This page has been archived and commenting is disabled.
Two Fed Members Speak, Contradict Each Other
It is not only Europe who has perfected the art of baffling everyone with intolerable and relentless bullshit. Fed members have it down pat too. Case in point, just presented prepared remarks by Fed uber-dove and vice chair Janet Yellen and hawk and Atlanta Fed president (who becomes eligible to vote in 2012) Dennis Lockhart. Here are the money quotes via Bloomberg:
- YELLEN SAYS `SCOPE REMAINS' FOR ADDITIONAL FED EASING
- YELLEN SEES `STRONG CASE' FOR POLICIES TO BOOST U.S. HOUSING
And minutes later:
- FED'S LOCKHART `SKEPTICAL' MORE BOND-BUYING WILL HELP ECONOMY
- LOCKHART SAYS ASSET PURCHASES NOT A `POTENT POLICY OPTION'
Mmmk.
At least they both agree on one thing:
- YELLEN REITERATES `FORCEFUL ACTION' NEEDED IN EUROPE CRISIS
- LOCKHART SAYS HE'S CONCERNED ABOUT MARKET CONTAGION FROM EUROPE
Funny, because Europe said the same as it is now looking for the Fed to come bail it out, with the ECB refusing to play ball.
But wait, there is more BS: at 4:30pm we have Fed dove John Williams who will say more easing is needed, only to be refuted a few hours later when hawk Kocherlakota takes the stage at 7:00 pm and denies it all.
»
- 5484 reads
- Printer-friendly version
- Send to friend
- advertisements -
Are they married?
Yellen's is Ben's girl. Lockhart's opinion is worthless.
Situation, normal...
The old, "he said, she said..."
I was thinking more like "good cop, bad cop"
More QE is coming, it's only a matter of whether Europe gets some first.
Fed heads.........bobble heads.
The POTENT SOLUTION IS TO REPATRIATE JOBS, PROFITS & TAXES.
It's that simple. Tell your congressman/woman NOW.
Jane... You magnificently ignorant slut...
It's the invisible hand washing the velvet glove.
...with a silver spoon in their mouth. Blue blood mamas boys the bunch of them.
It would be nice if these halfwit excuses for fiduciary management would get their shit together...aren't these yahoos supposed to be masters of the universe material?
more QE aint going to do jack shit, the money is going into the wrong hands
QE = GS banksters pocketing fat fucking bonuses
If you have a problem with Bernanke's helicoper drops, please take a number.
Just a little after dinner mint...
Good thing Iceland has provided a recent and effective model for how to handle this crisis.
Who's on first?
Free market and central banks are incompatible. Central bank intervention is akin to the end of natural selection, with an all powerful being coming down to earth to save the dodos by force feeding it the flesh of other creatures. Moral hazard created by constant bailouts in the form of liquidity and inflation have created a universe where there is no benefit to being small and nimble because being the larger and more lumbering made you more appealing and justified of a bailout by an incompetent almighty. We now live on a planet where only a dozen or so gargantuan creatures reside. The incompetent creator lives in fear that these colossus may breakdown and bring about the end the world, forgetting that the lowly muskrat may just evolve into something greater if they were saved from the maw of such heinous creations. In the meantime, the blood and sweat of creatures unloved by the almighty continue to be grind up to feed the behemoths, who grow more sickly by the day. Perhaps there is something to biodiversity after all, perhaps a being that cannot interpret and foresee a chaotic universe is not omnipotent after all. TLDR version: End the Fed
Let's cut to it: Central Banking enables legalized counterfeiting and is intended on keeping the herd just healthy enough to be continually / repeatedly fleeced. It is a political / banking nexus, and it is collapsing under the weight of too many fleecers and not enough producers.
LOL- ya, cause more easing will make allllllll the difference....... Idjit.....
They aren't contradicting. Yellen says the Fed needs to do more to support housing. Lockhart says buying bonds isn't the answer.
What other options besides buying bonds could the fed use to support housing? There must be a mutually inclusive solution.
If the woman who's writings can make an insufferable asshole out of just about anyone is correct (nothing personal to you HH, and I did certainly enjoy reading her two biggies), we may have to reshape the way we view everything, since recent discoveries suggest going back in time is a real possibility.
http://online.wsj.com/article/SB1000142405311190370360457658842296870407...
Wait a moment......... Maybe that's the answer to all this!!!!
Disclosure: I was an an insufferable asshole long before I read Rand.
Welcome to the club.
Here's a cigar, beers are in the fridge. We're going to pay hobos to stick fight with each other in an hour over a five dollar bill. Good times...good times.
" Check your premise ", that one sentence changed my entire life many years ago. It enabled me to begin to understand that TPTB in government and business are polluted with sociopaths who literally do not care if you or your family live or die, they just want your fucking money. The trick to dealing with these SOB's is to try to determine what they are going to do based on what they "think" is in their best interests. Are they going to go the route of covert or overt money printing aka sovereign debt purchases with the resultant inflation, or are they going the route of " cut the parasites off of their credit line " and let the whole world enter a depression. Whichever course they pick, they will have already figured out how to handsomely profit off of it, even if it will cause riots, war, death, and severe hardship for the average man.
'Scope remains for FED easing'....yea right up americas ass the scope is rammed!
Also...when did easing ever STOP? Heres another $16 trillion pumped in no one even knew about...and yet here we are today everyone beggars cup in hand for more free money please!
Audit The Federal Reserve Reveals 16 Trillion in Secret Bailouts | Ron Paul 2012 | Sound Money, Peace and Liberty
That our economy moves based upon mere comments from these people is an abomination. Price fixing interest rates is price fixing time itself and therefore distorting and cheapening it.
For savers, time would normally be the most precious thing in the world. Now it is the fire in which we burn, thanks to a failed 100 year experiment with central banking and madmen trying to vainly control the economy. End the Fed, and kill this grotesque vampire that is more horrible than anything Bram Stoker or Sheridan Le Fanu could have ever envisioned.
What about Anne Rice?
Homo-erotic vampires are pretty creepy.
It may be closer to "From Dusk Til Dawn"
You have it backwards. The economy (you probably mean market) moves the way it wants to. The news is used as an excuse. There are plenty of times where markets move higher on bad news and vice versa.
2 members should be silenced at the end of a rope.
why is everyone obsessed with helping the housing sector... housing is a derivative of a healthy economy... period... that's like trying to understand why the option price is moving without focusing on the underlying...
It's just cover to backdoor a bailout to the insolvent financial institutions.
So true, but they're trying to save banks that own mortgages...not housing necessarily.
why is everyone obsessed with helping the housing sector?
go ask Peggy Joseph
Typically during many historical recessionary periods, home building overcorrects on the supply side, and coming out of recession there is actually a housing shortage. Therefore, construction was an easy place to look to for recovery growth in jobs and economic activity.
However this time housing was part of the bubble that burst, and we are still faced with a dramatic oversupply.
Some interesting tidbits: so far this year 40% of distressed housing sales by banks are to investors and not people that will actually live there, and over two thirds of those transactions are in cash. This is one of the places money is going in a desperate search for wealth preservation. Existing home owners are having their legs cut out from under them by these transactions which drag down property values massively, which then allow the investors to turn around and rent them in a cashflow positive situation. It is a process of making existing home owners increasingly upside down as REITS and individual investors take advantage of the banks' willingness to dump these properties onto the market.
Bottom line is that you can't "help" housing as long as this is going on. Housing isn't going to lead any economic recovery.
When push comes to shove
They will do what is necessary to avoid system implosion
They have already completed a financial miracle which will never be repeated again in our lifetimes
Rack up $15 trillion + in deficits and keep interest rates near or at zero, by injecting constant fear into the marketplace in order to get the Wildebeest Herd to continue lapping up Treasuries like cotton candy.
$15 trillion? Thats on top of the $16 trillion under the table? Audit The Federal Reserve Reveals 16 Trillion in Secret Bailouts | Ron Paul 2012 | Sound Money, Peace and Liberty
No, youre wrong Robo you fucking idiot, they will not do whatever it takes to prevent implosion shit for brains, they designed the implosion all along, plain for anyone to see. And when it does implode, we'll never see your brainless babblings ever again.
When has social collapse been good for rich people? How did the elites fair during the French Revolution? And I mean the elites within the affected area, not without.
As for the external elites that did prosper, the question to ask is, where will be the next external area unaffected by the collapse?
He still believes in perpetual motion machines...
Excellent nom de plume.
Merci
It's kind of how I feel on most days, these days...
Either that, or I unwittingly stole it from the Jeopardy BEFORE/AFTER category...
"The system" may or may not implode, but that doesn't mean those of us living within said system won't explode.
Then again, robots like you could care less about living organisms.
Hey, BTW, do you have an extra "Dow 30,000" hat lying around you're not using? I need a new novelty hat.
do you have an extra "Dow 30,000" hat lying around you're not using? I need a new novelty hat.
Things are apparently so good in LA, he gave it to a street panhandler on Hollywood Boulevard to turn upside down and collect spare change with in exchange for hot stock tips...
$15 Trillion is a rounding error in the total.
That's like saying you've completed a miracle of flying by having the wings ripped off your plane but you haven't hit the ground yet.
Since all you know is the rear view mirror, keep in mind one day this won't look like a miracle at all, but rather a catastrophe.
When doves cry, hawks begin to circle and wait for their feast.
and then what,... their food chain is exhausted
Mortgage backed securities and treasuries are two different instruments.
Lockhart is saying that buying bonds wouldn't be potent enough.. He is wanting to be more accomidative.
yeah,... one says iou, and the other says fuck you
like having a hot cup of jade sweetened with mercury
I think they are both right. We are reaching terminal velocity in our debt/credit based monetary ponzi scheme. The scope does call for, and a case can be made for, extending the ponzi scheme a little further - Yellen is correct. Of course, at some point the system collapses on itself and no amount of bond buying or asset purchases will help - Lockhart is correct. From where I sit, they are saying the same thing. And of course the house of cards can tumble by removing any one of a number of cards. Europe is as likely as anything else.
Agreed. Sometimes you just have to change the way you phrase the question to get to an optimal solution.
The banks are the problem......how do we preserve them?
to
The banks are the problem.....should we preserve them?
to
The banks are the problem.....how do we make them go away quietly?
Agreed. There is no "solution" within the framework of our current system. Questions should focus on what the next system should look like. But the boxes that have been constructed for us don't allow for that kind of conversation.
The banks are the problem.....how do we efficiently process transactions without them? Replacability is the difference between necessary evil, and just plain evil.
They will print..they will buy..they will backstop...we will never know how much or when and how....
Until they dont...and we'll never know when that moment is.
There is a portion in the movie Thrive, http://www.youtube.com/watch?v=NTo_Vb3dqYY&feature=youtu.be, that explains why this is so. It's a technique that has been used to great effect for a long time to create a mental state that drives people into apathy. "All the better to control you with my dear" said the wolf.
Hmmm yes....similiar scene in 'Hobo with a Shotgun'.
They are clueless and can't even get their lies lined up in sync!
Central planning, bitchez!
CNBC has headline after headline about how Jimmy Rogers says,
Of course, he said no such thing. He said gold will likely correct, and he owns some dollars. He also thinks gold will go much higher, and owns some of every currencie.
Ah well, just a little journalistic leeway to make their own point for their Wall St controllers...CNBC's nightly lineup shows their true nature, specials admiring fraud, corruption, drug dealing, prostitution, porn, etc.
Get them ratings up!
It's just so sexy to Puritans!
Now how did you like my infrormation, that your United States and my Germany are basically colonies of Her Majesty ?
I think it is time to take up arms against this worthless crown-wearing scum that treats us as slaves and has subjugated us for the last 200 years !
We need no friggin NWO !
And we also don't need no oligarchy that tells us what we are allowed to do and what not !
It must not be, that the oligarchy, the upper 1 %, are riling the upper 20% of us up against the remaining 79% !
Because that is how the oligarchy remains in power.
By surrounding themselves with a ring of security forces, made up of slaves themselves !
That is the viciousy deadlock we live in.
They start all the wars "in our name" and "on behalf of us" where they slaughter our children like sheeple for their own amusement and bloodthirst.
Now throw in the Vatican owns the Bank of England, and 75% of all property in Israel, and the plot really starts to thicken huh?
Poor you.
Still living in denial.
It is hard to accept the truth, but you will in the end have no other choice.
Hey Frank go fuck yourself, what I said above is ABSOLUTE truth fuktard! You dont like it, piss off!
You say ENGLAND controls it all...OK so who owns England? The Vatican! The Vatican owns the Bank of England, gee its not tough information to find! The Vatican also owns 75% of all property in Israel as well! OH sorry if you got butt-hurt, try some Prep-H man!
And the markets go... 'Huh'?
They will print. And they will keep on printing to prevent the debt/derivatives pyramid from collapsing.
The only question is "What type of bonds will they be buying this time around?"
MBS would seem the most likely.
And we will be playing the same guessing game again six months from now, and then six months after that.
Don't be surprised if the Fed's balance sheet is well in excess of $10 trillion before the market puts an end to this nonsense.
Another one who has concluded 'Well theyll just keep printing to keep it from collapsing'....however anyone with a functioning brain can easily see they have DESIGNED it all TO collapse....so now the only question is 'whats their date'. Get it?
Why do you ridicule me in one post, only to talk about, how "THEY" designed it to fail.
Who is "THEY" ?
I didnt RIDICULE you, you damn moron!
I was for it, before I was against it.
This could only be printed outside the US:
The National Union of Journalists and the Committee to Protect Journalists issued a Freedom of Information Act request to investigate possible federal involvement with law enforcement practices that appeared to target journalists. The New York Times reported that "New York cops have arrested, punched, whacked, shoved to the ground and tossed a barrier at reporters and photographers" covering protests. Reporters were asked by NYPD to raise their hands to prove they had credentials: when many dutifully did so, they were taken, upon threat of arrest, away from the story they were covering, andpenned far from the site in which the news was unfolding. Other reporters wearing press passes were arrested and roughed up by cops, after being – falsely – informed by police that "It is illegal to take pictures on the sidewalk."
http://www.guardian.co.uk/commentisfree/cifamerica/2011/nov/25/shocking-truth-about-crackdown-occupy
Today I gave $25 to the Tim Tebow foundation.
Last week, on Thanksgiving, I sent $50 to ZERO HEDGE.
So will more QE make Angie's List worth something? Come on the momos need to take this stock to the stratosphere, it's a perfect fuck stock.
After the IPO and a pretty nice drop this sack of garbage has a market cap of $890 million on total revenue of $78 million with absolutely no profit and $15 million in debt against $10 million cash.
But at least we know some inside investors got to cash out for millions on the IPO and some mom from Ohio got to win big on her great idea that actually can't generate real profit and without wall street she'd be bankrupt.
GO WALL STREET THE ONLY REALM OF BUSINESS THAT CAN GENERATE SCORES OF INCREDIBLY WEALTHY PEOPLE WITHOUT PRODUCING A SINGLE ITEM OF VALUE!!!!!!
Hey sheepdog:
How can the Vatican possibly tell the crown what to do ?
The Vatican could be crushed with a batallion of marines in 1 hour !
They have no means of defense or force in order to support their demands and to collect their outstanding debt.
Frank you think you have all the answers, but youve only peeled 1 layer of onion so far.
You didn't answer my question.
OK, start at 1302- Please review Pope Boniface, you may remember him he was written about in Dantes Inferno, and was reserved a special place in the deepest parts of hell....anyway review his established Papal Bulls, Unum Sanctum, Testimentary Trusts, Romanus Pontifex, Aeterni Regis, and Cestui Que Vie, to begin to understand what Im talking about and what is ACTUALLY going on and who actually controls what.
To bad the bots only here the FREE MONEY words.
I dont know, seems even the bots are getting rather bored with free money, DOW up 65 wow big deal. Its not 2008 anymore.
The only thing I know is that the flag of my former country, the German Democratic Republic, bore the 3 masonic symbols of the hammer, the circle and the wreath of grain / spica.
Although they always told us it is symbolizing the Workers, Farmers and Scientists.
Our country was a social experiment, this much I know and have accepted as truth.
I can only take this to mean that the stock market will now go up and down at the same time.
I mean, why not? We left reality ages ago...
Lockhart is correct - Yellen is wrong. Why buy more mbs? Rates are already low. Too many people cant take advantage of the low rates anyway. Idiots at Fed think that if they remove the stock of govt and mbs assets from float investors will be "crowded in" to higher risk assets. They dont get it. May help for a little while but asset price levels are not supported by economic fundementals - it is an invitiation to wealth destruction. Fed should save its QE bullets -- just plain stupid to do QE when 10s are already at 2%.
Of course the rates don't help individuals. And I rather think they do get it, and that they know the only people they are helping is their big bank buddies. It's just about maintaining the status quo, and milking it long enough that all their accomplices get out with enough resources to barricade themselves somewhere with lots of private security in perpetuity when it all comes apart. They frankly don't give a shit that they are unleashing the most perverted economic policy in the history of the world, but even in their religious devotion to their economic cult I have to believe they know exactly what they are doing.
Yellen is a Joo and Lockhart is not, guess who is going to win this argument ?