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More Fed Dissent Theater: Fed's Fisher Joins Lacker In "Just Saying No"

Tyler Durden's picture





 

The "good money printer - bad money printer" routine is starting to get old. Dallas Fed's Fisher joins Richmond's (non-voting) Lacker in saying no more QE. Earlier today the Dallas Fed president was heard saying anathema things like: "Very eary of further expansion of Fed's Balance Sheet", "Fed is Pushing the Envelope with Asset Purchases" and concludes that we would "probably" dissent in any vote for further QE. Um, great. You have vote Dick, use it. Same goes for Plosser and all the other wannabe Hoenigs. Oh yeah, also while you are at it, please explain just who will be buying the $4 trillion in debt to be issued in the next two years (ref: $32 Billion 3 Year Auction Prices At 1.349% As Foreign Bid Plunges And Fed Indirectly Pockets 62% Of Issue).

Full highlights (more as we get the interview).

 


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Tue, 02/08/2011 - 15:04 | Link to Comment Hephasteus
Hephasteus's picture

Needs moar cowbell. One of them should probably shoot tim geihtner for street cred.

Feds Fischer "There has been a rush back into the dollar"

Did he really say that. That has to be shooped.

Tue, 02/08/2011 - 15:12 | Link to Comment whatsinaname
whatsinaname's picture

But Lockhart just said inflation is too low (for them to be COMFORTABLE)!!

http://finance.yahoo.com/news/Feds-Lockhart-says-inflation-rb-134340509.html?x=0&sec=topStories&pos=4&asset=&ccode=

Who do you believe ?

Even folks commenting on yahoo finance are skeptical....

Tue, 02/08/2011 - 15:22 | Link to Comment SheepDog-One
SheepDog-One's picture

The FED wont see ANY inflation until gas is over $8 and a bowl of broth costs $50.

Tue, 02/08/2011 - 15:13 | Link to Comment willien1derland
willien1derland's picture

LMFAO - Needs More CowBell! +1,000 TD please propose a new COWBELL DERIVATIVE - Jamie Dimon will DEFINITELY buy it OR Goldman Sachs can offer it under the brand name 'TIMBERBELL' -  that is one sh*tty BELL!

Wed, 02/09/2011 - 01:43 | Link to Comment StychoKiller
StychoKiller's picture

As Paul Ryan (R-Wisconsin) stated today on CNBS, Fiscal policy (is there any, other than spending even more FRNs?) is on a collision course with Monetary policy (is there any, other than "printing" even more FRNs?)

Somehow, we're all supposed to believe that the Federal Governors have any other choice, besides monetizing the debt -- guess I'm gonna have to "contribute" to economic growth by buying a 12Ga Mossberg...

Tue, 02/08/2011 - 14:57 | Link to Comment unwashedmass
unwashedmass's picture

 

they have now inflated the russell to where it was prior to the crisis. some stocks are now hitting all time highs....

what Ben doesn't seem to grasp is that he has literally set the table for the banks now to rob the populace deaf dumb and blind as this house of cards collapses.

terrifying. when is someone gonna stop this guy?

Tue, 02/08/2011 - 15:05 | Link to Comment jus_lite_reading
jus_lite_reading's picture

Surreal... grab your pitchforks boyz. TSHTF now!

Tue, 02/08/2011 - 15:08 | Link to Comment MarketTruth
MarketTruth's picture

When will they be stopped? Never.

"Give me control over a nations currency, and I care not who makes its laws" -- Baron M.A. Rothschild, same guy who helped create the central banking system used today.

"Never forget that everything Hitler did in Germany was legal." -- Martin Luther King, Jr.

Tue, 02/08/2011 - 15:23 | Link to Comment william the bastard
william the bastard's picture

 "I would be very wary of expanding our balance sheet further; indeed, given current economic and financial conditions." -Richard Fisher February 8, 2011

http://dallasfed.org/news/speeches/fisher/2011/fs110208.cfm

 

QE is over. The fat lady is warming up.

 

Tue, 02/08/2011 - 17:36 | Link to Comment SWRichmond
SWRichmond's picture

Just trying to jawbone down the inflationary scare and start a run out of commodities.  Pay no attention to the men in suits who say shit they don't mean because if they didn't they'd lose their pathetic jobs as central bankers.

Central bank employees: get fucking real jobs.

Tue, 02/08/2011 - 17:57 | Link to Comment taraxias
taraxias's picture

Post of the day. Well done, sir.

Tue, 02/08/2011 - 14:58 | Link to Comment system failure
system failure's picture

Hell, if they are confused and dont know what they are doing and what they are creating, what the hell do they think we are doing besides watching us approach a brick wall at 1500 feet per second. BAM!!! 

Tue, 02/08/2011 - 15:20 | Link to Comment hbjork1
hbjork1's picture

WOW!  1,500 ft/sec.  Thats a little over 1,000 miles per hour.  At that rate, faster than the speed of sound, we will hit the wall before anyone hears about it.

Tue, 02/08/2011 - 15:01 | Link to Comment thepigman
thepigman's picture

El-Erian says Ben's inflating the whole

world in fear of Depression. Makes me

feel so much better.

Tue, 02/08/2011 - 15:04 | Link to Comment thepigman
thepigman's picture

Which says it's really a Depression

with inflated asset prices. GTFO

(get the fuck out)

Tue, 02/08/2011 - 15:12 | Link to Comment SheepDog-One
SheepDog-One's picture

'Depression with highly inflated prices'...ZACTLY! Hell its a ruined country with no real economy to speak of other than printing more fiat.

Tue, 02/08/2011 - 15:17 | Link to Comment ZakuKommander
ZakuKommander's picture

Are you kidding?  There's even a patch you can wear to show pride in our economic bulwarks:

http://www.itstactical.com/wp-content/uploads/2010/03/GunsAndCoffeePatch...

Tue, 02/08/2011 - 15:19 | Link to Comment SheepDog-One
SheepDog-One's picture

Wow thats pretty nice looking, think I'll order one on my Chase card, then cut up the bill.

Tue, 02/08/2011 - 15:23 | Link to Comment ZakuKommander
ZakuKommander's picture

A nice "tacticool" addition to liven up one's plate carrier.

Tue, 02/08/2011 - 15:15 | Link to Comment willien1derland
willien1derland's picture

+1 - What would Jennie Craig Do?

Tue, 02/08/2011 - 17:38 | Link to Comment SWRichmond
SWRichmond's picture

Not when you measure asset prices in real money (gold).  The buying power of gold continues to rise, just as is expected in a deflation.

Tue, 02/08/2011 - 15:03 | Link to Comment jus_lite_reading
jus_lite_reading's picture

HOLY MOSES!!!

Fed's Lockhart says underlying inflation currently below level he defines as price stability

 

WHAT THE HELL ARE THEY SMOKING?

Lord come now!

>>"The only activity they do is pacify the majority of the population using false statistics and promises of a better future so that they do not lynch them and their masters while they are robbing the taxpayers."<<

 

 

Tue, 02/08/2011 - 15:22 | Link to Comment SheepDog-One
SheepDog-One's picture

They wont be happy till gas is at $8 and it takes $100 to buy stuff for Hamburger Helper dinner at the store!

Tue, 02/08/2011 - 15:07 | Link to Comment d00daa
d00daa's picture

Theater of the absurd.

The Bernankenstein will never stop.

ZIRP/QE4EVA.

Tue, 02/08/2011 - 15:09 | Link to Comment bob_dabolina
bob_dabolina's picture

This is just a dog-n-pony show.

Tue, 02/08/2011 - 15:09 | Link to Comment Gubbmint Cheese
Gubbmint Cheese's picture

going cold turkey on the QE pipe.. good luck with that.

lol

Tue, 02/08/2011 - 15:13 | Link to Comment SheepDog-One
SheepDog-One's picture

Hey at some point, that HAS to happen! The 'QE to infinity' line is nonsense, theyre at the point where any more dollars means other thinks like bonds and PM's blow up, and these FED dissenters know it damn well!

Tue, 02/08/2011 - 15:23 | Link to Comment thepigman
thepigman's picture

It's a closed loop bankster market now as opposed to the old free market. After the banksters have wreaked enough havoc on treasury prices, the Bernank will instruct them to take their profits on stocks and commodities and skeedadle back into busted treasuries. And the
inflation they created will then magically disappear. That Bernank, he's a wizard.

Tue, 02/08/2011 - 15:27 | Link to Comment SheepDog-One
SheepDog-One's picture

I still dont see who it is they expect to sell millions of bubble stocks to when the 'signal is given'...the only point to a pump is the dump and that works great for 5% swings but this is a near 50% rise, 30% of it just since a few months ago and WHO do they have out there to sell to? Mom n pop will swoop in and grab all the shares off the bankers hands at market? I dont see it!

Tue, 02/08/2011 - 15:32 | Link to Comment thepigman
thepigman's picture

lol, that's probably the thing bernank

did not think about since he's an

ivory tower academic rather than a

trader.

Tue, 02/08/2011 - 15:27 | Link to Comment thepigman
thepigman's picture

Get some popcorn, sit back, and see how far

they can manipulate everything before

one thing or another implodes.

Tue, 02/08/2011 - 15:28 | Link to Comment SheepDog-One
SheepDog-One's picture

Thats certainly what Im doing, trading fiatsco's for ingots, and ammunition...other than that Im sitting back watching this clownshow.

Tue, 02/08/2011 - 15:09 | Link to Comment MolotovCockhead
MolotovCockhead's picture

There's no turning back! At this point in time, it's no longer possible to say no to the QE's infinitum.

The moment the Qe's stop, the whole Ponzi scheme will collapse upon itself. Whichever way you look at it, America is screwed and the rest of the world will have no choice but to share the suffering for a long time to come.

Worry that politicians may use war to divert attention.

Tue, 02/08/2011 - 15:12 | Link to Comment unwashedmass
unwashedmass's picture

 

me too.

Tue, 02/08/2011 - 15:10 | Link to Comment spartan117
spartan117's picture

I call BS on all of them.  The USD was about to roll over and die when they came out with their stance on QE. 

Tue, 02/08/2011 - 15:14 | Link to Comment SheepDog-One
SheepDog-One's picture

Maybe, but look at gold and silver. This clown party is over.

Tue, 02/08/2011 - 18:11 | Link to Comment taraxias
taraxias's picture

Shirley, give that man a cigar.

Tue, 02/08/2011 - 15:12 | Link to Comment gwar5
gwar5's picture

Mecca FRBNY matters most, methinks.

Benocide is past the point of no return.

Market crashes if QE 2 not followed through, or QE 3 is off table?

Seems we're at a tipping point for something.

Sell market short?

 

 

 

 

 

Tue, 02/08/2011 - 15:30 | Link to Comment SheepDog-One
SheepDog-One's picture

Go ahead, I'd actually LIKE to see Chairsatan go for another QE round! There goes the 10yr to 4.5, silver to 50 and gold to 1600 minimum! Not to mention food riots around the world that makes todays look like nothing when those commodities shoot to the moon. Go ahead Ben Shalom Chairsatan, whatever!

Tue, 02/08/2011 - 15:14 | Link to Comment youngman
youngman's picture

What would the rate have been to day on the three year bills if the Fed and its 60% purchase/share was taken out...me thinks it would be much higher....like 5%....if they could sell it at all....oh oh...that means some pretty good inflation...and a market crash....they can´t stop...they can only be stopped...

Tue, 02/08/2011 - 15:41 | Link to Comment thepigman
thepigman's picture

Bonds are blowing right through support

again.

Tue, 02/08/2011 - 15:44 | Link to Comment thepigman
thepigman's picture

Crushed, actually. Good one, Ben.

Tue, 02/08/2011 - 15:18 | Link to Comment william the bastard
william the bastard's picture

OT check this horror story:

The rise and fall of a foreclosure king

http://www.washingtonpost.com/wp-dyn/content/article/2011/02/06/AR2011020601899.html

Tue, 02/08/2011 - 15:35 | Link to Comment buzzsaw99
buzzsaw99's picture

Wasn't benocide telling everyone just the other day to keep the party line consistent? Why have Fisher and Lacker gone off the reservation?

Tue, 02/08/2011 - 15:59 | Link to Comment AccreditedEYE
AccreditedEYE's picture

Buzzy, just that it's mentioned in public shows us something is up. Perhaps they learned that they can't have their cake and eat it too. (Low rates + higher equities) Time to make a choice Uncle Ben!

Tue, 02/08/2011 - 15:35 | Link to Comment Racer
Racer's picture

: Fed's Lockhart says Egyptian events a risk, would affect US economically if there was a spike in oil prices

 

In case he hasn't noticed cos he doesn't fill his car up... the price of oil has gone up a LOT and especially in other countries!

Tue, 02/08/2011 - 15:49 | Link to Comment thepigman
thepigman's picture

Treasuries obliterated again.

Tue, 02/08/2011 - 15:55 | Link to Comment thepigman
thepigman's picture

Hope no one wants a loan while

jackass Ben inflates the world during

the Depression.

Tue, 02/08/2011 - 18:35 | Link to Comment SheepDog-One
SheepDog-One's picture

Ben Shalom's Treasury support program not goin so well! 

Tue, 02/08/2011 - 15:55 | Link to Comment oogs66
oogs66's picture

Doesn't look like the PD's want to hold this pig until it can be POMO'd.  Its trading at 1.41 now.  Up 5 bps from when it was priced.

Tue, 02/08/2011 - 16:14 | Link to Comment viahj
viahj's picture

i think that they ae out of options and see the handwriting on the wall and are just trying to get out front of a deteriorating publice opinion

Tue, 02/08/2011 - 16:16 | Link to Comment Captain Willard
Captain Willard's picture

"Oh yeah, also while you are at it, please explain just who will be buying the $4 trillion in debt to be issued in the next two years (ref: $32 Billion 3 Year Auction Prices At 1.349% As Foreign Bid Plunges And Fed Indirectly Pockets 62% Of Issue)."

Tyler nails it again. Precisely to whom will the Treasury sell all this debt?

All this FOMC (open-mouth committee) bluster is just theater. They have no choice.

Tue, 02/08/2011 - 16:37 | Link to Comment SheepDog-One
SheepDog-One's picture

Who will they sell it to? Apparently none of the ivory tower academics thought of that. Pumping it up is fairly easy...now what?

Tue, 02/08/2011 - 16:35 | Link to Comment flaunt
flaunt's picture

What a bunch of asshats.  They already let QE3 slip with "loose lips Hoenig" and now they're trying to backpeddle to give themselves some breathing room.  Too late.  Now if you pull it the markets are going to tank and your false recovery will be laid bare for all to see. 

Tue, 02/08/2011 - 17:02 | Link to Comment MolotovCockhead
MolotovCockhead's picture

"just trying to get out front of a deteriorating publice opinion"

 

Since when did TPTB care about public opinion?

Tue, 02/08/2011 - 17:38 | Link to Comment onarga74
onarga74's picture

It's not a market.  I can't take the short side of apple cause when it starts to roll over Ben stops it.  I'm pissed.  Be great to be an analyst though.  Throw out any number you want and Bennie will have your back.  Volume is horrid. Insider sales, manufactured employment #'s, and granny selling the last of her muni's and going long Netflix.  This is like having a fruit and veggie market where you can raise your prices every day and people don't care and keep buying. This is freakin wrong. 

Tue, 02/08/2011 - 17:57 | Link to Comment andyupnorth
andyupnorth's picture

“We need to get a handle on deficit spending but we can't do it right now.” It's a way to project an image of responsibility while at the same time allowing them to continue to act irresponsibly.

Mishkin will always be my idol:

http://www.zerohedge.com/article/watch-former-fed-governor-fred-napoleon...

 

Tue, 02/08/2011 - 18:06 | Link to Comment Hedge Hunter
Hedge Hunter's picture

But QE is BENificial to us all!!!!!!!!!!!!!!!!!!!! (not)

Tue, 02/08/2011 - 18:13 | Link to Comment bernorange
bernorange's picture

Jim Rickards: It’s propaganda. I had a discussion with former Fed governor, no reason to mention the name, who is a very well known economist, and what he said was that behind closed doors the Federal Open Market Committee spends about 10% of their time on policy and 90% of their time on communication. They very quickly arrive at what they’re going to do and then spend the vast majority of their time thinking about messaging and wordsmithing. Well, there’s a name for that. It’s called propaganda.

 

http://news.goldseek.com/GoldSeek/1296849600.php

Tue, 02/08/2011 - 18:34 | Link to Comment SheepDog-One
SheepDog-One's picture

Its really called a bunch of ass hats who have now pumped in about $30 trillion to banks which cant lend, and a stock and bond buying spree, and now have no way out.

Tue, 02/08/2011 - 20:43 | Link to Comment Zero Govt
Zero Govt's picture

pressure is rising on Benocide... he's not quite under the thumb yet but when he is it'll be a quick chop and off with his beard... then we can look forward to the autobiography, how he 'saved the world' not blow torched it with counterfeit money (usual public sector delusional BS)

Tue, 02/08/2011 - 21:11 | Link to Comment nmewn
nmewn's picture

Well this could be big...or not.

Do NOT follow this link or you will be banned from the site!