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Should We Give the Fed More Power ... Or Less?

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Thu, 10/29/2009 - 00:11 | 113740 Chignos
Chignos's picture

Well, hello there, big boys! I'm BB, and I have what you want.  And plenty of it.  If I run out I can just run down to the basement and press a few computer buttons and when I come back upstairs I'll have another stash that'll press your puter and your button.  Don't ask me to get serious--I just don't want to become that involved.  If we could just lie down on this paper here I'll give you a good screwing.  Hey don't worry, I don't have herpes....yet--might as well make some hay while the hays there for the making, shouldn't we?  By the way, could you pass over that gold?  Me and my friend Greenie like to arch our backs.  Have you boys had enough yet?  I thought we were just getting started.  

Wed, 10/28/2009 - 21:18 | 113598 FLETCH
FLETCH's picture

I vote give them more than they want

Then they can shoot themselves in the head faster

Wed, 10/28/2009 - 19:54 | 113554 gossamer
gossamer's picture

Our trusted leader, BHO, seems to favor giving the Fed more power, a lot more power.  Me thinks that us sheep should just quietly stroll into the pen and let our Fed Chairman show us the way.  Is this a trick question?  Surely our president knows what is best for us.  

Wed, 10/28/2009 - 19:51 | 113549 Anonymous
Anonymous's picture

Would lynching every member of the Fed at the base of the Washington Monument, followed by drawing and quartering, constitute more power, or less?

Whatever you call it ... that's what I'd like to see.

It'd be like the old days; we'll pack a picnic lunch, and bring the whole family. You know, make a day of it.

Wed, 10/28/2009 - 18:46 | 113479 Miles Kendig
Miles Kendig's picture

GW - To answer your question I thought the new drug czar was going to be Hamid Karzai.

Wed, 10/28/2009 - 18:48 | 113480 George Washington
George Washington's picture

Miles - Mr. Karzai's spokesman said he is too busy "helping out" in his own country.

Wed, 10/28/2009 - 18:52 | 113487 Miles Kendig
Miles Kendig's picture

I thought he was helping most with keeping the distribution routs though Iran open. After all, his contribution to providing liquidity to the global financial system during the recent unpleasantness has been extraordinary.

Wed, 10/28/2009 - 19:18 | 113513 George Washington
George Washington's picture

Well, I have already crawled out of the rabbit hole for the day and have dusted myself off ... but for anyone who wants to go down the rabbit hole, you can peek at this.

Wed, 10/28/2009 - 19:35 | 113531 heatbarrier
heatbarrier's picture

South East Asia was just the R&D phase, learning the knowhow from the French. Fast forward to the 80s and the source is South America and the planes come in at Mena Airport, Arkansas, poorest state in the Union, but the cradle of WalMart, FedEx, and (cough,cough) a two-term president.

Wed, 10/28/2009 - 18:01 | 113438 snorkeler
snorkeler's picture

Less

Starting tomorrow please

Wed, 10/28/2009 - 17:53 | 113430 Anal_yst
Anal_yst's picture

Great post.  Giving the Fed more power would be like giving a junkie the keys to the DEA drug stash.  Actually your analogy was better, kudos.

Wed, 10/28/2009 - 17:09 | 113394 Anonymous
Anonymous's picture

Stumped to come up with a more stupid question.Bend over George,its time for James Madison to give you your daily lesson in compounding cornholing.

Wed, 10/28/2009 - 16:49 | 113366 Pedro
Pedro's picture

More power?  Surely, you jest.

Wed, 10/28/2009 - 14:46 | 113191 economessed
economessed's picture

I'm a contrarian here.  Give the Fed as much power, resources, and authority as it wants.  Give it control of the armed forces if they ask for it.  ANYTHING to help them fail faster.  This drip, drip, drip of serial failure is maddening.  Let's get on with it for cripes sake!

Wed, 10/28/2009 - 15:06 | 113223 Careless Whisper
Careless Whisper's picture

They already have control of the armed forces. Who do you think prints money to finance the wars?

Wed, 10/28/2009 - 16:44 | 113357 Anonymous
Anonymous's picture

+1

Wed, 10/28/2009 - 14:40 | 113180 Anonymous
Anonymous's picture

that god damned fucking cancer on society should be burned to the ground along with all of the vampire squids assholes inhabiting that den of iniquity...more power is more enslavement....

the satanic 4th branch of government has not 1 elected official and has no business making policy or enforcement of regulations...

fuck the fed and its nazi control of amerika....

Wed, 10/28/2009 - 16:17 | 113305 Yankee
Yankee's picture

Anger management could help, I guess??

Wed, 10/28/2009 - 21:54 | 113632 Ned Zeppelin
Ned Zeppelin's picture

If he weren't right, I'd agree with you.

Wed, 10/28/2009 - 14:28 | 113165 max2205
max2205's picture

qUOTE OF THE DAY: 2:11 PM Contrary to opinion, the stock market will embrace a tightening monetary policy, says Jeffries & Co. chief strategist Art Hogan. Rather than seeing higher corporate borrowing costs, he says, investors will know the moves are coming because of positive economic signals: "The Fed has a pretty good picture of the economy, and can usually see around the corner."
.
lolololol!!

Wed, 10/28/2009 - 16:48 | 113365 Miyagi_san
Miyagi_san's picture

thats the guy who left his wife for the babysitter...he must be getting that tingle back

Wed, 10/28/2009 - 16:14 | 113301 Yankee
Yankee's picture

The folks that have this market will embrace any idea that seems new to push it higher, what is the problem?  You will not get justice, these people will not be proven wrong in your lifetime, go with the flow, or stand by, but they will prevail for some time to come

Wed, 10/28/2009 - 15:10 | 113227 Daedal
Daedal's picture

Hilarious! George Carlin would've done a great job going to town on this quote.

Wed, 10/28/2009 - 14:21 | 113158 Prophet of Wise
Prophet of Wise's picture

Demand your deposits now. Demand your deposits now. They call them 'demand deposits' so 'DEMAND' them. Put a final end to this. Go to the teller and demand your deposits now. Demand your deposits now. Demand them. They are due upon demand so demand them. Close your accounts and demand your deposits. Put a final end to this. This is the one and only threat they will understand so go through with it. What are you waiting for?  

Wed, 10/28/2009 - 16:09 | 113286 Yankee
Yankee's picture

As I recall a lot of savingers (mutuals, s&ls and fsl) don't have to honor immediate withdrawals, but have done it as a courtesy historically.  What are you going to do with a wadge of greenbacks anyway?

Wed, 10/28/2009 - 14:50 | 113200 Anonymous
Anonymous's picture

So you can be paid in Fed Reserve Notes? Not a threat. That's why the whole reserve system was set up.

Wed, 10/28/2009 - 14:48 | 113195 Daedal
Daedal's picture

Except there are no deposits. The dollar receipts ought to be claims on the deposits (gold), instead they are themselves the deposits.

Wed, 10/28/2009 - 13:04 | 113063 heatbarrier
heatbarrier's picture

Nationalize the Fed already. It should be a part of Treasury, fiscal and monetary policy under the same branch, leave the other two branches work as check and balance.

Wed, 10/28/2009 - 21:28 | 113605 Anonymous
Anonymous's picture

" HE THAT FORGETS HISTORY IS DOOMED TO REPEAT IT"

The founding fathers were concerned about the unrestrained control of the money supply. One thing they all agreed upon was the limitation on the issuance of money,
Thomas Jefferson warned of the damage that would be caused if the people assigned control of the money supply to the banking sector, “I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a money aristocracy that has set the government at defiance. This issuing power should be taken from the banks and restored to the people to whom it properly belongs. If the American people ever allow private banks to control the issue of currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers conquered. I hope we shall crush in its birth the aristocracy of the moneyed corporations which already dare to challenge our Government to a trial of strength and bid defiance to the laws of our country” Thomas Jefferson, 1791

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