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Watch Bernanke And Volcker Side By Side At 2 PM Eastern
Today Ben Bernake and Paul Volcker will lead Panel 1 at a hearing of the House Financial Services Committee on "Examining the Link Between Fed Bank Supervision and Monetary Policy." With the just announced news that the Volcker Plan is dead after all, we fully expect this to be the last public appearance of the former Fed chairman before he is stuffed back in the closet for good. After all with 8.33 bid to cover for 1 year Ukranian bonds what can go wrong?
The hearing can be seen live at 2 PM eastern at the following link.
Here is a list of all participants in today's hearing.
Witness List & Prepared Testimony:
Panel One:
- The Honorable Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve
- The
Honorable Paul Volcker, Chairman of the President’s Economic Recovery
Advisory Board, Former Chairman of the Federal Reserve
Panel Two:
- Mr. Anil Kashyap,
Edward Eagle Brown Professor of Economics and Finance and Richard N.
Rosett Faculty Fellow, Booth School of Business, University of Chicago - Mr. Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, Tepper School of Business, Carnegie Mellon University
- Mr. Rob Nichols, President and Chief Operating Officer, Financial Services Forum
- Mr. Jeffrey L. Gerhart, President, Bank of Newman Grove, on behalf of Independent Community Bankers of America (ICBA)
Official prepared remarks can be found here as soon as it is released.
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Ron Paul's recent questioning of "The Honorable Ben S. Bernanke" implied the Fed is/has always been a criminal enterprise. For the lack of transparency "The Honorable Paul Volker" might share a cell with Karadich.
LMAO; Honorable, why don't they just call themselves God.
That is reserved for the Vampire Squid Goldman Sachs, they are the ones who do "God's Work".
Hmm... they work under the Federal Reserve per se, so you right!
Bernanke is God! All hail the almighty dollar that many pledge allegiance to.
(Am feeling queazy, going to yak now)
I wonder if Volcker is,
1) A patsy.
2) A willing participant because he thinks he can do good.
3) An integral part of the control system, part of the pretend and extend cabal.
I don't normally point fingers directly at participants in this manner, sticking to the usual suspects of Bernanke and company. But Volcker adds just enough credibility to the toxic mix that the current crop of criminals gets a green/yellow light from the population, allowing the Ponzi to extend and pretend.
We are being had folks. No doubt about it in my mind. At first I though Volcker was a doddering old fool, brought into the game for his final 15 minutes of fame. But there are too many warning lights flashing, too many signals that say otherwise. When I step back and remove my emotional need for someone to rein in the criminals and stop grasping at straws, I recognize Volcker as a straw man.
It is #3.
Both FED chairmen are integrated parts of a criminal enterprise but they naturally have some differences in addressing and solving the present crisis and they play different roles.
"1) A patsy."
1A) A prop.
Even old guys like Batiromo chasing after them as they walk off the interview set. Big Paulie may even get himself a bj from a CNBC money-bimbo or bimbo-ette...
I think he is a senior that's been abused.
LOL
Instead of the overcrowded nursing home doing a drive-by drop off at the hospital for the available bed, the overcrowded nursing home did a drive-by drop off at the wide open Fed.
I hear the food served at the Fed meetings is pretty good.
Good one, Cog.
As you point out, we are being had.
If YOU know the Fed it is an org. based on a Ponzi scam, don't you reckon that BB and PV know it? If you work for the Mafia or run with "the bloods", you know exactly who your friends are and who you are. They are, as one, crooks and con-men. Period!!! You know it and more profoundly, THEY know it!
The Mafia is not open for audit and neither is the Fed. There's a reason for that.
Dressing up the Fed with false credibility, by parading in front of the public a retiring, failed, geriatric, loan shark, doesn't inspire me to chants of exaltation either.
How people don't recognize 18%+ interest rates as a failure is beyond me. Haven't citizens read the Fed's mandate? That wasn't supposed to happen (although it is planned to, ..... just part of the scam).
Regarding the "lever-puller" of the time (PV) a saviour, after charging loan shark interest rates, there-by saving the economy, is akin to thanking the water-boarder for saving your life after turning the faucet off.
I assume that your 3 questions were based on satire.
People give too much credit to the Honorable Paul Volcker. He has been capable of doing his inflation busting because
- The Reagan administration supported him
- Inflation was running out of control
Finally, it was the Reagan administration that permitted an initiation of leveraged buyouts and other market manipulation activities that led to the present economic & financial catastrophe.Isn't it amazing how active and vigilant revisionists are? They seem to be able to turn every admenstruation into some kind of savior.
The LBOs were one of the biggest transfers of wealth in history.
Millions of jobs lost to whose benefit? A few CEOs, their hit men, and the accomplices in law, accounting and congress.
So what? Do you really need to try to take partisan cheap shots against Reagan here?
What do Reagan's fiscal policies have to do with Volcker's credibility?
Volcker punched a monetary bubble squarely in the nuts. That's far more than Greenspan or Bernanke has been willing to do. He deserves credit for that.
+10
No can do. Gotta watch Barry give the daily dose of joy about healthcare. He 's on at 1pm, 2pm,3pm.......
Not when I have the better option of seeing what mischief Kim Kardashian is getting into.
after what i heard about Paul Volcker from George Green...i am tending to believe that our govt is in complete control of these evil people....
Its funny how even the most sensible people..believe that Volker is on their side...
and i quote...
"I remember being flown to Aspen in a private jet and then being asked to be the Democratic Finance Chairman for the Carter election," said Green last week on Greg Szymanski's radio show, The Investigative Journal. "I remember then saying I was a Republican and then Paul Volcker, leaned over and said "That's OK, kid. It doesn't matter, we control them both."
"Paul Volcker, leaned over and said "That's OK, kid. It doesn't matter, we control them both."
This answers ALL the questions. Period!
PS
I don't see any major differences between Republican and Democratic parties. They are just representatives of different fractions of the same ruling elite and WallStreet oligarchy.
Volker is/has been losing it. I don't trust him anymore than I do Bernanke, which is to say, zero.
Watch the Mobsters series on the Biography channel - Its basically the old school version of the FED and Wall Street Banks.
So...when they said "change we can believe in..." they meant just the soiled diaper right?
Something tells me, B.O. isn't even going to try to get reelected in 2012.
It's probably not an original thought, but isn't B.O. an acronym for Body Odor, and isn't he starting to stink up the White House a bit. We're going to need drums of Febreze to get rid of the stink of his deceptions. What a putrid mess.
Get Ready, Get Steady, GO!
Its cage fight smackdown time!
BB interrupted by Code Pink. Anyone catch the signage?
Deleting double post
"In summary, the Federal Reserve's wide range of expertise makes it uniquely suited to supervise large, complex financial institutions and to help identify risks to the financial system as a whole [ROFL]. Moreover, the insights provided by our role in supervising a range of banks [ever see www.youtube.com/watch?v=HQ79Pt2GNJo], including community banks, significantly increases our effectiveness in making monetary policy and fostering financial stability [stability, ummm, i'll gladly trade you half-dollars from 1964 or earlier in super lousy condition as long as the basic metal content is there for 3x face value, you can TRIPLE your money! And how is that employment madate going?]. While we await enactment of comprehensive financial reform legislation [holding my breath, uh huh, yeah], we have undertaken an intensive self-examination of our regulatory and supervisory performance [how is that shredder doing anyway?]. We are strengthening regulation and overhauling our supervisory framework to improve consolidated supervision as well as our ability to identify potential threats to the stability of the financial system [with $1.25 trillion on the balance sheet of junk paper. Ok, not junk, just stuff no one else would with an IQ over 7 would buy at face value]. And we are taking steps to strengthen the oversight and effectiveness of our supervisory activities [by supervising hundreds of billions in free loans to banksters and then making sure they buy US debt that pays +-3% to keep their balance sheets inflation in the direction we want while the US taxpayers are on the hook to pay back this +-3% HAHAHAHAHAAHAH]."
--- Benjamin Shalom Bernanke
Ron Paul with the economics lesson again
What did I miss? Just logged on, I thought it was at 3E...dang it!
Code Pink interrupting BB for 10 seconds. Otherwise SOS from BB and PV
The sound is terrible...?
http://www.c-span.org/Watch/Media/2010/03/17/HP/R/30716/Bernanke+Testify...
Volker is there to reinforce and add credibility. They are trying to get control of the oversight of all financial institutions while projecting fundamental ideas which sounds logical in the way they propose it to the uniformed citizen. The next time there is a crisis we won't here about it. It will be behind the scenes and not open for public discussion. They will print more money with the Treasury's approval. There won't be any transparency at all.
Check, check, check, check, and check.
BB asked whether there are any problems at GS or any repos, He replied he didn't know yet they have 12 people from the FED at GS everyday. Hmm Yea they are doing a good job. Thanks Ben I feel a lot better now in handing you full oversight of all our banks.
Think, a couple hundred years ago, you would have had Franklin next to Jefferson instead. We are in for one WILD RIDE! Got gold?
IMO the passing of this will be to prevent a market collapse and will nullify any gold holdings on the basis of a fiat money collapse. They will do all that needs to be done in secret. They will be printing money for yrs. and the market will never be where its supposed to be. What will prevent them when they are the Head of oversight for all banks. They will be able to manipulate beyond any scale they could before. Notice they said" it was urgent " that this be passed. If they don't a collapse is imminent, and they know its coming.
I want to add that in retrospect I think the reason Soros and Paulson are piling into gold (not physical) is because they think it will go up on demand not because of a financial crisis or market crash. After I looked at their other holdings this seems to make sense to me that this is their point of view. IMO
Volker says "supervision is hard"
The passing of this is essentially hitting the reset button.
OT ,we might have a guy to replace Barney...A veteran and a stand-up guy(As opposed to BEN DOVER) I'll move to his district just to vote
wtf does "We did not have that information. We had a couple of people in the company, whose primary objective was to make sure we were paid back for the money we were lending to Lehman through the Primary Dealer Credit Facility. We were not the supervisor. And in any case we would not have the authority to address accounting and disclosure issues in that content"
How were they making sure they were repaid loans without looking at the books and studying the structure and activity of Lehman? The question was whether the NYFed knew about the repo 105 transactions. Wasn't that shown in the 2200 page Valukas report? Or were they just "implicated". I guess I have to admit to not reading it.
And if the view that the SEC and the FRBNY were not sharing all the information each held even though they had a letter of agreement for sharing all info, why would the Fed Chairman be AGAINST a sole regulator?
And if the view that the SEC and the FRBNY were not sharing all the information each held even though they had a letter of agreement for sharing all info, why would the Fed Chairman be AGAINST a sole regulator?
The FED will be the head of all regulation but don't want sole responsibility (mainly the small banks because there are so many), probably want to insure that they have plausible deniability. Anyway they are full of it. A lot of double talk.
Never ending story...
tra la la, tra la la la, tra la la
Never ending story
tra la la ........... rinse
you know the rest.
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