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So Much For The Republic: Plosser Admits Fed Is Now In The "Fiscal Policy" Business

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Wed, 10/12/2011 - 14:54 | 1766684 Ganja Jane
Ganja Jane's picture

It's been over and done with for a while; now 'they're' just rubbing our faces in it.

Wed, 10/12/2011 - 14:57 | 1766709 gojam
gojam's picture

I thought we all lived in Oligarchies in the West ?

Wed, 10/12/2011 - 14:59 | 1766721 Ganja Jane
Ganja Jane's picture

"..and to the corporations for which it stands..."

Wed, 10/12/2011 - 15:01 | 1766728 tickhound
tickhound's picture

"...one nation, under skynet..."

Wed, 10/12/2011 - 15:07 | 1766761 Ganja Jane
Ganja Jane's picture

" ...with RFID chips and brown shirts for all."

Wed, 10/12/2011 - 15:11 | 1766774 Vergeltung
Vergeltung's picture

Die Fahne Hoch!


Wed, 10/12/2011 - 15:19 | 1766820 spiral_eyes
spiral_eyes's picture

America has two choices right now: default & default by debasement.

If the fiscal side wants to keep up the pretense, the monetary side will just print to hell. It's in their nature. Austerity = Less demand.

The REAL choice is a system of money not based on debt.

But with donkeys (Bernanke) and carnivores (Blankfein) like these, I don't hold out much hope. 


Wed, 10/12/2011 - 15:21 | 1766831 Manthong
Manthong's picture

OK, I give up.

That Russell Napier guy said it: “one must do precisely what everyone else does.”

I’m closing all my puts now and it’s nothing but SPY calls for me from now on.

Wed, 10/12/2011 - 15:57 | 1766951 MillionDollarBonus_
MillionDollarBonus_'s picture

This is totally irresponsible. The Federal Reserve is there to conduct MONETARY policy only, not fiscal policy. Fiscal stimulus programs should be passed by congress or via executive order by the president. I thought America had better standards of decency than this.

Wed, 10/12/2011 - 16:34 | 1767052 ATM
ATM's picture

The POTUS is not supposed to have any fiscal policy powers. Those are supposed to be reserved to Congress but we get executive orders, executive killings, the unitary executive and a private Federal Reserve bank now performing fiscal policy.

Since the Supreme Law of the Land is now null and void does that also mean that we can now go about the hanging of these fuckers from street posts en masse? 

Wed, 10/12/2011 - 17:51 | 1767370 AldousHuxley
AldousHuxley's picture

POTUS has much higher job approval rating than Congress. Senators from small backward states are the worst. They want to preserve their backwardness at all costs.


But we are talking about mafia henchmen versus the don. They are all shysters who are bought and paid for by their overlords.

Wed, 10/12/2011 - 21:34 | 1768062 zorba THE GREEK
zorba THE GREEK's picture

Huxley, I think your comments about us small backward states are unfair

and so does my sister/wife.

Wed, 10/12/2011 - 22:47 | 1768229 jeff montanye
jeff montanye's picture

and for someone as prescient or at least paying attention as tyler d. : http://www.hussmanfunds.com/wmc/wmc101122.htm

Wed, 10/12/2011 - 17:25 | 1767257 UBIGDummy
UBIGDummy's picture

Bravo,  A non satiracal sarcastic and intelligent remark,  Must have been hard.  Greenie 4 u

Wed, 10/12/2011 - 15:58 | 1766956 CIABS
CIABS's picture

Manthong: looks like you might have picked the top.

Wed, 10/12/2011 - 18:07 | 1767411 Manthong
Manthong's picture

I was kind of hoping a public proclamation of capitulation would help things along.  

At least the SPY P104's I picked up at 1:00 pm are green. 

Wed, 10/12/2011 - 22:48 | 1768231 jeff montanye
jeff montanye's picture

at least.

Wed, 10/12/2011 - 15:28 | 1766854 MarketTruth
MarketTruth's picture

We're all living in Amerika
Amerika ist wunderbar
We're all living in Amerika
Amerika ist wunderbar

Wenn getanzt wird will ich führen
(Where there's dancing, I want to lead)
Auch wenn ihr euch alleine dreht
(Even if you turn [dance] alone,)
Lasst euch ein wenig kontrollieren
(Let yourself be controlled a little)
Ich zeige euch wie's richtig geht
(I show you how it's done right)

Wir bilden einen lieben Reigen
(We're lining up nicely)
Die Freiheit spielt auf allen Geigen
(Freedom plays on all violins)
Musik kommt aus dem Weißen Haus
(Music comes from the White House)
Und vor Paris steht Mickey Maus
(And before Paris stands Mickey Maus)
(We're all living in Amerika)

This is not a love song
This is not a love song
---> I don't sing my (mother's) tongue
No, this is not a love song

We're all living in Amerika
Coca-Cola, sometimes war
We're all living in Amerika

Wed, 10/12/2011 - 16:22 | 1767018 pods
pods's picture

Love it!  I only wish I could go play pinball on the moon with those guys!


Wed, 10/12/2011 - 18:02 | 1767417 JayParamedic
JayParamedic's picture

Great, just great...now I've gotta listen to that whole album. Thanks.

Wed, 10/12/2011 - 16:14 | 1767002 prains
prains's picture

I thought we all lived in Oligarchies in the West ?



Oligarkistan is the place i believe you are mentioning

Wed, 10/12/2011 - 22:12 | 1768127 covert
covert's picture

nothing new here



Wed, 10/12/2011 - 14:53 | 1766687 jarboejl
jarboejl's picture

HAHAHAHAHA!!! Just heard the idiot on Fox Business state, "From Last Monday to today, the Dow Jones is up 1000 points, and that's the greatest gain in seven trading days in nearly three years!"

Okay, this proves that these people simply parrot what they're told to say. Hmmmm...what happen almost 3 years ago...this is a tough one!!! OH YEAH, THE FINANCIAL MARKETS WERE IMPLODING!!! 

The only difference this time is that the financial cheerleaders, uh I mean "media", isn't going to make the same mistake of letting the silly little public know how bad it is this time around.

Wed, 10/12/2011 - 14:56 | 1766700 buzzsaw99
buzzsaw99's picture

next it will be we haven't seen bullish action like this since the 1930s.


Wed, 10/12/2011 - 15:04 | 1766743 topcallingtroll
topcallingtroll's picture

Well.....that run after the first crash was pretty good, before it went kerplop.

Wed, 10/12/2011 - 15:14 | 1766795 firstdivision
firstdivision's picture

Need shirts that say, "Banks got $2T and all I got was a lousy 600 points".

Wed, 10/12/2011 - 16:03 | 1766967 DB Cooper
DB Cooper's picture

How about "... and all I got was this lousy t-shirt."

Wed, 10/12/2011 - 14:56 | 1766701 tickhound
tickhound's picture

Nominally even for the year... and for the decade.

Cramer releases new book... "How to get back to even III"

Wed, 10/12/2011 - 15:02 | 1766734 topcallingtroll
topcallingtroll's picture

Who cares if it is good or bad?
EWZ is up about nine percent from where i got in a couple of weeks ago and as usual i announce my trades at the time of the trade ( 53.74 or 73...hey I was stoned give me a break).

It should hit 70 before the year is out.
Santa is coming early!

Wed, 10/12/2011 - 17:55 | 1767385 AldousHuxley
AldousHuxley's picture

don't get too excited. what you are seeing is just inflation thanks to UK QE3.


remember QE is just to save banksters' asses from their mistakes of not doing their risk analysis job properly and getting out of bankruptcy.

Wed, 10/12/2011 - 15:06 | 1766753 kito
kito's picture

im buying DOG and SH hand over fist as this market rises

Wed, 10/12/2011 - 15:12 | 1766788 HelluvaEngineer
HelluvaEngineer's picture

Might want to throw in some IT (Gartner Inc.) to balance out that portfolio.


Wed, 10/12/2011 - 15:17 | 1766815 kito
kito's picture

there is nothing balanced about the market, nothing i need to balance....

Wed, 10/12/2011 - 15:20 | 1766827 HelluvaEngineer
HelluvaEngineer's picture

Christ.  DOG.SH.IT.  Tough crowd.

Wed, 10/12/2011 - 15:27 | 1766850 kito
kito's picture

very nice...wayyyyy over my head

Wed, 10/12/2011 - 17:57 | 1767393 AldousHuxley
AldousHuxley's picture


Shit ain't free no more....literally. FAKE Dog shit costs $8 + shipping + tax these days.

Wed, 10/12/2011 - 21:40 | 1768074 zorba THE GREEK
zorba THE GREEK's picture

Real dog shit is free. You can take all you want from my front lawn,

and I don't even have a dog.

Wed, 10/12/2011 - 15:19 | 1766822 twotraps
twotraps's picture

agree, its not a great low, but without much interest under 42.75 don't need to risk much to know you are wrong.  This thing trades like shit anyway, what the hell am I talkin about?  Maybe some options as well, upside calls don't seem to rich, if there is some extreme lockdown situation, you wont be able to trade it outright anyway!

Wed, 10/12/2011 - 15:17 | 1766813 SheepDog-One
SheepDog-One's picture

WOW yea and its so normal having markets swing + - 10% in a few days! Real stable lookin! 

Lindsay Williams warned we'd be seeing this in the fall in a speech last Feb., right before the big rug pull-out.

Wed, 10/12/2011 - 15:37 | 1766887 kito
kito's picture

load up sheepie, keep the whiskey and bourbon comin.........

Wed, 10/12/2011 - 14:54 | 1766689 Hondo
Hondo's picture

The time is getting closer

Wed, 10/12/2011 - 14:58 | 1766711 Ganja Jane
Ganja Jane's picture

Our time is now.

Wed, 10/12/2011 - 14:57 | 1766690 BrocilyBeef
BrocilyBeef's picture

Sounds like we need to End the Fed.

When your patient has a tumor, you don't fix the tumor, you cut it out.

Wed, 10/12/2011 - 15:01 | 1766731 Deadpool
Deadpool's picture

no, the new normal is you pay it's hospital bills, pump it with steroids, support it's family, put it's kids thru college, replace his heart and liver, give the nurses a raise, tax the doctor and medical device maker and when he dies blame Bush.

Wed, 10/12/2011 - 15:03 | 1766742 BrocilyBeef
BrocilyBeef's picture

I blame Tree.

Wed, 10/12/2011 - 15:12 | 1766784 MrBinkeyWhat
MrBinkeyWhat's picture

2 good!  Personally I am blaming everybody. Ctrl/Sarc

Wed, 10/12/2011 - 14:57 | 1766702 Cynical Sidney
Cynical Sidney's picture

the FED is telling congress that the richest 1% of fat cats gotta pay up

Wed, 10/12/2011 - 15:05 | 1766751 Ganja Jane
Ganja Jane's picture

I am sorry but I strongly disagree: FUCK. THAT. SHIT. Everyone should STOP paying their taxes. STOP FUNDING THIS SHIT!

Wed, 10/12/2011 - 15:09 | 1766769 Cynical Sidney
Cynical Sidney's picture

the FED is demanding fiscal responsibility, what you suggest isn't sound fiscal policy, is it?

Wed, 10/12/2011 - 15:40 | 1766896 Ganja Jane
Ganja Jane's picture

It worked for what? 130 years? Andrew Jackson?

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