THE VoLCKeR RuLe...

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Comments

[Stud Duck]

Great work, as alway, William.

My memory of Paul Volker was when he was appointed Fed Chairman, he determine that inflation was out of hand and raised interest rates to 20% plus for farmers and cattlemen. You have got to take into account that the Nixon Administration asked the farmer to "farm fence row to fence row" to produce grain to sell to Russia to pay for the Saudi oil. The American farmer patriotically answered to call of his government, bought super high priced equipment, mortgaged his farm and when it all collasped, the bankers. federal land banks and production credit loan organizations came for their money. Needless to say, that farm equipment sold at auction for 10% of what was paid for it. Then end result was that 35% of American Farmers were forced out, myself included. I was young, in my 30's with two little kids, and a masters in econ, so I had options, most did not have. Many committed suicide due to the failure complex when it was really their goverment that failed them.

Now Volker is reguarded as all knowing and his 'Rule" is touted as a solution. I remember what pain he inflicted to many good hard working men and their families and feel nothing but dread when his name is mentioned as a 'solver of our problems" with the TBTF banks. I reguard him as just another shill of TPTB and his rule a farce.

Havenlt been on to comment for a while, just monitoring you great work.

Again, I predict you will be studied in college art classes 20-30 years from now. Your work is that damn good! Of course you must be interested in more than the latest football team or the Kardashians to really appreciate it.

Keep pouring it to em.

[williambanzai7]

Hi Stud,

I also find this cult worship of Volcker to be ridiculous. They put his name on something as if that is going to pass it off as a panacea. One big misdirection. The bottom line is they are all organically inseparable from the klepto-artifice.  

You can count on me being here in the trench trying to catch whatever bullshit gets flung at us and flinging it right back.

Best

WB7

[Stud Duck]

Yes, William, back then I was a early thirties guy that survived the 60's and the draft, got a education, married and was on the path to a  suscessful young farmer/rancher. Did it all right, did not invest in high dollar farm tractors, combines, did it with 20 year old tractors and combines, repaired myself ect. The guy that ended up with my old place was a gov;t employee double dipper,  has leased it out since he aquired it.

The select few young farmers that the FHA supplied the finance to buy the cheap land, provided the money to operate are now living large, with land prices going thru the roof, produce at record prices. They used goverment subside to get to this point and are the first to advocate cut to food stamps.

I try to tell them about what happened to white farmers in Rhodesia (Zambabwie) and North South Africa,  advise them of a term they use for black "kaffar" and how they hiss it when they enunciate the word.

These young men that have inherited their fathers operations, living large do not fear a politician rising and lighting up the black, poor white ect against the rural landed aristocracy! They look at me with the "it can;t happen here look".

[Squid-puppets a...]

great contribution, 

real life perspective can be refreshing around here with all the ideologues abounding. mself included.

[monad]

The microwaves will do us in 

[williambanzai7]

[ShakaZulu]

Where do they get all their energy?

[the grateful un...]

i kinda like Wells Fargo, just saying..

[the grateful un...]

http://www.sirchartsalot.com/article.php?id=184

i really like gary dorsch, he says it all so matter of factly, but he lets us in on a clue as to what will derail the wall street party, and thats one part congressional austerity measures, and the Feds own hubris in connecting unemployment to interest rates, (feeling pretty sure the BLS would have their back and what with structural changes to employment it was a deux a machina, it wasn't ever going to happen) ironically throwing workers out of the labor force should help main street and hurt wall street, their pain is our gain. clearly its a push comes to shove moment. governments phony employment numbers versus the feds phony QE program. two lies sometimes make a truth

Perversely, the US-jobless rate could fall substantially early next year as belt-tightening in Washington throws 1.3-million long-term unemployed Americans off the benefit rolls. The loss of benefits would mean these workers are longer considered to be part of the labor force. As such, economists estimate this could lower the jobless rate as much as half a percent to 6.8%, and bringing the Fed closer to its self imposed threshold of 6.5%, that it said could trigger a hike in the overnight federal funds rate. Of course, the Fed can always move the goal posts to accommodate the wishes of the White House and the Richest-1% of investors.

[nqs_alpha]

absolutely fantastic work WB

[williambanzai7]

[the grateful un...]

actually i think its kiss THEIR ass goodbye, since most of these firms arent doing bank business any longer who cares if they crater? main street america is in credit unions (i will tell you anecdotally  my cu is a real scrooge on late and deferred payments, as my neighbor found out). also once these bastards implode asset prices will fall, like $2 gas and $5k cars and $100K homes. the real kicker is the unknown, will bernanke yellen continue to monetize debt in order to support a living wage in the jobless society. my guess is if the bankers dive and government doesnt do anything for main street, their will be a revolution. some people change when they see the light, others change when they feel the heat.