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Jim Grant: "The Fed Is Now In The Business Of Manipulating The Stock Market...Should Confess It Has Sinned Grievously"

Tyler Durden's picture




 

Jim Grant, who will never be accused of being a fan of the Criminal Reserve, and whose views on what will happen to asset prices in a printer-happy world are gradually being validated, appeared on Bloomberg TV, telling Margaret Brennan upfront that Bernanke owes the world an apology. Alas, after various revolutions around the world have been catalyzed by Bernanke's policies, we have a feeling that ever more oppressed people will soon see the Printer in Chief as a patron saint of violent revolution, alas against crony regimes fully supported by the US (and hopefully the US will view it the same way when its time comes). That aside, Grant's criticism of the Fed should really start to grate on the Chaircreature: "I think what would be very good for the Fed if there would be a confession, the Fed should confess that it has sinned grievously, and is in violation of every single precept of its founders and every single convention of classical central banking. Quantitative Easing is a symptom of the difficulties that the Fed has created for itself. The Fed is running a balance sheet which if it were the balance sheet attached to a bank in the private sector would probably move the FDIC to shut it down. The New York Branch of the Fed is leveraged more than 80 to 1. Meaning, that a loss of asset value of less than 1.5% would send it into receivership if it were a different kind of institution...The Fed is now in the business of manipulating the stock market." Jim also has some very critical discussions on how the Fed never settles up on the $3.4 trillion in custodial debt on its books. As always, we can't get enough as more and more mainstream figures turn to bashing that biggest abortion of modern capital markets.

Full interview

 

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Fri, 01/28/2011 - 17:06 | 914398 Ragnarok
Ragnarok's picture

End the Fed!

Fri, 01/28/2011 - 17:37 | 914538 Wynn
Wynn's picture

66(.6)% of the respondants view Bernanke favorably?

there, fixed it

Fri, 01/28/2011 - 17:40 | 914555 unwashedmass
unwashedmass's picture

i loved that intro. they must have spent days locating all of ben's relatives.....

bloomberg is now officially CNBC with a bigger vocabulary and more professional looking charts.

Fri, 01/28/2011 - 21:09 | 915114 SWRichmond
SWRichmond's picture

...and Margaret.  Don't forget Margaret.

Fri, 01/28/2011 - 17:54 | 914604 NOTW777
NOTW777's picture

forgot to mention it was a poll of PDers

Fri, 01/28/2011 - 18:00 | 914619 Temporalist
Temporalist's picture

The poll was for "investors" not just "respondents" so...of course the people sucking off the Fed love The Bernank.

Fri, 01/28/2011 - 18:31 | 914643 Zero Govt
Zero Govt's picture

End the Fed, they're doing it all by themselves... the NY Fed is leveraged 80/1, they're supposed to be regulators for fuks sake... they're going after insider trading with a balance sheet looking more criminally negligent and with lower assets to liabilities than Bernie Madoffs ponzi scheme... you couldn't make this shit up after 3 days straight of LSD!!! 

Fri, 01/28/2011 - 20:52 | 915069 bonddude
bonddude's picture

Banksters die like these ones.

A New York Times affiliate goes to war against a crooked failed board and mgmt.

http://www.pressdemocrat.com/article/20110128/OPINION/110129499

Fri, 01/28/2011 - 22:30 | 915277 El Hosel
El Hosel's picture

   80% are not paying attention and "have no idea"...Yet

Sat, 01/29/2011 - 14:45 | 916357 TruthInSunshine
TruthInSunshine's picture

by Ragnarok
on Fri, 01/28/2011 - 16:06

End the Fed!

 

I'm trying!

Fri, 01/28/2011 - 17:06 | 914399 Bastiat
Bastiat's picture

Jim Grant's a hero -- one of the few back in the 90s who was pointing out how inappropriate and dangerous derviatives were to municipal issuers.

Fri, 01/28/2011 - 20:44 | 915056 ghostfaceinvestah
ghostfaceinvestah's picture

Agreed, he actually had some good calls during the crash as well, recommended a few good convertible bond names.  Definitely a sharp guy.

Fri, 01/28/2011 - 20:50 | 915064 Bendromeda Strain
Bendromeda Strain's picture

Absolutely

Fri, 01/28/2011 - 21:00 | 915089 Freddie
Freddie's picture

Jim Grant has always been a straight shooter.  He is a good guy.

Fri, 01/28/2011 - 23:20 | 915346 Rick64
Rick64's picture

 He is dead on. We need someone like him to head the treasury instead we have incompetents like Timmy which was no accident. Why would the head of the NY Fed be promoted to Secretary of Treasury when NY is where all the fraud was taking place right under timmys nose?

Fri, 01/28/2011 - 17:07 | 914405 Cleanclog
Cleanclog's picture

Medicated and manipulated.  Can't we arrest the Fed via the WAR on Drugs?

Sat, 01/29/2011 - 14:48 | 916370 TruthInSunshine
TruthInSunshine's picture

I mean this sincerely:  Ultimately, when the truth about The Federal Reserve Bank is revealed, whether in one year or 10, for mass consumption, it will be cast as a financially terroristic organization...and rightfully so.

All politicians who shelter, defend, provide excuses for or otherwise impede the disclosure of what The Fed is doing, and impede its dismantling, do so at their own peril.

Fri, 01/28/2011 - 17:10 | 914413 EscapeKey
EscapeKey's picture

Hey, the stock market ended down. That wasn't what I was promised. I want my money back.

Fri, 01/28/2011 - 18:06 | 914639 Thomas
Thomas's picture

Just cover yer margin call and back up the truck!

Fri, 01/28/2011 - 18:06 | 914641 Thomas
Thomas's picture

I keep fucking up the arithmetic problem.

Fri, 01/28/2011 - 18:13 | 914652 Terminus C
Terminus C's picture

calculator ftw!

Fri, 01/28/2011 - 21:23 | 915145 New_Meat
New_Meat's picture

sufficient persistance

Fri, 01/28/2011 - 17:11 | 914418 drbill
drbill's picture

Yes, the FED is a problem, but its central banking that is the real root of all our problems. As long as bankers have the power to create money (and use it to buy politicians), nothing will change.

Fri, 01/28/2011 - 17:11 | 914419 hedgeless_horseman
hedgeless_horseman's picture

The New York Branch of the Fed is leveraged more than 80 to 1.

And that is probably based on mark-to-aquisition price, aka mark-to-unicorns-and-fairy-dust.

Fri, 01/28/2011 - 17:19 | 914445 Clockwork Orange
Clockwork Orange's picture

HEY!!  They could play in the Gold futures!!

Fri, 01/28/2011 - 17:22 | 914464 Clockwork Orange
Clockwork Orange's picture

HEY!!  They could play in the Gold futures!!

Fri, 01/28/2011 - 17:12 | 914420 aleph0
aleph0's picture

"Criminal Reserve"

Love it  ...

Tyler , are you of Irish descent ? 
You certainly have the "Gift of the Gab"
;-)

Fri, 01/28/2011 - 17:12 | 914421 Diggintunnels
Diggintunnels's picture

R, D, Tea Party, Coffee Party, I don't care what political stripe you are; everyone should support a full audit of the FED.  We deserve accountability.

Fri, 01/28/2011 - 17:16 | 914432 slewie the pi-rat
slewie the pi-rat's picture

 

 

audit the beast.

then kill it.

Fri, 01/28/2011 - 21:25 | 915147 New_Meat
New_Meat's picture

real published audit --> system collapse

I'd prefer time as much as possible to prepare.

Fri, 01/28/2011 - 17:17 | 914435 NOTW777
NOTW777's picture

 refreshing

Fri, 01/28/2011 - 17:20 | 914441 Temporalist
Temporalist's picture

He and Marc Faber should have a genetically mutated love child that stalks banksters around the globe making them confess.

 

Edit: And the mutant child shall eat only gold.

Fri, 01/28/2011 - 17:26 | 914481 Misean
Misean's picture

Nobody expects the Bank Inquisition...Amongst our weaponry are such things as...

Fri, 01/28/2011 - 17:28 | 914490 Misean
Misean's picture

Nobody expects the Bank Inquisition...Amongst our weaponry are such things as...

Fri, 01/28/2011 - 17:29 | 914493 Misean
Misean's picture

Nobody expects the Bank Inquisition...Amongst our weaponry are such things as...

Fri, 01/28/2011 - 17:29 | 914496 Temporalist
Temporalist's picture

Amongst our weaponry are such things as...multiple superfluous posts?

Fri, 01/28/2011 - 17:34 | 914524 Misean
Misean's picture

Meh...The Hedge was bogged. Got spooked and began strapping on the bandeleros when a MRE fell on the keyboard.

Fri, 01/28/2011 - 17:38 | 914542 Temporalist
Temporalist's picture

Hysterical.  Just don't go poking anyone with the "SOFT CUSHIONS!"

Fri, 01/28/2011 - 18:22 | 914675 spanish inquisition
spanish inquisition's picture

I am in charge of the comfy cushions thank you...

Came in late on a CNBC conversation, missed who said it. Something like the FED is inflicting screwflation on the middle class.

 

Our two weapons are fear and surprise...and ruthless efficiency..

Fri, 01/28/2011 - 21:26 | 915151 New_Meat
New_Meat's picture

MRE-three letters, four lies

Fri, 01/28/2011 - 17:21 | 914456 traderjoe
traderjoe's picture

I'm a bit surprised that someone like Grant - who seems to understand money - references the FRN as the "Greenback". One could argue that this term for the dollar has become widespread, but the Lincoln Greenback was a Treasury-issued currency. Issued without debt and interest to criminal central bankers. It was a marked shift from the central-bank issued money (through debt) and likely got Lincoln killed. To a true money-guy, this is a massive distinction/difference. 

Fri, 01/28/2011 - 17:27 | 914483 Boilermaker
Boilermaker's picture

Great point!  Can we now debate the term 'buck' or 'cabbage'?

Fri, 01/28/2011 - 20:21 | 915020 Cursive
Cursive's picture

@traderjoe

Exactly. And I'd love to bring the greenback back. End the FRB. Of course, this shouldn't diminish Jim Grant's excellent analysis.

Fri, 01/28/2011 - 21:29 | 915157 New_Meat
New_Meat's picture

tj: greenback:

http://www.songmeanings.net/songs/view/3530822107858609632/

"I don't give a damn...

Fri, 01/28/2011 - 17:22 | 914462 oogs66
oogs66's picture

Yup. Stock market up. Mortgage rates higher and food inflation scaring the world. Ben must be calling 60 minutes so he can tell everyone he would give himself an A++ as he is doing everything right and answered the bonus question correctly. Pompous ivory tower ass!!

Fri, 01/28/2011 - 21:04 | 915100 Freddie
Freddie's picture

Didn't The Ben Bernank tell 60 Minutes that he can stop inflation in 15 minutes? 

Fri, 01/28/2011 - 21:44 | 915194 Billy Shears
Billy Shears's picture

Yeah, he can stop it anytime...he just doesn't want to...na na na na na!

Fri, 01/28/2011 - 17:23 | 914466 SpeakerFTD
SpeakerFTD's picture

NFLX straight vertical at day end.   Whatever it takes to keep the QQQQs from collapsing.

 

Fri, 01/28/2011 - 17:23 | 914468 buzzsaw99
buzzsaw99's picture

THE FED IS GOD.

KNEEL.

Fri, 01/28/2011 - 17:25 | 914474 Boilermaker
Boilermaker's picture

I love how the twinkie from Bloomberg doesn't understand what he's saying so she resorts to giggling and being dismissive. 

That's the problem with trying to actually present something of substance.  People are too fucking stupid to understand it and start to tune out almost immediately.  Now, if you were to have a sound effects board and bite the head off of clay bears...

Fri, 01/28/2011 - 17:27 | 914482 crzyhun
crzyhun's picture

Solid as Granit!

Grant has been on the mark since I knew of him 1990.

 

Fri, 01/28/2011 - 21:47 | 915198 Billy Shears
Billy Shears's picture

Wasn't he with BMO. I believe that's where he authored/edited the Interest Rate Observer.

Fri, 01/28/2011 - 17:27 | 914484 Motorhead
Motorhead's picture

Margaret Brennan is so fucking hot.

Fri, 01/28/2011 - 17:30 | 914502 Ferg .
Ferg .'s picture

True that . And Sarah Eisen . Both of them are smoking hot .  

Fri, 01/28/2011 - 17:34 | 914523 Boilermaker
Boilermaker's picture

I wonder if they take it in the butt?

Fri, 01/28/2011 - 18:26 | 914692 OldTrooper
OldTrooper's picture

An inappropriate, yet curiously intriguing, comment.

Sat, 01/29/2011 - 10:31 | 915820 Freewheelin Franklin
Freewheelin Franklin's picture

Margaret Brennan is so fucking hot.

 

Yes, I noticed that, as well. But I still like the fiery redhead, Liz Claman, even though Ron Paul had to explain to her the difference between monetary inflation and price inflation.

 


 


Fri, 01/28/2011 - 17:28 | 914491 jtmo3
jtmo3's picture

And today was a perfect example. This was a relief valve blow off day. Look at the chart. The market was on it's way down and down big when, all the sudden, it stopped, and traded sideways until closing. If today wasn't a perfect example of market manipulation, then there isn't one. It was a great chance to blow off some pressure. Look for a "relief" rally next week.

Fri, 01/28/2011 - 17:32 | 914510 Ferg .
Ferg .'s picture

Let's not be too greedy . Most other days the market would have had the standard miracle rally from the lows .

Fri, 01/28/2011 - 18:28 | 914706 11b40
11b40's picture

Let's just wait and see if the Suez Canal is still open next week.  If not, the exits will look like a fire in a crowded concet hall.  Better get your protection on and pray Egypt doesn't totally blow up over the weekend.  This could be the moment certain elements in the ME have been waiting for.

Fri, 01/28/2011 - 17:29 | 914492 Jason T
Jason T's picture

Quite depressing.  

Fri, 01/28/2011 - 17:30 | 914497 Sudden Debt
Sudden Debt's picture

confess?

Hey, sorry guys we blew trillions so we could pocket a few million for ourselves. And it's even a "bit" worse then we said on BooB tv. We're sorry oké! Now please cut it!

And if you think you've got it bad, OUR COFFEE MACHINE broke down this morning, now THAT'S bad!

Those guys don't care about the people. They don't understand what if feels like for the common people. They feel to superior to give a fuck. They are and will always be home free.

Our last 2 generations have know peace at home, but the way they fuck up the foundations for their own profit , it may soon end it.

And by then we will be "stunned" how this could have ever happend.

 

In the US, you had the LA riots with the case of OJ. It shows how fast something can go bad.

It doesn't take much.

 

Fri, 01/28/2011 - 22:42 | 915300 satansanus
satansanus's picture

LA riots were because of the Rodney King beating, cops were aquitted for beating him on video. There were no riots about the oj trial

Fri, 01/28/2011 - 17:30 | 914501 jtmo3
jtmo3's picture

And today was a perfect example. This was a relief valve blow off day. Look at the chart. The market was on it's way down and down big when, all the sudden, it stopped, and traded sideways until closing. If today wasn't a perfect example of market manipulation, then there isn't one. It was a great chance to blow off some pressure. Look for a "relief" rally next week.

Fri, 01/28/2011 - 17:31 | 914506 in-Credible Banker
in-Credible Banker's picture

Who is the idiot who is across the table from this brilliant man?  "We should hire you as a producer".  Dumb as a stone.  How is it possible she is on Bloomberg?  What do they pay these 20 somethings????   

Fri, 01/28/2011 - 17:34 | 914526 Ferg .
Ferg .'s picture

Don't speak ill of the insanely attractive Margaret Brennan !

Fri, 01/28/2011 - 17:38 | 914544 in-Credible Banker
in-Credible Banker's picture

Dude you got to be kidding.  She is NOTHING special looks-wise.  Plus - being dumb as a stone does not help.

 

 

 

 

Fri, 01/28/2011 - 17:43 | 914561 Boilermaker
Boilermaker's picture

She takes it up the butt.  Most asians do.  It's common knowledge.

Fri, 01/28/2011 - 17:54 | 914603 Bastiat
Bastiat's picture

Brennan?  Asian?  If she were Asian she'd be smarter. 

Fri, 01/28/2011 - 18:02 | 914625 Temporalist
Temporalist's picture

Brennan of course being an ancient Chinese name from the far travelling Irish Brennans who settled in Upper Mongolia before helping to build the Great Wall for payment in rice wine.

Fri, 01/28/2011 - 18:39 | 914734 Boilermaker
Boilermaker's picture

Don't even get me started on those dirty Micks and their Cleveland steamer and rusty trombone fetishes....sick.

 

Fri, 01/28/2011 - 18:39 | 914738 Bastiat
Bastiat's picture

History--there's no end to it! 

Were the Brennans related to the Ho clan?

Fri, 01/28/2011 - 17:59 | 914583 Bastiat
Bastiat's picture

But she has a pen in her hand -- I think that's supposed to  give the impression she can write.

Fri, 01/28/2011 - 18:13 | 914651 Bay of Pigs
Bay of Pigs's picture

A reporter? Nice try. She sounds like she has no clue as to what Grant is saying. Case in point...

"The New York Branch of the Fed is leveraged more than 80 to 1. Meaning, that a loss of asset value of less than 1.5% would send it into receivership if it were a different kind of institution..."

What the hell does she think this means? It's called Game Over Bitchez.

Sat, 01/29/2011 - 00:13 | 915437 UncleFester
UncleFester's picture

"But she has a pen in her hand -- I think that's supposed to  give the impression she can write."

That's dang, blang funny right there.

Fri, 01/28/2011 - 19:16 | 914847 StychoKiller
StychoKiller's picture

"I'm only as smart as the woman I'm with,

and if she's a dunce I'm stupid at once, I'm flexible!" -- Martin Mull

Fri, 01/28/2011 - 19:22 | 914867 Ferg .
Ferg .'s picture

No man she's got that cutesy look/smile , goddamn love it . I don't think she's dumb , but she does sort of stumble/freeze sometimes .

Sat, 01/29/2011 - 10:36 | 915825 Freewheelin Franklin
Sat, 01/29/2011 - 13:01 | 916100 cosmictrainwreck
cosmictrainwreck's picture

must be an old photo - she actually looks cute, young & innocent, not the jaded, frenzied whore of today

Fri, 01/28/2011 - 17:32 | 914509 Lord Peter Pipsqueak
Lord Peter Pipsqueak's picture

Also the fuckwits couldn't even keep up with the visuals- there were only two!!,even when he told them which ones to show,just makes the whole Bloomberg channel look amateurish,and doesn't give Grant the respect he deserves.

Fri, 01/28/2011 - 17:52 | 914591 Bastiat
Bastiat's picture

At least they didn't have 4 chimpanzees shrieking over him.  He actually got to speak.

Fri, 01/28/2011 - 21:04 | 915102 PY-129-20
PY-129-20's picture

Actually, it is a three-headed monkey.

Fri, 01/28/2011 - 17:34 | 914518 Prof Gulliver
Prof Gulliver's picture

Ha ha. "The Fed is running a balance sheet which if it were the balance sheet attached to a bank in the private sector would probably move the FDIC to shut it down."

No, the FDIC would never shut it down. It would just have the Treasury and the Fed funnel more Bennie Bux to the misguided institution. Although I do like Grant. Maybe he was being sarcastic. 

Fri, 01/28/2011 - 21:40 | 915187 Bendromeda Strain
Bendromeda Strain's picture

He wasn't referring to Bair's FDIC...

Fri, 01/28/2011 - 17:36 | 914535 Gubbmint Cheese
Gubbmint Cheese's picture

How do I get a link to that bloomie video? I can't seem to find it.

 

anyone?

 

Thx in advance

 

Ned Lud

Fri, 01/28/2011 - 19:26 | 914884 Sad Sufi
Sad Sufi's picture

Trouble bringing it up also.  Try reload. It's available now.

Fri, 01/28/2011 - 17:37 | 914537 walcott
walcott's picture

http://www.youtube.com/watch?v=bIw-ufWdWC8

 

Patrick Henry speech. Send this to everybody you know.

 

 

Fri, 01/28/2011 - 17:44 | 914567 Bill DeBurgh
Bill DeBurgh's picture

Did that bubble head actually think the amount was 2.4 billion?

Fri, 01/28/2011 - 17:51 | 914590 gwar5
gwar5's picture

Wow. ZH rules!

Fingers are starting to be pointed already. This is big stuff really. Cracks in the damn dam are appearing. There will be bitter clingers, but the people who don't want to be thrown to the mobs will start to sing like birds.

Self-determination. Self government. No more debt slavery.

 

Fri, 01/28/2011 - 18:04 | 914630 Zero Govt
Zero Govt's picture

I'll 2nd that .... in fact anything that brings closure to that fascist ponzi scheme called "democratic government" and a monopoly on money (and credit)

...freedom and free markets, only mechanisms that work for all of us

Fri, 01/28/2011 - 17:54 | 914601 max2205
max2205's picture

Now that Cabletown owns CNBC I am sure they will be more factual.

Oh, how wide is the equity exit door. Bids dropped 3-5% right off the bat.

Monday morning may not be so kind. GL all

Fri, 01/28/2011 - 18:12 | 914649 John McCloy
John McCloy's picture

They have spent 2 years buying up every single share in existence with the explicit rule that nobody can ever sell again with the attempts to sell for a profit in order to feign stability 20 years from now so I agree there is not a thing which can be done to prepare for even the mildest sell side volume that is in store especially one reliant upon false accounting, endless % monetary policy and a gentleman's handshake to not cannibalize your brother.

Fri, 01/28/2011 - 18:08 | 914631 John McCloy
John McCloy's picture

Go Jim. In appreciation of the fine work Zero Hedge has done today in bringing the most informative journalism on the globe with the utmost efficiency I have just donated. I hope others follow suit and support the cause of free press & the integrity we are so gifted with by supporting this fine symbol of freedom of press. 

You are not your Khakis and to the mainstream media propaganda:

" We want you to hit us as hard as you can"

Fri, 01/28/2011 - 18:23 | 914678 cramers_tears
cramers_tears's picture

Holy shit... you're seeing this on a tertiary outer ring MSM channel?!?!? If this keeps up you might start seeing this kind of crap on CBS Nightly news. (NOT!)
See what happens when "The Bernank" takes the day off? DJIA down 166 and Bloomberg talkin' smack!?!?
"The Bernank!" - get out of that Davos Bordello and get your ass back to work, dammit!

Fri, 01/28/2011 - 18:27 | 914702 Atch Logan
Atch Logan's picture

Grant is super, and another great article today, Tyler.  Viewing the responses, I can understand the angst at the old-timers leaving/taking a break.  As a viewer, but an outsider, I have noticed a distinct troll emphasis/content in here for the past weeks/more likely months. 

These little guys/girls are more worried about today than the big picture, about themselves than what is going on in America and the world.

This is why the X-generation, the me groupies, the high school students of the last 30 years, have led to our current problems--not the pre baby boomers, the baby boomers, but the one- parent freaks that we have produced from coke, meth, crystal meth, and (most probably) flouride!!  who are concerned about themselves.

Because this is true, I see no short-term hope. It is all inter-related.  If portion is weak, the whole wall falls.

Fri, 01/28/2011 - 19:20 | 914861 the grateful un...
the grateful unemployed's picture

the one new item is the fed shifting their debt to the treasury, which Grant assumes is legal. If the Fed and the Treasury were one continuous agency, which we were never led to believe, (ref term: Independent Fed), that this is in some ways the opposite problem of the GSE's, which claimed to be backed by the US government, but which those close to the law said they were not, backed by the US govt, which leads us to speculate, a) since the Fed is holding all this toxic MBS, that somehow they are trying to transfer that MBS from the GSE's to the Treasury and the deficit, because there never was a legitimate backstop in place. Suddenly the fine print is being used against the underwriters of the loans, and they don't care for it of course, and are trying to wiggle out by transferring the debt first to the Fed and secondly to the Taxpayer, because the GSEs never did guarantee those loans. And the Fed is not an agency of Treasury, but is a bank. I am not a screaming Tea Party advocate, but could become one very easily.

Fri, 01/28/2011 - 20:03 | 914972 razorthin
razorthin's picture

I always thought Meg Brennan was cute, but there is no question that she is yet another Fed-loving drone.  I tell you people that think BBS is much better than CNBS - Not so!  They are nothing but yet another liberal, plutocratic RAH, RAH machine.

Fri, 01/28/2011 - 20:13 | 914997 dark pools of soros
dark pools of soros's picture

yes Ben,  go to confessions.com and do a one-click confession from one of the templates and all will be forgiven!!!!

Fri, 01/28/2011 - 20:15 | 915006 Chartist
Chartist's picture

Jim Grant and tyler durden are great Americans and market analysts.....Every other market pundit sucks donkey dicks.

Fri, 01/28/2011 - 20:26 | 915026 SparkyvonBellagio
SparkyvonBellagio's picture

66% look at the FED favorably???????????

Who the hell voted?

 

Was it BerNank, Geithner, and Jesus?

 

What a joke. It's all a Joke. 

Pathetic. 

 

 

Unfortunately it appears Vigilantism is going to be the only way any of these crooks will be stopped. I know that sounds 3rd Worldish but the USA is now past 3rd World but with Nukes.  If it wasn't for that stash of warheads, the countries we owe would have attacked already.  

 

 

 

Fri, 01/28/2011 - 21:55 | 915212 Captain Kink
Captain Kink's picture

What bothers me more than the 66% is the fact that 27% thought QE would "help the economy and create jobs" and the 35% who thought it would have "no effect".  We all need to be telling a lot more people to wake up.  And kudos should go to the network for giving Grant so much air time.

40% of Egyptians live in poverty. Is that what's required to get people to take notice?  or does someone have to self-immolate?

Sat, 01/29/2011 - 01:02 | 915510 the grateful un...
the grateful unemployed's picture

Hay sus pay attention. 60+% LIKE the Fed chairman, Grant said he likes him too, he's like the professor who gives you an A with no term paper, but only half that number APPROVE of the job he is doing. Apparently someone is paying attention.

Fri, 01/28/2011 - 20:46 | 915059 Obamanation
Obamanation's picture

Funny how at the intro, when going over the poll numbers, although she mentions 33% of respondents worrying about QE2 potentially leading to inflation, they conveniently neglect to include that part on the display.  Amazing how the media has gotten in bed with the govt. to keep a lid on the true inflationary pressures that are prevalent everywhere today...Well everywhere other than in Bernank's home.

Fri, 01/28/2011 - 20:58 | 915081 KickIce
KickIce's picture

Wonder how many more will have their "come to Jesus" moment now that they see the end game and their personal fortunes are at risk.

Fri, 01/28/2011 - 21:31 | 915162 Heroic Couplet
Heroic Couplet's picture

The second chart does not add up to 100%

Fri, 01/28/2011 - 21:37 | 915181 total nonsense
total nonsense's picture

Lets get this done Ron Paul...END THE FED..END THE FED...END THE FED

Fri, 01/28/2011 - 21:38 | 915183 DonutBoy
DonutBoy's picture

I just want to post because I can solve this Captcha

Fri, 01/28/2011 - 21:40 | 915186 trav7777
trav7777's picture

The Fed is levered?  Levered what?  WTF capital does the Fed actually have?  The gold?

Fri, 01/28/2011 - 22:25 | 915270 PulauHantu29
PulauHantu29's picture

"Why Steal Less, when you can Steal More."

Wall Street Mantra

Fri, 01/28/2011 - 22:25 | 915272 PulauHantu29
PulauHantu29's picture

"Why Steal Less, when you can Steal More."

Wall Street Mantra

Fri, 01/28/2011 - 22:34 | 915290 Buck Johnson
Buck Johnson's picture

Has he ever been on CNBC, I wonder.  If he has it was probably one time and that was it.

Sat, 01/29/2011 - 01:04 | 915514 the grateful un...
the grateful unemployed's picture

he used to be on there a lot

Sat, 01/29/2011 - 00:59 | 915506 Wayne Jett
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Grant used to be on Lou Rukeyser's Wall Street Week fairly regularly, as I recall. No discussions of such things in those days, but the Fed's role in the Wall Street corruption is only beginning to be revealed. I'm certainly happy to hear Grant openly supporting a hard money rule for the Fed to stop it from creating one crisis after another. The Fed's "flexibility" is what enables creation of the crisis. Money with stable value should be the Fed's one and only mandate. Or, end the Fed and do the same through the Treasury. Either way the financial elite must be brought under the rule of law.

Sat, 01/29/2011 - 01:15 | 915528 twotraps
twotraps's picture

The question for the FED is....'how can we keep the game going in our favor?'   'What can be done to make it look as though we are helping, but actually we maintain the same advantages as ever, if not expand them at the same time?'   Maybe there is no Zimbabwe Outcome here, can we really expect anything at this point?  Did anyone really expect the Fed to be doing what they are doing....no.  When it all started happening I got short dollars in a big way, I thought there is no way the mkts will tolerate this crap and the fed will get crushed for its lack of respect for bond and FX mkts........................Wrong.  Two years later, covered the trade for a scratch.    I thought that was the retirement trade yet here we are predicting more doom and gloom, and we may just get it.  However, the Fed would then have to start over from scratch, not an easy task.   All we can do here is trade it.   The reality is that as stupid as it gets, we can only trade whats there even though the Fed has turned it into a stupid circus act, and cheapened the entire system with a permanent bailout strategy.

Sat, 01/29/2011 - 01:15 | 915529 twotraps
twotraps's picture

The question for the FED is....'how can we keep the game going in our favor?'   'What can be done to make it look as though we are helping, but actually we maintain the same advantages as ever, if not expand them at the same time?'   Maybe there is no Zimbabwe Outcome here, can we really expect anything at this point?  Did anyone really expect the Fed to be doing what they are doing....no.  When it all started happening I got short dollars in a big way, I thought there is no way the mkts will tolerate this crap and the fed will get crushed for its lack of respect for bond and FX mkts........................Wrong.  Two years later, covered the trade for a scratch.    I thought that was the retirement trade yet here we are predicting more doom and gloom, and we may just get it.  However, the Fed would then have to start over from scratch, not an easy task.   All we can do here is trade it.   The reality is that as stupid as it gets, we can only trade whats there even though the Fed has turned it into a stupid circus act, and cheapened the entire system with a permanent bailout strategy.

Sat, 01/29/2011 - 01:41 | 915571 BankRiot
BankRiot's picture

I don't like this guy.

He said the FED was a government agency - not true.

He referred to the Federal Reserve Note as the greenback - not true, the greenback was a debt free currency issued by honest Abe Lincoln

Sat, 01/29/2011 - 04:05 | 915676 Fíréan
Fíréan's picture

How long will it be 'til "willie coyote" realises how far off the cliff he is and there's nothing, absolutely nothing, below !

Great article thank You for posting, i wish that this gentleman and more like him would speak up more often . A lot more often.

Sat, 01/29/2011 - 04:29 | 915677 Grand Supercycle
Grand Supercycle's picture

Despite market intervention/QE – natural market forces can not be stopped – only delayed.

When the market does reassert control (soon) - the reaction (the overdue correction) may be even more extreme due to that delay.

And some may erroneously refer to it as a Black Swan since it's an 'unexpected' event of large magnitude.

And they will be wrong because it can be predicted by some analysts.

http://stockmarket618.wordpress.com

Sat, 01/29/2011 - 11:51 | 915936 MarcusAurelius
MarcusAurelius's picture

Oh by the way "Sudden Debt". You have the best icon here. Jim is correct. Obviously so, however I think in the essence of global policy something will chage this all. I don't think these guys are that dumb. It would seen like it but lets not forget they have the very best minds on the planet advising them behind the scenes. The best money can buy so to speak. I am sure they are cooking up some new and unique plan the will change how we use money. In the true spirit of conspiracy I think a new monetary system is underway however they need to completely demloish the old one before such a system is implemented. These guys understand (to a degree) the effects of the monetary policy (perhaps and underestimation of the unforseen consequences, but I believe the problem arises in their lack of transparency. It is like a manager that constantly is planning change and fails to communicate the efficatious changes to their staff. It only fosters more rumors and in one sense produces just the effect that they wished to avoid. I know that the truth hurts at times but it is leadership such as this that is precisely what people need at this time. However that takes guts. It mightnot even be Bernanke but the Politicians and bankers he must listen too have none. Deceit only produces more deciet. People can handle the truth.

cheers,

Sat, 01/29/2011 - 13:56 | 916231 flow5
flow5's picture

In "Mr Market Miscalculates",

"Grant's, for most of its 20 years of existence, has refused to try to predict short-and medium-term swings in interest rates. It can't be done, we've protested"

Contrary to economic theory, & Nobel laureate, Dr. Milton Friedman, monetary lags are not “long and variable”. The lags for monetary flows (MVt), i.e. the proxies for (1) real-growth, and for (2) inflation indices, are historically (for the last 97 years), always, fixed in length.

I cacked the code in July 1979.

My predcition for AAA corporate bond yields in 1981 was 15.48%. AAA corporate yields hit 15.49%. I was off by .01%.

Sat, 01/29/2011 - 14:48 | 916369 Samuel Morales Jr.
Samuel Morales Jr.'s picture

Of course the Fed manipulates the stock market. Bernanke told you himself. He wants a stock bubble so consumers can feel the economy is booming. However, I feel the Bernanke quite foolish in this mandate. Simply, because like a simple Keynesian proposal, that consumers have a lot of fear, that is why they are not spending doesn't describe this recession. Austrians simple view is much more correct than a consumer cycle, where the consumer simply realized he spent too much money, and than one day decided to save more. Savings have been stretched thin. Banks have been overleveraged, consumers as well. When the interest rates resetted, it showed that mortgage holders couldn't refinance, because they didn't have disposable income to do so, or savings, money that they don't spend allows them to be flexible to make higher payments. Simply put, the economy is broke, with very little savings. Not enough deposit money, and too much over-leveraging in the banks part, as well as consumer parts as well. Economic deflation didn't happen because of lack of spending, it happened, because of too much spending, little savings, and inflexilibility to adjust spending, which could of only resulted if there was existing savings that was enough to make it happen. Therefore no savings is good for short term growth with shocks that can derail it, while savings helps ensures long term growth that can withstand the speed bumps of a dynamic economy for long term growth. Lack of consumer spending wasn't the primary cause of economic deflation, but a result of it, because let's face it, Americans are not frugal people, not by a long shot in aggregate. The Fed in last couple of decades reward the speculators, and only concerned with short term growth. A speculatory internet bubble blew, the Fed rewarded them with cheap money to create a bigger speculatory bubble, the financial institutions involved in that speculatory bubble were bailed out again, by the Fed, and the US government, so it shows that the Fed, or government don't care for long term sustainable growth, they only care about short term, and want as much spending as possible make the economy boom again, meanwhile continuing to reward short term thinking. There's a word for it, called bubble economics. The Fed originally wasn't suppose to reward speculators, but it seems the Fed has reversed it's policy, or inverted it. The Fed wants the stock market to get higher, higher like what, the NASDAQ bubble that involved the internet, or does the Fed want economic long term stability, and allow the stock markets reflect actual economic productivity?

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