Art Cashin And Dick Fisher Expose The Farce That America's Corrupt And Bought Congress Has Become

Tyler Durden's picture



From UBS' Art Cashin

An Unconverted Fed President – Richard Fisher of the Dallas Fed remains openly dubious about the chance of QE3 effectively lowering unemployment and sparking the economy. He repeated that in a terrific speech before the Harvard Club in New York on Wednesday.

Mr. Fisher is that rare combination, a plain spoken yet eloquent speaker. Here's a brief example from Wednesday's speech:

Since 1879, every chapel service at the Naval Academy concludes with a hymn that contains the following plea: “O hear us when we cry for Thee, for those in peril on the sea.” We cry for a nation that is in peril on the blustery seas of the economy. Our people are drowning in unemployment; our government is drowning in debt. You—the citizens and voters sitting in this room and elsewhere—are ultimately in command of the fleet that sails under the flag of the United States Congress. Demand that it performs its duty.


Just recently, in a hearing before the Senate, your senator and my Harvard classmate, Chuck Schumer, told Chairman Bernanke, “You are the only game in town.” I thought the chairman showed admirable restraint in his response. I would have immediately answered, “No, senator, you and your colleagues are the only game in town. For you and your colleagues, Democrat and Republican alike, have encumbered our nation with debt, sold our children down the river and sorely failed our nation. Sober up. Get your act together. Illegitimum non carborundum; get on with it. Sacrifice your political ambition for the good of our country—for the good of our children and grandchildren. For unless you do so, all the monetary policy accommodation the Federal Reserve can muster will be for naught.”

Pull up the whole speech. It may make your weekend. It's a great improvement on the election rhetoric from both sides.

* * *

Of course, Congress would not be able to fund trillion dollar deficits if the Fed didn't monetize it all but who cares about the details. Good cop-bad cop sure looks better optically than thief-thief.

As a reminder:

Link to full Dick Fisher speech here.

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Fri, 09/21/2012 - 10:26 | 2817750 GetZeeGold
GetZeeGold's picture



Farce.....a little strong don't you think?


Fri, 09/21/2012 - 10:58 | 2817909 DavosSherman
DavosSherman's picture

"Farce.....a little strong don't you think?"

Fuck you Moron GetSeeGold, you fucking inept assclown idiot.  535 corrupt criminals who inside trade legally and bet against the market as they assure idiots like you that the markets will be fine.

Fri, 09/21/2012 - 11:03 | 2817933 TruthInSunshine
TruthInSunshine's picture



For he's Wall Street's Bag Man!

For he's the Bankster's Bag Man!

For he's the nation-state of Manhattan's Bag Man!


Chucky "Fuck Flyover Country" Schumer


Which nobody can deny.

Fri, 09/21/2012 - 11:06 | 2817960 oleander garch
oleander garch's picture

To the point.  Two Wall Street players who paid for this Congress in order to do what they want are shifting the blame to Congress for doing what they want.


Fri, 09/21/2012 - 13:48 | 2818551 Pinto Currency
Pinto Currency's picture


Actually, given that the Federal Reserve blew a debt/economic bubble which is collapsing and the Fed is now further debasing the currency and disrupting the economy, WHAT FISHER SHOULD HAVE SAID IS: Congress is responsible for this for allowing the Fed to exist in the first place. 

That would have been true.

Congress should act by returning to gold money, ending the Fed, and slashing all debt by 50%.  Crisis finished and bye-bye banking cartel.

Fri, 09/21/2012 - 14:08 | 2818723 eatthebanksters
eatthebanksters's picture

Schumer is a much smarter version of Pelosi and Reid...but he's as two faced as they come and you can bet the he's number one on his list of best hits.

Fri, 09/21/2012 - 18:03 | 2819412 LMAOLORI
LMAOLORI's picture



You get my vote Pinto it was the politicians who created the Fed and they could end it just as easily the real reason they don't is the bribes and it allows them to continue to spend on cronyism projects which brings more bribes.

"Once you understand the details of modern central banking, you are able to step back and see that it truly is a way for the government to use the printing press to pay its bills. All of the complicated process of targeting interest rates through buying Treasuries simply hides this essential point — and perhaps deliberately so."

Fri, 09/21/2012 - 19:41 | 2819582 Pinto Currency
Pinto Currency's picture


By controlling a central bank, oligarchs can also control politiicians.  "You don't listen? - We will tighten the money supply for your next election then good bye."

Fri, 09/21/2012 - 11:16 | 2817999 unununium
unununium's picture

People, hear us well.  Your Congress is your enemy.  Though your fought for their creation, and they are your only hope of restraining our rapacious greed, they will always fail you.

Do not believe in them.  Do not trust them.  There are no good members among them.  They are all corrupt.  Just look how we own them!


Big Banks, Big Oil, Big Defense, and Owned Media

Fri, 09/21/2012 - 10:27 | 2817755 centerline
centerline's picture

As predicted years ago, the Fed/Bankers would turn attention to the politicians.  The financial crisis finally becomes a full-blown political crisis.  From there it becomes a currency crisis (public crisis).


Fri, 09/21/2012 - 10:47 | 2817853 Cole Younger
Cole Younger's picture

It has been a political crisis since the invention of the fed. It is just now coming to fruitation.

Fri, 09/21/2012 - 13:18 | 2818504 hidingfromhelis
hidingfromhelis's picture

The snake eventually eats its tail; it's what we've come to.

@Cole Younger  Not familiar with the term.  Is that like peak homosexuality in politics?

Fri, 09/21/2012 - 10:29 | 2817768 docj
docj's picture

Up-Chuck Schumer's colleagues last passed a budget (which only requires 50-votes with VP BiteMe breaking any ties) in - what? - April 2009?

Mr. Fisher - God love you, but you're dreaming if you think this Insane Clown Posse can get it's collective head out of its collective ass long enough to do anything remotely resembling "helpful". In fact, at this point the less they do the better for all of us, methinks.

Fri, 09/21/2012 - 10:29 | 2817769 Jason T
Jason T's picture

And just who's debt is that that the congress encumbered our nation with?  Who's notes that we can only use to repay those debts?

Congress should act, end the fed adn replace it with nothing.  The same thing you replace cancer with after you get rid of it. 


Fri, 09/21/2012 - 10:36 | 2817786 williambanzai7
williambanzai7's picture


Chuck Schumer is the Biggest Baddest Bangsta Ball Licker East of the Wall Street Picos

Fri, 09/21/2012 - 10:38 | 2817812 GetZeeGold
GetZeeGold's picture



Because he can.....don't over think it.


Fri, 09/21/2012 - 11:41 | 2818090 yofish
yofish's picture

WB7, you are a dangerous person. I was contentedly reading while sipping morning coffee, scrolling down until I hit your post. You ruined my keyboard!

Fri, 09/21/2012 - 10:33 | 2817787 orangedrinkandchips
orangedrinkandchips's picture

Hammer! dont hurt em!!


That is right on

Fri, 09/21/2012 - 10:42 | 2817827 Spastica Rex
Spastica Rex's picture

Either, or.

There's that dialectic again!

How 'bout BOTH.

Fri, 09/21/2012 - 10:47 | 2817850 GubbermintWorker
GubbermintWorker's picture

“No, senator, you and your colleagues are the only game in town. For you and your colleagues, Democrat and Republican alike, have encumbered our nation with debt, sold our children down the river and sorely failed our nation. Sober up. Get your act together. Illegitimum non carborundum; get on with it. Sacrifice your political ambition for the good of our country—for the good of our children and grandchildren. For unless you do so, all the monetary policy accommodation the Federal Reserve can muster will be for naught.”


Oh really? And who owns Con-gress? The fucking banks! So, how can they sacrifice their political ambition when they're only doing what you, the banks, tell them to do????

Fri, 09/21/2012 - 10:48 | 2817852 larz
larz's picture

no GZG because he cant make a fist

Fri, 09/21/2012 - 10:48 | 2817858 larz
larz's picture

YOURE ALL FIRED!!!! - taxpayer

Fri, 09/21/2012 - 13:56 | 2818665 odatruf
odatruf's picture

As if taxpayers cared enough to get off their fat fucking asses to bother to fire anyone. Too much to see on the teevees, you know.



Fri, 09/21/2012 - 10:52 | 2817866 Bartanist
Bartanist's picture

"Of course, Congress would not be able to fund trillion dollar deficits if the Fed didn't monetize it all but who cares about the details. Good cop-bad cop sure looks better optically than thief-thief."

I am curious. Is Congress REALLY funding all of the deficit spending? How many years has it been since Congressed passed a budget? Is Congress actually voting on the appropriations bills that it is supposedly passing? We hear these stories about how 90% of the bills passed in Congress are passed in the middle of the night without anyone seeing the bills, noone knowing what is inside the bills and no one knowing who is actually voting on them. They are mysteries.

It appears that the only way that the full Congress may be actually involved in the spending of money is by extending the debt ceiling when the people who are actually spending the money run out of head room. But we also saw that this is a farce because Tiny Tim, the weasel, Geithner apparently has the ability to borrow forward on the debt ceiling and spend more than is approved... sick.

The system has been fully and intentionally broken.

Fri, 09/21/2012 - 12:03 | 2818214 Liquid Courage
Liquid Courage's picture

... in the middle of the night without anyone seeing the bills, no one knowing what is inside the bills and no one knowing who is actually voting on them. They are mysteries.


Hey ... throw in "ten minutes before the Christmas Recess" and you'd be describing the birth of the very beast itself!

Your Federal Reserve - conceived in sin and born in corruption.

And when it dies, it plans to take everything else down with it.

Fri, 09/21/2012 - 14:25 | 2818810 blunderdog
blunderdog's picture

They don't have to pass anything to fund about half the budget.  Social Security/Medicare/Medicaid are already covered.

Fri, 09/21/2012 - 10:55 | 2817889 azzhatter
azzhatter's picture

yeah speeches are nice but somebody needs to beat the fuck out of schumer and bernanke, seriously beat the living fuck out of both of them

Fri, 09/21/2012 - 11:29 | 2818056 WillyGroper
WillyGroper's picture

I think internment in a FEMA camp would be more appropriate along with the other 535. Complete with MonSatan rations.

Fri, 09/21/2012 - 12:21 | 2818283 “Rebellion to t...
“Rebellion to tyranny is obedience to God.”-ThomasJefferson's picture

The city of Benghazi could use these two able bodied, quick thinking statesmen to put it on the road to recovery.  I'll pay the airfare.

Fri, 09/21/2012 - 11:00 | 2817921 yogibear
yogibear's picture

No surprise we have the best  government  you can buy. Lobbyist write almost all the laws. The money and the lobbyist in Washington DC is unbelievable. The top steak houses and strip shows busy with all this corporate and overseas money.

The politicians only care to listen to  the voters just before the election, after that it returns to backroom deals and money.



Fri, 09/21/2012 - 11:16 | 2818005 thomasincincy
thomasincincy's picture


Fri, 09/21/2012 - 12:09 | 2818239 rustymason
rustymason's picture

This is no exaggeration. In biz school, our classes took it as a given that almost all laws are written by big business, to gain competitive advantages and erect barriers to entry. The classes taught us how to use public relations and lobbying to advantage. Juicy stuff.

Fri, 09/21/2012 - 11:10 | 2817976 Seasmoke
Seasmoke's picture

string Schumer upside down from a Gas Station pole

Fri, 09/21/2012 - 11:20 | 2818009 zendome
zendome's picture

Long past time to pull the plug on campaign money.  Public financing only would force them back to fighting with ideas (perhaps even facts?!) instead of bank accounts.  Maybe they'll even have enough free time to read and write the goddamn legislation?  Who here is comfortable with not knowing if foreign interests/governments are influencing our country via the untraceable and essentially unlimited campaign contribution racket?

Fri, 09/21/2012 - 12:04 | 2818217 “Rebellion to t...
“Rebellion to tyranny is obedience to God.”-ThomasJefferson's picture

Campaign money merely offsets the biased media that has brainwashed us for as long as anyone can remember.  We are so often lied to, by all sides of the political spectrum, we don't know whether to shit or wind our wristwatch.  

Fri, 09/21/2012 - 11:29 | 2818054 holdbuysell
holdbuysell's picture

For those that have yet to read the speech, read the paragraph entitled, "Our Dysfunctional Congress and Drunken Sailors."

Fisher sets this up as a blame game (it's congress' fault for giving us our dual mandate, etc.).

Now that we have that settled, everyone demand their 'finest' End the Fed or be voted out. In other words, 'nuke it from orbit' and start allowing the people to manage, create, and control their money supply directly.


Fri, 09/21/2012 - 11:55 | 2818136 rustymason
rustymason's picture

The correct form of address on the House or Senate floor is, "Arrrgg, me Mateys."

Fri, 09/21/2012 - 11:46 | 2818112 Vince Clortho
Vince Clortho's picture

Uhhhhh .... 

Congressman and Presidential Candidate Ron Paul started a campaign to control/end the Fed.  He presented his case to the American people.  He presented his case to the congress in Washington.  To my knowledge, no congressman jumped on board to support him.

Is that a good enough answer for Mr. Fisher?

Every elected Congressman takes an oath to support the Constitution.  They were elected to represent the people.

They have failed miserably on both counts.  Congress is nothing but paid for puppets.  They should all be sent to manual labor camps as a just reward for selling their souls to the Banksters.

Fri, 09/21/2012 - 11:52 | 2818149 thomasincincy
thomasincincy's picture

when they voted to open the treasury, it was an act of treason and the official end of america. many don't understand this or care to know

Fri, 09/21/2012 - 12:02 | 2818202 thomasincincy
thomasincincy's picture

and if my memory serves me correct (it's been awhile)

they should have never been able to vote on such an action to begin with... i could be wrong


Fri, 09/21/2012 - 13:59 | 2818684 odatruf
odatruf's picture

We - the voters - have failed; not the Congress.  They are the only ones acting rationally based on the evidence presented to them.

Our clear message to them: take whatever you can take and there are no consequences.

Their response: thanks, I'll have some more pie, now that you mention it.

Sat, 09/22/2012 - 13:26 | 2820477 Absinthe Minded
Absinthe Minded's picture

How have we failed?!?! When the two party system and mass media brain washing campaign ruins every person from birth. Just because you and I have found ZH and have the curiousity to figure out what is going on it doesn't mean everyone does.Ron Paul was this country's best chance of getting back on track and the MSM tore him apart, not to mention SNL, pricks. The propaganda machine rolls over the average American like a tank, the whole time he/she sits there on the couch with a smile on their face, thank you may I have some more. It's not that they are stupid, well not most of them, it is just that the brainwashing is so complete. Nazi Germany was nothing next to these guys.

Fri, 09/21/2012 - 12:04 | 2818121 rustymason
rustymason's picture

The eye-opener for me, the event that made me realize that congress is a total farce, was when I realized Sheila Jackson Lee was not that old bag on the Redd Foxx show.

Fri, 09/21/2012 - 12:14 | 2818188 “Rebellion to t...
“Rebellion to tyranny is obedience to God.”-ThomasJefferson's picture

This may very well work:

Term limit these self serving influence peddlers to ONE term in office.  And if you or any family member have ever served in congress, you are forbidden to represent, lobby, pimp, or pander ever again in DC.  Same goes for you and any member of your family ever working in the bankster industry.  Violators and their families, upon conviction, will serve a LIFETIME sentence of forfeiting all previous stolen assets and working at McDonalds for minimum wage. All assets will be forfeited to a charity that helps those in need.  This law shall be retroactive to 1990.  Confiscations trials shall hereby commence.  If the rats saw this, could you imagine the fear of the Bush's, Daley's, Corzine, Robert Rubin, Paulson,etc....


The best and the brightest my ass.  Churchill, Lincoln, Founding Fathers, yes.  The current scumbag politicans, banksters, crony capitalists, complicit media elites should from now on, be seen and not heard, behind the counter at McDonalds preparing hamburgers for the masses!

Fri, 09/21/2012 - 13:48 | 2818635 Papasmurf
Papasmurf's picture

Attach this to one of the midnight bills.  It will pass since they never read them.

Fri, 09/21/2012 - 12:39 | 2818354 RMolineaux
RMolineaux's picture

I share Tyler's enthusiasm for the very cogent speech by Dallas Fed president Dick Fisher.  Within the Fed leadership he has the broadest experience of global economic reality and is not limited by the usual route of U Chicago, Wall Street, academe, etc. of the others.  That has not endeared him to those entities which claim the right to groom future Fed leadership, but it has also enabled him to speak and act consistently in the long term interest of the country.

Fri, 09/21/2012 - 12:49 | 2818394 The_Dude
The_Dude's picture

Anyone know where the campaign donation data is being pulled from?

Fri, 09/21/2012 - 13:42 | 2818618 Peter Pan
Peter Pan's picture

"I have never seen more senators express discontent with their jobs. ... I think the major cause is that, deep down in our hearts, we have been accomplices to doing something terrible and unforgivable to this wonderful country. Deep down in our hearts, we know that we have bankrupted America and that we have given our children a legacy of bankruptcy. ... We have defrauded our country to get ourselves elected."

The above words were spoken by Senator John Danforth back in 1992.

Fri, 09/21/2012 - 14:58 | 2818943 Scalaris
Scalaris's picture

Schumer's E-Trade account must be well-stocked with liquidity.

I hope he starts a stock-tipping blog, or a tumblr or something.

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