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Quote Of The Day: Unbelievable Hypocrisy Edition
Jim Bullard, of the St. Louid Federal Reserve, is currently answering questions following the delivery of prepared remarks. As a reminder, Bullard is a non-voting member of the FOMC this year who in 2010 was the first Fed official to call for a second round of QE. He just said the following:
- Fed’s Bullard Says He’s Concerned About Low Returns to Savers - BBG
Now this is beyond mere sheer hypocrisy and pathetic "good Fed cop, bad Fed cop" routine (still waiting for Bill Dudley to disclose what is the deflating hedonic equivalent of food inflation in a NEW iPad world). This is similar to Stalin saying, several days after completing the purges which saw tens of millions of people quietly "disappeared", that he is concerned that the price of graveyard real estate might be in a bubble.
Don't worry, Jim, the same savers whom you are so concerned about increasingly have less and less to lose, and once they realize that the entitlement state is completely broke (shouldn't take long now), and they have nothing more to lose by finally saying "enough" and not so quietly make landfall at the Marriner Eccles building, and the HQs of other regional Feds, you will be absolutely correct to have been "concerned" about the policies that YOU encouraged for years, and which have led to the genocide of America's middle class.
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In other news, Obama says he's "concerned about the lack of protection of the Bill of Rights in America today."
He's about as concerned about savers as the fat fucking crow that squeezed out a big runny birdshit onto my bimmer is concerned about my paint job.
Remember his face.
Never forget it.
Would you be able to recognize him if he is 25 pounds lighter?
I know this is not going to go down well, but the truth is that "Savers" bear a huge amount of responsibility for the sluggish pace of the economic recovery. Savers withdraw capital from circulation by putting money in banks who refuse to lend, which creates an enormous vacuum in aggregate demand. When the stock and bond markets are soaring and the government is providing fantastic opportunities for home buyers like HARP, there is simply no excuse for sitting on the sidelines. I'm sorry to say it, but if Americans refuse to do their part to boost the economy, they deserve to get a low rate of return. High rates of return and bargain deals for consumer goods are for real Americans. Savers are neither American nor honourable in any way.
"banks who refuse to lend" MDB you can do better than to contradict yourself in so few sentences.
The Fed believes they can rig markets forever. They have chased every grandma in America into the world's riskiest asset class: Equities. And when the Fed finally fails one day to rig markets forever (which **OF COURSE** they must) they are going to bankrupt a generation of retirees. Those fuckers are going to have so much blood on their hands that the public is going to demand a very public lynching.
I hope Bernanke is scared out of his mind at the mess he has created. The Fed will be personally responsible for the destruction of a generation. First by their utter failure to regulate. Then by their utter lack of foresight. Then by their disastrous and utterly irresponsible policy decisions. Then by chasing grandma into risky assets. And finally by the consequences of all prior actions as the wheels come off their ridiculous contraption.
.. at which point there will be blood in the streets and most likely war.
Would you prefer to hear him says he doesn't care about savers rate of return...???
He is merely stating the obvious, with a tiny bit of empathy thrown in....
Nope.
I'd like to hear him say that Keynes was wrong and Rothbard was right. Or perhaps even better since it's more modern...
Alan Greenspan was wrong and Peter Schiff was right!
It is odd to hear anyone from the Fed lament the fact that savers can't get a break as 70% of the GDP is consumer spending...
He should be encouraging spending, at every turn...
When people choose saving over spending, the game ends sooner rather than later...
Physical silver should be at the top of every consumer's shopping list...
The flawed assumption is that consumers have savings in aggregate. In aggregate the middle class is knee-deep in debt. The ones who have a lot of large dollar accounts are the 1%. The people who benefiting from leveraging up consumption. Real estate hates higher and higher long bond yield, ask Sam Zell, he is mad about QE3 and its inevitable consequences of inflation first, and higher and higher (but still negative) rates.
I think you'll easily get 1000:1 odds if you take that to a bookmaker.
In other news, boating accidents continue to increase at an exponential rate.
and lance armstrong has been clean since 1999 go pUSA! ?sarc
Really I don't think Bernanke et al could give a damn. When it all unfolds, they have the "right connections" to eansure their very comfortable "survival" in some remote (but comfortable) tax haven, whilst the hoi polloi fight amongst themselves (and / or are gunned down by the then fully privatised Military / Militias) whilst aimlessly roaming through the remnants of a once great civilisation.
The Fed believes they can rig..
It may be it's the Feds intention to lure them in so that the primary dealers, who now own the market, can unload onto the retirees, in fact I think that is the plan. Equities will not correct until they have unloaded.
You got to give credit where due. MBD comes up with something this GOOD, and is near the top of the thread to boot! Million Dollar you are BEAUTIFUL....how the eff do you do it?
:)
Spending = Saving 2.0 :)
The future is but one solar flare away.
No! A lot of savers refused the risk involved with banking for next to nothing and securely tucked it away and out of circulation. The FED simply wired those same amounts to the Bank(sters).
Senior citizens get a better ROI on a case of Spam than they do on their bank CDs...
Way to grasp the concept of Nominal Interest- it's only worked for 5000+ years, but don't let that get in your way of your plan, McDonalds Boy.....
MDB- FRIES NOW!
http://www.thedailysheeple.com/pay-for-comments-confessions-of-a-paid-disinformation-internet-shill_102012
MDB you are both right and wrong, as usual. We have too much debt to GDP. Since someone´s debt is someone else asset, that means we have too much financial assets to GDP. Financial assets include bonds and equity. So to restore the ratio of circulation, we have two solutions. The first one is to have bankruptcies everywhere, the second one is to wack financial assets by making return negative.
We are in the second solution. Fortunately there are many bond traders which have a lot of dollars, more likely the stock brokers. The unfortunate part is that there are people which have played by the rule which are going to be innocent by-standers.
There is no easy way out, the financial assets are wacked by bankruptcies or by negative rates.
The difference between commodities and financial assets is that the commodity react to negative rate usually positively regardless of the level of inflation. The financial assets are driven by nominal rate, so when nominal rates are at 1.86% and real rates are negative both financial assets and commodities rise.
When inflation moves to 5%, the Fed will make the rates not too negative and the short term might be at 1.25% and long term at 4%. In that scenario, commodities keep benefiting, while financial assets which are sensitive to nominal rates get wacked.. Et voila!
So the wacking will start when we have a real bit of recovery and inflation picks up, the Fed moves the rate to make the real rate not too negative, commodities keep moving up, bonds get wacked and Equities are sluggish. Bifurcation between commodities and financial assets is assured at that point. Beware of the knee-jerk sell off in Gold and commodities when the Fed stops printing, and reacquire because rates will keep being negative for years. In 1981, while debt was low, bringing inflation under control meant a huge recession. Given the level of debt, bringing interest rate positive would increase the burden of debt and would mean starvation.
'mr. know it all'
http://www.youtube.com/watch?v=q00Cau2Lb9c&feature=related
http://www.youtube.com/watch?v=md-q5GRo9E0
Capital is undeployed because no one knows what the rules are. Cash for clunkers then, but not now. Houses are money pits, caused the bubble but are good now. Or not. Work hours and pay growth down but energy food and taxes up. But people should borrow for consumption in a over housed by square feet per person rattling around a decaying chipboard and vinyl McMansion with photofinish floors. Yeah, right. Or go to law school. Or Med school just in time to be Obama's fool.
Tard.
There's a whole lot of liquidity chasing absurdly priced assets out there, and that's just the way The Bernank wants it.
When the history and economic textbooks are written years from now (if any credible ones are written), this period will be known as the Multi-Bubble era. It's like 1999 or 2007, where particular assets are extremely overvalued, except it's different, because those prior periods of asset bubbleliciousness related to specific asset classes, and this period is a literal cauldron of flaring bubbles, all over the place.
That's what QEeasy monetary policy in the form of a tsunami ofelectronic fiat credit and ZIRP/NIRP will do.
I just know that when this latest multi-bubble bursts, there will be claims from 'very serious people' that "no one could've seen it coming."
Let's play poker.
I "update" the rules after I deal each card.
How much would you put in each round?
Exactly - the ultimate "rigged Casino" where the rules are changed by the "owners" (TBTF & their Corporate / Political cronies) in order to ensure that the House wins, ALWAYS.
i know you're a troll/in-jest kind of poster, but i have to keep you at least logically inline.
savings ARE capital, so you can't say savers WITHDRAW capital. You can maybe make a keynesian thing and say savers don't save in the right 'form' (e.g. bonds instead of equities), but you can't say savings withdraws capital.
Then again, i forget, only the Fed creates capital right? they can and should create unlimited capital then we can invest in 200% of our national energy needs from green energy, give everyone 1 billion US Dollars on a debit card (so they can only spend it, no savings allowed!), then the economy will regain animal spirits and be in a virtuous circle-jerk of ever higher happiness.
KISS MY ASS mdb
"Savers are neither American nor honourable in any way"
Fuck you you piece of fucking mouldy shit.
It annoys me to no end that YOU take on air.
People like you are using up value space on earth.....
Fuck Off and die.
Would you be able to recognize him running away from an angry mob?
Key identification features:
Looks like a head on view of a Model A Ford.
Long nose.
The elf ears.
you'll only have a chance to "recognise" him if you have your bug out home in Monte Carlo and frequent the same casino on Friday nites
please send all comments directly to Federal Reserve Consumer Help: ConsumerHelp@federalreserve.gov
Hey vast-dom,looks like the Government even thinks the Federal Reserve is part of the Government,
Too fucking funny.Gov
Decietful mother fuckers.
Oops, typo. Obama instead is commenting on the uber important issue of the ongoing feud between Nikki Minaj and Mariah Carey.
Criminals are never truly remorseful.
"Fed’s Bullard Says He’s Concerned About Low Returns to Savers"
He's concerned they're not low enough!
"Why aren't those greedy hoarding bastards out there spending in order to save the economy!!!!!"
Because they are too busy making money off government programs to go out and spend. The reason the Banks won't give home loans to regular people well it's all the fault of regulations not because they want to sell the houses to investors and make alot of money doing it or anything (sarc)
Savers be damned the memo has been sent out and you don't need to earn any interest and the government doesn't need to stop spending as long as the (hahaha) Non political Fed is monetizing our debt.
That was my thought, that Bullard is thinking "Man is there anyway we can instantly vaporize their savings, that would really get teh consumption moving!"
+ 1
Low rates are killing the savers we depend on to eventually invest to rebuild America. Not to mention save for their retirements so that we do not be yet another "taker" from .gov. And OLDER debts, at higher rates, are much harder to pay down now.
What if they were more concerned with keeping the ponzi moving and didn't care about the future of the US. Indeed a US without any savings in a bad way might be more appealing to some. The US has a lot of resource wealth that got tied down due to regulatory hurdles. Now imagine the fire sale prices those resource rights will sell for if the US standard of living is radically dropped. Just have to look at the IMF battle plan. Then add to the comedy that over a long enough timeline the Fed Res will own basically all mortgage paper in the US. I fully expect to see most property rights aggregated into a tiny set of private hands in the US.
For now they just want to continue to sheer the sheep, eating mutten comes later.
As Rothschild said - "I wait until there's blood in the streets, then I buy".
Of course, if you CAUSED said blood in the first place, it's easier to capitalise.
This just in:
Dracula concerned about rising incidence of anemia.
of course! any lower and savers must pay fed = gov = banks to keep their monies in banks. which part don't you get?
Seems like some in the FED are hedging just in case Romney wins. They need to keep their phoney-baloney jobs. After he made the comments, he passed out the wooden paddles with the elastic and red ball attached.
Romney will not change a thing. Only the rhetoric will change, a bit.
I think they will fire the current Fed team and put in their own bankster buddies. Policies won't change, just the faces.
Luckily, on a long enough timeline Fed's policies will effectively eliminate all savers from the market.
What? No ZIRP nirvana for us all?
You have to have the "right connections". This excludes about 99.9% of the US Population, or haven't you noticed . . . .
For "Mr Average" it's payday loans / Credit card loans attracting 15++% interest calculated monthly.
For the "Well Connected" it has ALWAYS been "negotiated loan rates" - and the likes of Soros have always been able to get money for miniscule, or zero, loan rates.
It's how they set the system up. The masses pay their interest; the masses pay their tax bills.
Dudley is saving his gem for when the new mini iPads come out. - Kinda like pulling the goalie
Do they get gravestones for mass graves? Or did they even bury the bodies?
Here is your answer.
Carol Anne? Carol Anne?
http://www.youtube.com/watch?v=Lh_W6FLaMvA
In other news, OJ is concerned about his kid's health after the death of their mother.
pods
LOL Pods....that's pretty fucking funny.
St.Louis Fed making many-a-news today. Here's some interesting tidbits about the St Louis Fed and Walmart as it deals with it's first worker strike:
lol
other than the top 3.79% of the population, who has money for saving. oh....he's worried that the billionaires cant get a 3-4% "risk free" return? that makes sense.
Same as the SF Fed doing a study about why a majority of americans dont use savings accounts. Would you need one at <1% interest?! Idiots, the lot of them.
Always love getting asked by bank teller's why I don't want to open a savings account. Gives me an opportunity to explain how savings account actually generate a negative rate of return when factoring in inflation.
Teller's Cleavage
Teller's Blank Stare
What are you looking at as you explain the rate of return on a savings account?
Your poll should have included "Price Of Gold"
The teller's looking at MY blank stare...
Lobsters crawling out of your ears
Deep space
What the teller is staring out as I explain why I don't want to deposit to savings.
This quote & Bernake's earlier call for stonger currencies are simply phony speeches that they can point to later when they attempt plausible deniability for a currency crash.
One wonders what data they see internally that makes them issue these statements now?
.... "The Market" took the call seriously, gold sold off, grains & oil too. Rigged data, rigged response, all part of the "New Normal" Ponzification of our Nation.
After the Fed finishes enslaving everyone the only saving that will be left for them to do is their own a**es.
The Fed is lost!! It really has no idea what reality is! Each and every Fed Gov especially the DR. himself, should go and live with a family anywhere in the nation, a family making 25-50k which is probably the bulk of what families are making these days, hell take it up to 75k.. Like an exchange student, and see what really effects people, how they struggle to keep a roof over their heads, feed their families, put their kids through school... They can wipe their a$$e$ with thier PHD's, never in my life have I seen such MISS-Management...
Not only is QE3 going to fix unemployment, but now it's going to fix the Global Economy as well!!! I think the DR. needs a DR. Too bad Mr Einstein is not around anymore!! Although I doubt even he couldn't talk any sence into these BAFOONS!!!
It really takes a lot to ruin the financial system, but these guys make it look easy...
Ever hear of spellchecking? Grammar Rock? Punctuation?
The ideas matter a little more gap brain
Agreed.
Not only are they BAFOONS, they are MORANS.
http://0.tqn.com/d/politicalhumor/1/0/n/U/moran.jpg
"It really takes a lot to ruin the financial system, but these guys make it look easy..."
They've been at it for a 100 years.
The REAL "Hundred Years' War" - the acquisitive wealthy vs us, the masses.
And as Buffet (Mr "Insider Trader" himself) noted - THEY ARE WINNING . . . . . .
You are not considering the fact that the "baffoons" are making off like bandits and they don't give a rat's ass about anyone else as long as WE accept them and the authority they have created for themselves.
Considering the idiocy we witness day and in and day out, we have to assume that the perps are just shysters and pathological liars. What they do and say makes sense when you realize that it benefits THEM and their friends and families.
I think you underestimate them,; they are simply carrying out their employer's master plan.
Fuck You Bullard Fuck You Bernanke Fuck all of You Bankster cocksuckers. My ass is bleeding already from your fucking policy. Fuck You All
Put a hat on that azz if it keeps bleeding!
In an effort to boost spending, the government will tax all savings accounts at 99% of the balance on November 6th.
Solved it, no savers to worry about. FED can sleep a solid 6 hours now, then log out, and drive home for dinner.
The propaganda machine that is the Fed will do anything to lull the public into blind comfort.
Any reason that the Fed can not or would not simply monetize a higher interest return for "middle-class savers"?
You should be very wary of any organization whose Code of Conduct mandates unethical and immoral behavior...
http://www.stlouisfed.org/about_us/director-conduct.cfm
Directors of Federal Reserve Banks have a special obligation for maintaining the integrity, dignity, and reputation of the Federal Reserve System. In their capacity as directors, these individuals are charged by law with the responsibility of supervising and controlling the operations of the Reserve Banks, under the general supervision of the Board of Governors, and for ensuring that the affairs of the Banks are administered fairly and impartially. Chosen, as they are, from diverse segments of the community at large, directors are expected to bring to their deliberations the benefit of experienced judgment and advice on specific matters within their respective Districts and on other general issues confronting the System as a whole. To ensure the proper performance of System business and the maintenance of public confidence in the System, it is essential that directors, through adherence to high ethical standards of conduct, avoid actions that might impair the effectiveness of System operations or in any way tend to discredit the System. Therefore, Federal Reserve directors should be guided by the following principles.
1. Their personal financial dealings should be above reproach and information obtained by them as directors of the System should never be used for personal gain.
2. Directors of Federal Reserve Banks, in carrying out their System responsibilities, should avoid any action that might result in or create the appearance of--
a.) affecting adversely the confidence of the public in the integrity of the Federal Reserve System,
b.) using their position as director for private gain,
c.) giving unwarranted preferential treatment to any organization or person.
3. Directors should strictly preserve the confidentiality of Reserve Bank and System information. In public speeches and communications, directors should avoid statements that suggest the nature of any monetary policy action that has not been officially disclosed.
4. Directors are expected to adhere to <sarc>high</sarc> ethical standards of conduct. Directors are also expected to comply fully with all applicable laws and regulations governing their actions as directors and in their conduct outside of the Federal Reserve System.
OK, it's written down so they must be following the rules....
And on top of that, the FOMC and Richard Fisher in 2005 advocated that we were not importing ENOUGH from China, as more sales of their shit would lead to higher stock prices, which he thought would lead to higher wages and jobs. Instead, the stocks went up and employment has netted even job growth during the Bush and Obama administrations.
Lower wages? Losing your life savings due to recklessness on Wall Street? Inflation for shit we NEED (Healthcare, college, food)?
Well guess what......with what little capital I *do* have......I'm going to open up an account at the Bank of My Mattress.
Benny Boy told Ron Paul he goes food shopping. My ASS.
Find me one CEO that hires more workers just because the stock price jumps, and then I can call you a liar.
Unless of course he/she needs another gardner.
Hypocrisy is the new norm.
Michelle Obumma just told a radio station that the US is in the midst of a huge recovery broguth on by her husbands economic policies.
Cue the skittle shitting unicorns.
I wish we could go back to the old days when we could just tell women that they really don't know anything, and just shut the fuck up.
No comment necessary....
Another Fed hypocrisy is that their mandate to keep prices "stable" somehow doesn't include the price of their own debt currency.
Save the Savers
Save the Banksters
Is it really that difficult of a question at the FED as they hear the beeping of the Brinks truck backing up to the office door at lunch time?
These Fed assholes can't be hit hard or fast enough by a fucking train.
Bank deposits are probably droping. Also, way to many people paying off debt.
Are defaults and foreclosures considered "paying off debt"?
I don't think it is true that people are paying off debt. The propaganda may want to discourage individuals from taking on cheap debt because cheap credit is only reserved for the banks.
Paying down debt in a central bank and government sponsored debt orgy is akin to starting a low fat, low sodium diet after confirmed reports of an asteroid hitting the planet and threatening to wipe out half the world's population.
I respectfully disagree. I have paid off most of my debt. My friends are paying off their debt. Many of my Friends are debt free, including their Mortgage, cars and credit cards.
I guess that some are taking the Bankruptcy route but many are deleveraging to 0 debt.
It's a zero sum game. Why so much lamenting that "savers" can't reap interest on debt money while borrowers save money?
The real fact of the matter is, "usury" the "money as debt" system cannot reward both sides of the equation
For "savers" to prosper, borrowers must suffer and total system debt must perpetually increase
There are no winners only losers
To use the immortal words of Les Grossman:
"Oh, okay Bullard, Fuckface. First, take a big step back, and literally, FUCK YOUR OWN FACE!"
http://www.youtube.com/watch?v=8KVgKtiflek
Folks, he's making the case for higher interest rates on THEIR loot. Now that the UST balance sheet is bloated with crap, the banks are made WHOLE and are allowed to swap their crap for good new Bennie bux.
Didn't Ben suggest a few weeks ago that the banks should EARN more on their deposits?
You want to hear real hypocrasy?
BANKS EARNINGS
We all know how banks "earn" money. They lie, cheat, manipulate, trade among each other and invent new and more derivatives to keep the paycheques coming.
Who wouldn't want to do that? But, folks NONE of it is real. Let alone EARNED.
FUCK BERNANKE AND FUCK THE BANKS
May they be LIBORED alive and at the stake.
Another American gangster/liar!
Looks like he is wearing a high quality tie .... should be strong enough.....
In an interview Bernanke gave to 60 minutes not long after taking over, he stated that when he grew up, he wanted to do something to help people in the world (paraphrasing)..
So, who's the biggest liar..?
The Bernack..?
or Lance..?
(virtual tie)
Is it any wonder. They drop the interest rate on deposits to .003 and then wonder why no one keeps their money in the Banks.
Many keep it in the Mattress rather than let them leverage it to the hilt.
Others investing it outside of Wall Street. Buying Gold, Silver and other stores of value. This also takes Money out of the Money Supply.
Some are buying Rental Real Estate which will keep the Money out of Wall Street for 15 to 20 years. Heck, even Jim Cramer is loading up with Rental Real Estate. Most Rental Real Estate is paying an 8% return, with depreciation against income, and write offs.
Many, including a friend of mine had a $70,000. Mortgage and $70,000. in the bank. We both agreed that with the interest he was paying on his Mortgage and the interest he was receiving in the Bank that he should pay off the Mortgage and that is exactly what he did.
No one wants to buy the tippy tippy top of a Manipulated Market, so they are finding alternative ways to store their Wealth and their Money.
The FED is now worried because people are withdrawing their Money out of the Banks. Which causes the Banks to have to unwind their investments, causing a contraction. No matter how the FED has tried to funnel Money into the Stock Market, people have found alternatives.
He is even honest.
Wolves are also concerned when sheep can't find enough grass to feed.
"Epic hypocrisy" is the default setting with these people
I prefer lying Hypocrite!
The 12 FED banks and the Bank of International Settlements have been slapped with liens and the end of the U.S. debt-dollar is in sight!