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Hoenig Says Lower And Middle Classes Pay "Dear Price" For Fed Mistakes, Accuses Fed Of Commodity Price Inflation

Tyler Durden's picture


Hoenig is back, and a few months before his retirement, has released what appears a valedictory exercise in venomous truthiness: "Today, my view has not changed. The FOMC should gradually allow its $3 trillion balance sheet to shrink toward its pre-crisis level of $1 trillion. It should move the U.S. federal funds rate off of zero and toward 1 percent within a fairly short period of time. Then, after evaluating the effects of those actions, it should be prepared to move the funds rate further toward a level that could be reasonably judged as closer to normal and sustainable." At long last, someone admits the obvious: "While some of the increase may reflect global supply and demand conditions, at least some of the increase is driven by highly accommodative monetary policies in the United States and other economies." For those terrified by the ravages of deflation: "I tracked the average growth of money and the price levels in the United States from the 19th century to the present (Chart 3). It should surprise no one that there is a striking parallel between the long-run growth of money and the growth in the price-level index. From the end of World War II alone, the price index has increased by a factor of ten. With such a track record, it is hard to accept that deflation should be the world’s dominant concern." And lastly, for those who refuse to see Bernanke's policies as genocidal (metaphorically speaking but quite literally in MENA) to the lower (and increasingly) middle classes: "Central bankers must look to the long run. If current policy remains in place, we almost certainly will stimulate the growth of asset values and inflation. This may temporarily increase GDP and employment, but in the long run, we risk instability, damaging inflation and lost jobs, which is a dear price for middle and lower income citizens to pay."

Full must read speech link



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Wed, 03/30/2011 - 13:55 | 1117962 Racer
Racer's picture

And the first rat has abandoned the ship.....

Wed, 03/30/2011 - 14:07 | 1118034 the mad hatter
the mad hatter's picture

Dear Central Bankers of the world,

Go Fuk-u-shima yourself.

Only governments should be able to create money because they can be held accountable. Moreover, they don't have to pay interest when they create the money.

Our current system forces taxpayers to foot the Central Bank interest charges for our incompetant politicians' spending sprees.


Wed, 03/30/2011 - 15:05 | 1118322 ghostfaceinvestah
ghostfaceinvestah's picture


Wed, 03/30/2011 - 15:12 | 1118353 TIMMAYYY
TIMMAYYY's picture

Ive recently taken up the hobby of watching sheep line up for slaughter. 

A type of...therapy...for when everything goes tits up...

Wed, 03/30/2011 - 18:03 | 1119103 AsIseeIt
AsIseeIt's picture


Wed, 03/30/2011 - 16:49 | 1118805 faustian bargain
faustian bargain's picture

Only governments should be able to create money because they can be held accountable.

That is absurd on its face. Governments can obviously NOT be held accountable. They will simply monetize their own debt, which is essentially what is already being done.

The solution is to get rid of fiat central banking altogether. I agree, End the Fed, but don't replace it with the government, please.

Wed, 03/30/2011 - 17:32 | 1118992 Dollar Damocles
Dollar Damocles's picture

Agreed!  Let the market choose whatever it wants for money.  We don't need to replace the counterfeit trash floating around now with some other paper instrument forced on us.  Repeal legal tender laws!  Enforce legitimate contracts made in whatever medium is agreed upon by the parties involved.

Fiat lovers forget that gold and silver WOULD be money currently if it wasn't exluded from the rule of law, and if it wasn't ILLEGAL to refuse green confetti in payment.  Only FORCE keeps fiat in use.  The free market and a free people always choose commodity money.

Wed, 03/30/2011 - 18:58 | 1119343 tellsometruth
tellsometruth's picture

Law is force in disguise... or something along those lines goes the quote

Wed, 03/30/2011 - 16:51 | 1118813 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Sorry, I can't think right now. I'm fondling my Ipad2 that the other FedRes guy said I could I bought it on credit.




Ps-- which one of you wants to give me a burger today and I'll pay you back on Tuesday?

Wed, 03/30/2011 - 13:55 | 1117964 pragmatic hobo
pragmatic hobo's picture

what is this guy talking about? Didn't the master, I mean Bernanke, say the rise in commodity price is driven purely by higher demand from BRIC?

Wed, 03/30/2011 - 15:43 | 1118494 TraderMark
TraderMark's picture

Dear everyone,

With my magic wand I can make asset prices go up, but only the asset prices I wave my wand at.  I waved my wand at equity prices.  I did not wave them at commodity prices.  Hence when assets that I want to go up, go up - it is because of my actions.  If assets go up, that I do not want to go up - it is because of global growth.

How many times do I need to explain this.  Damn imbicles.


The Bernank

Wed, 03/30/2011 - 14:00 | 1117967 TruthInSunshine
TruthInSunshine's picture

All of the world is a stage.

And The Federal Reserve Perps are Shakespearean.


Either Hoenig was instructed to say that, or he gets the razor infused cat o' nine tails from The Bernank, while being forced to bend down before moloch, later today, at 33 Liberty.

Wed, 03/30/2011 - 14:07 | 1118041 Shameful
Shameful's picture

It's all theater. After all imagine inflation expectations if every Fed Chairman was saying "Print to the moon! It's all the BRICs faults!"

So we the public are shown an elaborate dance. If they can do it with the two sides of our Big Government party then why not in the Fed?The talk does nothing, just a way to distract or mollify the masses. We have been given a villain in Dudley and hero in Hoenig, but the decision is outside their hands.

Wed, 03/30/2011 - 15:07 | 1118325 kridkrid
kridkrid's picture

Yup... I think that's right.  The illusion that there is actually confusion over the path we are currently on... that there are some who see things clearly and advocate for truth and justice.  There is no confusion... they know exactly what they are doing... they just don't give a fock about the people who are about to be ground into oblivion.  Theater indeed.

Wed, 03/30/2011 - 15:56 | 1118540 The Profit Prophet
The Profit Prophet's picture

Ditto Gents.....just another scene from the "Good Fed - Bad Fed" script, to keep the more intelligent sheep hopeful of the restoration of fiscal sanity.  Without these little distractions by these well-paid puppets, we would have less tolerance for the continueing Kleptocracy.

T.E.I.N everyone! 

Wed, 03/30/2011 - 13:57 | 1117977 slaughterer
slaughterer's picture

Hoenig was never a rat, but the turd in the punchbowl...  I am sure Benoid is happy to see him go.

Wed, 03/30/2011 - 14:00 | 1117991 Racer
Racer's picture

I know he has voted against but he didn't shout loudly enough.


Wed, 03/30/2011 - 13:57 | 1117980 traderjoe
traderjoe's picture

The last time I will post this: A speech by the author of "The Creature from Jekyll Island" on the history and true purposes of the Fed (and fractional reserve banking) Why does a sovereign country borrow its "own" money from private corporations at interest?

Wed, 03/30/2011 - 14:24 | 1118130 umop episdn
umop episdn's picture

It's a good link, so perhaps you should post it every now and then. However, I am fairly sure that most folks here are well informed re: the Fed, so they miss out on exactly how much stuff there is on bigeye.

Wed, 03/30/2011 - 14:29 | 1118139 Clampit
Clampit's picture

Sovereignty is as sovereignty does ...

I keep thinking there must be a way to leverage religion and our adherence to taxation laws regarding separation of church and state to eliminate the state - i.e. devote one's life entirely to the church of anarchy.

Oh fuck it, let's just wage revolutionary war instead.

Wed, 03/30/2011 - 14:30 | 1118152 That Peak Oil Guy
That Peak Oil Guy's picture

That is a good link, but it does not go deep enough.  The Fed is just one of the tools used by the collectivists to bring about their new world order.  I strongly recommend this document, also by Griffin, for a description of the true force underlying the Fed and shaping our modern world even as we speak:


Wed, 03/30/2011 - 14:37 | 1118177 Bob
Bob's picture

Thanks, I hadn't seen it.  Funny that the Fed Act was marketed as necessary to "break the Money Trust," i.e., the cartel of billionaires that actually drafted it. 

Wed, 03/30/2011 - 16:03 | 1118570 bothsidesnow
bothsidesnow's picture

Because my friend the government is not a government it too is a corporation based in get it he "District" Of Colombia. You may ask why does the Federal Government have it's own "District" to operate from. Well here's the answer:

My roommate in Oakland, CA (aka Oaksterdam) who is an attorney but at the time was switching professions to a miner told me that if you are ever charged with a Federal crime you just ask one question about the Federal government - Who are you? They will not answer because they are a corporation and have no authority to prosecute you.

So it's one Corporation the Fed charging interest to another Corporation - United Banana Republic of America. 




Wed, 03/30/2011 - 18:38 | 1119175 AsIseeIt
AsIseeIt's picture

TJ thanx for the link.  Have you seen the Zeitgeist movies  I watched the "Moving Forward" and the "Addendum" films.  Both are well done (though very long) and provided me with a better understanding of the monetary system and how they got us into this mess we're in.  

Wed, 03/30/2011 - 13:58 | 1117982 slaughterer
slaughterer's picture

Hoenig reads ZH, BTW.

Wed, 03/30/2011 - 14:08 | 1118036 TruthInSunshine
TruthInSunshine's picture


So it's not to late for him to go Valkyrie on The Bernank's ass....

Wed, 03/30/2011 - 14:56 | 1118273 earnyermoney
earnyermoney's picture

Maybe he's Harry Wanger?

Wed, 03/30/2011 - 13:58 | 1117983 theXman
theXman's picture

Inflate or die. Inflate then die. Now way out.

Wed, 03/30/2011 - 14:01 | 1117998 firstdivision
firstdivision's picture

Sounds like a 2012 presidency run

Wed, 03/30/2011 - 14:02 | 1118001 cswjr
cswjr's picture

He and Mervyn King are going to get "polonium'd" if they don't shut their traps.  So nice of them to admit the truth, at least.

Wed, 03/30/2011 - 14:05 | 1118019 Racer
Racer's picture

Oops here's another one....

"BOE's Fisher says BOE likely to make loss on selling assets on QE exit"

Wed, 03/30/2011 - 14:03 | 1118006 Bam_Man
Bam_Man's picture

Pretty obvious why he is retiring.

Clearly, he didn't "get with the program".

In Kansas City, they see things a little differently than in NY and DC.

Wed, 03/30/2011 - 14:04 | 1118013 pendragon
pendragon's picture

shame he wasn't this hawkish when it mattered. stable doors flapping while the horse is bolting around the field

Wed, 03/30/2011 - 14:18 | 1118100 Buckaroo Banzai
Buckaroo Banzai's picture

There is a reason why the creatures who inhabit the halls of government only speak the truth upon their departure (when they speak it at all):

"There is a power so organized, so subtle, so watchful, so interlocked, so complete, so pervasive that prudent men better not speak above their breath when they speak in condemnation of it"
- Woodrow Wilson

Wed, 03/30/2011 - 14:41 | 1118193 That Peak Oil Guy
That Peak Oil Guy's picture

New World Order, bitchez!

"As we re-activate our time machine, we find ourselves in the presence of one of the most colorful and mysterious figures of history. His name is Colonel Edward Mandell House. House was never in the military. The title of Colonel was honorary, granted by the Governor of Texas in appreciation for political services. He was one of the most powerful men in American politics and, yet, virtually unknown to most Americans today. He was the personal advisor to Presidents Wilson and Roosevelt. He was close to the Morgan banking dynasty and also to the powerful banking families of Europe. He attended school in England and surrounded himself with Fabians. His father, Thomas, was an exporter in the Southern states and also a lending agent for London banks, which preferred to remain anonymous. It was widely believed that he represented the Rothschild consortium. Thomas House was one of the few in the South who emerged from the War Between the States with a great fortune.

Colonel House was what they called a “king maker” in Texas politics. He personally chose Woodrow Wilson, the most unlikely of all political candidates, and secured his nomination for President on the Democratic ticket in 1912. It was House who convinced the Morgan group, and others with power in politics and media, to throw their support to Wilson, which is what enabled him to win the election and become the 28th President of the United States. House was certainly a member of the Round Table and possibly a member of its inner circle. He was a founder of the CFR (Council on Foreign Relations)."


Wed, 03/30/2011 - 15:15 | 1118377 WryObserver
WryObserver's picture

Hoenig HAS been hawkish for quite a long time, and has also spoken publicly before now on numerous occasions. More than that, he has advocated privately at the Fed, and on key votes. Typically, Hoenig has been the lone dissenting vote on these key matters.

Wed, 03/30/2011 - 14:03 | 1118024 SMG
SMG's picture

Everything in our economy today hinges on the whim of a handful of people.  If that's not proof the Fed is laying the path to dictatorship I don't know what is.

Do they mean it this time?  I'm sure they are telling their inside friends but not us useless eaters.

So if you're long you stand the chance of losing everything in a horrible market crash.  If you're short, you stand the chance of losing everything in a hyperinflationary meltup.

The cabal knows what's going to happen, but not us.  So they can starve us out and gain even more power.   END THE FED! BEGIN 100% PUBLIC FUNDING OF ALL POLITICAL CAMPAIGNS!  otherwise the vampire squid will be on our face forever.

Wed, 03/30/2011 - 15:49 | 1118517 dbTX
dbTX's picture


Wed, 03/30/2011 - 14:09 | 1118052 Biff Malibu
Biff Malibu's picture

the Federal Reserve is KILLING American families. 

Wed, 03/30/2011 - 14:10 | 1118057 cubical
cubical's picture

Hoening must not know about the CPI. The fed has it under control, don't worry.

Wed, 03/30/2011 - 14:10 | 1118058 rayban
rayban's picture

He's the best guy in the Fed. At least he speaks his mind and voted against the continued easing until he had that chance. Too bad he's going to retire due to age limits. 

Wed, 03/30/2011 - 14:12 | 1118059 Cdad
Cdad's picture

Too late.  CEO's just registered their all time highest bullishness...and why not?  The freakin' government, thanks to clowns like Hoenig who did not do their job when it was time to do it, is now paying for everything.  CEOs are blasting out their shares and becoming billionaires.

I do not care how hawkish he is...he is irrelevant.  He failed the American public.  The damage to our markets is now done.  Fed banker and market credibility have zero.

Wed, 03/30/2011 - 14:13 | 1118070 TruthInSunshine
TruthInSunshine's picture

The select CEOs surveyed know who is bailing out their asses, and since money is their god, they dare not offend their 'Masser.

They have to keep the CONfidence Ponzi going for a little bit more.

Wed, 03/30/2011 - 14:18 | 1118089 Cdad
Cdad's picture

Just too rich...I'm literally fighting a gag reflex just now:

E. Burnett over at the Blowhorn [CNBC], ever trying to charm the market higher with her adorableness, thicker each day, tee's up J. Dimon, who says that US debt default would be catastrophic...while also telling folk not to worry about municipal debt default currently very near to hand, because that is part of the credit cycle.

Follow that?  Is there any question remaining that J. Dimon needs to be removed from his current know, regardless of how hot K. Finerman is for him?

Rome, bitchez!

Wed, 03/30/2011 - 15:19 | 1118390 WryObserver
WryObserver's picture

My belief is that he has done everything in his power, publicly and privately.


Specifically, what would you have him do that he has not done?


Ad hominem attacks are easy. Details are hard.

Wed, 03/30/2011 - 17:57 | 1119085 Cdad
Cdad's picture


WTF are you talking about?  Loosen up ye old chinstrap, buddy.

In one breath, J. Dimon suggest that allowing Federal Debt to default [by not raising the debt ceiling] is "insane" and "unpredictable."  In the next breath, he tells people to prepare for municipalities to default because that is part of the debt cycle.  Got it? In through the nose, out through the mouth.

Guess which debt JP Morgue is loaded up with...and which has some sweet collateral behind it?

Are you serious that you just think this is an unprovoked and baseless attack?  Eat much fluoride?  At least you have the sense to wear the helmet, anyway.

What would I have him do?  Return all Bernanke bucks, fire half of the folks from his corrupt bank, and resign immediately.  Oh...and maybe pay up on all his silver shorts, too.

Fuck off, you ill-informed twat!

Wed, 03/30/2011 - 14:12 | 1118071 Cognitive Dissonance
Cognitive Dissonance's picture

Bernanke to the middle/lower class - "Let them eat (inflated) cake."

Wed, 03/30/2011 - 14:19 | 1118107 Cdad
Cdad's picture

You know brother Cog,

I do not see Ben Bernanke continuing on in his current position for much longer.  I do not see additional QE...and I do not see people tolerating this circus much longer.


Wed, 03/30/2011 - 14:35 | 1118169 Cognitive Dissonance
Cognitive Dissonance's picture

Well then, time for another crisis to properly compel the people to love their monetary God once more.

"Oh Bernanke, just get me out of this mess one more time and I promise I'll never doubt you again."

Wed, 03/30/2011 - 14:40 | 1118184 sbenard
sbenard's picture

I thought it was "Let them eat arugula" now!

Wed, 03/30/2011 - 14:53 | 1118260 Fidel Sarcastro
Fidel Sarcastro's picture

No, no...remember it is "Let them eat iPads"

Wed, 03/30/2011 - 14:14 | 1118072 benburnyanki
benburnyanki's picture

FMD these goddamn pit trader tactics this asshole BurnYanki is using on our minds to fuk them up. First he says he sorry there is inflation then he say its fukin deflation we need to keep from bitin' us in the ass.

This is how fukin big wigs move the direction of a market by tossin a boatload of shares up for sale or buy dependin on which way they want prices 'to go'.


Wed, 03/30/2011 - 14:20 | 1118104 AldoHux_IV
AldoHux_IV's picture

The only true exit strategy is ending central banking-- it's not necessary and it's more harmful than cancer.

Wed, 03/30/2011 - 14:23 | 1118118 monopoly
monopoly's picture

NO change here. Lets move on.

Wed, 03/30/2011 - 14:23 | 1118120 sundarb
sundarb's picture

Why is there a constant urge by the central bankers to see deflation as a threat and inflation as the panacea? I mean is the economy really black and white? It has all sorts of shades, with housing deflating for years to come and food prices continuing to rise, as the money supply increase percolates into the broader economy.

The whole monetary system needs a revolutionary change.

Wed, 03/30/2011 - 14:42 | 1118199 Holodomor2012
Holodomor2012's picture

deflation = famine now

inflation = famine later

Wed, 03/30/2011 - 14:23 | 1118126 TheEmperor
TheEmperor's picture

TheEmperor to Darth Bernanke: 'There is a tremor in the force, We have a new enemy, Hoenig could destroy us'

Darth B: 'He was 'turned' but now he is retiring and worrying about his fixed $300K/year +CPI adjustments <snicker> pension, he knows it will be barely pay for security monitoring and Alpo within 10years'

TheEmperor: 'Do what you must Lord Bernank, but the son-of-a-b*&#@ was a great 'asset'.'

Darth B: 'Maybe now is the time, can you will show me how to manipulate those medichlorines? Y'know, create more stimulus-life without having to digitally manipulate everything as I have done so far.

TheEmperor: 'Soon, my apprentice...but for now, 'Wipe them out, all of them'.

-end of transmission-


Wed, 03/30/2011 - 14:27 | 1118138 Prof. Auguste Balls
Prof. Auguste Balls's picture

Too little, too late, too bad - you (Hoenig) go to prison with the rest of them!  This guy showed all the courage of a bowl of lemon jello.  He dissented but did not resign - WEAK!!

Wed, 03/30/2011 - 14:28 | 1118146 Wm the Shrubber
Wm the Shrubber's picture

If he keeps talking like that, he may just have an unfortunate accident!

Wed, 03/30/2011 - 14:37 | 1118168 Quinvarius
Quinvarius's picture

I like how they continue to miss the point.  The Fed printed trillions and gave it to the banks who had partnered with people to take out bad mortgages.  For every dollar thrown at the banks, there should have been a dollar of loan forgiveness.  That is how a partnership works.  They should have gone about it even handed.  Yet they stuck to the plan they came up with in a panic to bail out the banks only.  Now the whole system is lopsided with banks being allowed to speculate and trade ALL the money, while the public suffers under the same debt load, a horrible economy, plus the currency devalution.  The banks are not the all.  Money is supposed to circulate.  If you printed it, fuck you.  It is too late to stop inflation.  The money must circulate in the public because it exists.  The multipliers are not the problem.  Once you print, you can't hope for a perpetual depression to stop inflation.  It doesn't work.

Wed, 03/30/2011 - 14:38 | 1118173 sbenard
sbenard's picture

Imagine that! An ounce of sanity at the Fed!

Impeach "Bubbles" Bernanke NOW and appoint Hoenig as Chairman  -- before its too late!

Wed, 03/30/2011 - 14:39 | 1118185 buzzsaw99
buzzsaw99's picture

Like he gives a shit. Doe Hienig!

Wed, 03/30/2011 - 14:50 | 1118196 10kby2k
10kby2k's picture


It makes me feel good seeing the truth in print. Wouldn't it be nice if most news was so truthful and to the point?  It really isn't that much to dream for. Or was what I just read a dream?

Its the bull shit that is so tiresome and frustrating.  Facing one's problems and dealing with the pain straight on is way easier that delaying, bull shitting, anticipating and then facing the problem/pain later.

Life is really too simple to have leaders fuck it up so grossly.

Wed, 03/30/2011 - 14:44 | 1118198 JR
JR's picture

Saint Peter is never going to buy this  mea culpa –  i.e., Hoenig’s partial “Lord! I me repente!”

I can hear St. Peter now when he sees Hoenig at the Pearly Gates:


Wake me when a Fed governor quits saying: “We’ve all been on the wrong side of history and I’m sorry.  The Fed needs to be identified as the financial terrorist that it is, disbanded and charged for its crimes.”

What I’m interested in - has Hoenig said: Abolish the Fed?  No!  All he’s said is Give the Fed a little polish. He’s going now, so he wants to improve his image - like getting out of prison, he wants to go straight.

Hoenig is just trying to shine up his own tarnished image. But as Saint Peter says, You can’t get through the Pearly Gates by saying  “Bless me, the others have sinned.”

From Wikipedia: “On March 25, 2011 Hoenig announced his intent to retire on October 1, 2011, as required under the Federal Reserve Board's mandatory retirement rules for Federal Reserve Bank Presidents. The retirement marks 20 years as president for Hoenig whose first day as Bank president was October 1, 1991, and 38 years of total service to the Federal Reserve.”

Wed, 03/30/2011 - 14:45 | 1118205 Serfs Up
Serfs Up's picture

Oh No!

Not another "now-that-I'm-retiring-I'm-going-to-say-what-I really-think (and try and recover some of my dignity and legacy)!" speech.

I despise these.  

A.K.A. "pulling an Ike."

How about anybody who wants to be viewed favorably after they're gone show some stones while it still counts?  Mebbe that should be the rule.

Wed, 03/30/2011 - 14:54 | 1118264 kaiserhoff
kaiserhoff's picture

So where is the class action law suit against the "independent" federal reserve?

Where do I sign up?

Wed, 03/30/2011 - 14:55 | 1118267 baby_BLYTHE
baby_BLYTHE's picture

Speaking of Inflation...

Jim Rogers on CNBC World

Wed, 03/30/2011 - 15:01 | 1118295 Lord Koos
Lord Koos's picture

He can safely say this stuff but it has little to do with what policy the Fed will adopt.

"Hoenig is not a voting member of the Federal Open Market Committee this year and has announced plans to retire in October."


Wed, 03/30/2011 - 15:03 | 1118303 Boilermaker
Boilermaker's picture

The middle and lower classes don't even count and are worthless.

I think they've already established that many times over.

Wed, 03/30/2011 - 15:11 | 1118343 ghostfaceinvestah
ghostfaceinvestah's picture

"Useless eaters", the Fed would like to eliminate as many of them as soon as possible.

Wed, 03/30/2011 - 15:08 | 1118333 Brokenarrow
Brokenarrow's picture

Im afraid to post what I really think.

My prayer to god is that justice is served on these criminals.

Wed, 03/30/2011 - 15:12 | 1118363 MrBoompi
MrBoompi's picture

"While some of the increase may reflect global supply and demand conditions...."

OK I'll bite. Which commodities have seen price increases based on actual supply and demand, and what, if any effect did speculation have on these prices?

Take oil. We see significant price increases while every damn tank in the US is full and tankers are sitting full offshore. Supply and demand is always an excuse for raising prices, but not vice versa.

Wed, 03/30/2011 - 15:40 | 1118484 TraderMark
TraderMark's picture

No wonder he was forced out... err I mean, is set to retire...

Wed, 03/30/2011 - 17:34 | 1119000 Dollar Damocles
Dollar Damocles's picture

I notice that douche Spaulding hasn't said anything on this thread...

Wed, 03/30/2011 - 17:41 | 1119030 tellsometruth
tellsometruth's picture

Hoenig's response to my question tonight at the LSE event was "I think we should follow the CONSTITUITION."

Wed, 03/30/2011 - 18:30 | 1119221 Silversinner
Silversinner's picture

This guy Hoenig sounds a lot like Mr Greenspan.

Give a mea culpa to cover ones ass.

Well don´t be afraid,we will hang you

separate from the other thugs.

Wed, 03/30/2011 - 18:28 | 1119224 CRBull
CRBull's picture

Now The Fed is Spewing "inflation" jargon... Talking about unwinding QEII...  What do these statements really say about their Plans? 


Or are they attempting to gather some data on how these actions might steer the Markets through the use of these meaningless Statements..

I think they feel Boxed-In, and are trying to figure out the plan that will both keep markets afloat and the TBTF In the Money.

Wed, 03/30/2011 - 19:18 | 1119417 Ich bin ein whatever
Ich bin ein whatever's picture

Bernanke to the middle/lower class - "Let them eat (inflated) cake."

Cog, with the downsizing that the corporations are doing so they don't have to pass the prices on to the consumer, that cake is about the size of an Oreo now.

Wed, 03/30/2011 - 19:42 | 1119492 DosZap
DosZap's picture

Hoenig admits mistakes by the FED?,and they have  harmed irreparablely the lower/middle classes?.

He's asking to be Vince Foster Deaux.One more, defeating the Laws of Physics, and Gravity.(check the shoes, no dirt, or grass stains).


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