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Following Gibbs, Volcker To Depart Titanic Next
Poor President Obama may be left without a single non-Wall Street based advisor in no time. After his trusty sidekick Robert Gibbs announced earlier he is bailing from the Titanic, Reuters has just reported that Paul Volcker, the only man in the past 30 years to have to deal with the problem of pernicious inflation, is about to take a hike too. While his role was simple: head of the White House advisory panel, he did at least attempt to do some things while there, namely take down prop trading. Of course, he failed, as all prop traders are now merely masked as flow traders, and even worse, are sitting smack in the middle of order flow, knowing full well who is buying what, and allowed to build or reduce securities inventories at will with full inside knowledge. But at least he tried. Unfortunately, Volcker's (hyper)inflation fighting skills will be needed again very soon, alas by then America will only have the deranged madman of a genocidal Rudy von Havenstein reincarnation to fall back on. Hopefully it can enjoy the gross lie that is the "wealth effect" before it becomes the "poverty effect."
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oh no.... the last bastion of reason gone [going]. the bankster crooks will have free reign. doom! doomed! Volkler should be in charge of Everything.
i feel bad he's leaving, gonna build something to haul around my gold in, in his honor! i'll call it the "VOLKS-WAGON"
I think he was brought in just to give the team some semblance of competence...apparently the mirage has since gone so they decided to part ways.
Volcker doesn't have the answer to our financial dilemma, and for what it's worth none of TPTB do either. One little known fact is how much Volcker hated gold. He referred to gold as the enemy.
Off with their heads.... Kill them all... !
Let God sort them out later.....! !
when does cnbc resign
It's called a remote
Put in a DVD of the Powerpuff girls from cartoon channel and you never know it's gone.
I think Obama will resign before cnbs does.
will the last one out please take the basketball nets down?
Rich Rodriguez, Michigan FB coach didn't take the hint to quit. Look at him now.
Poverty effect, buy da top.
I knew this was coming. It has been reported that Volcker is being ignored by Obama. With Volcker gone Obama is toast because he will listen to Timmmay! And Darth Bernanke.
If you google "weimar ben bernanke", the 10th selection down is the original zerohedge article to which TD is referring.
Don't forget that Barry will soon have the sage advice of that modern-day version of Dion O'Banion: "Diamond" Bill Daley.
When do we see the new reality show "Who wants to be a Presidential Advisor?"...
Snooki for DHS czarina.
The Apprentice
I say we quit pissin with it and just have the bernank buy all the outstanding government debt. You want to monetize, you piece of crap bernank? don't play with it, buy it all, wipe out the debt. then we can fold the federal reserve like a lawn chair.
While he's at it, he can buy my mortgage too. Even though I am current on my payments, I'll be able to spend more on consumables if I dont have a montly mortgage payment to worry about.
After he buys everyones debts, he cant just bury it all in a box in the back yard of the WH.
That's the whole thing. If it's a toxic mortgage, he has already bought it. So why not? Let's make him buy it all, then the fed can default and we can move on.
You want to go all in Benny? 14 trillion is the bet to you sir, you in, you out.
Punk ass bitch.
Image of BenB buying it all ...
http://www.fortunecity.com/campus/spanish/82/mosquito.gif
Cooter
And let me guess.... Volker is NOT going to go to work for Goldman, Fox News, or Booze Allen. Integrity has no secondary market these days.....
Oh man,
It has been awhile since I reported to my coat closet, but based on things I have seen today in the oil futures market [which we should just go ahead and rename as L. Blankfein's Wildest Dreams Park], I rather think it is time to retreat to my retreat and plug into my nonconforming outlet, pull the coats down on top of me, and just chill quietly there until the FBI agents have come and gone...for surely there must be a few about as one crime after another is perpetrated in the broad daylight today. So if you please, Tyler, take it easy on the LOL lines...hard as I'm sure that is for you.
Just a bit ago, I peeked in through the lobby at the Roach Motel [SPY] and I'll tell you what, the sign above the bar said "open" and the criminal syndicate Wall Street bankers in there, mostly from Blight on America, I think, had a creation units machine sitting right out on the dance floor, chugging away printing infinity units of both the SPY and the VXX [hell, I don't even think that is legal...but who care about laws anyway?]. What is a normal person supposed to do, you know, one not acquainted with the principles of double Martian Calculus involved in infinity share creation? Those Blight on America guys seemed pretty drunk, too.
It is truly too bad about that whole little Miss Euro situation, what with her being pregnant now with Ben Bernanke's love child, and I have to say that I am embarrassed by this new development. Granted, I have pretty old fashioned values, and I never much cottoned to bimbos or wild eyed counterfeiters, either. As for that, I cannot imagine that child will have much of a future because I understand the continent of Europe has now sold itself to China and to Bond buyers, both, so we can assume that the child has a limited future, anyway.
There is still some room in the closet. Bring your own pile of coats and we can watch the great aerospace/bulldozer divergence trade together.
Cdad
P.S.
I just read Tyler's latest tome which included the words "CMBS default" and the word "malls." Pulling down a couple more coats, I am....lawz yes...and feeling good about that burrito position, anyway.
Insiders leaving to insiders staying ratio?
Look what happens when you divide by zero:
http://www.creationrobot.com/wp-content/uploads/2007/02/giant-sink-hole-guatemala.jpg
That's a great image on many levels. It suggests once again that you can pave things over and build out on your assumptions, even put plastic pink flamingos on the lawn, but in the end if there is nothing under what you have built then it's not going to survive no matter how hard you want to believe.
Castles of sand. Gravity wins.
The "Flip Flops" were the last straw....
Oh poor, poor Barry. (Not)
We were hoping for Teddy Roosevelt... We got James Buchanan.
Volker was the only sound voice in the room.....no he is gone ...oh oh
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/1/5_John_Embry_-_Gold_Over_$2,000,_Silver_Above_$50_in_2011.html
I think he would have stayed on if there was any chance remaining that anything could be done under some kind of vastly simplistic scenario.
So what Volker is implying with this move is that the music has stopped and the party is over.This about fits my timeline of first half of 2011 as the period of time when the wheels totally come off.
Volker was a Fed chairman who stood up to the short-termist demands of the market and as a consequence created the foundations of a solid recovery without screwing the middle classes, and those who wanted a safe place to keep their money. Bernanke lacks his strength of character, and merely panders to the whims of the TBTFs.
This is not about the failure of the Obama administration, this is a failure of the American political system. What is amazing is how similar this is to the end of previous empires.
But think about it; how many different ways are there to end an empire?
The man destroyed your industrial base for Christs sake - if a economy can only sustain a minimal interest rate then anything higher (like 20%) will destroy capital.
He gave you enough rope by artificially keeping the dollar high to keep the greedy happy until all wealth was gone.
He had the choice in 1980 to reenter the Gold standard at $800 yet did not - did you ever ask yourself why , because that would have limited his friends independence.
He has become Debt the destroyer of Worlds.
www.youtube.com/watch?v=f94j9WIWPQQ
+1
Could never comprehend the adoration and frankly, outright awe of this man. Perhaps it was the lit, stinky Churchill.
Long forgotten is how Volcker and company encouraged free trade agreements and removed tariffs with third world countries all in an effort to fight inflation. While successful in helping to tame inflation, coupled with the repeal of usury laws and the resulting high interest rates, the combination proved disastrous for industry. You are correct Sir Cork when you state that Volcker's actions had a significant negative impact on our industrial base. I for one shall not miss him.
It's pretty common for advisers to leave for better opportunities at junction points like mid-terms, but Volker seemed like the one voice of some reason...................
WTF is valerie jarrett?
old-time Chicago politician, lawyer, etc.
http://en.wikipedia.org/wiki/Valerie_Jarrett
If only joe Kernan were next
Volcker was trotted out when he was useful for the gravitas and stability he projected.
But then he was quickly put back on the shelf when he suggested the big banks be broken up.
What does that say?
Says he was a head fake and worked well, giving the illusion to go after the debt processing plant management.
Right,,,
http://www.group30.org/bios/members01.htm
Very bad. Obviously, the Socialist crooks aren't listening.
The way Obama was voted in, then turned into Bush III, and then Republicans took back the house and then Obama calls the election results a rout (meaning he'll come back to the center to give the farm away) - it's all so transparent. None of these people are actually in charge.
+++
I would add that there isn't a dime's worth of meaningful difference between these politicians, either. They may not be in charge, but they are definitely part of the problem.
Yes, it's all a show and theater for the people. They play their parts (and many of them actually might believe they are not simply actors) and therefore are very much a part of the problem.
"For we are opposed around the world by a monolithic and ruthless conspiracy that relies primarily on covert means for expanding its sphere of influence--on infiltration instead of invasion, on subversion instead of elections, on intimidation instead of free choice, on guerrillas by night instead of armies by day. It is a system which has conscripted vast human and material resources into the building of a tightly knit, highly efficient machine that combines military, diplomatic, intelligence, economic, scientific and political operations.
Its preparations are concealed, not published. Its mistakes are buried, not headlined. Its dissenters are silenced, not praised. No expenditure is questioned, no rumor is printed, no secret is revealed. It conducts the Cold War, in short, with a war-time discipline no democracy would ever hope or wish to match."
- JFK
Considering that JFK's father was a bootlegger who made it big shorting the crash of '29, he was the perfect mentor for a politician ... and I say that with respect.
Good...Gooooood! Your insight serves your well.
But you are no match for the power of the dark side. <glee-full cackling>
yes, like a bad movie I didn't enjoy the first time.
Ain't it grand....
Before christmas I attended a Palin speech in my local township. She spoke out against QE. I was pleasantly surprised. I'd take her over Obie.
Speaking of QE, I found this description of QE by Philipp Bagus interesting in his recent article: Will There Be QE3 QE4, QE5...?
Reprinted from Mises.org.
AND, the operative word here is "quantitative."
"The term quantitative easing describes an extreme form of monetary policy used to stimulate an economy when the interbank interest rate, which in the US is called the federal funds rate is either at, or close to, zero." ... or "turning on the printing presses."
en.wikipedia.org/wiki/Quantitative_easing
George Orwell would have loved it!
Of course, there is one other definition; it's called "stealing."
Just like Obama spoke out against raising the debt ceiling?
Understand that these people only advocate the correct policies when their party is NOT in power. I noticed this under Bush II, and saw an immediate switch that happened literally seconds after the results of the 2008 election were out.
Sickening.
Obie Wan(ting) never told you what became of your Country...
Perhaps Volcker’s strong point is that his age means some people have begun to forget just who he is and for whom he has been working. He’s a bailout man, brought through the ranks by the Rockefellers and Roosa.
He’s a major proponent of a single global currency, founder of the G30, was a prime mover in establishing Bretton Woods II and helped move the US off the gold standard.
While defending his fleecing of the American taxpayer for his whopper bailout of Continental Illinois in 1984, Fed Chair Volcker told the Senate Banking Committee: “The (bailout) operation is the most basic function of the Federal Reserve. It was why it was founded.”
How true. The Fed’s mantle of “lender of last resort” means if loans go sour within the Fed fraternity, the money is extracted directly through the Treasury or eventually through the hidden tax called inflation. That’s why the Fed fraternity was created – to manufacture whatever amount of money might be necessary to cover the losses of the cartel.
And while Volcker as Fed chair was giving the nation’s insolvent seventh largest bank a free ride, he allowed the small banks to fold, including the tiny Bledsoe County Bank of Pikeville, Tennessee, and the Planters Trust and Savings Bank of Opelousas, Louisiana. During the first half of that year, 43 smaller banks failed without an FDIC bailout.
Other big bailouts also occurred in that era when big banker earnings were vastly increased by self dealing and by reducing safety margins, including taking on risky loans and speculating in the securities markets. When First Pennsylvania Bank required bailout in 1980, Fed Chair Volcker said he planned to continue funding indefinitely until we…work out a merger or a bailout… [Irvine H. Sprague, “Bailout: An Insider’s Account of Bank Failures and Rescues” 1986]
The usual suspect big bankers went through the usual charade of going to Washington, then as now, to work out advantageous bailouts for Continental and for First Penn, arguing, as Volcker did, that familiar Fed refrain that the TBTFs are “critical to preservation of world economic stability.”
The New York Times, on the appointment of Volcker as Carter’s chairman of the Federal Reserve Board, wrote on July 26, 1979, that Volcker learned “the business” from Robert Roosa, a partner in Brown Brothers Harriman, and that Volcker had been part of the Roosa Brain Trust at the Federal Reserve Bank of New York, and, later, at the treasury in the Kennedy Administration. “David Rockefeller, the chairman of Chase (now JPMorgan Chase), and Mr. Roosa were strong influences in the Carter decision to name Mr. Volcker for the Reserve Board chairmanship.” Robert Roosa was Carter’s secretary of the Treasury, and represented not only Brown Brothers Harriman of the London Connection, but the Trilateral Commission, the Council on Foreign Relations, the Bilderbergers, and the Royal Economic Institute. He also was a trustee of the Rockefeller Foundation and a director of Texaco and American Express companies.
On December 2, 1981, the Times mentioned that when Open Market Committee meetings were held, Solomon, as NY Fed president, and Volcker, as chairman of the Board of Governors, sat together at the head of the table and relayed instructions which they received from abroad (the City of London, i.e., Rothschild).
+1
It was obvious to me long ago that Volker was merely "window dressing" for the socialist president.
I'm glad to see him leave. We need for him to preserve what credibility he still has for when hyper inflation is here.
This soft crush of Volcker makes me want to puke - this man has been perhaps the most influential debt salesman in the history of mankind.
The wall street cabals elevation of the man says it all - he transfered wealth from capital creation to debt creation - destroying the west in one blink of a historical lidless eye.
Bill JP Morg White House Chief of Staff.
Who's your daddy Barack? Da big banks.
No guys, you got this story all wrong....Gibbs is leaving to work on Obama's re-election campaign in 2012. That's his main forte and it has been decided that Gibb's greatest strength is in laying the campaign groundwork for his feckless boss. Gibbs is and will be very much still in the picture.
I'm going long guillotines.
Will be a run on the bankster model some time soon.
Can it be any more obvious that the banking cartel owns our government? Maybe they will pull Hank out of retirement to replace him.
Bill Daley (current JPM exec and brother of Chicago's mayor) is said to be Obama's choice to be Chief of Staff. Why is it when you quit stirring the pot, all the scum floats to the top?
Obama ( Barry Soetoro ) Birth Certificate Scam is
still not dead. the FBI is gathering more info...
They will make their move soon.... the Vice - Pres.
will take over....
Insult to injury...perfect!
His Hyperinflation skills will definitely be needed. Because I believe we will eventually fall into a Hyperinflationary depression in the very near future.
it was probably "leave or be hot-tubbed."