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Man Who Listened To Fred Mishkin's Advice, Will Be First To Be Criminally Charged For Great Depression 2

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Tue, 09/28/2010 - 16:21 | 611136 bugs_
bugs_'s picture

I call Paul Krugman to the stand.


Tue, 09/28/2010 - 16:24 | 611149 themosmitsos
themosmitsos's picture

I call Greenspan to the stand

Tue, 09/28/2010 - 17:43 | 611353 zaknick
zaknick's picture

Nuremberg II

Tue, 09/28/2010 - 19:24 | 611479 The 22nd Prime
The 22nd Prime's picture

I call your Krugman, raise your Greenspan, and am all in on a Nuremberg II in my wettest of fantasies.

Wet guillotines, bitchez. 

Tue, 09/28/2010 - 23:58 | 611856 Votewithabullet
Votewithabullet's picture

You'd better call Greenspan to the stand quick cuz that nigga is old. Hes fucking older than Volker. Frankly God's gonna have to do it cuz it aint gonna happen here.

Wed, 09/29/2010 - 00:03 | 611857 Votewithabullet
Votewithabullet's picture

John McCain wants to prop Greenspan up after he dies he loves him so much.

Wed, 09/29/2010 - 08:44 | 612280 Bartanist
Bartanist's picture

McCain's economic guru is Phil "Enron" Gramm ...

... but McCain's family business is governing America toward ruin.

Tue, 09/28/2010 - 16:47 | 611217 skohiu
skohiu's picture

may be seeing a lot more "heart attacks" in the near future......

Wed, 09/29/2010 - 05:55 | 612036 Freewheelin Franklin
Freewheelin Franklin's picture

Yeah, they'll all be buried right next to Ken Lay.

Tue, 09/28/2010 - 16:57 | 611234 carbonmutant
carbonmutant's picture

+10 on Krugman

Tue, 09/28/2010 - 23:20 | 611827 Lionhead
Lionhead's picture

Why not call Lori Ann LaRocco Senior Producer at CNBC to have all the above & Mishkin appear on air to esplain their views. You can reach her on Twitter here: 


Give her your tweet; you may even end up on her Rolodex.... ;)

Tue, 09/28/2010 - 16:22 | 611139 tmosley
tmosley's picture

Give him a viking funeral.

While he's still alive.

Tue, 09/28/2010 - 17:38 | 611339 DoChenRollingBearing
DoChenRollingBearing's picture

Iceland is now in a position to do the world a great service!

They summon all the crooked b@$^@>ds from .govs and banksters all over the world, put them on trial in their Special Court, load 'em into dump trucks, and throw them into whatever volcanoes are up and running.

Nobel Peace Prizes as far as the eye can see.

Tue, 09/28/2010 - 17:58 | 611386 andybev01
andybev01's picture

...or put them on a broken-off section of ice shelf and set them adrift in a warm current.

Make sure to set up a live feed so we can watch as it melts.

Tue, 09/28/2010 - 16:22 | 611142 tip e. canoe
tip e. canoe's picture

tyler, caught a typo per fred :
"Financial Instability in Iceland"

Tue, 09/28/2010 - 16:23 | 611146 themosmitsos
themosmitsos's picture

Once upon a reality, they used to call it treason.

Tue, 09/28/2010 - 16:58 | 611235 carbonmutant
carbonmutant's picture

It still is... wait til November...

Tue, 09/28/2010 - 20:52 | 611609 Fox Moulder
Fox Moulder's picture

And then? Vote the Republicans back into office? Oh wait, they are the ones who got us into this mess.


Tea Party? Oh wait again, it has been comandeered by the Repubs.


Re-elect Democrats? Wait wait wait, there are making it worse.


How many different places can Ron Paul run for office?

Tue, 09/28/2010 - 21:04 | 611625 nmewn
nmewn's picture

Is Ron Paul closer, philosophically, to Dems, Pubs or the people of the Tea Party in your opinion?

Tue, 09/28/2010 - 21:11 | 611635 Fox Moulder
Fox Moulder's picture

Well, he's registered Republican isn't he? Do you think Sarah Palin even knows who he is or could state his philosophy or positions?

Tue, 09/28/2010 - 21:25 | 611658 nmewn
nmewn's picture

Let me try again.

>>>In your opinion<<< which is Paul most like...Tea Party, Pub or Dem?

Tue, 09/28/2010 - 22:10 | 611723 Fox Moulder
Fox Moulder's picture

I don't know how my opinion fits in here, but he is probably most aligned with the original TP. I haven't kept up since Palin decided to latch onto it.

Tue, 09/28/2010 - 22:56 | 611798 nmewn
nmewn's picture

Palin does not control the Tea Party. No one can...that's what's cool about it...it started from the ground up. Palin did not ask people to send in tea bags to the White House & Congress. She did not organize the march on DC.

If I may be so bold as to speak for them...we are just as pissed at the pubs (if not more so) as we are the dems. They are most assuredly fiscal conservatives and individual rights advocates.

Thanks for the honest answer.


Tue, 09/28/2010 - 23:22 | 611828 Fox Moulder
Fox Moulder's picture

Maybe I'll take another look. I went to the first protest in Sacramento but lost interest as it seemed to be taken over be recycled Repubs.

Tue, 09/28/2010 - 23:43 | 611845 Hedge Jobs
Hedge Jobs's picture

tea party has been hijacked by the neocons and the MSM like every other major political movement in the US. It provides the illusion of "change" and for the overwhelming majority of grass roots suporters this is what they want and expect but in reality its exactly the same people pulling the strings. repubs? dems? t party? its all the same bankster lobbyists behind the scenes.

Wed, 09/29/2010 - 05:31 | 611995 nmewn
nmewn's picture

Neocons???...ROTFL. There is nothing socialist about it.

The acronym T.E.A. stands for Taxed Enough Already.

To the best of my knowledge the "idea" has never died, it smoldered underneath the surface until rekindled by a Santelli rant on government sanctioned moral hazard.

This is why it was attacked so ferociously from the start by the MSM and the oligarchs. Without government subsidies (from taxation) some corporations will die along with the anal lobbyists that funnel the subsidy (the taxes) back into politicians pockets.

They were called gun nuts & racists because they are neocons seeking world domination?...LOL...they were called these things to stop them because they are a threat to statism.

I'm going to charitably say you are misinformed sir.


Wed, 09/29/2010 - 06:21 | 612073 Freewheelin Franklin
Freewheelin Franklin's picture

I have only one question for any Tea Party candidate:


"What is the difference between price inflation, and monetary inflation?"


Any Libertarian Party member will answer that question in detail. I'm not so sure about many of the TP candidates, or supporters. If any candidate is going to run on fiscal policy, he/she better have some clue as to what monetary policy is, and I just don't see that with the TP of late. Just a lot of social conservative bullshit. And no, my opinion is not based on the MSM, it is based on my own interactions with TPers on various libertarian blogs. The RP C4L were the original TPers. They have been hijacked by a bunch of social, Christian conservatives opportunists. There's plenty of room in the LP for C4L.

Wed, 09/29/2010 - 06:53 | 612114 nmewn
nmewn's picture

If your asking me...price inflation is a rise in the prices of goods & services caused by a shortage of those goods and services...paying higher prices to get something that is getting scarce. Nothing is scarce in todays market. Monetary inflation is your current dollar dropping like a stone in value because of a surplus of dollars in the hands of purchasers. This of course is not the case now. This is deflation.

Did I pass? ;-)

Libertarians have more in common with the Tea Party than either of the other two...so I guess I don't see your point.

Wed, 09/29/2010 - 07:20 | 612167 Freewheelin Franklin
Freewheelin Franklin's picture

My point is, the TP covers a wide assortment of disgruntled Republicans. Like I said, the C4Lers are the "legitamate" TP, and I'm sure, know monetary policy, such as yourself. The problem, as I see it, is there are more and more of the social conservatives being attracted to the TP who have little to know understanding of monetary policy. Libertarians have absolutely nothing in common with social conservatives. I can't speak for C4L, but the LP will swiftly show these social conservatives the door. The C4L is more concerned with getting elected, and seems to be willing to sacrifice principles for results. That's the primary difference. But, the LP holds something like 158 public offices, mostly local and county level, and are building from the ground up.

Wed, 09/29/2010 - 18:33 | 613885 nmewn
nmewn's picture

Well, the way I see it...the first order of bidniz is to get the statist/socialist/progressive/marxists (whatever they call themselves today) the hell out of power.

We can work on the issues not concerning fiscal sanity later.

As an FYI...the TP is taking down the old "dogs" on the right too. I think Bennett in Utah would qualify as a "social conservative"...gone...toast...fini.

Just sayin.

By the way...cool handle...ain't seen that one in a while...takes me back ;-)



Wed, 09/29/2010 - 05:38 | 612002 StychoKiller
StychoKiller's picture

Ron Paul is a Libertarian, so that makes him a RINO.

Wed, 09/29/2010 - 06:02 | 612050 nmewn
nmewn's picture

You'll like this...Houston voter fraud.


I see Stern is under investigation also...rotten to the core.


Tue, 09/28/2010 - 16:24 | 611147 Pseudo Anonym
Pseudo Anonym's picture

crimes against banksters? That's what I want to know.

Tue, 09/28/2010 - 16:25 | 611156 Dr. Engali
Dr. Engali's picture

And in other financial news today Goldman Sachs said they are going to take the same side of the trade that they recommend to their clients.

Tue, 09/28/2010 - 16:34 | 611181 infotechsailor
infotechsailor's picture

Birgitta Jonsdottir for PreZ.

Tue, 09/28/2010 - 16:40 | 611194 panika2008
panika2008's picture

30 years of cheap money? Come on, real interest rates never dropped below zero in the US between 1981 and 2002. 1981-1990 it was more than 2pp above inflation, as well as 1994-2000.

If you want to see real cheap money uber pump, see 1974-1980, where real rates were constantly below inflation, sometimes as much as 3pp below inflation!

Tue, 09/28/2010 - 20:39 | 611596 Dr. Acula
Dr. Acula's picture

If interest rates are low, it means money can be borrowed at cheap rates. If interest rates are high, but inflation rates are also high, it means that money is being created out of nothing - i.e. given away for free. Either way it is "cheap money".

The following scenario would not involve "cheap money". With commodity money and without the use of fiat money forced upon us through various laws, inflation would be very small (e.g. gold can practically only be mined in small amounts compared to the amount already accumulated over centuries - not so with a printing press). Without fractional reserve banks committing bailment fraud and creating fiduciary media out of nothing, the money supply would be stable. Without a central bank with special legal privileges fixing interest rates at abnormally low values, i.e. fixing the price of loanable funds, the interest rate would be set by innumerable competing lenders and borrowers at a natural rate - similar to how the price of potatoes is determined.


Tue, 09/28/2010 - 16:41 | 611199 Spalding_Smailes
Spalding_Smailes's picture
'Inside Job' Points a Finger at Wall Street Conflicts in Academia and More

Mr. Mishkin's reason for leaving the Fed, he says in the new documentary "Inside Job," was that he "had a textbook to update." The more likely reason was that Mr. Mishkin was about to be called out on his role as the board member responsible for the Fed's economists and research, and disastrous predictions he made as a paid researcher for Iceland's chamber of commerce, a point made by the movie's writer and director, Charles Ferguson.

Mr. Mishkin isn't alone. As "Inside Job" notes, research and for-hire reputations are a big business. Companies including Charles River Associates and LECG Corp. are for-profit companies that sell the services of academic experts.

Until now, the conflicts of interest among academics who moonlight as well-paid corporate advisers haven't been page-one material. But "Inside Job" breaks new ground by exposing the failure of universities to regulate the integrity of their biggest stars.


Tue, 09/28/2010 - 17:21 | 611313 NotApplicable
NotApplicable's picture

I've got an old copy of his text book. If he really wants to update it, he just needs to change the title to "Keynesianism is a fraud"

Wed, 09/29/2010 - 05:42 | 612014 StychoKiller
StychoKiller's picture

Gasp!  You mean there's EVEN MORE BLAME to go around??  The Horror!

Tue, 09/28/2010 - 16:42 | 611203 Bruce Krasting
Bruce Krasting's picture

We hold these guys up as Icons. They are learnered to be sure. That means nothing. Lok at the results all around you.

Tue, 09/28/2010 - 23:04 | 611810 Ted K
Ted K's picture

But what are these really the results of???  Government bureaucrats woke up one morning and decided to flood the system with cash??? Or Bureaucrats who were forced with no other choice when a system collapsed from years of big bank lobbyists stripping the system of regulations and controls to protect the public from corruption.  As much as I dislike Greenspan, I think the boys in your industry playing CDS games with insurance policyholders money at AIG etc... are much more to blame.  Have you forgotten how many times your pals on Wall Street bashed Greenspan on CNBC when he wasn't cutting rates fast enough???  It wasn't main street whining for rate cuts.

Wed, 09/29/2010 - 05:49 | 612027 StychoKiller
StychoKiller's picture

If you start pointing fingers at all of the guilty, you'll soon run out of fingers!

Let's start with President Wilson, the imbecile that signed the creation of the Fed into Law (Cerberus unleashed!)

FDR:  Practicing LTT (Let's Try This!) Politics on the USA, and destroying the 3rd branch of govt (Supreme Court) with his crony appointments.

France and Great Britain:  Insisting on onerous reparation terms against Germany, leading directly to the rise of Hitler and the NAZI party.

Get the picture?  The rabbit hole is not only deep, but it's full of twisty passages, all alike.  (There's a small bottle here)

Tue, 09/28/2010 - 16:46 | 611214 Perseid.Rocks
Perseid.Rocks's picture

Crimes against humanity, domestic terrorism in destabilizing the economies and governments.. pick your crime, there seem to be many to choose from.

Tue, 09/28/2010 - 16:49 | 611225 Internet Tough Guy
Internet Tough Guy's picture

What about Bob (Rubin)?

Tue, 09/28/2010 - 18:52 | 611461 nmewn
nmewn's picture

+ 1,000,000

I believe the expressions were "we've created a new economy"..."no more recessions" from here on out..."tamed the business cycle"...blah blah...blah blah blah.

And as another parting gift to the country, before I move on to Citigroup to collect my rewards for securitization, I give you NAFTA.

Outstanding Bob...who's side you on...Bob?



Tue, 09/28/2010 - 16:51 | 611227 Arkadaba
Arkadaba's picture


I'm not sure I agree with the opening sentence:

The place where the global crisis, culminating as a result of 30 years of cheap money, began, Iceland....

The global crisis did not begin in Iceland. Better might be:

The place where the ramifications of the global crisis first saw the light of day, Iceland ....

Yes I know I may be nitpicking but words matter.


Wed, 09/29/2010 - 06:26 | 612077 ColonelCooper
ColonelCooper's picture

I would say that since you, I and everybody else here understood the MEANING of the sentence, you are nitpicking.

Tue, 09/28/2010 - 17:01 | 611248 Miss Expectations
Miss Expectations's picture

What is it with Sociopaths?  They (Mishkin) always seem to smile no matter what's being said.

Here's Charlie Rangel doing it, too:


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