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Did The Republican Letter To Bernanke Seal The Deal For Even MORE QE? JP Morgan's Take

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Wed, 09/21/2011 - 09:47 | 1692038 GeneMarchbanks
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OOO! OOO! I'll try.. ... ... ... yeah...

Wed, 09/21/2011 - 10:01 | 1692074 MillionDollarBonus_
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Federal Reserve officials need to make it clear that they will NOT be bullied by this completely inappropriate grandstanding by these republican congressmen. I can't understand why the American public is not OUTRAGED by this political meddling!

Wed, 09/21/2011 - 10:01 | 1692105 TruthInSunshine
TruthInSunshine's picture

As usual, you are correct.

It's about time that Ben S. Bernanke stops allowing the meanies to bully him around, and that he shows them what a boss he is.

The Bernank has the best interests of savers, retirees, students & the jobless/underemployed at heart, and he'll do anything he can to ensure that their opportunities only increase, and that they're purchasing power and employment options only expand, no matter what the banks try and do to crimp these egalitarian aspirations.

Wed, 09/21/2011 - 10:07 | 1692135 MillionDollarBonus_
MillionDollarBonus_'s picture

At least we can agree on the most basic of premises, such as the idea that the Federal Reserve should be able to simply pursue their dual mandate independently of political ramblings. There is no place for politics in setting monetary policy. The Federal Reserve was specifically set up to be INDEPENDENT.

Wed, 09/21/2011 - 10:10 | 1692150 Dr Hackenbush
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Youre correct sir, JPM is the Federal Reserve, and they are independent 

Wed, 09/21/2011 - 11:33 | 1692560 LowProfile
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I voted MM$bonus up for his hilarious sarcasm.

Wed, 09/21/2011 - 10:23 | 1692216 SimplePrinciple
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If you think those 14-year terms for the Governors keeps them independent, then you overlook that virtually none of them serve out their whole terms.  There are just too many rewards awaiting them when they leave.

Wed, 09/21/2011 - 10:32 | 1692268 Beam Me Up Scotty
Beam Me Up Scotty's picture

Independent to serve their own best interests more like it. You really think they care about J6P and all the rest of the peons?

Wed, 09/21/2011 - 11:58 | 1692435 whstlblwr
whstlblwr's picture

How dare the Congress question the Federal Reserve. Do they know who they talk to, the most brilliant economic minds of our day. They should keep politics out of it so the Federal Reserve can do what the banks set it up to do. Bring the banks more money and to take taxpayer money to support any failed bank. How else can the Federal Reserve be expected to turn profit for the banks. Congress who do you represent? The people or the banks?

Edit: I forgot, according to Supreme Court and Mitt Romney, corporations, self-serving money motive, are people too.

Wed, 09/21/2011 - 11:14 | 1692467 Ned Zeppelin
Ned Zeppelin's picture

Independent of whom or what is the question. If you mean independence from accountability and the normal and appropriate controls of a republican form of government whose authority rests on the consent of the governed, that is true enough.

Wed, 09/21/2011 - 12:40 | 1692914 Elmer Fudd
Elmer Fudd's picture

Oh yeah, we need a FED and central banks to set monetary policy for the rest of us dumbasses.

Wed, 09/21/2011 - 12:58 | 1693014 Gold Man-Sacks
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Dual mandate?  More like double penetration. 

Wed, 09/21/2011 - 12:59 | 1693015 Gold Man-Sacks
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ZH keeps double posting my posts.  Hmmm, that sounds kind of kinky.

Wed, 09/21/2011 - 14:08 | 1693448 Beam Me Up Scotty
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Well, you were just talking about double penetration.  Too many Peter North movies on your shelf?

Wed, 09/21/2011 - 10:12 | 1692164 NeoCapitalist
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Lol priceless... I am still in the camp that MillionDollar is not kidding.. he is just that dumb...

Wed, 09/21/2011 - 11:04 | 1692417 Axenolith
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IDK dude, being that dumb would almost preclude possessing even a brain stem, which would mean he couldn't even conduct the minute by minute act of respiration and as such, wouldn't exist...

Wed, 09/21/2011 - 11:59 | 1692674 Bring the Gold
Bring the Gold's picture

I tend to agree. His grasp of English, and economics leads me to believe he either is one tic shy of full blown autism barely lingering in Asperger's land, or more likely he's a guy who takes tremendous joy in being a Jolly Green Giant sized Troll. 

Wed, 09/21/2011 - 13:08 | 1693062 Bob
Bob's picture

My take, fwiw, is that he's the best satirical troll yet.  Bar none.  Including Hamy.  Hell, all the others who've passed into retirement may actually be the creations of this same artist . . . but this one is the best yet, in any case. 

True art. 

Hell, I don't know which way to vote on his shit, it's so good. 

Wed, 09/21/2011 - 22:02 | 1695410 Bring the Gold
Bring the Gold's picture

Yep, his handle is the give away. I am still shocked that people haven't caught on. I guess it's because this forum is rife with shills, useful idiots and status-quo government/wall street teat suckers, who make arguments basically identical to his.

Intentional or not, it's pure comedy gold.

Wed, 09/21/2011 - 11:15 | 1692474 Ned Zeppelin
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Nah, no one is that dumb. Right?

Wait. . .

Wed, 09/21/2011 - 11:33 | 1692564 LowProfile
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Think about it:  Who gets million dollar bonuses?

Would they post here?


Wed, 09/21/2011 - 10:04 | 1692117 WonderDawg
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I can't understand why the American public is not OUTRAGED that we've allowed a private banking cartel to determine our nation's monetary policy.

Wed, 09/21/2011 - 10:22 | 1692214 LongBallsShortBrains
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They don't care who determines policy.

The American public wants low rates for refis and new cars. And cnbs says low rates are good for the conomy.

The beast doesn't seem too bad when you have been nursing on the tit of the beast.

Just one (or two). More refis ..... Promise

Wed, 09/21/2011 - 22:01 | 1692686 Bring the Gold
Bring the Gold's picture

Well that's better than licking the balls of...wait...damn your avatar!

It was funny the first week or so, now it makes me cringe even if your philosophical response to the T&A is sound. Glad I work from home, no doubt ZH is blocked on a VAST swath of company/state computers.

Wed, 09/21/2011 - 10:04 | 1692120 DormRoom
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If the Fed doesn't act now, and the Republican-Tea Party take control of Congress & the White house, they won't be able to do anything in 14 months.  So they might as well go balls to the wall now.

Wed, 09/21/2011 - 10:46 | 1692342 walküre
walküre's picture

Makes no sense. The Fed will be able to deploy alot more and be more effective in 14 months when the Dollar looks better the money that is already in circulation has entered the economy instead of being hoarded at negative interest (considering inflation).



Wed, 09/21/2011 - 10:07 | 1692138 Ruffcut
Ruffcut's picture

Who is outraged by qualitative Evil and milliondollarboneheads?

Wed, 09/21/2011 - 10:17 | 1692185 mick_richfield
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I can't understand why the American public is not OUTRAGED by this political meddling!

Um .. because this is supposed to be a republic?

I used to think that you were the best new troll on ZH, but I'm sorry -- you're not doing a good enough job of simulating a personality. 

Turing Test grade:  0.40  ( fail )

Wed, 09/21/2011 - 10:24 | 1692221 healey
healey's picture

That is retarded...abolish the FED. A State-run bank is one of the tenets of the Communist Manifesto.

Wed, 09/21/2011 - 09:59 | 1692078 Popo
Popo's picture

Tyler, don't fall for the Kabuki.  

The letter is an act, nothing more.  

The Republicans themselves are *deeply* in favor of more QE, but they're playing it this way so they can pretend to be the party of "fiscal conservatism". 

Everyone knows the Republicans are equally in the pocket of the bankers,  and if they were even remotely serious about stopping the Fed they'd be hard at work on the bill to audit the Fed (which they are almost universally opposed to).

There are no differences between "Banker Party D" and "Banker Party R".

Politicians -- ALL POLITICIANS -- are deeply in favor of more QE because it lets them kick the can down the road again.   There are no responsible politicians in Washington.  There are only the occasional performances of responsibility because they serve to damage the other party.

Wed, 09/21/2011 - 09:59 | 1692099 SWRichmond
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Yes, and I also loved this: "sound monetary policy..."  Who do they think they're kidding?

Wed, 09/21/2011 - 10:00 | 1692101 SeverinSlade
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I'm pretty sure Tyler isn't suggesting that the Republocrats that wrote this letter actually believe a single word of it.  Especially considering that every man that signed it is in favor of Anglo-American imperialism.  Kind of hard to preach small government when you believe in using your military to police the world.  I'd ask all of them how they expect to pay for our military if the Fed doesn't continue to monetize US debt.

Wed, 09/21/2011 - 10:04 | 1692116 GeneMarchbanks
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You do realize that they need something to point to when the beheadings begin?

Repubs are Machiavelli compared to Dems...

Wed, 09/21/2011 - 10:20 | 1692196 mick_richfield
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That's a good point.  In fact -- by analogy with the way politicians cast many of their votes -- this letter indicates that these men know that QE3 is already a done deal.

Wed, 09/21/2011 - 10:39 | 1692304 Spaceman Spiff
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There is a difference in the parties.   The leadership is another story where both want more QE, but on the individual level there is a difference.   I would say that between the two parties, there are more individuals on the pub side who bothered to pay attention to the fed and are outraged by the monetization.    There is just a massive disconnect with their leadership who pays lipservice to them.   (see this letter as opposed to taking action against the fed and their dual mandate).   I would say that those who believe in an active federal government are more likely to support the fed.   

Wed, 09/21/2011 - 10:53 | 1692367 walküre
walküre's picture

The letter is an act.

OF COURSE IT IS! Politicians are by extention ACTORS! I know enough of them personally and privately to say this.

Every statement and every "act" is politically motivated!

But you are mistaken about the motivation of this letter!

What is the main objective of a politician? Getting elected to win of course!

Further QE at this juncture will make Obama a hero and all but confirm his 2nd term!!!!

Giving Obama 3+ trillion Dollars is the equivalent to handing Nero a flame thrower! He can't MISS!

Wed, 09/21/2011 - 11:30 | 1692550 Rockfish
Rockfish's picture

Yes +1010

They all belong to the "Banker Party SQ (status quo)

Wed, 09/21/2011 - 09:47 | 1692039 Corn1945
Corn1945's picture

The Federal Reserve needs to go if this country is to have a future.

It is simply astounding that a bunch of unelected bureaucrats who have never held a real job before is allowed to make these decisions.

Wed, 09/21/2011 - 10:11 | 1692159 Nascent_Variable
Nascent_Variable's picture

Exactly.  And, the bankers who pull the strings behind the scenes are incensed that elected representatives of the people would dare to write them a polite letter asking them not to continue their disasterous policies.  The audacity of the banksters is astounding.

That said, this is pure political maneuvering by Boehner and Co.  They're doing the right thing for the wrong reasons.  But when the deck is stacked so heavily against the People, we'll take what we can get.

Wed, 09/21/2011 - 10:51 | 1692365 stirners_ghost
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"this country"

Are you referring to the grand extortion scheme called government, or its victims?

Or don't you make that distinction? Judging by the nationalistic brand identity you've chosen for yourself, I won't be surprised if you conflate them.

Look--as long as "the country" remains loyal to ideals of lords, subservient to patriotic spirits, and wholly bought-in to principles of Society, Humanism, and every other sacrificial altar of self... it has no future of its own, anyway.

Forget the Fed. The FRB's power derives from government's exclusive license to inflict violence on you for the "greater good" (invariably, its own good). Specifically, legal tender laws demand that you accept Federal Reserve Notes as settlement of debts and obligations. That gun in your back isn't held by the Fed; they only profit from it. Remove the gun, and the Fed's power over you vanishes.

Wed, 09/21/2011 - 09:47 | 1692040 monmick
monmick's picture

Now there is not even the pretense of independence...

Wed, 09/21/2011 - 09:49 | 1692043 Josh Randall
Josh Randall's picture

Reverse Psychology B!tches!

Wed, 09/21/2011 - 10:50 | 1692112 jdelano
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Wed, 09/21/2011 - 09:49 | 1692045 SeverinSlade
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"...sound monetary policy should be conducted free of political interference."

Because that's precisely what the founding fathers envisioned...A private bank to control the currency of the people...Ironic because that's precisely what they warned us about.

There should be no such thing as "monetary policy."  Central planning doesn't work.  Fuck it, I'm just preaching to the choir here.

Wed, 09/21/2011 - 10:00 | 1692103 SWRichmond
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One of the reasons I spend less time here is because I have chosen to preach to those who need the message.

Wed, 09/21/2011 - 10:05 | 1692127 SeverinSlade
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I hear you.  It's tough though.  I use every opportunity I get daily to try and wake people up.  The general response I get is a blank stare.  Some idiots even go so far as to call me a conspiracy theorist by saying that the Federal Reserve is a private bank that is not a government entity.

Wed, 09/21/2011 - 13:28 | 1693229 Bob
Bob's picture

I was wondering about that, old timer.  Good to see ya!  Y'all right?

Fri, 09/23/2011 - 09:51 | 1700869 SWRichmond
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Yeah man.  Busy.

Wed, 09/21/2011 - 09:49 | 1692047 equity_momo
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Fuck me thats some desperate rationalizing from JP Morgue.  Why dont they look at Bernankes Horoscope whilst theyre at it too.

Wed, 09/21/2011 - 10:09 | 1692149 fuu
fuu's picture

You can almost smell the desperation out of 270 Park Avenue.

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