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Art Cashin On The Only Sane Voice At The Fed

Tyler Durden's picture




 

We have discussed Dallas Fed's Richard Fisher's money-where-his-mouth-is perspective on the world before and the (sadly) non-voting member is among UBS' Art Cashin's most respected and candid of the FOMC. A glance through the transcripts that Art highlights below should both make readers sick at the constant pollyanna-ish nature of Fisher's comrades and perhaps more confident that his insights will be listened to more astutely 'the next time' as he noted at the time "No amount of rewriting of history will exonerate us". Once again, after reading these transcripts, do we really believe that central bankers are omnipotent? or incompetent?

 

Via Art Cashin, UBS:

More On Fed Transcripts – Yesterday, we mentioned that the newly released FOMC transcripts from 2007 only served to strengthen our respect for the thinking and candid commentary of Dallas Fed President, Richard Fisher.

Back in late Spring of 2007 (May 9th), while many on the FOMC felt housing problems might be contained, Fisher worried allowed (much lifted from WSJ 1/18/13):

May 9, Dallas Fed President Richard Fisher: "On the housing front, I have been bearish--more bearish than anybody at this table...I am more concerned than I was before. We can go through the numbers, but I think it is best expressed by the CEO of one of the five big builders, who said that in March he was arguing internally with his board that the headlines were worse than reality and now reality is worse than the headlines."

Apparently, Chairman Bernanke did not wish to rock the boat.

May 9, Mr. Bernanke: "I just want to make the observation that for almost a year now we have taken a very steady approach...During the period, the markets and the general view have gone up and gone down, and we have maintained a pretty even keel. That increases confidence in the institution and, unless we have a reason to change our view, we should continue to stay on a steady path."

At the late June (27/28) meeting, as things began to worsen, they reviewed some of the implications of the problems at Bear Stearns. Secretary Geithner, then NY Fed President led:

June 27-28, Mr. Geithner on problems emerging at a Bear Stearns hedge fund (the bank would collapse in 2008): "Direct exposure of the counterparties to Bear Stearns is very, very small compared with other things."

Mr. Fisher apparently responded:

June 27-28, Mr. Fisher: "I was once a hedge-fund manager--I know all the tricks that are played there, including, by the way, the valuation of underlying securities--in a day when the business was less sophisticated than it is now. I don't feel I understand this issue...I don't think the issue is contained. I do think there is enormous risk."

By the next meeting (August 7th), Mr. Fisher's concern and exasperation were becoming very evident as seen in this exchange. It starts with current NY Fed President (then chief of the open market desk) Dudley:

Aug. 7, Mr. Dudley: "We've done quite a bit of work trying to identify some of the funding questions surrounding Bear Stearns, Countrywide, and some of the commercial-paper programs. There is some strain, but so far it looks as though nothing is really imminent in those areas. Now, could that change quickly? Absolutely."

 

Aug. 7, Mr. Fisher: "No amount of rewriting of history will exonerate us if we are not prepared for the more-dire scenarios that were presented by the staff. I would ask that we do some scenario preparation in terms of, should we encounter increased financial-market turbulence, what actions we might take to deal with it."

 

Aug. 7, Mr. Bernanke: "I think the odds are that the market will stabilize. Most credits are pretty strong except for parts of the mortgage market."

The transcripts are absolutely fascinating and tell you more about the Fed than a decade of Congressional testimony. Try to get the whole set.

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Wed, 01/23/2013 - 12:27 | 3179253 DoChenRollingBearing
DoChenRollingBearing's picture

I am pretty well convinced that the central banksters are NOT incompetent.  They DO know what they are doing.  But, they do not care about their non-bretheren, the people.  They only care about themselves and their bankster buddies.

Be your own central bank!  Buy gold!

Wed, 01/23/2013 - 12:29 | 3179265 Popo
Popo's picture

So if I buy gold I can print endless amounts of funny money?

Wed, 01/23/2013 - 12:32 | 3179286 Boris Alatovkrap
Boris Alatovkrap's picture

No, but must is buy ink and paper, and maybe buy politician for "Get Free Jail" card when caught by banks.

Wed, 01/23/2013 - 12:37 | 3179313 trav777
trav777's picture

Is fisher not part of the Tribe to say something like that?  Methinks what he means by "us" is not what he thinks it means.

when your cousins own all the publishing, heck YES you can rewrite history.  You can even convince people of your "historical birthright" to a plot of land after 2000 years of having abandoned it.  What history book characterizes cousins of 90% of the federal reserve board as anything other than noble, innocent victims in perpetuity?

Wed, 01/23/2013 - 13:31 | 3179567 otto skorzeny
otto skorzeny's picture

come on Trav-you know there has only been ONE Holocaust in the whole history of mankind-right?

Wed, 01/23/2013 - 13:38 | 3179603 aka Gil
aka Gil's picture

The FED has Fischer, the CFTC has Chilton. My take is they both need token (but disingenuous) voices of reason.

Wed, 01/23/2013 - 13:50 | 3179646 Popo
Popo's picture

I am now completely convinced that Trav is a psych-ops, government stooge.   Without fail  every single article on Zerohedge that could be socially destablizing has a trav post right up at the top which starts the Joo thing in an effort to get the thread off topic.

And the thing is, it works.  Every time.  Because that's the thing about thread disruption:  There are certain topics that will always bring out the clowns and throw the thread off topic.

So my response is to remind everyone what the subject here is:  The fact that the banking system is raping your children's future and causing your family to be serfs, and they are operating in collusion with your government.

How's that Mr Government?   Little worried that we're back on track are you?   Better jump in with some more thread disruption.   Maybe one of those 10-page long posts to push everyone else's comments down?

 

 

Wed, 01/23/2013 - 14:07 | 3179722 otto skorzeny
otto skorzeny's picture

what part of banking/world of finance being disproportionately controlled dominated by "people of Jewish descent" don't you understand? it's not a conspiracy since it is rooted in cold,hard numbers.

Wed, 01/23/2013 - 20:12 | 3180018 Boris Alatovkrap
Boris Alatovkrap's picture

Rothschild is Jewish!? But is sound so... Anglo-Saxon-Franco-Germanic! Maybe is Goyim?

Wed, 01/23/2013 - 14:32 | 3179843 trav777
trav777's picture

good thing there are psyops like you here to right the ship, eh?

NEVER notice the elephant in the room.  If Detroit turns into a war zone, keep bleating about how "liberalism" destroyed it or even better, blame the people who LEFT.  If you have one and only one ethnicity on a particular organ of total monopoly control, be it media or finance or even significant chairs in Congress, just INSIST that you can't see anything.  They all have dual passports, IGNORE IT.  They act like a mafia, THESE AREN'T THE DROIDS YOU'RE LOOKING FOR.

It's the "system."  Or "mistakes were made."  Just point to some MIASMA or something as to blame.

You people are SO AFRAID of this stigma that THEY GAVE YOU.  Did ANY of you research this LABEL they throw at you to shut you up and to try to PREVENT you from speaking FACTS?

The organizations devoted to applying that label to people like you are owned and run by members of the SAME CLAN as the banks, the media, and the senior leadership of Congress...the Treasury, and on and on.

You don't SEE anything though, nothing TO SEE.

Wed, 01/23/2013 - 17:21 | 3180593 AgAu_man
AgAu_man's picture

Whenever a Cabal-style, world-class Psy-Ops plan comes together, it MUST follow one basic and crucial, strategic principle: 

1. Frame & Define the Debate!  In MSM and Blogosphere, you do this by selecting and 'managing' the talking points.

2. In Blogo-land, you have agents with two or more alternative and recurring themes -- which all serve to dilute, derail and -- if need by -- 'discredit' the Blog site at some FF event in the future.  E.g. MSM:  "ZH is full of ...".  Instant social marginalization and banishment to Blog Leper Colony.  Bad  for ZH business model too.

3.  This one is diabilically fiendish and impossible  to vet online ... The Fly Strip principle:  Create an Agent, Group, Site or Blog-theme that attracts all the "flies" you are trying to attract.  You then ID them and 'handle' accordingly.  You can't control the flies, but you can control the fly-strip.  Yeah... Muthafu***** evil bass-turds!

Sorry for the NWO-Blog-bootcamp.  Emotionally hard to take perhaps, but intellectually easy as pi.  Just telling you what these Elite NWO phuckers have learned from Goebbels et al, then taken it to higher fiend-levels.

What we can do however is, as you point out: To steadfastly keep a laser-focus on the real and salient core issues of a posting.  And not get distracted like a puppy or an ADD kid ("What's this, what's this!?") with fluff & stuff.  Cheers.

Wed, 01/23/2013 - 13:29 | 3179561 otto skorzeny
otto skorzeny's picture

non-bretheren? that's like non-12 Tribesman -right?

Wed, 01/23/2013 - 22:55 | 3181633 Radical Marijuana
Radical Marijuana's picture

Yes, DoChenRollingbering, I too am "convinced that the central banksters are NOT incompetent."  Although I can not believe that they are that incompetent, I DO believe that they are that "evil." Their system is based on the triumph of organized crime methods used to take control over governments. That is how it was possible for them to corrupt governments to get those to give away the power to make "money" out of nothing, as debts, to private banks, as the most astronomically sized FRAUD imaginable, and then FORCE everyone to accept and adapt to that controlling their lives.

I agree with the notion of "Be your own central bank!" However, I tend to intepret that in a deeper way, consistent with the notion that money is backed by murder, and that the debt controls depend upon the death controls. What I believe is theoretically necessary is for "We the People" to understand what has happened is that the sovereign powers to rob, and to back that up with the power to kill, have been PRIVATIZED, more than 99%, by the banksters' triumphant covert corruption of the governments.

Although I sympathize with those individuals who want to attempt to do something practical to cope with the overwhelming insanities that are growing at exponential rates around them, such as by buying gold or silver, or seeds and survival supplies, etc., none of that gets remotely close to coping with the REALITIES of global electronic fiat money frauds, backed by the force of atomic bombs, because the essential problem we face is the paradox of too much "success."

This article is perhaps another sign that even the ruling classes are under enough stress to be somewhat splitting them apart into factions.  Although I do NOT believe that the ruling classes are omnipotent, the essential aspect of their achievements are NOT based on their own competence, but rather based upon them making sure that everyone else is too incompetent to resist them. (Which included doing anything that was necessary and possible to discredit or destroy any opposition to them that could become effective, especially including the record of assassination of politicians that refused to become their puppets.)

That is the central feature of what exists now, and therefore, the central feature of what a theoretically good solution would have to be. The banksters were merely the most competent supreme gang of organized criminals, able to covertly take control over the money and murder systems. As an alternative, I would suggest that "democratization of the death controls" are the only theoretical solutions, which could address the real problems in ways that enabled a greater use of information, through higher consciousness.

"Becoming our own central bank" MUST be taking back control over the murder systems, that sustain the money systems. That is NOT going to be found in old-fashioned ideas about the conservation of matter, as symbolized by gold. Rather, that must be found in the processes of living fires, as the evolutionary ecology of general energy systems, which are particularly the human ecologies, the industrial ecologies, and the natural ecologies.

TO FACE THE FACTS ABOUT THE CENTRAL BANKS IS TO FACE THAT THEY WERE THE BEST AT DEATH CONTROLS, WHICH IS WHY THEY WERE ABLE TO TAKE OVER THE DEBT CONTROLS.

TO CONTINUE TO BE CONSISTENT WITH THAT ANALYSIS WHEN ONE TURNS TO THE THEORETICAL SOLUTIONS, THEN THOSE SOLUTIONS ARE TO BECOME EVEN BETTER AT THE DEATH CONTROLS.

To repeat, I do not believe that the banksters were incompetent, but rather their relative success was based on making sure that everyone else was less competent. Their relative success was based on them being relatively the best at applying the methods of organized crime to control governments. The only theoretically possible future resolutions to that are for some new ruling classes to emerge that are even better. Such a future would involve a human evolution, through which the mental arms race between different social classes advanced. Thereby, a greater use of information and higher consciousness that "democratized" the death controls more, would coevolve with new ruling classes that could operate better money/murder systems inside of that context.

At present, we are seeing larger numbers of the Zombie Sheeple waking up, while more of the Vicious Wolf People are starting to fight amongst themselves. So far, none of that appears to be getting remotely close to coping with what it means for technologies to become trillions of times more powerful ...

I believe that "Becoming our own Central Bank" is the correct approach, however, the MEANING of that goes much deeper than buying gold. Consciousness is the value creating element. A greater use of information is the operational definition of higher consciousness, and the true test of that is through militarism, because money is backed by murder.

Wed, 01/23/2013 - 12:28 | 3179254 Popo
Popo's picture

 

"Aug. 7, Mr. Fisher: "No amount of rewriting of history will exonerate us if we are not prepared for the more-dire scenarios that were presented by the staff. "

 

 

No Mr. Fisher.  You are being far too kind on your colleagues. No amount of rewriting history will exonerate the Fed for what it has already done.

 

 

Wed, 01/23/2013 - 12:41 | 3179336 trav777
trav777's picture

then, to be perfectly blunt, you haven't read a history book, because propaganda and whitewashing of history is PRECISELY what the cousins of the "Fed" specialize in.  And you're not giving them enough credit; half of this country's majority and a massive share of same in Europe fear a stigma that was defined exclusively to apply to them as a contrivance by members of the same clan.

Nobody controlling media or publishing is going to let a single really bad thing get said about the Fed board.

Why do you HONESTLY suppose action against BANKERS goes precisely NOWHERE?  There is no hue and cry against bankers, the media is muted.  It's almost as if the people who control the MESSAGE are freakin RELATED to the bankers.

Wed, 01/23/2013 - 13:36 | 3179595 otto skorzeny
otto skorzeny's picture

why do you think the Europeans kicked them out-unfortunately- they are slowly clawing their way back into power over there. you see-the US is a bold experiment in how  a small # of hebes can dominate a large and resource rich country simply by controlling banks and debt. right now-with guys like Bloomberg and Rahm and Cantor they are stepping out of the shadows and onto the main stage with the blessing of a controlled MSM.

Wed, 01/23/2013 - 14:38 | 3179867 trav777
trav777's picture

LOL if you call the successive parade of them in Treasury and the Fed in PLAIN SIGHT as "the shadows." They're hiding right at the end of your nose. Nevermind media or fashion or publishing. Members of that mafia control what gets said and they control consequently what gets THOUGHT.

People would rather kill the messenger than face their own mental third rails; the stigma is THAT scary to them.

How fortuitous that this label that immediately negates anything positive you EVER DID, even things of historical stature, and makes you worse than a child molestor was invented by a member of the same clan as those who run and fund groups whose SOLE EXISTENCE revolves around slapping that label on people.

And they seem to have a one-color mind on who DESERVES that label.  It's ALMOST as if the label was CONTRIVED to apply to ONE and ONLY one class of persons.

And most members of that class are TOO STUPID to even figure this out; they keep bleating the label at other people and expecting THEM to accept it.  You don't GET IT, do you, cretins?  Everyone else rejects the label; it doesn't APPLY to them, BY DEFINITION.  They just laugh at you and go about their business.

Wed, 01/23/2013 - 12:30 | 3179266 Dan Conway
Dan Conway's picture

The definition of gross negligence:

Aug. 7, Mr. Bernanke: "I think the odds are that the market will stabilize. Most credits are pretty strong except for parts of the mortgage market."

 

Wed, 01/23/2013 - 12:37 | 3179311 lunaticfringe
lunaticfringe's picture

This is the perfect SAT score, MIT grad with an IQ of 300? 

Anybody see any flaws here?

Wed, 01/23/2013 - 12:45 | 3179359 Everybodys All ...
Everybodys All American's picture

He has the common sense of a mule.

Wed, 01/23/2013 - 12:57 | 3179412 Carl Spackler
Carl Spackler's picture

Yes, and they are all psychological...which always gets in the way of effective use of the cognitive skills one (Bernanke) may possess.

Wed, 01/23/2013 - 12:52 | 3179395 tango
tango's picture

But this only confirms the idiocy and complete wrongness of akk Ben's views and forecasts - no problemwith the job market, housing not in a bubble, sub-prime is no worry, recession is not near, treasuries will remain at market interest rates, etc 

Wed, 01/23/2013 - 15:00 | 3179969 americanspirit
americanspirit's picture

August 7 - Bernanke says "The odds are that the market will stabilize". Kinda makes me wonder what odds he was giving, and if anyone took his bet. Also I have to wonder what kind of fool speaks in gambling terms on an outcome of events that affects the lives of 300 million Americans. Who the hell does he think he is?

Wed, 01/23/2013 - 12:30 | 3179273 FLUSA.com
FLUSA.com's picture

Ain't no party like a counterparty...

Wed, 01/23/2013 - 12:30 | 3179275 darteaus
darteaus's picture

Then he's not going to be there too much longer.

Wed, 01/23/2013 - 12:30 | 3179278 jonan
jonan's picture

a "sane" voice at the FED? is that even possible???

Wed, 01/23/2013 - 12:38 | 3179318 Muppet Pimp
Muppet Pimp's picture

Richard Fisher is like kryptonite to the leftists

Wed, 01/23/2013 - 12:39 | 3179326 Bon Hagar
Bon Hagar's picture

BANKSTERS: "Pays the same whether we're right or wrong. What's for lunch?"

Wed, 01/23/2013 - 12:41 | 3179331 fonzannoon
fonzannoon's picture

Aug. 7, Mr. Dudley: MAAA...THE MEATLOAF!!!! What were we talking about?

 

Aug. 7, Mr. Fisher:  rewriting of history will exonerate us

 

Aug. 7, Mr. Bernanke: Bill go to the store and get another 12 pack. See if the guy takes this $20 I just printed. if he does laugh like a crazy man and walk out. Record it on your phone I love this shit!

Wed, 01/23/2013 - 12:40 | 3179338 PUD
PUD's picture

THEY ARE ALL BANKERS

WHAT IS A BANKS MISSION STATEMENT?

TO GET AS MANY AS POSSIBLE IN AS MUCH DEBT AS POSSIBLE FOR AS LONG AS POSSIBLE AT AS HIGH A COST AS POSSIBLE

THERE ARE NO GOOD BANKERS

THERE ARE NO GOOD BANKS

THEY ARE AGENTS OF A FLAWED PREDATORY FINANCIAL SYSTEM

Wed, 01/23/2013 - 13:44 | 3179633 Meremortal
Meremortal's picture

If you don't know how to use banks, I suppose you are right. Banks helped me build wealth by loaning me money which I used to do projects providing affordable housing to mostly young buyers in Texas (using no fed grants, too much paperwork and control).  

The only issue (like always) was knowing when the party was ending. I knew in 2007 it was over and did not start any new projects. Been 80% Galt since then.

Life is good. Like always, the secret is working around and with whatever the PTB are doing at the time.

They always leave openings, your job is to find them. The openings are harder to find now, but they are there. 

Find them and exploit them.  

Wed, 01/23/2013 - 14:00 | 3179688 fonzannoon
fonzannoon's picture

please spare us what u knew in 2007 but feel free to throw out there what u see going forward. that is always much more interesting. 

Wed, 01/23/2013 - 14:50 | 3179928 gaoptimize
gaoptimize's picture

I don't think that was always the case. Railroads through Africa, irrigation systems, and global shipping lifted a lot of people out of poverty. http://www.youtube.com/watch?v=cpfinXR6Njw

 

Wed, 01/23/2013 - 12:41 | 3179341 sangell
sangell's picture

From the Sept.18, 2007 FOMC meeting.

MS. JOHNSON. But, I have to say—as when President Fisher asked that question about
whether we know what we don’t know, to which, of course, the answer is always “no”—
[laughter] five days ago, I wouldn’t have brought up Northern Rock. So, I can’t promise you
that there aren’t—
MR. FISHER. Previously Newcastle, should have been called Sandcastle. [Laughter]
MS. JOHNSON. The Spanish banks, for example, and the Spanish mortgage market are places, if I were going to dig deeper and look for hidden problems, that are a possibility..

 

Wed, 01/23/2013 - 12:42 | 3179343 Newtons Lawyer
Newtons Lawyer's picture

I was at BAC when the whole thing started to unwind.  The first straw in credit and liquidity was the failure of Auction Rate Securities (short term paper)  and that the banks, GS was the first, no longer were willing to back the auctions.  Within a week the market was frozen.  Unfortunately I wasn't smart enough or aware enough to recognize that this was just the first cockroach.

Wed, 01/23/2013 - 12:54 | 3179404 tango
tango's picture

You understand but most on here do not what a credit freeze means.   ALmost immediately companies shut down and food deliveries quit.  In other words, a credit freeze / monetary collapse means starvation. 

Wed, 01/23/2013 - 15:12 | 3180011 Miffed Microbio...
Miffed Microbiologist's picture

An unsophisticated microbiologist does get it.... prep or die. Hopefully I prep for an adequate length of time, my biggest fear.

Miffed:-)

Wed, 01/23/2013 - 12:43 | 3179350 LongSoupLine
LongSoupLine's picture

fuck you Bernanke

fuck you Dudley

fuck you SEC

fuck you Congress

fuck you Geithner

fuck you banks.

 

 

all of you eat disease infested hot shit and die, fuckers.

Wed, 01/23/2013 - 13:21 | 3179518 Mi Naem
Mi Naem's picture

That'll show'em, huh?

Wed, 01/23/2013 - 12:48 | 3179376 youngman
youngman's picture

The Bernanke was wrong so many times...do you think he knows he was wrong...or are they making decisions today with the mindset that they have never made a mistake......makes one wonder??????

Wed, 01/23/2013 - 13:02 | 3179434 Wilcat Dafoe
Wilcat Dafoe's picture

The Fed purportedly operates in a paradigm in which central meddling doesn't create artificial demand, ergo there are no bubbles.

I use 'purportedly' because Ben B. and his cohorts know exactly what they're doing - transferring more realty to the rich and to the banks while squeezing the middle class yet again.

This isn't incompetence - it's theft, and it's time to stop assuming these people are morons and start realzing they are talented swindlers.

 

Wed, 01/23/2013 - 13:01 | 3179435 BaggerDon
BaggerDon's picture

I am somewhat amused.....if one goes back to Art Cashin utube interviews, back in 2010 Art commented on those who believed the Fed was "intervening" and his coment was that it was all "black helicopter CRAP".....everyone trying to rewrite history..http://youtu.be/nm3nUs4i30w

Wed, 01/23/2013 - 13:14 | 3179483 mick_richfield
mick_richfield's picture

 

do we really believe that central bankers are omnipotent? or incompetent?

I just wanted to point out that omnipotence and incompetence are not mutually exclusive.  It certainly seems to me that the Fed may very well be both. 

And therein lies the rub.

 

 

Wed, 01/23/2013 - 13:17 | 3179497 BrigstockBoy
BrigstockBoy's picture

Dissension? At the Fed? I doubt it.

Are these minutes or a script to make the public think there is constructive discussion?

Wed, 01/23/2013 - 13:16 | 3179498 I am a Man I am...
I am a Man I am Forty's picture

Unless it's the NY Fed's lips that are moving it is totally fucking meaningless.

Wed, 01/23/2013 - 14:58 | 3179960 dadichris
dadichris's picture

so you've got Geithner and Bernanke on the record demonstrating their gross incompetence - and yet they still have jobs?

Wed, 01/23/2013 - 15:35 | 3180093 jhalmos
jhalmos's picture

When I heard Dudley talk about the iPad 2 as being deflation, I decided then and there that the Fed knows exactly what's going on, that they aren't stupid, but that they are liars. Pure and simple. Their job is to keep people investing. And post 2008, their lies have to be more surreal.

Wed, 01/23/2013 - 16:38 | 3180404 AGuy
AGuy's picture

"Their job is to keep people investing. And post 2008, their lies have to be more surreal."

Except the Retail investor is gone. The Fed only real purpose is to keep the Federal gov't alive by purchasing about 1 Trillion on new gov't debt every year. Without the Fed printing, the US gov't would be forced to default. The Fed lost its independance in the 1930's. The US Treasurer\President dictate Fed policy. The rest is just a show put on to fool the Public.

 

Wed, 01/23/2013 - 16:51 | 3180458 venturen
venturen's picture

Where are the comments saying, "but we can always print more money"

Wed, 01/23/2013 - 17:33 | 3180621 AgAu_man
AgAu_man's picture

Bla, bla, bla.. So, we the "clever Dicks" mitigate how? 

.

   1.  DIY, Barter, Cash, Bitcoin, PM (Au, Ag, Pt)

   2.  Spread the 'Gospel', so to speak.

To the DHS trolls:  Long live "Freedom of Expression", "Pursuit of Happiness", and tax-free "Voluntary, Free exchange of Human Kindness"!

Do NOT follow this link or you will be banned from the site!