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New York Fed's Conference Evokes Violent Thoughts Against Wall Street

Tyler Durden's picture




 

Authored by Pam Martens and Russ Martens via Wall Street on Parade blog,

What the New York Fed attempted to pull off this past Monday with its full-day conference for the execs of wayward Wall Street banks was a public relations stunt to switch the national debate from its culture to Wall Street’s culture. Styled as a “Workshop on Reforming Culture and Behavior in the Financial Services Industry,” the event came less than a month after ProPublica and public radio’s “This American Life” released internal tape recordings made by a former New York Fed bank examiner, Carmen Segarra, revealing a regulator with no bark or bite.

ProPublica’s Jake Bernstein wrote that the tapes and a confidential report by an outside consultant demonstrated the New York Fed’s “history of deference to banks.”

But there is far more to this story. Wall Street banking executives, who elect two-thirds of the Board of Directors of the New York Fed and have frequently served on its Board, have structured the institution to be its sycophant. Consider the fact that Jamie Dimon, CEO of JPMorgan Chase, sat on the Board of the New York Fed from 2007 through 2012 as the regulator failed to follow through on three separate staff recommendations that JPMorgan’s Chief Investment Office undergo a thorough investigation, as reported this week by the Federal Reserve System’s Inspector General.

JPMorgan’s Chief Investment Office in 2012 finally owned up to losing $6.2 billion of bank depositors’ money in wild bets on exotic derivatives in London.

A Wall Street regulator, like the New York Fed, which has staff positions called “relationship managers” that are considered senior to, and can bully and intimidate, their bank examiner colleagues, is in no position to be lecturing Wall Street on its culture. Indeed, the culture on Wall Street of “it’s legal if you can get away with it,” grew out of its cozy, crony relationships with its regulators like the New York Fed, an enshrined revolving door at the SEC, self-regulatory bodies delivering hand slaps and its own private justice system to keep its secrets shielded from the public’s view.

To suggest that a one-day conference and a few speeches are going to make a dent in a structure intentionally created to deliver heads we win, tails you lose on behalf of Wall Street interests is deeply insulting – especially coming from the New York Fed, the target of future Senate hearings on its own culture.

The seriousness with which disciplinary lectures by the New York Fed are taken by the big Wall Street players is evidenced by those who snubbed Monday’s conference – namely, the CEOs of the serial miscreants. Not in attendance, according to the participant list released by the New York Fed were: JPMorgan CEO, Jamie Dimon; Citigroup CEO Michael Corbat; and Goldman Sachs CEO Lloyd Blankfein.

William Dudley, President of the New York Fed, whose wife receives $190,000 a year in deferred compensation from JPMorgan where she was previously employed as a Vice President, sized up the loathsome regard that Wall Street now holds in the public mind as follows:

“Since 2008, fines imposed on the nation’s largest banks have far exceeded $100 billion. The pattern of bad behavior did not end with the financial crisis, but continued despite the considerable public sector intervention that was necessary to stabilize the financial system. As a consequence, the financial industry has largely lost the public trust. To illustrate, a 2012 Harris poll found that 42 percent of people responded either ‘somewhat’ or ‘a lot’ to the statement that Wall Street ‘harms the country’; furthermore, 68 percent disagreed with the statement: ‘In general, people on Wall Street are as honest and moral as other people.’ ”

Further cementing that public distrust, the media was barred from attending Monday’s conference at the New York Fed. Press members who nonetheless reported on the event evoked a recurring theme of violent acts to deal with incorrigible actors.

Aaron Elstein at Crain’s New York used an analogy comparing the Fed to the 15th century Vatican which dealt with a problem it was having by calling a big conference and burning alive the outlier and casting his remains into the Rhine.

This thought about the conference constituted the first paragraph of Bartlett Naylor’s reporting at Huffington Post: “The Roman army responded to desertion by randomly executing a tenth of those soldiers remaining. They called it decimation, derived from the word ‘tenth.’ This discipline, of course, prompted all soldiers to police against desertion so as to save their own skins.”

Jon Hilsenrath at the Wall Street Journal was thinking along similar lines. Hilsenrath reflected on the book, Manias, Panics, and Crashes, which carries a chapter by University of Chicago Professor Robert Aliber in its revised sixth edition. Hilsenrath quotes as follows from the book: “At the time of the South Sea Bubble, (Lord) Molesworth, then a member of the (British) House of Commons, suggested that parliament should declare the directors of the South Sea Company guilty of parricide and subject them to the ancient Roman punishment of that transgression – to be sewn into sacks, each with a monkey and a snake, and drowned.”

Business media is not the only source pondering violence against Wall Street scoundrels. This summer, venture capitalist, Nick Hanauer, worried aloud to his fellow plutocrats in Politico Magazine about when public anger might spill over into pitchforks. Hanauer writes:

“What everyone wants to believe is that when things reach a tipping point and go from being merely crappy for the masses to dangerous and socially destabilizing, that we’re somehow going to know about that shift ahead of time. Any student of history knows that’s not the way it happens. Revolutions, like bankruptcies, come gradually, and then suddenly. One day, somebody sets himself on fire, then thousands of people are in the streets, and before you know it, the country is burning. And then there’s no time for us to get to the airport and jump on our Gulfstream Vs and fly to New Zealand. That’s the way it always happens. If inequality keeps rising as it has been, eventually it will happen. We will not be able to predict when, and it will be terrible—for everybody. But especially for us.”

There are currently a stunning 8,477 comments under the article. The following two, listed together, capture the current divide between Main Street and Wall Street:

Betsarama: “Thank you! Exactly. My father had a saying with regard to how much he charged and what his company earned, and that was ‘Enough.’ People loved him for his intelligence, simplicity and hard work. That’s American. Being filthy stinking rich — what is there to admire?”

Crapulous Mass responds: “One of the beauties to being filthy stinking rich is really not having to care what others think of you.”

This might well explain why Dimon, Corbat and Blankfein snubbed the lectures on Monday.

 

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Sat, 10/25/2014 - 11:49 | 5376249 X.inf.capt
X.inf.capt's picture

No wondered they "EBOLA'ed" NEW YAWK!

the peasants are getting to restless...and a good ol' fashion plague will keep them out of the streets...

Sat, 10/25/2014 - 11:50 | 5376254 Newsboy
Newsboy's picture

"Violence, violence; it's the only thing that'll make you see sense..."

https://www.youtube.com/watch?v=y1G-9cepoG0

Sat, 10/25/2014 - 12:04 | 5376297 Manthong
Manthong's picture

Outside of the vision of a dozen busily employed guillotines arrayed in the intersection of Wall and Broad, I don’t see how anyone could harbor violent thoughts

Sat, 10/25/2014 - 12:18 | 5376327 KnuckleDragger-X
KnuckleDragger-X's picture

It would be much more honest if we replaced the FED with the Mafia....

Sat, 10/25/2014 - 12:40 | 5376380 dot_bust
dot_bust's picture

Very true.

But I keep thinking that the U.S. Government is very much like the Mafia, too. After all, the government uses a kind of
Mafia-style protection racket. It always seems like the government would like to say: "Pay us and we won't break your legs."

Whoever thinks that the government is there to protect them is more than a millimeter off. 

Sat, 10/25/2014 - 13:20 | 5376485 forexskin
forexskin's picture

ProPublica’s Jake Bernstein wrote that the tapes and a confidential report by an outside consultant demonstrated the New York Fed’s “history of deference to banks.”

is this supposed to be ironic in the context of a tyler posting, or informative?

because deference is due your owners, and the fed has always been owned by the banks...

Sat, 10/25/2014 - 14:07 | 5376621 ebworthen
ebworthen's picture

FED = bankster's sycophant. 

Only 2% of U.S. population knows it or why it makes them suffer.

Good thing for the FED that the NFL season is in full swing and the NBA on the way.

Sat, 10/25/2014 - 14:53 | 5376733 Rememberweimar
Rememberweimar's picture

Let me counterfeit for a while... http://benthetheif.blogspot.com

Sat, 10/25/2014 - 17:58 | 5377190 baldski
baldski's picture

Correct me if I am wrong, but is the Fed not a private corporation owned by the banks? Is the Fed not capitalism at work?

Sat, 10/25/2014 - 22:22 | 5377965 forexskin
forexskin's picture

?1) yes

?2) fascism at work

Sat, 10/25/2014 - 15:15 | 5376799 sun tzu
sun tzu's picture

Politicians are much more evil than any mafiosos

Sat, 10/25/2014 - 15:27 | 5376832 aliki
aliki's picture

mafias books wud never be upside down let alone $17.5 trillion upside down

Sat, 10/25/2014 - 22:11 | 5377900 Implied Violins
Implied Violins's picture

Hopefully not more than 9 millimeters, because then I might miss them.

Sat, 10/25/2014 - 22:58 | 5378079 Antifaschistische
Antifaschistische's picture

exactly.....$100 billion in fines. what a freakin joke.   Let's see, we'll confiscate trillions of real wealth from hard working Americans through the FEDs counterfeiting operation, and then we'll let the SEC skim 100 big ones as hush money....that's all...

...it's not a fine....it's a bribe!!!!

Sat, 10/25/2014 - 12:50 | 5376358 TruthInSunshine
TruthInSunshine's picture

Wall Street should be napalmed, carpet-bombed & turned into a glass sheet.

It's a parasite that's killing/strangling/suffocating what once was the very essence that once made the US a great nation - a large, vibrant, healthy middle class in nominal & relative (as a % of total population) terms.

The increasing financialization of America's economy, where real, valuable and genuinely skilled labor is devalued, and those who shift, rather than create, wealth (e.g. when bankers, bond & commodity traders make multiples more than engineers, scientists or teachers) are increasingly more richly rewarded, is killing US.

Sat, 10/25/2014 - 13:04 | 5376441 Caviar Emptor
Caviar Emptor's picture

You seem to be implying that The Financialization of America wasn't inevitable! Capitalism has and always will favor the capitalists, until they own everything and then it's feudalism again

Sat, 10/25/2014 - 13:21 | 5376489 forexskin
forexskin's picture

lemme fix that for ya.

the financialization of america was inevitable in the face of FACISM. the productive use of saved capital is and was the function of savings and capitalism. fuktard.

Sat, 10/25/2014 - 13:59 | 5376598 Caviar Emptor
Caviar Emptor's picture

In the later stages, the most productive use of capital is financialization. Because it makes the most money fast. Make money by moving money from here to there. Investing in a business is slow and risky. Why do it?
And you act as if capitalists with gobs of money won't use it to increase their political power! Naive, no?

Sat, 10/25/2014 - 14:14 | 5376628 forexskin
forexskin's picture

And you act as if capitalists with gobs of money won't use it to increase their political power! Naive, no?

is it possible to accumulate those gobs without gov't colluded monopoly regulatory capture or officially sanctioned market manipulation? again, your use of terms is imprecise. to criticise as capitalism that whose behavior is facism in action is mistaken, unintentionally or otherwise. virutally every capitalistic enterprise that has not resorted to regulatory and cartel capture has either been supplanted or evolved into other market sectors, leaving fallow ground for other innovation and wealth creation. see clayton christenson's "the innovator's dilemma" for a learned discussion.

your mistake is in defining financilization as productive. it is not. it is manipulative, requires collusion from regulators, market exclusivity, and is so by definition fascism.

i'll take your naieve and raise you your ignorant agenda, whatever the hell it is...

Sat, 10/25/2014 - 14:29 | 5376680 Caviar Emptor
Caviar Emptor's picture

When wealth gets too concentrated, it's bad for the economy. I think we both are saying that.
I'm just saying that it happens inevitably as a consequence of a cyclical economic system such as capitalism is. There are booms and busts, followed by regeneration. But there are larger cycles that result in concentration of capital (wealth and power) into too few hands. Inevitably (as happened in America in the guilded age followed by the Great Depression).

Sat, 10/25/2014 - 15:19 | 5376810 sun tzu
sun tzu's picture

All this happened after the Fed was created to centralize the economy and put the power into the hands of the bankers. 

Capitalism is the worst economic system, except for all others. Freedom only works when you have a smart, honest, and educated population. We don't

Sat, 10/25/2014 - 13:37 | 5376525 gwar5
gwar5's picture

Communists are capitalists with no middle class and cronyism a feature, not a bug.

 

Keynesianism was financialization of politics and the merger of corporate banksterism. Done by stealth so they didn't get pitchforked because of their crimes. They didn't tell us it was good for us, like commies do, they told us not to believe our lying eyes. By hiding their crimes they admit they are crimes. On the day of reckoning they have no authority or standing to delay their fate.

 

Sat, 10/25/2014 - 15:54 | 5376855 bentaxle
bentaxle's picture

5376441 Caviar Emptor

It isn't capitalism....to bail out bankrupt banks.

The "financialisation" of the American economy and the corresponding *crowding out of skilled labour was only inevitable because the bankers were not and have not been forced to eat their own moral hazard. (* By crowding out, I mean when bankers became able to borrow their own money - courtesy of Glass-Steagall being repealed,  who were then able to buy up industries in China with it, that out-competed US labour costs and once the Chinese let the bankers do that it was all over for US skilled labour.) Bankers now owned the wealth creation process, the industries that provided the items for a "consumer society" to consume. Since the bankers "owned" Congress there would be no legislation, protectionism, preventing the dumping of Chinese goods.

On that basis feudalism is basically here. The Chinese worker is practically a slave working to shore up a Chinese dictatorship. The American worker, if indeed there is any work, is fooled into taking minimum wage, EBT cards and debt to survive - he owes somebody somewhere along the line, be it a bank, a despotic government or an employer that knows he can't walk across the road to another employer.

The perversity of American banks using American capital to swindle the American public out of their own wealth and get them to agree to more of the same is breath-taking!

And Joe the plumber's problem is.....? He just doesn't have the balls to bring himself to vote for a non-Republican or non-Democrat candidate. You know...go all revolutionary at the ballot box because he doesn't know his own mind. Shock horror!

Sat, 10/25/2014 - 14:33 | 5376685 armageddon addahere
armageddon addahere's picture

Finance should be regulated. There will always be a need for banks. You only have to go back 50 years to find a time when they were regulated, served a useful function, did not overpower the rest of the business and political world, because they were properly regulated.

Sat, 10/25/2014 - 12:41 | 5376384 Escrava Isaura
Escrava Isaura's picture

Newsboy

Wrong!

 

Not violence but movement.

 

Martin Luther King was the most powerful person in America in the 60’s because of his peaceful movement.

 

 

Sat, 10/25/2014 - 13:19 | 5376483 Karaio
Karaio's picture

Was killed for it. 

: - /

Sat, 10/25/2014 - 15:05 | 5376776 Things that go bump
Things that go bump's picture

Leaders like King are often killed. It doesn't seem to stop the movement, only vitalizes it with a martyr. Such men are often more dangerous to their foes dead than alive. 

Sat, 10/25/2014 - 14:37 | 5376696 bbq on whitehou...
bbq on whitehouse lawn's picture

That was a time of hope, this will be a time of rage. When the full assets of the government are used, not to build but to destroy.
Unlike when the USSR was dismantled, this will be the states fighting over the scraps of the Federal government with people crying out for blood.
How many people do you know who will work for years without a paycheck like in the USSR? No, when the chips are down they will eat each other.
The great assets that were built up will be used against those who failed to live up to their commitments.

Peace, no not in a revolution. Peace is what comes after anger and vengence, then you may have your peace. These people dont get to walk away this time.

Sat, 10/25/2014 - 19:44 | 5377457 Bangalore Equit...
Bangalore Equity Trader's picture

Listen.

Body odor does not count.

Now, the US government is saying: "OH sorry, we did not understand that nagger".

In 20 years, US citizens will say the same thing about Muslims!

Take your worship back to your weekly AIPAC meetings.

Sat, 10/25/2014 - 12:23 | 5376344 Bloppy
Bloppy's picture

Should we really blame Wall Street? Who wouldn't take free money if were offered? The Fed is the real problem.

 

New: the most disgusting moment of Campaign 2014: we have a winner!

Sat, 10/25/2014 - 13:32 | 5376514 RaceToTheBottom
RaceToTheBottom's picture

Stop thinking of the FED as some part of the government.  The FED IS Wall Street.

Sat, 10/25/2014 - 14:07 | 5376625 Steroid
Steroid's picture

And a regulator by decree thus government.

The circle is closed thus Fascism!

Sun, 10/26/2014 - 00:00 | 5378269 CASTBOUND
CASTBOUND's picture

my friend's step-sister makes $67 every hour on the computer . She has been fired from work for 7 months but last month her pay check was $14130 just working on the computer for a few hours. blog here... www.Yelptrade.com

Sat, 10/25/2014 - 11:49 | 5376255 RaceToTheBottom
RaceToTheBottom's picture

Why was 2008 any different that 1987?

That is the real question?

Next question is when the next one happens, what will we give away that time?

Sat, 10/25/2014 - 12:18 | 5376318 Tall Tom
Tall Tom's picture

It was the magnitude of the defaults that differentiated 1987 and 2008. The S&L Crisi paled in Magnitude to the Financial Crisi.

 

The next one is the Currency Crisis which will make both 1987 and 2008, combined, appear as a Sunday Picnic and there is nothing that they will be able to do to quench that meltdown...NOT ONE DANED ACTION.

 

I will be sitting at the end of the runways at the regional airports doing some bird hunting. You cannot have Bird Strikes on those Gulfstream Jets taking off...you know? You have to protect the "good people". They do not fly commercial after all.

 

May God forbid that they crash as a result of a Bird Strike. What did the poor bird do?

 

In case I am detained and cannot make it I suggest that others may plan accordingly.

Sat, 10/25/2014 - 17:11 | 5376524 RaceToTheBottom
RaceToTheBottom's picture

I don't see that.

I see in 87 criminal banksters broke the law and were penalized.

In 08 criminal banksters broke the law and because they were TBTF, were not PENALIZED AT ALL.  They were rewarded with huge profits and bonuses.

The fact that 08 was larger than 87 doesn't mean 08 gets no punishment.  It should at most mean more punishment than 87 and maybe some support afterward to the whole industry to keep it all from falling down....  That was not what happended.

 

In the future I want NO SUPPORT at all for any reason and I want to see total destruction.  

I no longer care at all. I look forward to the total reset.  

Sat, 10/25/2014 - 18:17 | 5377237 AE911Truth
AE911Truth's picture

Soon, the banker criminals will have nowhere to fly:

 

Link:

https://s3-us-west-2.amazonaws.com/groupkltd.com/NoFlyAccords.pdf

 

Source:

http://neilkeenan.com/sample-page/

Sat, 10/25/2014 - 13:14 | 5376469 Karaio
Karaio's picture

RaceToTheBottom :

The thing is simple to understand. 

Banksters invented numerous ways to transform the sweat of paper work. 

Won, inflators, made ??the devil for a few cents in bites and baites cellulose. 

 

My father always said: 

You want to have a happy retirement? Buy gold. 

When you have his fifties, sell everything and buy five homes, living in rental income. 

Another thing that my father was warned never buy apartments, he said that the validity of the concrete is 70 years and you will never own the land. He said that if a building falls, the ground will serve only for a pit every apartment owner. 

Returning to the subject, I spent the oil crisis in 1973 and the crisis in Brazil in 1980, I know very well what is inflation and famine. 

Also saw Banksters who funded the Fernando Henrique Cardoso, former president of Brazil who sold much of the Brazilian state companies, squandered our patrimony, sold companies that made ??a profit - including most mineiradora the world, Vale do Rio Doce at a bargain price. 

Son of a bitch! 

You Americans may believe that if it were not for these acquisitions, you would be in deep shit long before, in 2008, what sustained their economy so far were those sales. 

Petrobras and Banco do Brazil and the CEF and BNDES just were not sold because the military reached the ear of the son of a bitch and said you will die if you do. 

Brazilians do not seem like good guys, believe me. 

It is when we need to be extremely nationalistic. 

Nor did the majority does not like "gringos" eating in our internal things. 

I think the rest of munto also dislikes. 

hehe.

Sat, 10/25/2014 - 13:43 | 5376540 RaceToTheBottom
RaceToTheBottom's picture

I have tried gold, silver, PMs, even healtd outside of the US.

50% down is my reward.  Maybe it changes, maybe it doesn't.

When they control all the cards in the deck, you have to ask just what game you are playing or does it matter?  You will lose.

Sat, 10/25/2014 - 11:51 | 5376256 SidKhadak
SidKhadak's picture
EBOLA – CIA Project Codename MKNAOMI & Hi-Tech Assassinations

 

In 1948, Henry Kissinger, a 23-year-old American intelligence officer, recruited Nazi expatriates to serve in top positions in American military, aerospace, and biological science and medicine. Twenty years later, he left Harvard’s esteemed faculty and resigned a lucrative position as Nelson Rockefeller’s foreign policy attache’ to become President Nixon’s closest advisor and director of the National Security Council. Seeking alternatives to tactical nuclear weapons to bolster America’s “diplomacy” abroad, the paranoid and egomaniacal Kissinger quickly ordered the Army’s Chief of Staff to requisition $10 million from Congress for the development and testing of EBOLA & AIDS-like viruses. Within ten years, the AIDS and Ebola epidemics erupted coincidentally in the regions of Africa ravaged by CIA military covert operations also ordered by Kissinger.

 

In 1984, Dr. Robert Gallo, of the National Cancer Institute, claimed credit for discovering the AIDS virus. He announced it most likely originated from a monkey virus which spontaneously mutated and naturally jumped species. Dr. Gallo was a biological weapons contractor for the CIA’s top secret “Project: MKNAOMI,” and was paid to produce and test EBOLA, AIDS-like viruses as early as 1970.

 

EBOLA – CIA Project Codename MKNAOMI & Hi-Tech Assassinations
Sat, 10/25/2014 - 13:32 | 5376513 Karaio
Karaio's picture

Grato!

:-)

Sat, 10/25/2014 - 11:51 | 5376258 ekm1
ekm1's picture

Bank lobby insolvent oligarchs better give up in peace.

History is against them right now.

 

Nobody wants a slaughter, just give up and live, like Lehman, Bear Stearns and MF Global guys did.

History is never wrong.

Sat, 10/25/2014 - 12:21 | 5376338 KnuckleDragger-X
KnuckleDragger-X's picture

Yeah, my thoughts tend to wander in that direction but like all oligarch's they'll keep hanging on till the peasants rise up and the hangings commence.

Sat, 10/25/2014 - 13:38 | 5376528 Karaio
Karaio's picture

@ KnuckleDragger-X: 

You have no idea how much it costs to maintain a prison with food, guards, electricity, water, space. 

All this costs the Government with a baba - and are you paying taxes to let those sons of bitches there, prisoners, doing nothing! 

Justicar kill or hang or shoot out cheaper. 

Search the Bible something about prisons had previously. ... 

hehe.

Sat, 10/25/2014 - 13:41 | 5376533 ekm1
ekm1's picture

I'm talking about other oligarchs from other fields of business. They are after bank lobby

Sat, 10/25/2014 - 19:23 | 5377408 Bay of Pigs
Bay of Pigs's picture

Care to provide any actual proof of this or should we just take it on faith from you?

I see the banksters doing whatever they to, and telling everyone else to go fuck themselves. Just saying...

Sat, 10/25/2014 - 20:22 | 5377547 ekm1
ekm1's picture

There is no such thing as proof

Only natural phenomena is proof. Anything else is interpretation what is happening

Sat, 10/25/2014 - 19:50 | 5377480 Bangalore Equit...
Bangalore Equity Trader's picture

Listen EKM1.

"Nobody wants a slaughter".

Kindly, speak for yourself. I want bankster blood spread across the globe.

Sat, 10/25/2014 - 11:52 | 5376262 Cacete de Ouro
Cacete de Ouro's picture

When the revolution hits Wall St, they should really revolt 3 blocks north up on Liberty at 33. That's where the last bits of gold are.

Sat, 10/25/2014 - 12:00 | 5376284 gafgroocK
gafgroocK's picture

 

 

Who says there is gold there?

Sat, 10/25/2014 - 12:00 | 5376286 q99x2
q99x2's picture

Bitcoin Last Price $352

Sat, 10/25/2014 - 13:31 | 5376512 Karaio
Karaio's picture

Bitcoin is an illusion created by the NSA. 

Any breakdown in the network and you will have just a few cents Bitcoin and pleated, your ass will be his only asset! 

hehe.

Sat, 10/25/2014 - 15:27 | 5376797 Things that go bump
Things that go bump's picture

I read that in Germany during the Weimar inflation, any money was immediately converted into real things - anything. I read of one woman who, unable to find anything more desirable, invested in bedpans. I think anything real is your best bet. I often buy extra bars of soap. It doesn't go bad, is small enough to store easily, we don't make it here anymore and it will be wanted and could be used for trade in a barter economy.   

Sat, 10/25/2014 - 12:02 | 5376290 Steroid
Steroid's picture

Why stopped at banksters? Politicians are hated more.

A congressional Lottery would be a great start.

The winner is executed publicly. The party that gets the biggest cheers is dissolved.

It would be a political dutch auction.

Sat, 10/25/2014 - 12:23 | 5376346 KnuckleDragger-X
KnuckleDragger-X's picture

Build a supermax prison where the term of office will be served.....

Sat, 10/25/2014 - 12:17 | 5376325 e_goldstein
e_goldstein's picture

"We will not be able to predict when, and it will be terrible—for everybody. But especially for us.”

You got that right, Sparky; and if it gets bad enough, your bloodlines are going to get it too.

Sat, 10/25/2014 - 12:24 | 5376342 goosee
goosee's picture

Decimation! An idea whose time has come. Politicians, Banker I'm sure we can come up with the proper parameters.

Sat, 10/25/2014 - 12:27 | 5376355 e_goldstein
e_goldstein's picture

Decimation only cures 1/10th of the problem, extermination is always most effective.

Sat, 10/25/2014 - 12:26 | 5376353 Atomizer
Atomizer's picture

The Federal Reserve is in a panic mode. The ISIS and Ebola investment package yields insufficient investment. 

Bamboozled efforts to create blow jobs by Central Planning and the US lap dogs has failed. 

What new package of CDC threat will this administration need to hit the GDP Growth projections. 

See how easy this is observe fraud? 

https://public.isishq.com/public/SitePages/Home.aspx

Sat, 10/25/2014 - 12:25 | 5376357 BeerMe
BeerMe's picture

Umm...The Fed is one large bank so of course they do what is in the banksters best interests.  It isn't a regulatory agency.  This whole article takes on a dumbass tone and misses the greater picture by being muddled in class divide.

Sat, 10/25/2014 - 13:10 | 5376457 MarsInScorpio
MarsInScorpio's picture

Sorry to break it to you but the Fed is a regulatory agency. It reviews the workings of banks across America.

From the banker's point of view that is the glory of the Fed. It is the ultimate fox guarding the hen house.

The US financial system is one giant criminal enterprise.
-30-

Sat, 10/25/2014 - 13:46 | 5376552 Karaio
Karaio's picture

@ MarsInScorpio: 

I am also Scorpion (07/11). 

You know what kind 11: 00h in the morning is everyone within the institution. 

You know very well what a few gallons of gasoline and a match can do right? 

All though there are more sophisticated ways to put down seven buildings including photos showing molten concrete by thermonuclear reactions, but for that you need the clout of the Mossad and a bunch of alphabet soup. 

hehe.

Sat, 10/25/2014 - 12:36 | 5376378 reader2010
reader2010's picture

Face it,  folks. Get used to it,  "THERE IS NO alternative."  

Sat, 10/25/2014 - 13:48 | 5376559 RaceToTheBottom
RaceToTheBottom's picture

I think that you meant "functioning alternative".

When you beat down the serfs, do they really care if the world works?  Why would they?

Sat, 10/25/2014 - 15:30 | 5376828 reader2010
reader2010's picture

TINA has been the official ideology since 1979. In absence of a great upheaval in the magnitude of the Great French Revolution,  you have to get used to it since the masses want only "Pursuit of Happiness" and they don't want any "Liberty, Equality, Fraternity." ;

Sat, 10/25/2014 - 12:38 | 5376381 Miss Expectations
Miss Expectations's picture

Hey Lloyd...

What Jamie?

There's a guy down in the street with a sign that says "WALL STREET IS OUR STREET"

(Lloyd opens window)

Hey Lloyd what are you doing?

(Lloyd unzips fly)

I'm gonna piss on him.  That  Romanée-Conti  goes right through me.

 

 

Sat, 10/25/2014 - 12:53 | 5376408 Unknown Poster
Unknown Poster's picture

Hilsenrat leading the charge? Saturday humor.

Sat, 10/25/2014 - 12:54 | 5376410 AdvancingTime
AdvancingTime's picture

Thanks for an article that shouts the truth. A lot of anger and angst is simmering just below the surface. At the end of September when revelations and tapes that Fed regulators were too darn cozy with Goldman Sachs emerged I found myself wondering if this might go viral and Janet Yellen might be forced to resign.

Of course nothing became of it, at the time I noted the Fed  has few friends and little in the way of a political base. If Americans become riled enough to demand change or that someone resign, the Federal Reserve chairman would be an easy target. The bonus being Yellen would not have a great number of supporters step up in her defense and she could be blamed for many of our economic ills caused as a direct result of policies the Fed controls. The logic of my speculation is explained in the article below that points out her availability when a scapegoat is needed. 

 http://brucewilds.blogspot.com/2014/09/yellen-could-be-forced-to-resign.html

Sat, 10/25/2014 - 18:43 | 5377289 AE911Truth
AE911Truth's picture

The banks that own the FED are all bankrupt. They are in default on obligations in which they leased thousands of tons of gold from the Global Debt Facility AKA the Global Collateral Accounts. The beneficiary of the FED's obligations are All of Humanity. Yes, the FED banks are indefault to US. Proof of the obligations are gold redeemable 1928 - 1934 series FRN's.

http://neilkeenan.com/sample-page/

 

http://jhaines6.wordpress.com/2013/06/30/repost-new-to-my-blog-interested-in-getting-the-full-story-of-financial-tyranny-here-is-the-best-expose-of-it-youll-find-david-wilcock-lays-it-out-there-like-a-lawyer-pr/

 

 

Sat, 10/25/2014 - 13:03 | 5376438 ebworthen
ebworthen's picture

The sinful used to be run out of town or stoned to death, now they are put on a pedastal.

Sat, 10/25/2014 - 13:13 | 5376466 MarsInScorpio
MarsInScorpio's picture

+1,000

-30-

Sat, 10/25/2014 - 15:21 | 5376817 Things that go bump
Things that go bump's picture

Tarred and feathered and run out on a rail. 

Sat, 10/25/2014 - 16:52 | 5377035 Monty Burns
Monty Burns's picture

IOW the Reign of Satan.  

Or as an Iranian demonstrator's banner once hilariously misspelled it 'THE REIGN OF STAN'

Sat, 10/25/2014 - 13:15 | 5376464 gwar5
gwar5's picture

The big 5 banks and Fed only have to hide their crimes until their new plan has the color of law. That's Holder and Obama's job. That's how they roll.

Sat, 10/25/2014 - 13:12 | 5376465 LoneStarHog
LoneStarHog's picture

The revolution - overthrow of an existing/legal government - has already occurred, and it was NOT violent and it was NOT quick.  The American Republic has been destroyed in a very slow process, with the final stages being since 9/11/2001...The reinstatement of that government is a counter-revolution.  Now that might be very quick and violent.

Sat, 10/25/2014 - 16:49 | 5377031 Monty Burns
Monty Burns's picture

Very true but I'd say it goes back further like to the 1965 Immigration 'Reform' Act whereby the cabal voted to elect a new people.

Sat, 10/25/2014 - 13:20 | 5376477 yogibear
yogibear's picture

Would love to see the mobs pull William Dudley out of the the Federal Reserve building  and see that he's mob procecuted. Dudley is nothing more than a Goldman Sachs soldier.

Sat, 10/25/2014 - 13:29 | 5376505 BouncyTheWonderbunni
BouncyTheWonderbunni's picture

Pepe' ebola 220 last night

Sat, 10/25/2014 - 13:29 | 5376506 RaceToTheBottom
RaceToTheBottom's picture

Of the 8,477 comments , I think a few more could have been posted.

But I do think that the devide is important.  The that Financial Criminals laugh when someone like me posts the word "criminals".

Full scale violence and eruptions is the only way to clear that level of disconnect out of the system.

Sat, 10/25/2014 - 13:34 | 5376518 AgShaman
AgShaman's picture

I agree....

I hereby proclaim all banksters have my permission to commit suicide if it suits their fancy

Sat, 10/25/2014 - 13:34 | 5376516 reader2010
reader2010's picture

What?  You wish Wall Street is your street?  the most painful truth that occupy-wall-streeters learned is that there ain't any public space that truly belongs to public. It's too late cause every fucking thing has been swindled into hands of slave owners. You are either a slave or a slave owner. Isn't that simple? 

Sat, 10/25/2014 - 13:45 | 5376547 Temerity Trader
Temerity Trader's picture

LMAO.  Do you see ANY evidence of the masses stirring and ready to take to the streets??  I thought not.   They have their I-Phone opiate, their HDTVs, their BMW’s, their NFL season tickets, all bought with Fed loose credit. The lower end has their EBT cards, Medicaid, and welfare payouts. They are certainly going to want to burn it all down and have their checks stop. Right!  ZHer’s are fools if they think the oligarchs will let it all fall apart. The Fed will print to infinity if needed. Loans will be forgiven; even looser credit for home purchases is coming. You think we will collapse under the weight of all the debt?  Maybe in a decade, maybe not.  So long as they can print and print, and push the markets higher, the masses ain’t gonna take to the streets. No way. The rulers are not stupid and the masses are dumbed down sufficiently; it all works. People don’t care about wars, killings, Ebola, drought, nothing matters but the markets and the god -like Fed. Massive stock buybacks, 15 year car loans, home refi’s, bailouts, rinse, repeat. Don’t kid yourselves, they have plenty of ammo left!  The ‘New Normal’ is here to stay.

Sat, 10/25/2014 - 14:04 | 5376613 kchrisc
kchrisc's picture

"LMAO.  Do you see ANY evidence of the masses stirring and ready to take to the streets??"

No, not yet. But when they do, I, and many more will be there to educate why, and who, they should be pissed at.

An American, not US subject.


"Making a list, checking it twice, who's been stealing and treasoning, and needs to be sliced..."

Sat, 10/25/2014 - 16:46 | 5377024 Monty Burns
Monty Burns's picture

Correct.  But if the crash is bad enough to deprive them of their 500 TV channels then they will take to the streets,

Sat, 10/25/2014 - 13:55 | 5376589 Karaio
Karaio's picture

This clash was good, I liked it and enjoyed myself. 

I'll go up to the "Copper" and then the "California". 

:-)

Sat, 10/25/2014 - 13:58 | 5376596 kchrisc
kchrisc's picture

Guillotine the Fed!

An American, not US subject.

Sat, 10/25/2014 - 14:50 | 5376726 loveyajimbo
loveyajimbo's picture

Remember... lamp posts have dual use...

Sat, 10/25/2014 - 16:12 | 5376929 gcjohns1971
gcjohns1971's picture

Scholars say the mark of genius is the ability to simultaneously hold mutually exclusive ideas. 

Apparently the Martens must be geniuses.

Or the scholars and the Martens are both nuttier than Aunt Bea's cakes.

 

After the Martens go to such great lengths in the first two paragraphs to highlight that the senior leadership of the Fed consists exclusively of senior bankers originating in, and returning to, the very banking institutions the Fed supposedly regulates, and who in fact create all the policies of the Fed, cannot given their own flawed culture, lecture Wall Street about its culture.

IDIOTS!  YOU JUST SAID IT WAS THE SAME DAMN CULTURE!!! AND THE SAME DAMN PEOPLE!!!

You asshats on Wallstreet plunder the country for a century and then cry 'poor me' because your left hand insults your right?

What kind of idiots do you take us for?

The rest of the article consists of warnings of violence against Wallstreeters.

Of course the Fed can criticize Wall Street. Vice versa works too. 

It is the same damn culture and people.  Words are meaningless sounds whose only purpose is to decieve to these people.

Sat, 10/25/2014 - 17:08 | 5377079 limacon
limacon's picture

"Quantity has a quality of its own". Stalin

What you need is

https://www.academia.edu/8729492/Smart_Money

Sat, 10/25/2014 - 17:27 | 5377124 Clesthenes
Clesthenes's picture

If inequality keeps rising as it has been, eventually it will happen. We will not be able to predict when, and it will be terrible—for everybody. But especially for us.”

The real question is, ‘Will “it” be a Judeo-Bolshevik, or an American, revolution?’  (Why do I use the term, “Judeo-Bolshevik”?)

And this leads to a real problem: no one seems to know the difference… or that there is a difference.

You see, one leads to more tyranny, the other, to more liberty.  And there is hardly an American who knows it.

Until Americans learn these differences, we can be sure that all that will happen will be an ordinary slave uprising: they will carry their pitchforks into the streets, slaughter anyone that resembles a Judeo-Bolshevik (regardless of age, condition, or sex, guilt or innocence), and, when their rage is slaked, they will passively submit to former masters and don more heavy chains.

Nothing else will change… and we will live thru the onset of the next Dark Age.

In other words, if you call your revolution Judeo-Bolshevik, and follow Judeo-Bolshevik principles, you will advance the cause of tyranny; on the other hand, if you call it an American Revolution, and follow Judeo-Bolshevik principles, you will still advance the cause of tyranny.

 

This is how it will be until, or unless, a few Americans (1%-2%) learn the differences between the two revolutions, and act accordingly.  Then we will have an immensely better chance at survival, while everyone else burns in the hell they allowed.

Sat, 10/25/2014 - 18:15 | 5377233 Mum
Mum's picture

Colorado illustrates the grand divide between those who demand the world be what they believe it should be and those who understand how our world works (Keynesian v Austrian School represent so much more than simple economics).  Urban centers run by bankers, lawyers, stock brokers, yuppies and low information voters dictate to rural citizens:

  • how food shall be grown and sold
  • how fuel shalld be harvested and sold
  • how water shall be managed
  • what churches shall teach
  • what schools shall teach
  • what bakeries shall bake and
  • what churches shall teach.

Now with FED's fiat the bankers, lawyers and stock brokers are moving to rural havens believing they'll have it all and have earned it all. Nothing could be further than the truth. Old Colorado is as strong and wise as ever. Her faithful own the water, the land it flows across and the mineral rights beneath. They cherish its rich history told to them first hand by their parents, grandparents and greatgrandparents. They've kept the images, records and books.

If rural America lived only with what it produced their citizens would remain healthy, wealthy and wise. If residents of urban centers lived only with what they produce then they would likely starve and freeze to death. If Californians have just realized they cannot, and should not, farm water intensive crops in a desert then they have nobody to blame but themselves. Any old successful rural farmer would have shared his invaluable wisdom for the price of a diner burger.

In my opinion Cory Gardner (5th generation Coloradan) will, and should, unseat Mark Udall and Bob Beauprez (4th generation Coloradan) will, and should, unseat Governor John Hickenlooper. Revisionist history presenting Udall and/or Hickenlooper as good stewards is deceptive at best.

Mum

G-grandad arrived in the 1870s. He blessed us with very long memories and healthy distrust of charlatans and opportunists.

Sat, 10/25/2014 - 19:15 | 5377385 robnume
robnume's picture

Now, I don't mind putting these fuckers, all of them, not every tenth one, into a sack and throwing them into the East River. But let's leave those poor monkeys and snakes out of this!

Sat, 10/25/2014 - 22:12 | 5377896 Ariadne
Ariadne's picture

This is not funny.

Sat, 10/25/2014 - 23:09 | 5378105 Notsobadwlad
Notsobadwlad's picture

One would think that Hanauer might look a little introspectively at the business that he is in and consider whether what he is doing is morally and ethically right. Just doing it because he can and everyone else is doing it does not make it right or good.

It is possible that if Wall Street was more concerned about the world than themselves we would most likely never get into a situation where people wanted to lynch them.

But, they are children, thinking of themselves as always the center of attention. Most kids grow out of that ... shame they have not.

Sun, 10/26/2014 - 07:31 | 5378712 jmcadg
jmcadg's picture

Unless the likes of Blankfein can do everything themselves on their own island, ultimately they are fucked. And even if they can they are fucked.

Sun, 10/26/2014 - 10:29 | 5379050 Stan522
Stan522's picture

Now, this is really funny.... As I login and after hitting "enter", I get a Prudential retirement pop-up window advertising their investing...... These guys have BALLS!

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