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Fed's Dick Fisher FTMFW: "The Fed Should Not Protect US Stock Traders From Loss"
The quote, again, for those who missed the headline, is:
- My long-standing belief is that the Federal Reserve should never enact such asymmetric policies to protect stock market traders and investors. I believe my FOMC colleagues share this view.
Oh, so 3 years after doing everything in their power to "protect" the dumbest momos ever conceived, spawning countless newsletters and twitter services that believe they provide value but merely fool others into chasing momentum, the Fed gets religion?
No thanks Dick, please Fed continue protecting stock traders: that way when you finally blow up you will take every idiotic, momentum chasing Tom, Dick and Harry with you.
And the other notable quotable:
I think I have made it pretty clear today that I believe what is restraining our economy is not monetary policy but fiscal misfeasance in Washington. We elect our national leaders to safeguard our country. An integral part of that consists of safeguarding the nation’s fiscal probity. Pointing fingers at the Fed only diminishes credibility?the ugly truth is that the problem lies not with monetary policy but in the need to construct a modern, appropriate set of fiscal and regulatory levers and pulleys to better incentivize the private sector to channel money into productive use in expanding our economy and enriching our people. Only Congress, working together with the president, has the power to write the rules and provide the incentives to correct the course of the great ship we know and love as America. I hope you, as the voters who put them in office, will demand no less of them.
Get that: it is not the Fed's fault the economy is imploding. it is all Obama's fault. At least according to the Fed.
Dick's full speech can be found here.
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The Federal Reserve has a money printing mechanism. Isn't the point of having the mechanism to print money soley designed to keep stock prices high? I can't see any other practical use that would be beneficial in any way.
dick was speaking the truth, the bernank is not there to benefit the stock market or investors, it is there solely to benefit the banks. what the banks do with the money provided to them is inconsequential to the bernank.
I actually have a bit of sympathy for the Fed on this one. In the days of old when the King had advanced syphilis or was otherwise unsuitable it was the job of the finance minister to keep the sovereign accounts stable until the prince could take charge or the retinue could be populated with competent individuals. Our Fed is in the same situation today. The fact is our political system is failing or has failed because the model (two party, limited representative democracy0 did not anticipate the high cost of the campaigns. We have seen this coming since 1974 when they tried to enact the public funding laws which by the way worked for about 30 years. But now those are dead. This next cycle will be the first where all Presidential candidates and about half the Senate candidates will not use the public system. As a direct and proximal result they will be directly beholden to the large contributors. In this situation they can do one of three things (1) fix the system to restore balance, (2) eliminate or lessen the importance of the popular vote or (3) continue the un-democratic outcomes and rely on the propaganda system to protect against widespread strife. All observations indicate they are going with 3 and when that fails I expect they can be relied upon to try number 2 before they even think about reforming the system. So in this situation about the only thing we can do as individual entities is vote all incumbents out every election. All of them. This would accomplish several things. First it would prevent a consolidation the of power necessary to effect step 2 above. Second it would complicate and radically increase the costs to the financiers of continuing with the current system. Third it would lessen the effectiveness of the propaganda system by not allowing them the time to build brand name recognition behind any particular candidate(s). So it really is that simple. Turn them all out every election cycle with very few exceptions. I could see how people might want to stick with someone who is ideologically consistent with a sense of right and wrong like a Ron Paul or a Bernie Sanders but Obama, McConnel, Reid, Boehner, Pelosi, Kyle, Baucus and almost all the others you can name - OUT. Every election cycle. A dozen or so years of that would solve the problem in a non-violent manner with a minimum of disruption. What it would essentially do is drive the average cost of a seat down (no way could the moneyed interests fund every seat every election at full funding – too expensive) so that common people could afford to buy say 100 seats which is about 99 more than we have now.
THE MANS AN ISLAND....AND A LIAR?
is that "should not" going forward?
Tradition.
let it fuckin crash man...
you simply couldn't make this shit up.
if i wasn't livin' it, i wouldn't believe it.
I often say that no self respecting publisher would ever accept a manuscript for publication with just 10% of what's going on in the world today. It would be immediately rejected as not believable or even remotely plausible.
As they say, truth is stranger than fiction and the genesis for most fiction. Only fiction must always be believable. Truth just needs to exist, thereby making it selfevident.
This would seem to indicate that the Teleprompter is being set up to take the fall. Rick Perry = Teleprompter 2.0?
"My long-standing belief"....???? Where the fuck were you two QE's ago Dick?
No shit.. Being the first person to jump ship, doesn't absolve him of his crimes.
"Don't blame us, we just enable DC's every whim, not define them."
This man is taking plausible deniability to new heights.
"levers and pulleys" eh? kinda like these i imagine...
wizard of oz - man behind the curtain
if we don't protect the traders and investors, then we can't have "market". without market we can't rip people off then what game do we play next?? what a Dick. Keep the music keep dancing.
There seems to be a lot of treasonin' goin' on round here.
Rick Perry
Some where along the Trans-Texas Corridor
lol
Dick has now passed the test to be the President of the Central Bank of Texas after secession.
Up there with Fred Mishkin's study on the sturdiness of the Icelandic banking system.
I wonder how much Fisher was paid to present these lies to the public. Did I say paid, oh I'm sorry. I didn't meant to imply wrongdoing. I meant whether he went on a two week STUDY holiday with the family in the Seychelles, paid for by the tooth fairy.
Fisher looks like a loyal partisan, so I'm sure he doesn't have to be paid on a per-callout basis.
hehehehe...though I will give Mishkin the early 1990's Elliot Gould lookalike style points... what was his "net worth"...somewhere between $6MM and $17MM ? About sums up economics really...
I thought the best grope on IJ was the Sith Afreecaan Havard wonk who impersonated Homer Simpson choosing from a plethora of donuts when given a conflict of interest question...
It's just another dog whistle: "we tried, we failed, and now I'm giving you fair warning to get the hell out of the markets while you still have some money left."
I think you might be on to something. It seems a lot of people/organizations (S&P) are trying to cover their asses before the bottom falls out of this bitch.
hang him
loooool!!! Enter the blame campaign. Rats are preparing to leave the ship and want to make sure someone else gets the blame.
"You dumb americans put Obama-Pelosi-Reid in power with Ben there to buy up their deficits. Not quite the way to have a successful economy"
What Fisher meant to say
That's the really fucked up, mind bending part. We didn't elect them. The bankers did. So it's the fed criticizing the fed, for electing their own shills, who then did what the fed told them to do.
The only explanation that makes sense is plausible deniability, now that they realize nothing they do will fix their mess. They may be warning us that they won't support the market any more, and that likely means much lower prices.
Holy cow. The playbook is getting weirder by the minute. The FED accusing Washing Tons of garbage of mal-feces like behaviour? Doesn't the FED at least claim to be a Federal Agncy?
WTF?
FTW anyways!
ORI
http://aadivaahan.wordpress.com/2011/08/16/pre-cursor-2-and-currents/
LOL. Either way it ends in crash. Just a different flavor. So the game shifts firmly into the "blame politics" stage with blame all around. Next up is the politicians pushing the "print" button.
The set up has actually been in place for some time now.
Oh, and BTW, you could call him Richard Fisher, but after you get to know this guy, DICK becomes so much more appropriate.
When the topic of price stability comes up at a FOMC meeting, does the price of the stock market factor in?
yeah, that is all they talk about. After the meetings they sit at their money printing machine saying, "Let's see how many lives we can fuk wit today", BAM! one key stroke they magically created new digital dollars and partaken invisible ownership of said corporation.
It is all a game. No one is buying stocks, Americans are far to broke living paycheck to paycheck to give a damn about what the S&P 500 is doing.
When the market takes a dive, so do retirement funds. Muni's start pushing up daisies almost immediately.
Read the transcripts of the meetings... some incredible stuff really. Actually, it projects the Fed just as one might envision- a room full of clueless economists who, beyond their models, depend entirely upon their business contacts in the private sector. Very much like some congress person saying 'well today in the NY Times there was an article about...' to evidence the urgency or importance of the matter.
Actually the momentum traders will make a bundle, it's the mom and pop 401k plans that will get annihilated.
Point taken, Mr. Dick Fisher. Don't expect the Fed to turn fully Japanese and begin including explicit ETF purchases into its monetary tool box.
Sounds like Dick Fisher just called Alan Greenspan an asshole who was wrong about everything. That's right, Alan. Everyone can plainly see you were terrible. Most of this is your fault and no one need "prove it". The results speak for themselves
My read between the lines interpretation of it is that he is saying regulation is needed so trash cannot be created and sold to suckers with AAA rating for profits. We need to get back to investing in real things.
How many times will Dick Fischer SAY the right thing while allowing the WRONG thing to quietly be done?
He's correct that US fiscal policy at every level is a disaster and completely out of scope with reality.
He's incorrect that we need any "levers" or the Fed to centrally control the economy.
Was he actually channeling John Galt...wtf...
David Stockman agrees with Rick Perry regarding Bernanke. The man is a criminal treasonist!! Like we didn't know this, but actually getting someone to enact the laws of the land would be a miracle now wouldn't it.
Yup. Gotta love politicians. It's Bernanke's fault that unemployment benefits were extended, Health care legislation was passed, social security, medicare and medcaid were passed and expanded, that we have an alphabet soup of Federal agencies, etc.
I wish the FED would just say, guys, we're not buying anymore bonds as of tomorrow, your on your own. Watch the world burn, watch politicans scramble with horror, watch the idiots that want the Treasury to print the money get the sunami of paper they deserve....AND...most importantly, watch idiots like Perry admit he has not a clue about what he's talking about
Bloomberg is highlighting this quote:
I think it's fairly clear that this isn't Fed versus Obama; it's an R (Rick Perry, Richard Fisher, ...) versus D (Obama, Bernanke, ...) party-political fight over the spoils for 2012. Republicans have been pushing very hard this idea that the problem with the economy (including the financial sector!) is regulatory uncertainty generated by Obama's Rooseveltian reign of terror. I submit that anyone who really believes it is going to be bitterly disappointed in 2013 - unless, of course, Obama wins re-election.
Same thing since 2008. Just like Hoenig. The FED has to "appear" as if it has some ying for its yang. And the kicker is that it puts out tid bits of the truth here and there. These are what will be used as the "told ya so" later when the politicans are burned at the stake for the impending currency crisis.
exactly ... little tid bits of truth sprinkled here and there. It buys them plausible deniability by the masses ... like 'Dr Doom' having it right about the housing markets giving him 'new found credibility' (registered trademark) but absolutely wrong about gold. All are shills for the pillaging bankers
Tyler, my dearest of dears,
The finger is pointing at congress, not only Obama.
Might as well throw in the judiciary branch too.
Obama: Introduce legislation to end Fed. Sign said legislation into law when passed.
Congress: Introduce or pass legislation to end Fed.
JOTUS: Declare Fed (they are not supposed to create money, congress is I believe) unconstitutional, disband them or just let them be a big assed bank that can fail like all the others.
Just as a thought experiement...
What if the game plan is to outright (and very openly) suppress Ron Paul to the point it actually sling-shots him right into office - only to be handed the "live grenade" that is our system, with only minutes left on the fuse.
Just thinking...
Only if they believed they couldn't avoid the melt down. They are too narcassistic to actually wake up.
Good point. Something to watch though. Fed actions have seemed to me to indicate they may be positioning themselves for planned demolition.
get real money now! or the old guy with the grenade and the wrinkled polyesther-blend button down shirt gets it.
The whole thing does look like a game of "Musical Bomb" where each keeps handing it to the other until it goes off on one of them. I'll play thought experiment with you a little.
I thought O"bomb"a was being handed the bomb, and felt sort of sad for him and the country that "the nigger was gonna get it." There, said it.
So many disapprove of him. Why?
If he had been honest with us, gotten real, said the truth, made active steps to lead somewhere, instead of the scripted puppet, I want to keep my power, bullshit he has been laying on us the whole time, would his ratings be this bad?
Shit, I know this sounds corny, I'd lay my life down defending such an individual. I bet there are many who feel the same way.
So, back to the hot potato/bomb game. It gets handed to Ron Paul. He makes discernable and REAL steps to try and do the right thing. He tells the truth. It goes off any way. Are we in a worse situation?
Do you see what I am getting at here? If we fall, but fall together being honest, honorable, and trying to do the right thing, are we not better off when we clean up the mess than what we are doing right now?
Just the thoughts on one MsCreant.
MsCreant
Barry overpromised and under delivered. Hope and Change morphed into despair and more of the same the instant Wallstreet (through Hank Paulson) captured his malleable principles.
that is crazy reality we could get behind. why am i not holding my breath...
Kinda hard to breath when you're "inhaling" a 12" corndog -- nice avatar! :>D
See Dick print
See Dick bail
See Dick lie
Don't be a Dick.
Yep, turn off the extended unemployment checks, cut off the ever increasing food stamp program get the fiscal spending in check. Then those unemployed people will be free from the shackles of the government and proceed to be productive economic units. The Fed policies are absolutely dialed in and there would be no recession if the gov't would get out of the way. Why is that so hard to understand.
Yea, they would just go get a job. Yea....
Why isn't business hiring?
Because no one has money to buy stuff! Why? Wages have been stagnant for years. We compete with chinese labor. To compete effectively, we need wages to decline about 75% from where they are. If morons like you get their way, maybe they will.....
Those people "being free from the shackles of government" reminds me of the sign over the entrance to Auschwitz. "Labor liberates". Or GW's plan to give people "choice" in their retirement options. Or the "right to work" states, like Georgia. Didn't I read that every third person is on welfare in that "right to work" state. It must be working, wot?
The ignorance in this country scares the hell out of me. But, we will be saved. Rick Perry is in the race! Making veiled threats against Bernanke. How is that congresswoman doing, anyway??
gh
I gather your solution then, is for the (remaining) Unions to all go on strike and demand higher wages -- Good luck wit dat!
I had to look up FTMFW.
I apologize for being so white.
Print Protection Team...FTMFW
Uhmm, do you know that the FED, in its ORIGINAL charter, was only supposed to buy Commercial paper (AAA) for its balance sheet. Treasury made them breech that charter and legitimized it retroactively.
Do we know that most, if not all, of the FEDs gold was confiscated by Treasury many moons ago...
We can question the 'independence' of the FED, but me thinks they are also operating at the point of a gun. Budgets are set by politicians. Entitlement programs are set by politicians. The bonds to 'pay' for them are issued by Treasury. There wouldn't be monitization of debt, if there was no debt issued by congress and the president.
If the FED refused to buy the debt, or, refused to issue more FRNs, Treasury could end-run the process.
Just saying
WHO'S gold?
Dick Fisher... what were his parent's thinking?
Here's a tip dude... go with "Richard".
Kidding right???!!!! Then what do they call free Fed Fund Rates? Seriously the whole rebound in the market since the Bush mess was Fed funded.
Well, Well, Well, What a novel idea. Free markets. And since you are planning on getting out of the stock market after it becomes obvious that you are the only one left, why don't you and your croney banks get the hell out of the oil, gas, gold,silver and treasury markets while you are at it. And, perhaps hint to your bought off regulatory agencies to start moving forward on some prosecutions. Nah never happen to much skimming the public to be made. We get it, only stocks and treasuries are centrally approved investments.
WHY THERE WILL BE "NO PLACE TO RUN! & NO PLACE TO HIDE" FOR THESE TREASONOUS CRIMINAL BASTARDS!
http://www.rumormillnews.com/cgi-bin/forum.cgi?read=211363
Obama has always been a tool. They'll spit him out when appropriate. He's a fool. That's why they picked him.
He was brought in for change, and had the opportunity to do what was necessary. He could of done Glass-Steagall, he could have ended the wars, the prisons, etc , etc. There was no better time than 2008.
But instead, and it started being known even before he was elected, he went with the QoE and bankster crowd. He started changing right after his first meeting with Queeny.
You knew the jig was up when he announced his nominations. Full bankster whore had been elected. It wasn't hard to see.
Obama merely kept it going instead of doing what he was elected to do, under the false assumption that keeping the fraudulent ponzi going was good for America. The banksters are truly at fault. It's their ideology the gov't listens to.
Of course that also means Obama is at fault in some major ways, but no, he is not the top of that pecking order. But since he is the leader, it's his responsibility.
Also of course, it doesn't matter which White Star Lines employee is at fault when the Titanic is sinking.
Of course the fed isn't even the top of the pecking order. But they are higher than Obama. Ultimately they are the monetary authority in this country, but again that doesn't mean they are the top.
Throw 'em out.
Glass-Steagall
http://www.youtube.com/watch?v=HeCNyJpdANg&feature=feedu
Uploaded by RussiaToday on Aug 17, 2011
Watch full episode 174 of Keiser Report on Thursday. This week Max Keiser and co-host, Stacy Herbert, look at how quantitative easing is good for the rich, bad for the poor and how sterling is offering no refuge. In the second half of the show Max talks to Richard Heinberg, author of The End of Growth, about the role of energy in the current debt crisis.
Tick Rate Hits New Highs, Indicating HFT Activity
Traders Magazine Online News, August 12, 2011
James Armstrong
Bloomberg is reporting an unprecedented number of quotes in recent days, rising to new highs on Wednesday even as overall volume was down slightly, an indication of unfilled orders and the likely presence of active high frequency traders.
“The tick volume is up dramatically, when the actual volume of shares traded isn’t at the highest levels that we’ve seen,” Nagrath said. “Every time an order goes out, even though it’s canceled, for us it counts as another tick, another quote.”
Wednesday set an all-time high of 43.7 billion ticks. That was about one and a half times the number of ticks recorded during last year’s flash crash. Yesterday, data showed about 38 billion ticks, according to Bloomberg.
Click for chart <------------ Great PDF Chart of Ticks 2008 Fincial Crash / Flash Crash in 2009 / Japan Tsunami as well in this chart for comparison.
http://www.tradersmagazine.com/news/ticks-hfts-trading-volumes-108026-1.html?ET=tradersmagazine:e979:55405a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=tm_weekly_081211
http://www.youtube.com/watch?v=kUyutryL_SY&feature=relmfu
This week Max Keiser and co-host, Stacy Herbert, observe the British shock that there is no society. In the second half of the show Max talks to former bank regulator, William K. Black about the absence of justice for banking crimes and whether or not the population plays a role in demanding this justice.
When is Max gonna do a show on the Russian oligarchs that stole from the Russian people? Or the corrupt government structure of Russia that is still looting from its population? Or the oppression/subterfuge it is planting on its soil and through-out the world..
Ohhhh, I know that sound, they're CRICKETS!
1. 60 minutes and all the other corporate owned media has already done tha show / shows to death in heavy rotation.
Russia seeks arrest of Hermitage hedge fund executive - Telegraph www.telegraph.co.uk/.../Russia-seeks-arrest-of-Hermitage-hedge-fund- ...Similar - Add to iGoogleMar 29, 2010 – Russian officials are seeking the arrest of a London-based executive at Hermitage ... implicating himself and the hedge fund in a tax fraud. ...
?
Russia draws up tit-for-tat U.S. visa bans: report « Stop the ...
russian-untouchables.com/.../russia-draws-up-tit-for-tat-u-s-visa-ban... - Cached
Aug 10, 2011 – (Reuters) – Russia has drawn up a list of U.S. officials to be barred from entering ... in the death of hedge fund lawyer Sergei Magnitsky in a Russian prison as he awaited trial on tax evasion and fraud charges in 2009. ...
COHEN: Russian 'reset' malfunction. Harsh Washington criticism ...
russian-untouchables.com/.../cohen-russian-‘reset’-malfunction-hars... - Cached
Aug 10, 2011 – The recent Russian threats to cease crucial cooperation ...
2. when will someone other than Max or Tyler report the robberies going on in America?
'what is restraining our economy is not monetary policy but fiscal misfeasance ... Pointing fingers at the Fed only diminishes credibility ... the problem lies not with monetary policy'
A typical sociopath, pleading his blameless innocence with a backyard full of tortured corpses.
How about a knuckle sandwich, arrogant central planner PUNK?
Yes, now that the edge of their flat-Earth voyage is in sight, they all agree the Earth is round after all. Hang 'em high as a warning to others.
.
If the Fed announces that it will no longer back-stop investors in the stock market, don't they simultaneously have to create a huge Three-Card-Monte game to handle all the money that comes out of the NYSE?
Yeah, that game is called US Treasuries.
Ahmein & Ahmein......................................RAT ON!
With most working people invested in the stock market through their retirement plans, is it any wonder that our elected representatives will do what it takes to keep stock prices up? And will pressure the fed to do the same. Remember Greenspan. No one was arguing with him in the '90s....
And a momentum trader will be short by the time the market implodes....
Mainstreet will hang in there. Pun intended...
gh
Mock the man if you must, but his statement -"Only Congress, working together with the president, has the power to write the rules and provide the incentives to correct the course of the great ship we know and love as America. I hope you, as the voters who put them in office, will demand no less of them." - makes sense to me.
The changes needed to clean up Wall Street and Washington-rule-by-lobby can only come from the Congress.
Unfortunately, the fools on the hill are not paying attention. Even if they were, it is not clear they have the background or brains to understand the problems.
Good thing that shorts are still legal in the US of A.
Fuck Off and die Fed Head.
Seems a touch disingenuous given what the Fed has done over he last 3 years and given that the Fed owner banks hold the purse strings that get major politicians elected.
IMO, the author is to be ignored for spewing a bunch of crap designed by a student of the Larry Summers school of behavioral economics... was probably a D student who lacks any subtlety and creativity.
"
I think I have made it pretty clear today that I believe what is restraining our economy is not monetary policy but fiscal misfeasance in Washington."
....the right word would be malfeasance....
"No thanks Dick, please Fed continue protecting stock traders...."
that was delicious.....
as always, fuck the fed.
Dick Fischer , go fuck yourself