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John Taylor: The Fed's Rightful Chairman

Tyler Durden's picture





 

Precisely a year ago, in advance of the then farcical renomination of the genocidal maniac for his nth term at the printer's, Zero Hedge nominated John Taylor of Stanford for Fed Chairman. Of course, in the subsequent theater in which the purchased cretinous zombies with Wall Street bank indulgence accounts known as Congressmen, it was a given that the Chaircreature would be appointed for his subsequent (and last) term. Yet in the intervening one year, Taylor's role in monetary affairs has only gotten stronger, to the point where BusinessWeek has just released an article titled: "John Taylor: The Republicans' Shadow Fed Chairman." Author Scott Lanman writes: "He doesn't have a vote in Congress. He doesn't sit on the powerful
Federal Open Market Committee. He isn't a member of President Barack
Obama's Council of Economic Advisers. Nonetheless, Stanford University's
John B. Taylor is considered one of the most influential economic
voices in Washington. Taylor's followers include the new GOP House leadership, the chairmen of
key House committees, Presidential hopefuls, conservative thinkers, and
others suspicious of Federal Reserve Chairman Ben Bernanke's
stimulative monetary policy and perceived alliances with Obama
Administration officials.
..Representative Paul Ryan (R-Wis.), who chairs the
House Budget Committee and speaks to Taylor every two to three weeks,
says he "is probably the leading voice with the highest level of
credibility in proposing an alternative view to the Fed's." We are delighted that as Bernanke's career is about to go down in flames for terminally destroying this once great country, there is a natural successor, who in our humble belief is worthy. Do we smell a mutiny in the Eccles?

More from BusinessWeek:

Taylor, 64, seems to relish his new role as shadow Fed chairman. He has produced a flurry of well-timed newspaper op-eds and open letters, speeches, and papers. "I think there's a responsibility in civil society to speak out," Taylor says. Some of his views have hit a nerve. "He's very mild-mannered and easygoing personally," says Alan S. Blinder, the former Fed vice-chairman. "When he gets the word processor in his hand, he sometimes is intemperate."

It's not just the Fed's easy-money policy that gets Taylor typing furiously. He's also critical of the Dodd-Frank financial regulatory overhaul and former Fed Chairman Alan Greenspan's monetary calls. Taylor claims that had Greenspan followed his monetary policy formula, called (what else?) the Taylor Rule, interest rates from 2002 to 2005 would have been higher, preventing the housing bubble and bust and the unemployment that followed. Greenspan counters that Taylor has made "a number of inaccurate connections" about his record.

Taylor also decries Obama's $814 billion economic stimulus package, saying it neither boosted the economy nor lowered unemployment. States mostly used the funds to reduce their level of borrowing, he says, rather than to increase spending.

Great Scott: the man gets it. And no just that...

Taylor's latest beef is round two of Bernanke's quantitative easing, dubbed QE2, in which the Fed plans to buy $600 billion in government bonds. Taylor says QE2 shows no evidence of working and risks stoking inflation. Bernanke took the unusual step of defending the policy in a Washington Post op-ed and on CBS' (CBS) 60 Minutes. He declined to comment for this story.

He was among 23 signatories to an open letter to Bernanke in the Nov. 16 Wall Street Journal and New York Times, calling on him to halt the bond purchases. The next day the four top Republicans in Congress, including now-House Speaker John Boehner (R-Ohio), who had met with Taylor and other economists before the election, wrote to Bernanke expressing "deep concerns" over the purchases. Two weeks later, Taylor and Ryan, in an op-ed in Investor's Business Daily, wrote that "QE1 failed to strengthen the economy, which has remained in a high-unemployment, low-growth slump, and there is no convincing evidence that QE2 will help either."

For those wondering where Ron Paul gets his economic ideas, look no further:

Taylor's advice to GOP lawmakers: take away the Fed's discretion to set rates and make it follow a Taylor Rule, or similar recipe. He also proposes stripping the Fed of its mandate to pursue full employment, which Taylor says the Fed has used irresponsibly to justify QE2. Even some of his Fed allies are wary of his by-the-numbers approach. "This is no criticism of John: No model I know of replicates the real world," says Dallas Fed President Richard W. Fisher. Still, with the ear of so many Republicans, Taylor is likely to keep the Obama Administration and the Fed on the defensive for the next two years.

An ideal world would be one in which the Fed would not exist. Alas, for that to occur a full-blown revolution would have to occur (which at the rate food prices are rising is not unimaginable, as we had speculated in the past). In the absence of that, the best of all evils is to immediately replace Bernanke with Taylor. And by the sound of it, the wheel has already started to turn. We can only hope that Bernanke's ouster will occur before his disastrous policies have created more revolutions, more deaths, and more violence around the world, and in the US.

Full article

 


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Thu, 01/20/2011 - 19:39 | Link to Comment metaforge
metaforge's picture

Doesn't sound like this Taylor guy has gone on his knees before the Rothschilds yet.  I expect either he will soon, or he'll mysteriously end up stiff in a bath tub, like Matthew Simmons.

Thu, 01/20/2011 - 20:09 | Link to Comment anony
anony's picture

Consider yourself unjunked.

You better believe he will be prostrate before the Shadow government and cater to their demands or he will remain irrelevant in the execution of sane policy.

The Catholic Church didn't change their stance rejecting the Heliocentric Universe for 400 years and the man who discovered the truth, Copernicus, wasn't 'rehabilitated' until last year by the Vatican.

Truth-tellers are not welcome, they are persecuted by Establishment Power.

Thu, 01/20/2011 - 23:30 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Truth, whether 100% in purity, 90%, 80%, or so forth - in other words, truth in any significant portion - has been quite difficult to come across in any appreciable amount in Amerika for LONG time running now.

Viva La Zero Hedge.

Whomever dares tell the truth now, in appreciable quantities, will be rewarded many times over, soon enough.

Truth in this new, weird and Orwellian world...it's the rarest commodity of all.

Fri, 01/21/2011 - 00:09 | Link to Comment JW n FL
JW n FL's picture

I agree... anything "Real" is better than nothing / everything Fake...

Thu, 01/20/2011 - 19:42 | Link to Comment Missing_Link
Missing_Link's picture

We are delighted that as Bernanke's career is about to go down in flames for terminally destroying this once great country, there is a natural successor, who in our humble belief is worthy. Do we smell a mutiny in the Eccles?

Dammit Tyler, not so loud!  If The Ben Bernank gets wind of it, you know there'll be a Stalin-style purge.  We can't let that happen.

Thu, 01/20/2011 - 20:08 | Link to Comment Blano
Blano's picture

Since Taylor would have to be confirmed by the Senate, and not the House, I ain't holding my breath on this one.

Thu, 01/20/2011 - 19:48 | Link to Comment buzzsaw99
buzzsaw99's picture

Bernanke will be sucking devil-penis in hell for all eternity.

Thu, 01/20/2011 - 19:49 | Link to Comment NOTW777
NOTW777's picture

no more "shadow." put him in now before we implode

Thu, 01/20/2011 - 19:51 | Link to Comment Yen Cross
Yen Cross's picture

  Yes Yes the 12 bearded seats!

Thu, 01/20/2011 - 19:53 | Link to Comment Spalding_Smailes
Spalding_Smailes's picture

"We can only hope that Bernanke's ouster will occur before his disastrous policies have created more revolutions, more deaths, and more violence around the world, and in the US."

 

Benny and the inkjets saved the world from the abyss. China would be in flames. The swap lines ....

 

ECB : Ben we need dollars.

Ben : Why ?

ECB : Our banks are insolvent.

Ben : Call me back after Glee ~

 

Thu, 01/20/2011 - 19:54 | Link to Comment buzzsaw99
buzzsaw99's picture

Last time I checked the abyss was still there. lulz

Thu, 01/20/2011 - 20:01 | Link to Comment faustian bargain
faustian bargain's picture

And it's even deeper than before.

Thu, 01/20/2011 - 20:40 | Link to Comment Spalding_Smailes
Spalding_Smailes's picture

 

http://www.cmegroup.com/tools-information/lookups/advisories/clearing/fi...

 

TO: 

FROM: 

Clearing Member Firms 

Chief Financial Officers 

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Margin Managers 

CME Clearing 

SUBJECT: 

DATE: Thursday, January 20, 2011 

Performance Bond Requirements: 

To receive advanced notification of Performance Bond (margin) changes, through our free automated 

mailing list, go to http://www.cmegroup.com/newsletter/web2lead/web2sf-old.html and subscribe to the 

Performance Bond Rates Advisory Notice listserver. 

 

As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile 

Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the 

following products listed below.  

 

The rates will be effective after the close of business on Friday, January 21, 2011. 

 

Current rates as of: 

Thursday, January 20, 2011. 

 

 

 

 

 

Thu, 01/20/2011 - 20:02 | Link to Comment Yen Cross
Yen Cross's picture

In all fairness. The USD is going to build. In the short term. I have looked @ gbp aud cad gbp and eur. The dollar runs up more. I'm long gbp/jpy. Why? It makes sense. I'm already adding to my position. I like Cameron. I like austerity. I like inflation. I like it all!!!!

Thu, 01/20/2011 - 20:18 | Link to Comment Mad Mad Woman
Mad Mad Woman's picture

Don't like Cameron too much. You'll get burned.

Thu, 01/20/2011 - 20:02 | Link to Comment faustian bargain
faustian bargain's picture

Actually, Ron Paul seems to get his economic ideas from Mises, Rothbard, etc., not John Taylor. But who knows, maybe they're pen pals.

Thu, 01/20/2011 - 20:09 | Link to Comment Mercury
Mercury's picture

The Rightful Chairman.  Right on.

Do those guys also take an oath to defend the Constitution against all enemies foreign and domestic?

How cool would it be if some of the other Fed governors staged a coup against Bernanke?  Greenspan would hobble into the throne room in the fifth act dressed in a hooded black robe, shooting electricity from his fingers and yelling in latin...

 

Thu, 01/20/2011 - 21:06 | Link to Comment JohnG
JohnG's picture

"Do those guys also take an oath to defend the Constitution against all enemies foreign and domestic?"

Yes.  The Bernank should suicide himself be the method of his choice.

He is enemy.

Thu, 01/20/2011 - 21:08 | Link to Comment Founders Keeper
Founders Keeper's picture

[Greenspan would hobble into the throne room in the fifth act dressed in a hooded black robe, shooting electricity from his fingers and yelling in latin...]---Mercury

Terrific post, Mercury. All of it. The image of electricity shooting out of Greenspan's fingers is priceless. "I'm afraid the Fed funds window is quite operational."

Do those guys also take an oath to defend the Constitution against all enemies foreign and domestic? Well put.

End the Fed.

Greenspan, Bernanke, Taylor? No Fed. No Chairman. Interest rates should be settled in each case by private borrowers and lenders---the market.

 

Thu, 01/20/2011 - 21:43 | Link to Comment flacorps
flacorps's picture

Hebrew

Thu, 01/20/2011 - 20:04 | Link to Comment Rainman
Rainman's picture

So how much time is left in BB's term ?? Couple years to 2013 ?? The Great Uniter is committed to this reappointment boondoggle of his own making....right to the bitter end. And an ouster at 1600 Pennsylvania in '12 ain't no gimme either...especially if the GOP allows Palin, a celebrity apprentice, to continue hijacking their party. The fucking liberals...er, progressives.....want a Palin in the hunt for '12 real bad. They constantly push her into the front lines and will continue to do so because they think they can beat her in '12. And the GOP has not a true champion yet and it's gettin' late. 

I'm Libertarian and think both parties are fucked up, but right now I don't see a fast horse in either of the 2-party camps. That's always good for incumbents... and Ben. 

Thu, 01/20/2011 - 20:23 | Link to Comment Mad Mad Woman
Mad Mad Woman's picture

The Libertarians are just as fucked up as everybody else.  The GOP is fractured, and their fracture will get worse as the Tea Partiers and the Conservatives fight over future legislation.

Thu, 01/20/2011 - 20:42 | Link to Comment Rainman
Rainman's picture

All collections of human political ideologies get fucked up to a greater or lesser degree over time. The key to understanding the 2-Party quagmire is that it has endured that way to benefit the financial interests of the corporati and other assorted special interests. Big money moves the meter left or right and the handlers adjust accordingly. Predictability is valued. A 3rd team player in the game is unwelcome, idea-mocked and starved of funds.

It's simple. We only get what they pay for.

Fri, 01/21/2011 - 00:50 | Link to Comment Hammer Down
Hammer Down's picture

I'd say true Libertarians are spot on.  Problem is they get labeled and lumped in with other groups by people who are too blind to see that it's not a requirement to fall 100% in line with established mentalities.  A lot of them do it to themselves too - Cialdini would call it a weapon of influence (commitment/consistency.)  Ex. fiscal conservative, gun rights advocate - must be pro life to remain consistent with the mainstream mentality.  Democrats and republicans are more like one party or group while libertarians are the opposition, yet they are mostly associated with republicans, incorrectly.

Thu, 01/20/2011 - 20:39 | Link to Comment NOTW777
NOTW777's picture

your lost, so like a modern zombie you trash Palin - but why?

she is for limited government, less spending, lower taxes and common sense

what do you oppose? are you in to gay rights? big corrupt government? higher taxes? less freedom?

Thu, 01/20/2011 - 20:53 | Link to Comment oddjob
oddjob's picture

Sucking cock got Barry O in,so Palin is a shoe-in.

Thu, 01/20/2011 - 22:36 | Link to Comment Pez
Pez's picture

Any political PIG with lipstick will do.

Thu, 01/20/2011 - 20:58 | Link to Comment Cheesy Bastard
Cheesy Bastard's picture

+1.  I am old enough to remember that they really couldn't wait to run against Ronald Reagan also.  You might remember him, the doddering old B movie actor who liked chimps.   They always attack what they fear.

Thu, 01/20/2011 - 21:38 | Link to Comment NOTW777
NOTW777's picture

you can call Reagan all the names you want - it won't diminish his legacy

Thu, 01/20/2011 - 21:55 | Link to Comment Cheesy Bastard
Cheesy Bastard's picture

You missed my point.  I was agreeing with you.  Those are the names he was called by his opponents.  They said they wanted to run against him.  They got crushed.  Kinda like they are doing to Palin now. 

Fri, 01/21/2011 - 01:47 | Link to Comment NOTW777
NOTW777's picture

sorry, cheesy - I misread your comment

Thu, 01/20/2011 - 21:15 | Link to Comment Rainman
Rainman's picture

I'm not interested in what Palin is for. And what I oppose would consume this entire page. The primary question is whether she can win in '12. To me, she is only one click better prepared to be Prez than the current occupant....she ran an unbelievably undiverse state....then quit in midterm to sell books and shit. So what am I asked to buy here with my vote ?? Another rookie like the last rookie ?

The Dems will be giddy to have her as the opponent in '12. Dems know the ass in the seat is tough to beat. Weak opposition is a huge plus. If the GOP doesn't know it, they are doomed in '12. 

Thu, 01/20/2011 - 21:37 | Link to Comment NOTW777
NOTW777's picture

so you have no interest in her positions on the issues but you are ready to write a page of "opposition."  let me guess, a bunch of personal attacks, sexual innuendo, and other trash you hear in MSM?

you state that she "ran [sic] an unbelievably undiverse state?" she ran for president of the country. she resigned the governorship because of a barrage of political investigations and attacks (think chicage mob/soros like)

the "giddy" dems are the ones that brought us obama

Thu, 01/20/2011 - 21:22 | Link to Comment jm
jm's picture

Why trash Palin?  This is a good question.  I don't think people hate or despise her.  It's just that from what I've seen a la "the problem with the economy is healthcare" TV cringe moment meltdown shows a certain lack of ability. 

That is to say, finding an intelligent thought in her brain is like searching for the sound of emptiness in the quiet heart of winter.

Thu, 01/20/2011 - 21:30 | Link to Comment NOTW777
NOTW777's picture

you search brains?  what did you come up with when our pres mentioned 57 states?

 

 

Thu, 01/20/2011 - 21:32 | Link to Comment jm
jm's picture

Classic "he thinks Palin is an idiot therefore he's a democrat" silliness.

C'mon... go ahead and laugh... you deserve it.

http://www.youtube.com/watch?v=npUMUASwaec

Thu, 01/20/2011 - 21:41 | Link to Comment NOTW777
NOTW777's picture

so you call her stupid but can't back it up.

Thu, 01/20/2011 - 21:45 | Link to Comment jm
jm's picture

Just watch the clip!  Laugh or cringe, the evidence is right there. 

Rainman's right though.  Great skin.

Thu, 01/20/2011 - 21:50 | Link to Comment NOTW777
NOTW777's picture

r u serious? you come on ZH to posit katies argument that the bailout money went to "struggling middleclass" americans?  do you have a clip of obama snorting coke?  have a good life in youtube land

Thu, 01/20/2011 - 22:04 | Link to Comment Cheesy Bastard
Cheesy Bastard's picture

I agree with you.  Palin worked her way through the PTA to become mayor and then governor of a state, while fighting corruption in her own party.  She then went on to rise from working class to having a considerable net worth.  She is independent enough to kill what she eats.  She is devoted to her family.

These are hardly the traits of a stupid person.  Saying someone is stupid because they disagree with you, well that is stupid.

Fri, 01/21/2011 - 00:14 | Link to Comment JW n FL
JW n FL's picture

to be clear... I would do her... I might even really like having her in the neighborhood... but her hand on the button? FUCK THAT!

Fri, 01/21/2011 - 01:31 | Link to Comment NOTW777
NOTW777's picture

not to mention that the youtube video posted is sliced, diced and doctored to make her appear confused and halting and, it comes from the dan rather (forged documents) channel

How is it that every liberal is painted as brilliant from kerry to gore to obama and every conservative is painted as stupid.  you think the same tactic might alert some.

Thu, 01/20/2011 - 21:31 | Link to Comment Rainman
Rainman's picture

Exactly....it's not personal about Palin. She has beautiful skin. But Obama has celebritized the highest office to win a 40+ to one longshot as the first Black president. Palin's looking to hit a 40+to one longshot as the first celebrity Woman Prez. Edge: Obama

Thu, 01/20/2011 - 22:32 | Link to Comment oddjob
oddjob's picture

So her main platform is having a vagina?

Fri, 01/21/2011 - 05:10 | Link to Comment Hephasteus
Hephasteus's picture

No it's having a vagina that you can see russia from if you're screwing her doggy style on the front porch. Not that I don't find the thought repulsive when it involves her.

Fri, 01/21/2011 - 01:16 | Link to Comment GreenSideUp
GreenSideUp's picture

I would trash Palin because she can't possibly be for limited government, less spending and lower taxes, all music to republican/conservative/libertarian ears, without taking serious issue with the military industrial complex, the bases all over the world, and the endless wars and rumors of wars and the massive spending involved.  

Being able to explain in depth what needs to be done to achieve these goals would be nice too.  Otherwise, it's just platitudes.

Further, I have neither seen nor heard evidence that she understands the problems with the fed and the banksters, nor has she made any call whatever to investigate/eliminate/expose the criminals.

BTW, I think even less of the current teleprompter-in-chief.  I'm an an-cap/voluntaryist; can't stand either lying party.  If I do vote, I'll write in Ron Paul. 

 

Thu, 01/20/2011 - 20:04 | Link to Comment Sean7k
Sean7k's picture

Taylor is clearly Keynsian in theory. He believes in government intervention, therefore, if he is ever given a mandate- it will be because the elites want it that way.

Perhaps to manage the withdraw of liquidity, blaming Ben as as the new depression brings austerity and a haircut for entitlements, while protecting the "financial system", including bond holders of size and influence.

Thu, 01/20/2011 - 21:09 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

Zero Hedge nominated John Taylor of Stanford for Fed Chairman.

Fed Chairman?  We don't need no stinkin' Fed Chairman.  If we can vote to repeal healthcare reform, then we sure as hell can vote to repeal the Federal Reserve Act.

Bring back the Greenback, bitchezz???

Thu, 01/20/2011 - 20:06 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

The banks are firmly in control of the country, I don't know how this guy would ever get in.

Thu, 01/20/2011 - 20:07 | Link to Comment Yen Cross
Yen Cross's picture

 Lets make some money gents! Someone shoot me the spreads germany vs the PIIGS.

Thu, 01/20/2011 - 20:16 | Link to Comment Mad Mad Woman
Mad Mad Woman's picture

Political intrigue........this should be interesting watching this all play out. I'll get the popcorn!

Thu, 01/20/2011 - 20:18 | Link to Comment Quinvarius
Quinvarius's picture

I disagree with taking away the Fed's employment mandate.  It is there as a check to keep those asswipes from putting the USA into a permanent recession for their own purposes through stupid banker games.  It is merely the other side of the coin from price stability.  As we have seen, they are more than willing to shaft the public for their own purposes. 

Thu, 01/20/2011 - 21:47 | Link to Comment flacorps
flacorps's picture

Conflicting mandates are a sign of irrelevance, or a sub rosa agenda ... take your pick.

Thu, 01/20/2011 - 20:28 | Link to Comment satansanus
satansanus's picture

(ne banker) must face the demons he created

Thu, 01/20/2011 - 20:35 | Link to Comment max2205
max2205's picture

Congress going along with The Feds QE and open market equity ops is criminal

I'll be glad to serve on the grand jury or jury

Thu, 01/20/2011 - 20:54 | Link to Comment Cheesy Bastard
Cheesy Bastard's picture

His name is Taylor, but Dr. Zira calls him "Bright eyes".

Thu, 01/20/2011 - 21:49 | Link to Comment flacorps
flacorps's picture

Get your filthy hands offs me you damn dirty banker!

Thu, 01/20/2011 - 22:16 | Link to Comment Cheesy Bastard
Cheesy Bastard's picture

+1.  Well played.

Thu, 01/20/2011 - 20:57 | Link to Comment michael.suede
michael.suede's picture

Taylor is a statist nut job that thinks centrally planned interest rates and targeted inflation improve economic conditions.

 

I have a hard time believing this clown is a ZH top choice for Fed chair.

Further, Ron Paul gets his economic ideas from the Austrian School, not from Hoover institute liberals in conservative clothing.

Thu, 01/20/2011 - 22:08 | Link to Comment PC Load Letter
PC Load Letter's picture

I would rather have this than a nut who thinks printing trillions of dollars will solve our economic problems. What ever happened to having a normal business cycle? When did we start needing to grow exponentially without any pullback? In order to avoid a couple quarters of slow to negative growth, we keep inflating and propping up our economy only to put off an inenvitable and severe pullback. 

Thu, 01/20/2011 - 21:01 | Link to Comment Buttcathead
Buttcathead's picture

stawk market gunna have Titanic Syndrome.  The Bernack is outta here.   

Thu, 01/20/2011 - 21:02 | Link to Comment flow5
flow5's picture

I wouldn't turn the chairmanship over to any motherfucker that thinks the money supply can be managed using interest rates.  We've gone done that road since 1965 (which includes Volcker).

Thu, 01/20/2011 - 21:06 | Link to Comment flow5
flow5's picture

The "taylor rule" is ex-post, & it's variables are always revised - so that its "conclusion" is always recalibrated.

Thu, 01/20/2011 - 21:08 | Link to Comment Miles Kendig
Miles Kendig's picture

"John Taylor: The Republicans' Shadow Fed Chairman."

That was Bernanke's claim to fame just a few short years ago

Thu, 01/20/2011 - 21:21 | Link to Comment PigsOnTheWing
PigsOnTheWing's picture

Holy crap. I must be dreaming.

Thu, 01/20/2011 - 21:21 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

If you are waiting for the political class to solve your problems, you are going to be disappointed.

Thu, 01/20/2011 - 22:28 | Link to Comment Founders Keeper
Founders Keeper's picture

[An ideal world would be one in which the Fed would not exist. Alas, for that to occur a full-blown revolution would have to occur (which at the rate food prices are rising is not unimaginable, as we had speculated in the past).]---TD

Thanks for the article, TD. Great work as always.

In your argument, you say we have only two choices: A better Fed or revolution. You assume the Fed can be improved to the point of tolerable, perhaps even useful. This simply cannot be. The Fed was born in secret, sold to the public in a lie, enacted by deception, produces nothing and consumes everything. What was the value of the dollar in 1913? And today? The Fed by its very nature is untamable. That tree will never bear good fruit. It's time to admit our mistake as a nation, and end the Fed.

Will revolution follow? Let's hope and pray it won't. However, a terrible storm is coming that may or may not include a revolution or civil war in the U.S.

Don't live the lie that the Fed can be improved upon. This is wishful thinking. Like the alcoholic who thinks if only he or she switches from whiskey to fine wine, things will get better.

 

Thu, 01/20/2011 - 22:23 | Link to Comment gwar5
gwar5's picture

John Taylor was also an excellent receiver for the SF Forty Niners back in the day.

Good head for numbers. Quick on his feet. Right spot, right time. Good man.  What's this from NYT?

 

State Bankruptcy Option Is Sought, Quietly - NYTimes.com

 

.

Thu, 01/20/2011 - 23:21 | Link to Comment Mr Creosote
Mr Creosote's picture

Until the Creature from Jekyll Island and the Vampire Squid are vanquished we will remain at their mercy.

Thu, 01/20/2011 - 23:44 | Link to Comment e_goldstein
e_goldstein's picture

End the FED.  Fuck them all.

Fri, 01/21/2011 - 00:15 | Link to Comment JW n FL
JW n FL's picture

Yes.

Fri, 01/21/2011 - 02:07 | Link to Comment AchtungAffen
AchtungAffen's picture

Another anti-regulatory fanatic. Just what the US needs, considering how deregulation led to the natural centripetal force of markets to create behemoths who have now taken over the political decision making process. Of course, those who profit from gaming the system are shooting their loads in anticipation.

Fri, 01/21/2011 - 07:18 | Link to Comment Slartibartfast
Slartibartfast's picture

"Taylor's followers include the new GOP House leadership, the chairmen of key House committees, Presidential hopefuls, conservative thinkers, and others suspicious of Federal Reserve Chairman Ben Bernanke's stimulative monetary policy and perceived alliances with Obama Administration officials."

This is supposed to be an endorsement? Sounds like more of the same, which is exactly what's not needed.

Fri, 01/21/2011 - 08:00 | Link to Comment mikjall
mikjall's picture

Well, whoope-de-do. Let's not forget that Paul Volcker was a Democratic appointee. Bernanke was a Republican appointee, as was the former mega-toad, Alan Greenspan. It sounds to me as if Taylor's main interest is in getting the job, and I am frankly not impressed. The man is no Paul Volcker. And by the way, if Ron Paul is getting his ideas from Taylor, that's not a recommendation. Ron Paul's opposition to the Fed is admirable, although it seems that he's chickening out, now that he could actually mount an attack. But, while Congressman Paul has some good points, he's unfortunately both naive and inarticulate. In any case, the Congress is bought and paid for, so don't imagine that you'll get a Fed chairman that is anything more than a front man for Wall Street and the banking industry. Democrats, Republicans - it makes no difference.

Fri, 01/21/2011 - 08:05 | Link to Comment mikjall
mikjall's picture

Well, whoope-de-do. Let's not forget that Paul Volcker was a Democratic appointee. Bernanke was a Republican appointee, as was the former mega-toad, Alan Greenspan. It sounds to me as if Taylor's main interest is in getting the job, and I am frankly not impressed. The man is no Paul Volcker. And by the way, if Ron Paul is getting his ideas from Taylor, that's not a recommendation. Ron Paul's opposition to the Fed is admirable, although it seems that he's chickening out, now that he could actually mount an attack. But, while Congressman Paul has some good points, he's unfortunately both naive and inarticulate. In any case, the Congress is bought and paid for, so don't imagine that you'll get a Fed chairman that is anything more than a front man for Wall Street and the banking industry. Democrats, Republicans - it makes no difference.

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