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Fed Vice Chairman Shocked At Wall Street Influence After Jamie Dimon "Whips" Cromnibus Votes
"Boy, was I wrong," exclaimed Federal Reserve Vice-Chairman Stanley Fischer, "I thought that when Dodd-Frank started, that the banks would not succeed in influencing it, having lost all the prestige they lost." Just like the Fed's economic and rate forecasts, Fischer's political perspective could not have been more incorrect. Rather stunningly confirming Fischer's admission, The Hill reports JPMorgan Chase CEO Jamie Dimon made calls to lawmakers on Thursday urging them to support the "cromnibus" spending bill, according to no lesser brain-trust than Rep. Maxine Waters. Perhaps Fischer inadvertently summed up the state of reality as WSJ reports, when he opined, "we are two bad decisions away from not being an independent central bank." We might suggest the "two" decisions went by a long time ago.
Did the political influence of big Wall Street banks wane after the financial crisis? Not according to the vice chairman of the Federal Reserve.
Fischer begins speaking at around the 1:06:30 mark...
As The Wall Street Journal reports,
Stanley Fischer gave some unscheduled remarks Friday morning at the Peterson Institute for International Economics, waxing philosophic about the global process for setting financial-system rules.
Mr. Fischer suggested rules set directly by legislatures can be imperfect, lamenting the role of Wall Street banks in shaping the 2010 Dodd-Frank financial overhaul law.
“I thought that when Dodd-Frank started, that the banks would not succeed in influencing it, having lost all the prestige they lost,” he told a crowd of several dozen at the Washington, D.C., think tank. “Boy, was I wrong.”
...
Mr. Fischer also recalled how during his time leading the Bank of Israel, he felt keenly aware of political considerations. When his central bank colleagues asserted that the institution acted independently of the elected government, his reply was, “Yes. And we are two bad decisions away from not being an independent central bank.”
And as if one need confirmation of this total farce... The Hill reports,
JPMorgan Chase CEO Jamie Dimon made calls to lawmakers on Thursday urging them to support the “cromnibus” spending bill, House Financial Services Committee ranking member Maxine Waters (D-Calif.) told reporters.
Dimon's involvement came amid progressive outrage that the House cromnibus included a provision that they said would weaken Wall Street regulations.
"I think we got hurt when Jamie Dimon and the president started to whip," Waters told reporters after the vote. "That's when I think we lost some votes."
"What does it say? It just seems very odd," Waters said. "It is just very strange that the two of them would be working for the support of this bill."
...
Waters and progressives opposed the budget due to changes to the 2010 Dodd-Frank Wall Street Reform Law that were supported by Dimon and other big banks.
When asked if she thought that Obama had sold out to Wall Street, Waters replied: "That's not for me to determine. I know that the president was whipping. I know that Jamie Dimon was whipping and calling directly into members' offices. And that's odd. That's an odd combination."
* * *
And so it goes... when will the American public wake the fuck up!??
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I got mines.
This quote is from the Onion, right?
“I thought that when Dodd-Frank started, that the banks would not succeed in influencing it, having lost all the prestige they lost,” he told a crowd of several dozen at the Washington, D.C., think tank. “Boy, was I wrong.”
We oddly combined some folks...
The Vice Chairman would be even more shocked if he sees this latest movie ... boy how would they know ...
http://en.wikipedia.org/wiki/Jack_Ryan:_Shadow_Recruit
if I knew this much could have made a fortune selling oil futures ... well, i guess someone did ... anyway, talk about being shocked... where do they find these innocent guys?
Maxine Waters. Says it all.
Stanley Fischer I was shocked at their influence. Naivitey Deluxe
Ain't nobody here on The Hedge so fucking clueless as to have expected other.
Amazing
or perhaps a case of "I'm shocked... shocked to find out that influence peddling is going on here from this wing-clipped institution".
("Here is your pork barrel sir").
'independence' defined as the Federal Reserve central bank free to do as its shareholder banks wish to the detriment of the citizens.
Obama is the banking industry's whore, sucking one off from the front, getting pounded in the ass Reggie Love deep by another, and twisting two shanks vigorously.
Bukkake Barry.
TIS, this is not one of your best comments. Bring back the old TIS, please, strike the pure sexual innuendo that has no factual relevance whatsoever
this is a wonderful example of how the US banking industry has a stranglehold on US politics
as a counterexample, the EU parliament and the EU council, which are regularly vilified here on ZH for "being the same" as the US Federal government...
...have legislated a bonus cap on bankers in the EU. must be socialist, eh? Just imagine a bonus cap on Wall Street's Masters of The Universe. Simply unimaginable
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11242536...
I wonder if Ms. Waters knows how far she's strayed off campus?
This is the same stupid bitch that thinks Sharia law and the Constitution are on equal footing.........naivitey indeed.
Fisher makes it sound like he is at odds with Diamond when we know nothing is further from the truth. When he says "we are two bad decisions away from not being an independent central bank." He does not mean two bad decisions made by congress to allow the influence of big banks on the Fed. He is really saying two bad decisions from preventing the influence of the big banks, or forcing an audit, or accounting of our gold. This is typical double speak. He knows Americans don't trust the big banks so he makes it look like he is at odds with the banks to prevent the few honest representatives from having any influence over the fed. Pathetic!!!
That was the impression I had also. Just good cop/bad cop theater.
BWH - Perhaps I am your one contrarian to your viewpoint. Fischer is a contrarian, he is attempting to slow the decent into hell. If you watch the video and/or view some of his writings he is trying to reign in the influence of banking (money) on politics. Why paint a broad brush against every person attempting to do so while using diplomatic tactics?
Here is the real problem: Bankers make loans. While that has some importance to an economy, bankers do not like managing policy that benefits society as a whole.
Hey did the Niner's win?
Nope.
"having lost all the prestige they lost"
Sounds to me like a cocaine-addled 'statement' made at a men's urinal somewhere just off to the side of the halls of Congress.
Why don't these Big Swinging Circumcised Dicks just keep their bets to football games etc...?
Because they cant count on having a Jeff Triplette there every game to reverse unsavory touchdowns by the wrong team
Once a thief, always a thief. Job description may need to be reiterated to The Fed Vice Chairman
http://www.frbsf.org/education/publications/doctor-econ/2006/november/commercial-banks-regulation
Here come the alibis.
http://www.federalreserve.gov/newsevents/reform_milestones.htm
Did he say anything about his dual Israeli citizenship?
They never seem to mention that!
OK, so let me get this right, the #2 at the U.S. central bank, tribe member with an Israeli passport, born in Rhodesia, ex-head of Israel's central bank, etc. is not up on what the score is within 'our government'? Either he is a raving idiot or a great actor, or both?
it is always a much easier task to educate uneducated people than to re-educate the mis-educated
Especially if you attempt the latter rectally.
Odd? Obama has had banker jizm on his cheeks since day 1
BUTT Cheeks that izzzzz.....
Bank Bukkake Barry.
"no lesser brain-trust than Rep. Maxine Waters"
Actually she is a perfect match for her constituency. They deserve all they get.
As for Fischer, he sounds like the classic fully-disconnected idiot. Useful idiot, in fact. Hey, annointed dumbass, WTF do you think has been going on for the last 6 years? 6 decades?
We do we allow these people to rule over us? Maybe we deserve all we get.
When you're [partly] owned by the Morgue, you ain't exactly independent, Stan.
It's only "odd" if you believe this president represents "the little people." He clearly could care less but I'm stating what's obvious to everyone here.
USA was sold out at the start of independence of federal reserve from USA
STANLEY...it's time for your RECTAL REHYDRATION.....
We used to call them enemas. CIA revealed their animus by enthusiastically enema-ing innocent imagined enemies. :-) [edited]
Max Keiser tells the story of his early days on Wall Street. In his first week, he saw many illegal practices underway by his co-workers, and so he went to see his supervisor. " I appreciate your bringing those illegal acts to my attention," he was told. "We will get those laws changed right away."
...
Watcha wanna bet this is what ole Jamie and Barry will be saying come Monday?
Cromnibus Bill can be first item on voting record for your Congressman and Senators. Come 2016, they'll all be saying how they watched out for the little people. I noticed Rand Paul and Marco Rubio voted against Cromnibus. Smart cookies. Thinking ahead. Many seem to lose all ability to think, as soon as the money is waved in front of their noses. "I love the smell of money in the morning."
Being half-way through Edward Griffin's The Creature From Jekyll Island, it would seem that the entire globe needs to wake the fuck up from the money-changer charade of the past several centuries....
http://olduvai.ca
There is indeed much useful information in Griffin's work. But. like all work by Birchers, it has been sanitized of ethnically-incorrect information. It is basically a re-write of the real stuff by Eustace Mullins (faithful researcher for culture hero Ezra Pound). Mullins told the non-kosher truth about all these shenanigans, and has therefore been dropped down the memory hole. Even Griffin has recently "come clean" to an extent in a posting to Daily Bell (also now safely kosher after a more wild and honest youth) that acknowledges Mullins' honorable priority--without, of course, openly acknowledging the tribal angle.
"we are two bad decisions away from not being an independent central bank."
He said, trying to act oblivious to the mechanics of the Fed.
Don't know the man, but might he just be assigned, this time, to play "good cop"? They always have to have a "good cop", to pretend it was "a tough decision for the committee".
I think (or maybe its just wishful thinking) that they're beginning to get concerned about their necks.
The "rightwing" and the "leftwing" are coming together over shit such as this, like I've never seen in my life and the Establishment is starting to freak out about it.
Obama, Boehner, Dimon, McConnell, Reid...all on the same page, all whipping votes to support it.
You don't have to be a Weatherman to know which way the wind is blowing ;-)
“The word bipartisan means some larger-than-usual deception is being carried out.” G. Carlin
Anyone know how this "guarantee" is structured? If it's through the FDIC, it's just another bad joke.
Something to remember about guarantees....
The large print giveth, the small print taketh away!
Come on Stan, whats your real agenda making comments like this? We arent dumbed down Kool Aid drinkers here at the Hedge.
Might it not be, BOP, that he DOES hope to ingratiate himself to skeptics in an effort to deflect attention away from the colossal perfidy involved in having an officer of the Israeli Central Bank glide iffortlessly into a position of authority over the US Central Bank? Which is the tail? Who is the dog? Inquiring minds want to know. We know that the Chomsky crowd acknowledge the grievous consequences of the incestual relation, but blame it all on the US as initiator and strong arm. I wonder. I think more and more are beginning to wonder.
There's an oxymoron for the books: "independent central bank"
Akin to "genuine imitation gold".
Independent Central Bank....
Good government......
Both oxymorons, but somehow CBs and gov, together, have taken control.
WTF???
"The last duty of a central banker is to tell the public the truth" - Alan Blinder, 1994 on the PBS Nightly Business Report
[the first duty presumably is to lie your ass off on behalf of the syndicate]
lulz at "independent fed" fischer
let's have a look at the books boyo
OT Abe landslide priced in? Yen 117.80 and dropping fast
kuroda has a hangover
OT....what a way to start the day in Aussie..up to a dozen held hostage in a cafe by Islamic group.
Yawn...you're so easily distracted.
+1 for the comment, +2 for the moniker!
MJK is king and his wine to die for!
Thank you. Agree on both points.
That's what they get for letting the government take all their guns....fucking wankers.
redress: baskets full of heads.
Maxine Waters??? That whore-faced bitch! We've had to put up with that ugly revolting mug on TV al these years, and now to discover she is either stupid or corrupt.
Mirror mirror on the wall, whose the ugliest politician of them all....
Not sure what you mean. She was whipping AGAINST the Crony-Fuck-Us bill. Are you saying you like having Jamie's cock up your ass?
She was "whipping" against this one bill so now she is magically for the little guy? It's all a dog and pony show in case you just tuned in.
I'll bet there's something you don't know about Waters. She has consistently voted "NO" on the PATRIOT Act every time it's reared its ugly head for renewal.
Fuck you Fischer, you pos dual citizen satanic lakey. Please do the world a favor, find the nearest nail gun, over ride the safety and plant it firmly in your rectum.
Off with these bastards heads....public executions via the guillotine!
Eliminate all the laws that effectively force us to use the govt's fiat money and allow people to use whatever they agree to use as money. Eliminate the Federal Reserve. Eliminate all regulation of banking and commerce. Have only ordinary civil and criminal laws protecting property rights, the right to contract, and prohibiting fraud (civilly and criminally).
Problems solved, because all alternatives to such a system violate our rights and allow politicians and their friends to rob us blind.
Let's ditch the 'legal' system and go back to natural law.
No system is perfect, but the one we suffer under now is beyond corrupt.
We are about one decision away from a mulitcultural chimp out.
what you thought filthy whitey goyim dont love talmud cock? silly Fischer they need that sh!t it boost their adrenaline!
The pig Trough pipleine just widened by 3x
http://www.bloomberg.com/politics/articles/2014-12-14/congress-passes-de...
If money is the life blood of politics, things in Washington are about to get livelier. Thanks to a provision in the new spending bill, an individual donor will soon be able to make political donations of $1.5 million over a two-year period.
The deal to increase the donation limit is tucked into the omnibus spending bill and will allow individual donors to give $97,200 per year to a separate DNC or RNC account solely for defraying expenses related to running a presidential convention. That's up nearly three times the current limit of $32,400 per calendar year. Each major party has three of these. The Democrats have the Democratic National Committee (the umbrella group), the Democratic Senatorial Campaign Committee (for Senate campaigns) and the Democratic Congressional Campaign Committee (for House campaigns). The Republican equivalents are the Republican National Committee, the National
Republican Senatorial Committee, and the National Republican Congressional Committee.
The bill would also allow ALL six committees to raise up $97,200 per year into a separate building fund that could be tapped to pay for construction, renovation or repaying loans. The six groups could each raise another $97,200 per year into another fund that could be used to prepare for election recounts and challenges "and other legal proceedings."
Add all of that up, and one donor theoretically could give a total of $777,600 in one year and $1,555,200 over two years to all of one party's national accounts, according to Common Cause. That number will be a little higher in the 2015-2016 after the donation limits are indexed for inflation. It's unclear how many (if any) wealthy donors will approach the limits; it's a very select group of people who give seven figures every election cycle.
Though they cannot accept unlimited funds from individual donors, the national parties have groused about campaign money as outside groups like super-PACs and 501(c) nonprofits accept funds in unlimited amounts to influence elections. The 2002 McCain-Feingold campaign finance law banned the national parties from raising and spending so-called "soft money," the unlimited and largely unregulated funds that they used to air issue ads on television.
Check out the details of the new deal for yourself, if you dare. The campaign finance language in the omnibus starts on page 1,534, tucked in a section innocuously titled, "Division N - Other Matters." Bills aren't written in plain English, so you'll need to consult the relevant sections of the federal code to which the bill refers.
Waters should not be used as a piece of data of anything except personal corruption and stupidity....
This is an important article. To quote Waters make this a joke.
What's unfortunate is the fact that the MSM is too incompetent to understand much less report on why the banks' strangehold over lawmakers is a problem.
Just stay focused, ain't nothin changed for the better...CRIMINALS, still scramblin.
it's only been six years...patience, we'll get our pound of flesh
And so it goes... when will the American public wake the fuck up!??
There chance for "wake up" came and went between the bailouts and when the ink was still wet on Franken-Dodd!
Great youtube video of speech by Elizabeth Warren (D) MA on the crony capitalist system that we all love and enjoy. See links, below.
Cromnibus = Continuing Resolution + Omnibus
Cronybus = Crony Capitalism = 99% Under The Bus
Published on Dec 12, 2014
http://warren.senate.gov Senator Elizabeth Warren spoke on the floor of the Senate on Dec. 12, 2014 about the provision that Citigroup added to the omnibus budget package.
https://www.youtube.com/watch?feature=player_embedded&v=DJpTxONxvoo
http://www.nakedcapitalism.com/2014/12/elizabeth-warren-remarks-citigrou...
“I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the Bank. ... You are a den of vipers and thieves.” - Andrew Jackson, 1834, on closing the Second Bank of the United States; (unabridged form, extended citation)
"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks." – Lord Acton
“And remember, where you have a concentration of power in a few hands, all too frequently men with the mentality of gangsters get control. History has proven that. All power corrupts; absolute power corrupts absolutely.” – Lord Acton
Talk is cheap. She's done her Israel pilgrimage already, so no action will be forthcoming. Interesting donors though. Half a mill from pro-abortion group, and another from Moveon.org (Soros) are top 2.
Senator has reported a total of 809 contributions ($200 or more) totaling $304,309 in 2013-2014.
Top 20 Contributors to Campaign Cmte 1 EMILY's List $507,095 $507,095 $0 2 Moveon.org $453,517 $129,540 $323,977 3 Harvard University $312,550 $312,550 $0 4 Massachusetts Institute of Technology $76,200 $76,200 $0 5 Boston University $73,700 $73,700 $0 6 Massachusetts General Hospital $72,060 $72,060 $0 7 University of California $71,750 $71,750 $0 8 Brown Rudnick LLP $68,077 $67,077 $1,000 9 League of Conservation Voters $55,551 $52,931 $2,620 10 Ropes & Gray $52,950 $52,950 $0So Stanley is Shocked!! Shocked that Jamie Dimon could pull the strings of Congress. P-L-E-A-S-E!! Spare us from your phony act.
The good news is that there are political figures fairly high up in our government, who would not buy this crap from the "banksters" in America. And better news is that they are scattered across a wide swathe of the political spectrum. Ted Cruz and Elizabeth Warren have almost nothing in common; but shared disgust over the way the "Cromnibus" bill was fashioned and pushed through. 18 Republicans and 22 Democrats voted against it in the Senate. There was a similar split of votes against it in the House.
It will be a good thing if the right wing of the Republican Party and the left wing of the Democratic party came to the realization that they share a common enemy: "The Status Quo" i.e. "The Establishment". And it would be better news if the talking heads in America's news channels and blogs would start to notice this and to bring it to the attention of their listeners and viewers.
None of those people you menioned will do anything, they just want you to believe they will.
It's called time to start covering my ass..."secret" is out