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Hoenig Says Big Financial Firms (i.e., JPMorgan, Goldman, Citi) Put "Capitalism At Risk"
So 3 years after bailing them out and making the Bernanke put the defacto trading policy of the MOMO/POMO generation, they finally realize they destroyed the system? Better late than never.
- HOENIG SAYS BIG FINANCIAL FIRMS PUT `CAPITALISM AT RISK'
- HOENIG SAYS POLICY MAKERS SHOULD `GO BEYOND' DODD-FRANK ACT
- HOENIG: SEPARATING PRIMARY DEALERS, BANKS WOULDN'T IMPEDE FED
We can only hope a closer reading of the last bullet means that Hoenig is now pushing for an end of Glass-Steagall. Expect to hear bankers screeching about tanks in the streets and mass suicides if a repeal of Gramm-Leach-Bliley is even mentioned.
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How dares he
And once the **statute of limitation** runs out on suing the banksters for their gargantuan fraud on investors…. what information will they finally release.
So what is the time limit in years to sue the banksters for fraud?
I assume Tyler meant "a return of" Glass Steagal.
I had to read that one a couple of times myself... I bet Tyler types really fast, though...
What say you, Mr. Durden??
'Fragility .... fragility.... all is fragility' quote Nassim Talieb evermore.
Thomas Hoenig or Jonathan Hoenig? lol.
Too big to fail a.k.a Too big to fail us all.
Greece is the dress rehearsal for America after the Nov 2011 elections.
did you mean 2012?
just to clarify... got to make my bets ... :-)
Do you mean that the Presidential campaign recently started won't end until Nov 2012?
Oh........my.........God!!!
Either 2011 was a typo, wishful thinking or a Freudian slip.
LULZ, capitalism doesn't exist.
HOENIG SAYS BIG FINANCIAL FIRMS PUT `CAPITALISM AT RISK'
HOENIG SAYS BIG FINANCIAL FIRMS PUT `Fascist Feudalism'
There, fixed it for ya.
Who's Hoenig? Thats right, Nobody. Do you know who i am?
NO. Who are you? Hoenig, who is Hoenig? More importantly, does he matter?
Wait, I'm getting confused.
Did he say MOMO?...or POMO?...or MOJO?
He said POMOMOJO
I would expect Hoenig to get kicked out instead of the gov doing really anything concrete against their masters.
Scurrilous varmints, every last one of em.
there is no capitalism, there is only the bernank.
we all live by the economic rules of Capitalism, it's precisely what brought Capitalisms Grim Reeper to the USSR and the Eastern Block (there's only so long you can piss on productivity and profitability before they turn around and bite you on the arse!)
what Hoenig meant to say was Big Banking is putting Big Banking at risk ...2008 was 3 years ago, he's not exactly sharp as a tack is he?!!
Is he gone tagged "renegade"?
Hoenig's statement should be pretty obvious. Capitalism is only stable with free markets and competition.
Unfortunately the oligarchs headed by people such as David Rockefeller have made it their mission to stamp out competition and free markets and globaize under the iron hand of elitist rule. Those that don't submit to the iron hand are killed; whether they be Muslims, protestors who gain a following or even presidents.
Their argument goes something like this: "Wouldn't it be better to have smart and successful people managing the world than having it in chaos, with constant fighting?" IMHO, the answer is: "In some ways yes, but in many ways no".
Unless people are mature enough to agree on a global system, it is the wrong system. People are familial and tribal by nature. Forcing something else will not work ... now.
RE: "Expect to hear bankers screeching about tanks in the streets and mass suicides if a repeal of Gramm-Leach-Bliley is even mentioned."
As long as they're the ones committing mass suicide and the tanks are mowing down the walls around their estates I'm fine with it!
Oddly enough, with the power of the media, police, government and miltary they have the power to stop tanks in the streets and mass suicides.
However, it plays to their self-centered benefit to not only predict chaos and death, but also to foment it.
If the time comes and it does come to pass, it will be easy to target blame on those with the power and who made the threats.
Yea, Gramm escaped the scene of the crime in quite a hurry.
He is the Economist from hell and was the banking systems wet dream.
In other news - 2yr note auction was a real barnburner - NOT!
Buy on the dip. The long trade will not be over until risk goes Kaboom.....sometime over the next 30-60 days?
capitalism is dead...no risk anymore...
+1
But these big firms do not practice "capitalism", nor do the politicians and government regulatory agencies who collude with them. This is one be cabal of cronies. When the Secretary of the Treasury can get the CEOs of the leading banks in one room and force them to accept hundreds of billions in government money, this is only "crony fascism".
... this is only "crony fascism".
Otherwise known as Corporatism. Pioneered by Mussolini and now proudly championed by the U.S.A!
no no no
they are replacing capitalism with fascism.
And it will backfire in their faces
un-fuking believable!
turn out the lights if you're the last one to figure this out, ok?
regret, bitchezzz
What system?!!
Doesn't Hoenig think that capitalism is record taxpayer-gutted bonuses for fraud and centrally planned markets in the name of incorporated personhood and the TBTF top .01%?
Perhaps higher police state concentration is needed to turn privacy and human dignity into a "free market." I'm sure Hoenig would agree that assaulting freedom is good business!
they win, we lose, that's capitalism?
You're making it complicated, there is no "we."
They win, and they win bigger = capitalism/God's work at the center of the universe.
We = piss.
We = piss
..so piss back
their entire business model rests on (i) being able to tax the nation and extract its productivity (wealth) and (ii) power over its means of exchange, money. That's what the founding of the Fed was all about, a night raid on Congress to push the vote through to establish the parasites ponzi scheme, a private monopoly on money called the Fed run/owned by parasitical bankers, JP Morgan et al
simply stop paying your taxes and their business model implodes, their power base (Govt) for extortion is bled dry, both in a matter of 2 to 3 weeks
was it Thomas Jefferson said all it takes for corruption is good men to do nothing? Actually what it takes is good men to be stupid enough to pay their taxes to fund the corruption that is Govt
"We" have (all) the power: just stop paying tax to the parasites institution.. Game Over
The banks can do only what the law allows them to do. Lack of law or a law created by purchased votes to allow banks to engage in certain activity that is wrong is 100% the politicians fault. The politicians are the creator of problems and everyone of them that is still alive (currently in office or not) should be publically hanged by the neck until dead. This should take place on the capital building steps.
"Proles v. Pols" or "Swinging With The Pols". Bring your camera.
I prefer the backdrop of the burning Department of Justice building. Might as well use it for something.
America, the patient, is very weak and gravely ill, to the extent she now requires intensive care. While she lay dying on the operating table it is becoming painfully apparent that the environment in the operating room is septic. There are those who wish to see her survive and there are those who do not. In this medical metaphor, we are the surgeon, our understanding of how to treat the patient and the tools we use are not scalpels and sutures. The tools we use are laws and our ability to articulate them.
We have an epidemic on our hands. A plague. While the specific individual steps required to cure each patient may differ from the next, the pathogen is the same. Just as it would be irresponsible of a Chief Medical Officer at a hospital to realize a deadly plague exists, and to deny to all his surgeons their need to be aware of it – so it would be if a judge were to deny the fact we are suffering from a financial plague brought about by widespread deliberate indifference to the Law. Confining each individual case to the issues in the instant matter without considering that millions are succumbing to this plague, in increasing numbers, creates an impediment in our quest for a cure.
Those that do not wish to see the patients survive either the financial plague or my imaginary medical plague are at every crack and crevice of the operating room, relentlessly and remorselessly pumping pathogens towards the patients in an effort to further add to the sepsis. The surgery still needs to be performed individually - but it must be acknowledged that the waiting room is full of new patients.
To think otherwise requires a certain degree of genuine insincerity.
And attached to this dying patient is an enormous leech.
And the Head Surgeon is an American Politician.
Naturally, the Surgeon saves the leech.
I'm afraid you're right and it is very sad to watch. Thanks for the reply.
the leech (and Doctor) can only bleed the patient while the patient is a comatose zombie... if said patient wakes up and walks out said Doctor and leech are f**ked
Stop Paying Your Taxes Zombies ...how simple can it be, how long to wake up from coma??
When the country decided to save be stock market instead of itself it was pretty much over right there...
The government seems to have the same confusion when serving corporations over the people that work for the corporations...but hey...maybe it is just easier that way and that's what they get te big bucks, premo insurance and awesome pension for right?
This is not our government. 95% of our congress has been bought and paid for by the corptocracy. Our government has been hijacked. Most of these demons are not "Americans". They are globalists!
Tuco Benedicto Pacifico Juan Maria Ramirez
beautifully stated, tuco. corptocracy, thats new, i will be stealing that...:)
So said the drug pusher to the drug user
http://www.morningstar.co.uk/uk/markets/newsfeeditem.aspx?id=148573656230880
Hoenig is no longer a voting member on the policy-setting Federal Open Market Committee. As well as attacking Dodd-Frank, he's been a persistent critic of the Fed's easy-money policies, warning they're likely to fuel asset bubbles and higher inflation. He's due to retire Oct. 1, after nearly four decades at the central bank.
Economies of Scale always runs into Diminishing Returns.
As the Dinosaurs take more capital from productive society, the country is the loser.
We need new Trustbusters. Now.
No... he din't say that!
IOW, the Kings of Crony are no more practicing real capitalism than Mao.
Hoenig should STFU. He knows very well JPM etc are doing the bidding of the Fed by shorting PMs naked, and Directly Bidding on T Bills/Bonds. Without JPM et al, the Fed would be insolvent. String them all up!
JPM "is" the Fed! They are part owners as is B of A, Citigroup, Wells Fargo-Wachovia, Goldman, HSBC and the Bank of New York.
Tuco Benedicto Pacifico Juan Maria Ramirez
Close red today>> that's all I want. Their Mkts reduced to a heap.
Expect to hear bankers screeching about tanks in the streets and mass suicides if a repeal of Gramm-Leach-Bliley is even mentioned"
Ummm, I have been hoping they would reinstate Glass/ Steagall. It worked pretty well for 70 years.
You'll hear it about the Bush tax cuts first.
I was puzzled by the contra-logic of the Glass-Steagall reference as well. Congress should've restored it within weeks of the GFC.
"CAPITALISM AT RISK".........how about "Society at Risk"..........
Hoenig still rolling out the noble, end-of-career words that will protect him from flaming insults at his future Barnes&Noble book signings.
Is that the centrally planned version of capitalism in which 9 out of 10 planks of Marx's communist manifesto have been realized?
You have obviously not read Marx or understand his theories.
That has to be a misquote. It should read:
HOENIG SAYS BIG FINANCIAL FIRMS PUT `CAPITALISM' AT RISK
Because in real capitalism those firms would have failed, and be allowed to do so...
It should have said:
"Capitalism puts big financial firms that take bad decisions at risk"
"communism saves their incompetent asses, tax slaves try to vote for a different crook next time"
Well done, Mr Hoenig.
I hope this guy is not a whore to the banksters.
I know, fat chance.
I see Hoeing must have done some good acid .
Good for him.
But now he better go hide under his bed....
Ask JFK.....
China now bailing out Saab.........Communism wins.............
http://www.telegraph.co.uk/finance/newsbysector/transport/8601322/Saab-thown-lifeline-by-Chinese-order-for-600-cars.html
Hey Wei, have you seen our lovely Volts?
It's such a simple thing to rid the system. While it would take an undetermined time to right all/most/much of the wrongs and imbalances inherent in this crappy system, the cancer of fraudulent debt and fake money could be cured in ~48 hours with Glass-Steagall.
Then the systemic crises would no longer threaten what was left, (because what threatened it would be gone) which would happen to be everything real, tangible, and what we depend on to live...and your deposits, if anyone at this point (today or yesterday) still has any.
The 'cure' has always been a weekend away. It could have been enacted at any time, you should vote out anyone that didn't push for it. Which is pretty much, everyone save a few.
But the fed/corporations/msm/politicians kept singing - tomorrow, tomorrow, recovery will come tomorrow, it's only a day away
So after three years of tomorrow, how about a real 48 hour fix? But given the incompetence of these people perhaps we should give them an extra couple of days....god forbid they'll have to actually read Glass-Steagall, and then google around what it means. The number 1 response by these idiots...'we can do that?'
Yes my corrupted, retarded politicians.
Then we can get on to other pressing problems, which are impossible to address as long as the fed is hyperinflating everything (and if you can't hyperinflate, you're screwed...and if you can...you're still ultimately screwed), and as long as the system won't allow for it, it won't be done. If these things aren't done, we're screwed in other ways that will take us back to this point for other reasons.
Under Glass-Steagall and American Credit System, you can engage in these mankind saving enterprises. Under Glass-Steagall and fed, you just get rid of what's currently built up destroying the system, with them still around awaiting for the next opportunity to screw you over, and nothing put forth to sustaining the human race as the projects still would not be funded.
We need Glass-Steagall and to end the fed and replace it with the American Credit System.
You see now, the fed will ultimately sell every other bankster down the river to save itself. I say screw 'em all.
Glass-Steagall
American Credit System
HR 1489 is in congress, and is bipartisan...if that final point means anything to anyone.
There's a crash coming one way or another, will it hit everyone or just the fraudulent stuff the banksters are holding the entire world hostage over? Let the fraud burn.
Sad thing is, not one presidential candidate of any stripe understands any of this. Not one. (and only one has even a glimpse of a small bit of it, for the wrong reasons, but this post isn't about him)
The last time I checked, every large bank has repaid any and all TARP money provided (including applicable profits back to the U.S. Government) during the "bailouts". The remaining banks (local community based banks) are the ones that left the consumer and taxpayers hanging out on the line to dry. That and the automaker bailouts.
Come on folks. States are short capital because of subprime folks who were underwater and bought at the highs (see government mandated and GUARANTEED 1.2 Trillion in subprime loans) and then reassessed their homes in their local juridictions. The lesson learned here is to remove government from any and all private assessments of risk when private enterprise is lending to folks That and the fact that the AIG CDO swaps weren't regulated as they needed (Insert mention of rating agencies, insurance pools, tranparency and the like)! The only item of Glass Steagel that would and/of should been repealed was the Fed's action of blessing Goldman Sachs and the investment Banks (IBs) (to the tune of $25Billion+) who NEVER were regulated/overseen by the FDIC to hold capital reserves to cover "mark-to-market" assets.
Everyone forgets the necessary evil of mark-to-market (whose originally instituted "amended" rule) was put into place right before the crisis hit, which should have been immediately adended to allow for banks to "adjust" the amount of required capital needed to cover the values of mortgages on the book (amortizing negative adjustments of the period of the mortgage term). But God Bless Meredith Whitney and all the "too large to fail" media whores who professed evil on the institutions and looked the other way on Joe Six pack spending and going along with government intervention into our life, liberty and pursuit of happiness.
And now we sit waiting on Obama and the Dems to pass a media blitz on Joe Six pack for there being a "Significant" debt ceiling deal to come down from the throws of heaven and save the continuing Ponzi to continue.. The time has come to "stick it to the man", and through hell and high-water, have every single American atone and witness the destruction about to come to a town near you. All this in the name of Democracy, crackpipe policitians and a lack of decency and respect to all non-voting, uneducated American riding the rollercoaster into oblivion
May God Bless America.
The Banks have destroyed American and the World Economy. But, the Fed gave them the Money to do it with.
<bonk> you've got your cart and horse reversed. the banks blow the bubble, the fed runs along behind trying to keep it from collapsing.
The Bankers have taken food out of the mouths of Millions of People World Wide. Think about all of the elderly that will be robbed of their dignity in old age because of pension stripping and lowering or elimination of Social Security.
For every $1,000. bottle of wine for Bankers, how many People starved for them to buy that wine? 10,000 People? How many People have become Homeless and thrown on the street to buy one Hampdon Home? 300,000 People?
For every Dollar of Wealth created from the misery of others is one Dollar too many.
Hail Hoenig!
However, he forgot to mention th emain gatekeepers who should be put down like a sick horse---the credit rating agencies who rated the junk subprime triple-A up until it went belly up.
BOOOOYAAAAAAAAAAH!
As Bill Gross said,"credit rating agencies are worthless."
Any ZH reader knows Hoenig (who might actually read this site; ok or be briefed at least) knows that he'd be for REINSTATING Glass Steag's. Tyler can u confirm?
Just figuring this out?
Phil Gramm was the senator from hell, now he is the UBS vice president from hell. Still gets all the same paychecks, just shows up to work at a different building.
Non-extradition being the operative phrase.
If Americans had even a ghost of a clue how badly that turtle-looking mofo screwed up the economy (yeah, I know he had plenty of dipsticks in Con-gress nodding with him, so what...he wrote the bills) they would burn him at the stake like the damn vampire he is.
"We" have (all) the power: just stop paying tax to the parasites institution.. Game Over.
..........EXACTLY.........