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Welcome to the Age of Permanent Bailouts for the Giant Banks
NY Fed president William Dudley said today, when asked when the Fed would stop quantitative easing:
This exit could be several years away.
Too
bad that quantitative easing won't help Main Street or the average
American. It will only help big banks, giant corporations, and big
investors. See this and this.
Remember, the government has also left open the possibility of permanent bailouts for the big banks. See this, this, this, this and this.
As Ron Paul wrote in October 2009:
The
Fed, by backing up fractional-reserve banking with a promise of
endless bailouts and money creation, attempts to keep the illusion
going.
And see this.
Welcome to the age of permanent bailouts for the giant banks.
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And the states... and the public unions... and the unions that fund the Repubs and Demos and... BP who funds both parties (shhh... the gulf is just fine..). Did I miss anyone?
My avatar says it all.
j?n
but dont forget
yín
The banks are the government and the government is the banks; and the only two things you can be sure of are death, and taxes.
This exit could be several years away.
Pfft - delusional. It, and we, all blow sky-high long before "several years" have passed.
GW: Did you notice the Fed is buying Treasuries instead of the bank's toxic assets.
How about a paper on that distinction.
The American Banking Association has adopted your position on the purchase of Treasuries.
Why?
"The American Banking Association has adopted your position on the purchase of Treasuries."
Link, please?
1. Banks give money to politicians.
2. Politicians protect banks.
Any questions?
Not only the banks. Entitlements will have to be bailed out on an ongoing basis too. And the federal budget, and budget deficit. Indeed, the living standards Americans still expect will have to be bailed out from here on in too...
Only none of these things will be worth a damn. Devaluation...
The ongoing economic crisis is resulting in broken promises. Unfunded liabilities that are impossible to pay. People were promised retirement (through Social Security, for e.g.), ex-military have been promised tuitions and pensions...
And because all these promises have been broken it is vital that the bankers share in the pain, by accepting haircuts.
But no bank will willingly commit financial suicide, so the Fed has decided all the promises will be made good, only problem is, your pension will be paid in BennyBux, or Benny's Confetti, as some like to call it.
The currency, the banking/financial system, and the tax system will all have to start again. From SQUARE ONE.
http://psychonews.site90.net
"Everyone else can eat cake ..."
Correction: Everyone else can eat shit.
a virulently pathological evil cabal of thieves has usurped power in this country.
buy silver and take posession. these motherfuckers must be destroyed.
People are catching on.
The Feds mandate fist & foremost is the welfare of the big banks.
Sure, Ben won't admit it outright, but follow his actions, not his words.
For Bens actions certainly speak louder than his words. In other words;
follow the money.
So Ben looks after the Big banks...who own the fed, right? Or do they?
Actually, the brings up the question.... exactly who OWNS the fed?
I mean countless commentators bring up Ben Bernanke when discussing
the fed and act like he alone is responisble for the policies of the fed.
Since the fed is private, one wonders... is it a corporation? Is there stock.
Does Pimco, or Calpers (or little ol grand mothers) own the stock.
Yeah,yeah,yeah... we've all had it regurgtated to us countless times
"12 regional banks", "NY Fed", Fed's "profit" remitted to the US Tresurary.
Blah,blah blah. I can do an Internet seach and bring up all the theories.
What is the truth?
What I want to know is ...... WHO are the ultimate movers & shakers
behind the fed who give Ben his marching orders?
Who are the enities that buy off politicians so that they give cover to
the actions of the fed? (come on... you don't really think Congress gives
such favor to the fed on account of it's merits). Actually though,
I have to refute myself to a certain extent. History has proven that the
fed is quite willing to fund the excess spending of Congress by loaning
money, so the relationship between the fed & congress
is obviously symbiotic.
But back to the question at hand.
I tire of the Internet at large equating Ben Bernanke = the Fed.
Surely Ben is nothing other than the butler. Yes, a butler with
a PhD. ... but a servant nevertheless.
So the obivious thing to do is investigate the fed. Look through it's
books. Right? Unfortunately the fed seems to be quite secretive
about its inner workings. Ostensibility that is to "protect" us from
the instabilty (or so claims the fed) ....of knowing the details behind
its dealing.
Right.
Bottom line is that the fed has set itself up as the most appealing target
on the planet to ---- FULLY AUDIT WITH A FINE TOOTH COMB !
Audit the fed.
betwe
A quick Internet search brings up something such as this:
"
The Fed is up to something but they've ruined all credibility in themselves that they'er no longer trusted. I personally don't think a Federal Reserve is a bad thing. It just becomes a free market antagonist once it's credibility is lost.
The problem and solution is simple but the real world fix is a bitch!
OUCH WE SAY!!! but instead of a 3-4 year problem we have a 30-40 year problem...
doh!
Hi GW, It is good to see you still publishing about economy. Do not forget the disaster in the gulf however!
There is still a leaking timebomb overthere, even many people think it is so called"contained". It is not!
Wish you "courage"as so many of that stiff upper class people dislike you!
Re framing reality is MSM's agenda while ZH has it's own cult of followers. Let's re frame the defcit debt debate. It's really about reducing the population size to match the available resources, not about increasing resource levels (printing $) to meet demand. We've spent the last 30 years blowing our inheritance; now what the fuck do you do?
....reaches for bong.....
GW: We will not be eating cake! Something else for certain.
I think to get rid of the delusional plutocrtacy who's in control right now, all we need to do is to get just a little smarter.
Makes me think about the old timey swindler who used to sell fake medicines & potions out the back of a covered wagon. One day he decided to make some money by collecting those rabbit pellets, bottling them & selling them as "smart pills". One day one of his customers looked him up & told the old swindler his "smart pills" tasted just like rabbit shit.
The old swindler responded, "see now you're getting smart".
Off topic, but congratulations Tyler(s). Zero Hedge was referenced in both the Huffington Post and CNBC today. Not bad for a financial "blog".
http://www.huffingtonpost.com/2010/11/16/mortgage-security-chart_n_784274.html
http://www.cnbc.com/id/40215757
referenced. how reality tends to intrude.
Oh! Dig this:
Come on people: The first rule of fight club is that you don't talk about fight club!
We really need to keep the MSM in the dark about this because they'll take care of their credibility on their own :)
A bull, head butting oncoming cars in traffic...leaves the pileup and crashes through a banks window...gores the manager...and is called "secretive"? ;-)
An aggressive bull, yes, but nevertheless a furtive one with a general mien bringing to one's mind nothing so much as the word "cryptic".
Secretive? You don't really look like that?
I get the image of the hamburglar wearing a ZH shirt (from old Jack in the Box commercials)
Well, yes... that would only have been true when J Bravo was around. Now? Not so influential. : )
Oh joy-I finally have a legacy to pass on to my children. You have been a Gawd send G.W. Milestones
To start the ball rolling buy one of these..
http://www.perthmint.com.au/images/product/2011-Australian-Koala-1oz-Sil...
When the real SHTF someone should get the names and addresses of the top 50 execs at each of the firms and give them to the ghost of Steve McQueen to see if that piece he carried still works.
You know it'd be nice to get "the names and addresses of the top 50 execs at each of the firms" now, along with some pictures too. We'll let the .308 do the rest.
There are more and more of these posts likew this.
And I thought that I was the only one thinking darkly.
Good to have company!
I don't think a .308 to the cranium is that dark however the outcome for their families might be a bit darker! I'm just going to record what I see and post it so the word gets out.
Not that I agree with any of you guys...<.< ..>.>
But uh with the amount of watchdoggin going on by the Federal Government I wouldn't be admitting to these "dark thoughts".
psst...Save me a space for the pitch fork rally.
You know what the really insane thing about all this is?
The fact that someone (me…) could actually do time for voicing my first amendment right while those responsible for this financial fiasco and destroying the entire American finance, banking, and insurance industry (terrorism in its finest and most efficient form) will get bonuses and a pat on the back from our leaders….
It’s absurd and I know I’m not the only American Patriot who feels this way.
I think the only people who need to worry about TSHTF are those running the system. They’re fuct from my perspective.
I'll let you all know if the boys come knocking.
There will be a live feed of them busting down my door and probably beating the sh!t out of me but you'll all get a free show.
I do however hope for legal counsel when the shit goes down.
We are outing the Oligarchy one psycho at a time over on PsychoNews.
In the old days they used to BRAND people who were caught stealing. I think there is a good case for a return to the old ways, except now we will brand Wall St and Fed bankers! Any ideas what brand to use?
http://psychonews.site90.net
Read the latest in our ongoing series on the Currency Wars, Part 4 "The Return of the Dollar"
You are too kind, sir:
http://www.youtube.com/watch?v=Q1eyWpUpkwI
Fed mandate = Sentence of Sisyphus http://www.nyu.edu/classes/keefer/hell/camus.html
...Except lower classes do all the pushing, via inflation taxation...
Fed mandate = save big banks, period.
Well it won't be permanent...eventually the dollar will collapse and with it the US. That should stop the bailouts...oh God I hope it stops the bailouts!
Agreed. It won't be permanent.
Commodity prices (cotton, oil, corn, etc.) will go to the moon. Consumer spending won't rise much at all because it can't. Prices will push higher, but the consumer will eventually be unable to spend more: The price ceiling of consumer spending will collapse margins. Soon thereafter, industry will collapse.
And then the deflationary vortex will be unstoppable.
We'll see an inflationary commodity boom followed by an outright collapse of global industry, as input costs push up and consumer spending pushes down -- and we'll have a depression worse than anyone has ever seen.
George what happened to your dozens of posts that stated the Gulf of Mexico would soon be a dead organic tarpit? That did not occur. My conclusion is that your hyperbolic rhetoric is entertaining but inaccurate.
people have died because of this, but yea, they did plug the hole..
Is it hard to breathe with your head so far up your ass? And another thing, how is the view?
Employees at NOAA are under gag order regarding any information related to the spill. Now why would that be? I would not recommend eating fish.
You are inpatient. When the huricanes hit, you would see the devastation.
It may take a few years to show that there is no marine life.
All researchers have been banned from the area. <<For the common good!!>>
QE till the banks are above water and there is probably a bunch of crap underwater in the Gulf.
It just happened. The microbes are working the oil like Ben is working on the banks debt.
Gonna be years.
Every 4 days and Exxon Valdiz worth of crude was gushed from the earth. That's a lot of oil. The fish in the taco that Obama ate (probably) came from the west coast.
i thought she was born in Chicago???