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Former Fed Quantitative Easer Confesses, Apologizes: "I Can Only Say: I'm Sorry, America"
By Andrew Huszar, also posted at the WSJ. Mr. Huszar, a senior fellow at Rutgers Business School, is a former Morgan Stanley managing director. In 2009-10, he managed the Federal Reserve's $1.25 trillion agency mortgage-backed security purchase program.
Confessions of a Quantitative Easer
We went on a bond-buying spree that was supposed to help Main Street. Instead, it was a feast for Wall Street.
I can only say: I'm sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed's first plunge into the bond-buying experiment known as quantitative easing. The central bank continues to spin QE as a tool for helping Main Street. But I've come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time.
Five years ago this month, on Black Friday, the Fed launched an unprecedented shopping spree. By that point in the financial crisis, Congress had already passed legislation, the Troubled Asset Relief Program, to halt the U.S. banking system's free fall. Beyond Wall Street, though, the economic pain was still soaring. In the last three months of 2008 alone, almost two million Americans would lose their jobs.
The Fed said it wanted to help—through a new program of massive bond purchases. There were secondary goals, but Chairman Ben Bernanke made clear that the Fed's central motivation was to "affect credit conditions for households and businesses": to drive down the cost of credit so that more Americans hurting from the tanking economy could use it to weather the downturn. For this reason, he originally called the initiative "credit easing."
My part of the story began a few months later. Having been at the Fed for seven years, until early 2008, I was working on Wall Street in spring 2009 when I got an unexpected phone call. Would I come back to work on the Fed's trading floor? The job: managing what was at the heart of QE's bond-buying spree—a wild attempt to buy $1.25 trillion in mortgage bonds in 12 months. Incredibly, the Fed was calling to ask if I wanted to quarterback the largest economic stimulus in U.S. history.
This was a dream job, but I hesitated. And it wasn't just nervousness about taking on such responsibility. I had left the Fed out of frustration, having witnessed the institution deferring more and more to Wall Street. Independence is at the heart of any central bank's credibility, and I had come to believe that the Fed's independence was eroding. Senior Fed officials, though, were publicly acknowledging mistakes and several of those officials emphasized to me how committed they were to a major Wall Street revamp. I could also see that they desperately needed reinforcements. I took a leap of faith.
In its almost 100-year history, the Fed had never bought one mortgage bond. Now my program was buying so many each day through active, unscripted trading that we constantly risked driving bond prices too high and crashing global confidence in key financial markets. We were working feverishly to preserve the impression that the Fed knew what it was doing.
It wasn't long before my old doubts resurfaced. Despite the Fed's rhetoric, my program wasn't helping to make credit any more accessible for the average American. The banks were only issuing fewer and fewer loans. More insidiously, whatever credit they were extending wasn't getting much cheaper. QE may have been driving down the wholesale cost for banks to make loans, but Wall Street was pocketing most of the extra cash.
From the trenches, several other Fed managers also began voicing the concern that QE wasn't working as planned. Our warnings fell on deaf ears. In the past, Fed leaders—even if they ultimately erred—would have worried obsessively about the costs versus the benefits of any major initiative. Now the only obsession seemed to be with the newest survey of financial-market expectations or the latest in-person feedback from Wall Street's leading bankers and hedge-fund managers. Sorry, U.S. taxpayer.
Trading for the first round of QE ended on March 31, 2010. The final results confirmed that, while there had been only trivial relief for Main Street, the U.S. central bank's bond purchases had been an absolute coup for Wall Street. The banks hadn't just benefited from the lower cost of making loans. They'd also enjoyed huge capital gains on the rising values of their securities holdings and fat commissions from brokering most of the Fed's QE transactions. Wall Street had experienced its most profitable year ever in 2009, and 2010 was starting off in much the same way.
You'd think the Fed would have finally stopped to question the wisdom of QE. Think again. Only a few months later—after a 14% drop in the U.S. stock market and renewed weakening in the banking sector—the Fed announced a new round of bond buying: QE2. Germany's finance minister, Wolfgang Schäuble, immediately called the decision "clueless."
That was when I realized the Fed had lost any remaining ability to think independently from Wall Street. Demoralized, I returned to the private sector.
Where are we today? The Fed keeps buying roughly $85 billion in bonds a month, chronically delaying so much as a minor QE taper. Over five years, its bond purchases have come to more than $4 trillion. Amazingly, in a supposedly free-market nation, QE has become the largest financial-markets intervention by any government in world history.
And the impact? Even by the Fed's sunniest calculations, aggressive QE over five years has generated only a few percentage points of U.S. growth. By contrast, experts outside the Fed, such as Mohammed El Erian at the Pimco investment firm, suggest that the Fed may have created and spent over $4 trillion for a total return of as little as 0.25% of GDP (i.e., a mere $40 billion bump in U.S. economic output). Both of those estimates indicate that QE isn't really working.
Unless you're Wall Street. Having racked up hundreds of billions of dollars in opaque Fed subsidies, U.S. banks have seen their collective stock price triple since March 2009. The biggest ones have only become more of a cartel: 0.2% of them now control more than 70% of the U.S. bank assets.
As for the rest of America, good luck. Because QE was relentlessly pumping money into the financial markets during the past five years, it killed the urgency for Washington to confront a real crisis: that of a structurally unsound U.S. economy. Yes, those financial markets have rallied spectacularly, breathing much-needed life back into 401(k)s, but for how long? Experts like Larry Fink at the BlackRock investment firm are suggesting that conditions are again "bubble-like." Meanwhile, the country remains overly dependent on Wall Street to drive economic growth.
Even when acknowledging QE's shortcomings, Chairman Bernanke argues that some action by the Fed is better than none (a position that his likely successor, Fed Vice Chairwoman Janet Yellen, also embraces). The implication is that the Fed is dutifully compensating for the rest of Washington's dysfunction. But the Fed is at the center of that dysfunction. Case in point: It has allowed QE to become Wall Street's new "too big to fail" policy.
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Turn up the heat during the Yellen confirmation
He forgot to say sorry to the rest of the WORLD!
Sorry aint gonna cut it, it's your money or your life, take a pick.
@negative rates
Depends on what "your money" is?
Fiat or real!
We got all kinds o money here, clown bucks, antique bucks, old benny franklin bucks, weed bucks, dime bank bucks, diesel auto bucks, big calf bucks, did you have a preference?
crocodile tears
yup........the fochin' piece o chit.......NOW ya tell us
A once great nation is being intently destroyed by treasonous scum. Anyone who doesn't see it is plain ignorant.
He's not truly sorry yet. True regret will be realized when the current game ends and the suffering of the lambs is deafening.
He'll be sorry when the pain he inflicted comes to him and his family. Which will be never.
I have a feeling the IRS is looking up his address at this very moment.
One would think it would've been obvious to Huszar from the start what QE was really about (MS managing director??). Not to question his integrity too much, but there are also a lot of people short these markets..
Either way, must've taken a lot of balls to come out with this in the WSJ, Americans may take notice that they've been sold up shit creek yet again.
fed res "system"
enslave a free people to debt, capture all assets through boom and bust cycles the "system"creates with debt created out of thin air.
the system is treason.
"I can only say, I'm an asshole America"
Cloward & Piven Strategy - some Congressman/woman, please impeach Obama before we go down in flames!
If there is a profit to made in the stock market, do the writer's comments really mean anything..??
We are all capitalists here, right..??
Sure 'cept this taint capitalism.
This one is a buzzkill for sure. It's one thing to have analysts, bloggers and a couple of politicians lambast QE for its promiscuous liquidity. It's another for the guy in charge of the spigot to bluntly state that the Fed has been corrupted by WS banks and is working only to pump up their profitability. This one is going to have some legs.
The only legs this will have are Mr. Huszar's as he is assisted in tripping out of a 30th floor window. That nigga better watch his 6.
don't cry for me argentina
i never really left you
or maybe:
“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world - no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.”
or even..
"____ is money, everything else is credit"
“Money plays the largest part in determining the course of history.”
If you're going to bring race into the equation, you might at least want to look at his picture / profile...
http://raw.rutgers.edu/carlab/huszar
Time to 'throw off' the usurperous leech and re-instate the Republic.
a. hmm.. i did not know he was a person of darker complexion but..
b. it seems to make sense given the impact of such august figures as Valerie Jarrett, Harold Raines and Eric Holder.
c. i ain't no racist, but gee whiz.. what do they say about coincidence?
ok.. this was a fun mental gyration..
and for all of you race baiters out there, there is plenty of blame to spread about the spectrum.
And no one has a sense of humor anymore either.
But he's sorry. It's the new "I was just following orders."
Corrupted by the banks? The Fed is and always has been a creature of the banks. It's a credit to the author that he felt uncomfortable at the Fed the first time around, but a real black mark that he thought that buying mortgage bonds would be to anybody's benefit except the banks.
I thought I'd help by sending the link to this to Drudge...
Janet Yellen is the literal author of the entire policy. I look forward to the "hearings." are their more municipalities besides "mere Detroit" we need to worry about here?
It's all Bullshit!!!
"Demoralized I returned to the private sector." To do what, exactly. That was more than three years ago.
A warning to all "law abiding" citizens of the world : Stay Poor or the Gubamint will make you poor!!
"Gold is money. Everything else is just credit."
Just doing your job? Just following orders? Expressing remorse for completing the destruction of the United States? Ok, mac, you can liquidate all your assets, pay The People back in gold, then go to the end of the line leading to the gallows.
A pox be upon them! Usurpers of the free world. Check out the O'Keefe video of the ACORN players back at it with the Obamacare sign-up (Drudge Report lead article currently)....cheats, liars and usurpers!
annoying lawyers (me being one of them) do not get to use that defense. His job's a little more important than mine. Getting sick of these co-conspirators saying "they forced me to do it." Criminal law, since we're talking about criminals, lays a high hurdle for the "coercion" defense. You basically have to be in fear of your life or safety or that of your loved ones.
(It's good to start practicing now for the grand trials of 2020)
Better call Saul!
There's an 'event' day coming - 'they' kind of know when give or take a month or two, but 'they' know it's getting close. It's gonna be a shocker and on that day the wealth of the world will escape like a silent dam of helium inexorably floating away, burst from the giant bubble it is. You know it, I know it, 'they' know it. When folks like this start to hint at it you know it can't be far off. Be prepared.
The more CYA language we hear, the closer we'll be to Crunch (ur nuts) Time.
Not from those who can afford their own jet, (so can get outta town), but from those lower on the totem pole.
My thoughts exactly. Mr. Huszar seems to be building a defense for SHTF time. He must not be tied in close enough to get the protection all these other fuckers think they are going to get.
It is my opinion that those that beleive they are protected will be the first to be held up for public flogging. Those that think they pull the strings will be hung from the end of one.
new Mayor opens financial books of New York City "told they only have two more weeks."
Take my wife, PLEASE!
Take my WIFI, Please? NO! NOT THAT!!!
I take my wife everywhere, but she keeps finding her way back!
Henny Youngman called and wants his joke back. /jk
In prison it's "blood on my knife or shit on my dick"
It's "blood on my knofe or dick on my shit."
To make it up for you....we've just put our bonds on sale.
One day only! Strict limit of five per household. Call now!
Well-said Xau. It is not only the U.S the FED (together with BoJ and BoE) has created bubbles, it is all over the world. The volume of the bubble is unprecedented in some developing countries, where stock market indexes have tripled since 2009, bond yields are at historical lows, and credit expansion has gone off the roof (unlike U.S and U.K) due to immense carry trade going on...This will end in a catasrophe in these countries when the tapering finally (if ever) comes.
Your grasp of the machine is limited. There won't ever be a tapering. Ever. There's a solvency cricis of the currency issuing banks. For them to taper means that somebody doesn't get paid on their coupon bearing bond or derivitive. That's what Bear Sterns was all about. They didn't get the income stream they were promised on their MBS and so decided to auction them. The auction for their AAA rated junk bond, only realized a 10 cent in the dollar return. That bond was a good-as-gold paper promises. Full par value on redemption or maturity. Phhhtt. The only way to stop an avalanche of macro perception change was to get Hank Paulson to demand that the government bail them out with TARP (the essence of this article) or the whole edifice would crumble (what with them all being linked to one another (the derivitive mountain of more IOUs). If money is not created to keep the last roped-in "investor" happy with his "returns", then perception changes at the margins and collapse of the entire mountain ensues. They have to extend credit and print money to cover losses. The government spends money into circulation, even if they don't have it in reserve; they just deficit spend, increasing the nation's debt, therefore the debt ceiling is a fiction. It's spend and print, or die. There is no plan B and Keynes was a dolt to expect any other outcome.
Someone junked you for the truth?
We live in a house of cards held up by the faint hope that we can keep adding endless levels new floors on top of other shaky floors hoping the new weight from above will firm up the flimsy underlayers.
Seems to be working until it doesn't then it comes down all at once.
It was the guy above him.
When this fucker finally collapses it will be interesting to see whether precious metals collapse. My gut tells me that this time- the metals will not plummet as they usually do when the market/dollar collapses.. I think there will be a tsunami of people trying to buy physical.
Brilliant summary of the status quo.
brilliant? more like "de facto." see comment below. no I'm not buying stawks right now here either. now say hello to Darth Vader as he "accepts your apology."
(S)he who confesses first, confesses best. And fares better than the rest.
He must see the runaway Fed train nearing Terminal Station. Brace yourself. If you can't get off safely beforehand.
I fear you are correct... The end may be nigh... Initiating Distractor Event in 3,2,1...
Somebody is starting to pay attention to the mumuring out in flyover country
does anyone else feel like all the zombie apocalpyse vampire bullshit that is all over the tv and hollywood is very intentionally trying to subconciously prepare the proles for what is coming? if you see someone cutting off zombie heads once chaos breaks out on tv, should be a pretty easy transition for our sick twisted youth.
America's waking up to this traitorous administration and the Fed too slowly. It's gonna be too late. We're going to pay a price we aren't going to want to pay to watch this circus play out.
Zombies in Sci-Fi were concocted as an an analogy for socialism. This isn't that, though. THis is more like outright theft, collusion and conspiracy against the American public.
I don't know. I don't see any difference between theft and socialism.
So is this the only traitorous administration? What about the others? Did you post something like this 8 years ago also? This is just the latest sock puppet admin to do "their" bidding.
Some still believe the R vs D false paradigm is real.
Usually theyre newbies to ZH.
P.S. - the poster referred to this administration - but he didnt claim that other R brand demorepublicrap administrations were not the same.
Check your calendar manich. It is 2013; the buck needs to stop with whoever is in the White House at this moment.
I would actually LOVE to blame someone else for this shit sandwich, but nobody else is currently doing exactly the opposite things from what they need to do to fix anything. When another admin of any flavor gets into power and starts screwing the pooch this badly, then I will blame them. But not until then.
Though, I do blame congress (both houses) at least equally. So there's that.
Oooo I like this theory.
http://www.youtube.com/watch?v=qF9lV319yg4
here's some evidence of the high moral standards of the FSA. stay classy
Dude that just ruined my day... now I have come to believe that a fatal pathogen that wipes out all of humanity is the best thing that could happen to this planet.
Carry permit + Glock 30S = dead gang bangers
Interesting take. They've even started showing the last sci-fi series "V", which is very chilling.
If our Elite aren't in cahoots with war-ing and greedy Aliens (damn Clingons and reptilian Ferengi!), they might as well be - judging by how they're acting.
And they want all our Precious too, judging by yesterday's ZH article, where the Fed wanted SDRs to replace gold and all the gold sold off (at commodity prices) into "private hands". What "private hands"? Saudi, Israeli, Anunaki, Ferengi?
/sarc.
Exactly, the forgotten flyover people. People who consume, build, farm.........
Let's see who follows this revelation.
Lots of air space to drop buckets of cash in "flyover" country. That's where hyperinflation starts, mark my words. Flyover country is quicker to abandon Wall Street paper money than any other part of the country. When flyover country wants to get paid in anything but greenbacks, the gig is up.
When O-Zero introduces "price controls" know that the end is nigh.....
Come on, man, we already have price controls. It's just that most people equate price controls with a price ceiling, as in the price of bread, by edict, can not rise above $2.29 or whatever. Instead, we have price controls on Wall St everyday, but there it's a price floor for MBS, US Treasury bonds, stocks, etc, just as this young lawyer's confession makes abundantly clear (as if we needed more clarity).
"That was when I realized the Fed had lost any remaining ability to think independently from Wall Street." And that's when I realized that this guy is full of shit. Independent of Wall Street? That's not the meme, asshole.
The shit starts stinking right at the beginning:
"We went on a bond-buying spree that was supposed to help Main Street. Instead, it was a feast for Wall Street."
"Supposed to help Main Street." It was always about Wall Street. These people simply can't stop lying about what they've done and why.
"It was an accident!"
Well, would you look at that? We accidentally became retarded rich!
Our bad!
"Well, would you look at that? We accidentally became retarded rich!
Our bad!"
Well its a lot easier when you get a pass on the liability side of your balance sheet.
A lot of us wish we could do that too.
Amen. This wall street genious, who thought that Wall Street was somehow independent of his employer (the Fed), did he ever stop to ask himself who owns the Fed??? What a douchebag.
you didn't print that
Two statements he makes early in the article:
"Having been at the Fed for seven years, until early 2008, I was working on Wall Street in spring 2009…"
"I had left the Fed out of frustration, having witnessed the institution deferring more and more to Wall Street."
In summary: He was so pissed that the Fed was beholden to Wall Street, he took the moral high ground and quit...to go work for Wall Street.
Douchebag factor = very high!
Long boiled rope and guillotines.
Georgia is already on it.
.....to provide for death by guillotine; and for other purposes.
http://www.legis.ga.gov/Legislation/Archives/19951996/leg/sum/hb1274.htm
Long boiled rope and guillotines.
Classic misdirection. He's sorry for QE but not for the fact that the entire banking system in the US - indeed most of the world - is a fraud. Debt based money and fractional reserve banking are the real crimes. But he doesn't acknowledge that salient fact. He's only sorry about the Fed purchasing a few MBS'. I ain't buying what this guy is selling.
Criminals usually wait till after the victimizing is complete..to think about sorry?
Lets see Obama....sorry ass idiot...sorry..still punching victims in the face with an obamacare sock. Homie the clown style.
Fed Chairman....sorry ass idiot...sorry....you can take it america..i said im sorry. As punches keep flying.
Sorry Suzie..your obamacare birth control pills didnt show up. Im sorry i got to pound that ass, I ll be done in a hour or so...whiskey dick...viagra didnt show up either.
Hoooo Hummm....
Groundhog day.... again.
RIPS
lol Or the fucking Joo Bernanke in his confession book after he resigns... (If hes not dead of course)
Some day, maybe soon, such art will be prosecuted by police agencies as legitimate terrorist-inspired death threats--not freedom of speech.
Until then, keep them coming! Reproductions will be useful at all our "Free Brother Banzai" rallies.
First they will have to burn all of the similar historic examples at the Library of Congress. I have been through most of the digital library and there are many. Our satirical heritage in visual art is as violent and bellicose as it is hilarious.
When the guy who was put in charge of the scheme confesses that it was a swindle from inception, it is time to get medieval in the imagery.
And contrary to what he would have us believe, he is not a Federal Reserve Ed Snowden.
And those of you who have listened to all the taunts about fringe low browism on ZH can sit back and enjoy a little bit of schadenfreude. Cracks are starting to appear in the facade.
True; the folks at Puck would have loved to have you on staff, WMBanzi7. You continue a tradition in a 'modern' way with a great talent and wonderful, sometimes acerbic sarcasm that is so right-on it's spooky! Thanks, man.
Here is the coverage so far from the MSM
No doubt they are busy looking for a way to Swift Boat this guy.
So far as I know, he is not a simple High School graduate/independent contractor with a hottie in Hawaii.
Morgan Stanley put him in charge of US OTC derivatives after he left the NYFRB.
Bloomberg - (don't worry) he only "penned an op-ed" It wasn't a "confession"
Smells funny to me. The WSJ is the organ pipe for the street. No way this would see the light of day unless "they" wanted it out there.
What's the real reason for this article??
To apologize for what they know is coming in order to minimize torches and pitchforks. The good intentions defense tends to keep the sheeple crying over the situation instead of looking for someone to hang.
What's the old saying, "hell is full of people with good intentions."
Vote up! +145
Vote down! -1 <----- There's always that one guy.
L'enfer est plein de bonnes volontés et désirs - Saint Bernard
I think the common one is "The road to hell is paved with good intentions".
Not to correct you, or make you wrong. I just like this quote.
Historical revisionism. It is the purest form of propaganda.
Yeah, like Lincoln was a democrat...
Didn't Obama the other day tell us "not to listen to the blogs"?
There. Total conspiracy theory. It's not on corporate news sites, consequently, it's not to be believed.
The only thing Obama and company have proven is that you have to be a complete idiot to believe anything they say. Which is why the democrats are the party of the ignorant.
Democrats, Republican. They're both controlled by Wall Street. Wake the fuck up.
Will B can take a foggy image we all have in the back of our minds and create it visually for all of us to appreciate. As Laws says, "roll the motherfucking guillotines".
A rat ratting out another rat will not get you a free pass, pal!
Exactly what I thought as I read this bullshit. That dirty yid smells the gallows pole and thinks rolling on his masters will save his neck.
The hell of this thing coming crashing down is that we're the ones it comes crashing down on. Good gawd, ya'll.
Relatively speaking, who has more to lose, the 99% of the 0.1%?
The huddled masses of course. The 0.01% have their shit covered. The fact that crap like this is finally surfacing in the press only means that it's too fucking late for any of us to do anything about it. Much like closing the barn door after the horses have already bolted...
1859 John Brown quote:
"I, John Brown, am now quite certain that the crimes of this guilty land will never be purged away but with blood."
Thanks for the down arrow Shmuel, I'll wear it as a badge of honor.
Let us just clarify why this guy is no Ed Snowden. Snowden had his epiphany and decided to: (a) wash his hands of the intelligence business, full stop, (b) devise a way to undo the wrongs and (c) sacrificed his personal well being in order to realise his objective.
This guy left the NYFRB to run the OTC Derivatives business at MS. This is not coming clean as a matter of principle.
Furthermore, he did not speak out when he initially realised the wrong that was being perpetrated. He could have in the very beginning. But he did not. He was in much better position to do something than Karen Hudes, who was not engaged directly in the fraud being perpetrated on the public.
So while this is all very embarassing to the FRB, it is not the knock out punch that Snowden delivered to the NSA.
He is speaking up after the swindle has become a fait accompli.
Someone else will have to run with this down the field now.
Meanwhile, there is still a wall of MSM silence.
Timing, bro. It's all about timing. Maybe WSJ sat on the story for 2 years, maybe the guy was tapped to come forward now because he was about to face exposion.
Someone else said this story has legs. I concur. But what the fallout might be is anybody's guess.
Imagine the banks are opening up the flood gates and money comes pouring into personal checking accounts like manna from heaven. Free money, no strings attached. Maybe a 0.1% transfer fee and then a zero interest rate for 12 months which can be rolled over every year at the same rate.
I can only repeat myself. Money is worthless.
"exposion?" You don't write for Sara Palin do you?
we're the MSM now...just as was foretold almost sixty years ago "by a Professor who's been dead 43 years and is still minting one billionaire after another." and yes "still no one knows who you are" as he famously said of himself in a Woody Allen movie while playing himself.
BANZAI! you're english! or australian or other! caught you with that weird spelling of realized. never would have guessed.
Happy you found us.
Lloyd: Timmah!
Jeethner: oh shit
Actually, the citizens need to make a dedictaed internet website of all the banking execs and government officials who are in on this scheme, where they live, work and travel (vacation homes etc). Just remember, there is no rule of law anymore, so we can dispense with the platitudes of right to a "fair trial" . They need to be rounded up.
Add the politicians and politicos who've been complicit.
All I want is justice, which sadly means, trials will be required. Show trials, perhaps. But trials, nonetheless.
Hubbs: "we can dispense with the platitudes of right to a "fair trial" . They need to be rounded up."
Never dispense with any human and Constitutional right. . ever.
Your disgust with these criminals is understandable, but going down a lawless path leads to all sorts of horrors.
Yes, and it won't solve the issue that we're still WAY in debt and there's not enough natural capital to feed the growth machine any more. It's over. We ought to get to work- there's a lot to be done.
BUT... you'd at least have to admit that it would be worth it to at least see them all pee their pants. (and then they can be pulled to work the fields like we'll all be doing)
The Cremation of Care ceremony is a lot more fun watching it across the other side of the water.
http://www.youtube.com/watch?v=8qBB_yOv_n8
Those assholes wearing those robes seem to think this is funny.....I assure you.....it is not.
Oogah boogah boo.
What does the tooth fairy do with all those teeth?
Nothing good I'll bet.
Extract DNA and put it in a homeland security database?
Cremation of care is where they literally say out loud they don't give a shit what wrong they have done, in the previous 12 months, and basically ask for their 'god's blessing to let them not give a shit for the next 12 months either.
Sociopaths.
Call them whatever you'd like.....they just really don't care.
It's "indifference."
I'd always wanted to slap my "ex" when she'd respond with "whatever." I never did: karma applied the slaps...
Kol Nidre
I'm not entirely sure what that machine is supposed to do, but I'm pretty sure his little dimons are in jeopardy.
The artist had quite an imagination.
Er... Jamie Dimon is a saint being broken on the wheel by evil non-believers?
Contrition, in any shape or form, won't stop the search for a suitable lamp post.
apology accepted, mr. huszar. meet us up at the esso station so we can discuss this some more.
Yeah - he, like the rest of the NWO freaks are really thinking, 'let 'em eat cake.'
That's been obvious to all of us on ZH for rather a while now.
But I can't wait to hear how the Keynesians will spin their way out (and disown "one of their own") this time around.
I'm thinkin they'll use the time honored "he's been under a lot of stress" line, followed by a long vacation...to Siberia.
FeddiLeaks like this are honored with triangulated crossfire.
Unless, of course, the Fed is planting the poison pill that will accelerate the adoption of their cryptocurrency nirvana.
Over.
.
...to spend more time with his family.
'Never too late?' I think maybe it is. Ammo/supplies. Be prepared. TSHF moment is close.
<<<<<<<<"Demoralized, I returned to the private sector."
<<<<<<<"Experts like Larry Fink"
which one was funnier?
Demoralized, he returns to Morgan Stanley, which was bailed out by Bernanke & Syndicate, & which is in the 0.2% of financial institutions to have its hands on & in the 70% of assets cookie jar that is the primary beneficiary of QE.
He's sorry, but it doesn't make him stupid. He knows which side his bread is butttered on.
as a consequence I maintain my buy recommendation!
That Goddamn Finklelstein shit kid
This has nothing to do with Keynes.
I am really fed up with such posts here that seek cheap populism by attacking Keynes without having read even a page of what he wrote.
"The other set of fallacies, of which I fear the influence, arises out
of a crude economic doctrine commonly known as the Quantity Theory of
Money. Rising output and rising incomes will suffer a set-back sooner or
later if the quantity of money is rigidly fixed. Some people seem to
infer from this that output and income can be raised by increasing the
quantity of money. But this is like trying to get fat by buying a larger
belt. In the United States to-day your belt is plenty big enough for
your belly. It is a most misleading thing to stress the quantity of
money, which is only a limiting factor, rather than the volume of
expenditure, which is the operative factor."
http://www.zerohedge.com/article/inflation-seen-nations-salvation-redux-how-keynes-grew-hate-keynesianism-and-love-monetary-b
Keynes is a target, because it is under supposedly his theories that practically the entire western world operate today. QE - not Austrian. Bailouts - not Austrian. Consistent manipulation of interest rates - not austrian. Manipulation of the money supply - not austrian. Banks and governments have however been banging the "we're all Keynesian" drums repeatedly since 2008 - regardless of whether they actually "saved during the good years" - which, of course, none of them did.
And this leads me to my main issue in regards to counter-cyclical fiscal policy. In a democratic society, this will NEVER work, as no government will tighten fiscal policy, as it'd lead to an immediately booting out of public office. The "other" party would be elected on promises of further "public sector investments".
But please do respond with the predictable "that's not Keynes's fault". Quite. Just as it isn't Marx's fault that communism is fundamentally against human nature, and hence will never work, either.