before (after patriots thought it was dead).